Economics
Sri Lanka’s Cabraal: bond market deepening in focus
Ajith Cabraal, the governor of the Sri Lankan central bank, outlines the 2010 roadmap for the country’s capital markets
Recovery in French industry and services
Banque de France's December survey shows a small improvement is likely in the next few months
Inflation costs: Philadephia Fed working paper
Philadelphia Fed paper examines cost of inflation in a DSGE model
Asset fire sales spread shock to emerging markets
A paper from the Centre for Economic Policy Research shows that financial shocks spread from developed to emerging economies through portfolio reallocations in the crisis
Leverage and productivity in emerging European economies
A Centre for Economic Policy Research paper published in December argues that while moderate leverage increases growth, excess leverage can dampen it
Post-crisis bank behaviour: lessons from South America
International Monetary Fund paper uses data from banks in Mercosur trading bloc to investigate longer-term impact of turmoil on industry
Bank of Finland Bulletin (December 2009)
The Finnish central bank acknowledges the weakness of the economic recovery and explains why the domestic economy has been particularly affected by the crisis
Housing cycles and the macroeconomy in the Middle East
International Monetary Fund paper calls for more research into the linkages between house prices and business, and an improvement to the range and precision of data
Cut expenditure as soon as recovery firms: RBI’s Gopinath
Reserve Bank of India deputy governor Shyamala Gopinath says spending will have to be reined in to protect and foster the country’s economic growth
Fed’s Duke sees modest recovery ahead
Federal Reserve’s Elizabeth Duke expects credit conditions to thaw throughout the course of 2009
Let the yuan appreciate: leading Chinese think tank
Chinese Academy of Social Sciences argues for a one-off 10% appreciation of the yuan as international calls intensify
Iceland’s president vetoes $5.5 billion repayment
Decision underlines uncertainty caused by cross-border banking collapse; sparks rating-agency downgrade
Massive debts will stunt growth: Reinhart and Rogoff
Carmen Reinhart and Kenneth Rogoff say on current debt trends, growth rates are set to fall substantially in four years’ time
Fed’s Kohn on the links between macro and financial stability
Federal Reserve’s vice chairman notes crisis has illustrated two key lessons on the relationship between macroeconomic and financial stability
Bank of Estonia leads the way in slashing budget
Estonian central bank sets an example by cutting costs by 10%, with EEK 1 m drop in staff costs; also expects income from reserves to fall
Bank of Korea – Financial Stability Report November 2009
Korean recovery rapid, with increases in quarterly growth rates and a revival in housing prices, says central bank report
RBI’s Gokarn on maintaining India’s recovery
Reserve Bank of India’s Subir Gokarn charts drivers and threats to growth
Eastern Caribbean to advance integration: Venner
Summary: Eastern Caribbean Central Bank’s Dwight Venner says states will tighten economic and currency cooperation
RBNZ - Reserve Bank Bulletin December 09
Reserve Bank of New Zealand report features articles on liquidity policy, forecasting, the history of banking crises and trade flows
IMF on Russia’s links with the rest of the CIS
Growth in other CIS countries closely associated with developments in Russia
Household finances important for growth: Canada’s Carney
Behaviour of households to be “particularly important” in the coming year owing to weakness of global demand
BoJ partly to blame for lost decade: CEPR paper
CEPR looks at the contribution of the stock of money to the macroeconomic outcomes of the 1990s http://www.cepr.org/pubs/new-dps/dplist.asp?dpno=7608
Oil-price forecasts inaccurate
Bundesbank looks at the expectation-formation process of forecasters in the crude oil market
Zambia has thrived despite crisis: Fundanga
Bank of Zambia’s Caleb Fundanga said economy performed well in 2009