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Tag Archives: Academic research & research papers

Patterns in invoicing currency in global trade

Team of 7 researchers (Emine Boz, Camila Casas, Georgios Georgiadis, Gita Gopinath, Helena Le Mezo, Arnaud Mehl and Tra Nguyen) in this ECB working paper: This paper presents the most comprehensive and up-to-date panel data set of invoicing currencies in global trade. It provides data on the shares of exports and imports invoiced in US dollars, euros, and other currencies for more than 100 countries since 1990. The evidence from these data confirms findings from earlier research...

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Minding the perils of progress and innovation

Dron Acemoglu in this Proj Synd piece points how humans have been ignoring fat catstrophic risks for a while now. The improvements of the past 200 years are the fruits of industrialization, made possible by our acquisition of knowledge and mastery of technology. But this process involved trade-offs. Driven by the desire for wealth, firms and governments sought to reduce costs and boost productivity and profits, which led to disruptions that sometimes left hundreds of millions of...

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South Africa Reserve Bank: 100 years of foundation and 20 years of inflation targeting

South Africa Reserve Bank was established in 1921 via the Currency and Banking Act 1920 (Act was notified on 19 Aug 1920). Most likely, it was the first central bank outside of Europe and America. The central bank recently had its 100th Annual Board meeting. Governor Lesetja Kganyago addressed the Board: We mark the 100th annual Ordinary General Meeting (AGM) of the South African Reserve Bank (SARB) at a time when the world is facing one of the most disruptive and challenging crises in...

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Fiscal austerity and the rise of the Nazis

Gregori Galofré Vilà, Christopher Meissner, Martin McKee, David Stuckler in this voxeu post: Many Western countries pursued deep austerity measures in response to debts from the financial crisis of 2007-2008, and may again do so in the wake of COVID-19 stimulus packages. This column reviews how in the early 1930s, austerity measures worsened social suffering and contributed to political unrest paving the way for the rise of the Nazi Party in Germany. The authors argue that the absence...

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Finally, Federal Reserve takes a plunge towards issuing e-dollar..

It has been a mystery all this while that Federal Reserve has been asleep while so many central banks are talking about CBDC. Infact, likes of China and France are already looking to introduce CBDC really quickly. Lael Brainard in a speech yday said Fed has not been sleeping and is working on CBDC: Digital currencies, including central bank digital currencies (CBDCs), present opportunities but also risks associated with privacy, illicit activity, and financial stability. The introduction...

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Impact of RBI’s Operation Twist (OT) and Long-Term Repo Operations (LTRO) on liquidity and transmission

Satadru Das, Saurabh Ghosh, and Vidya Kamate of RBI in the Aug-20 Monthly Bulletin article: This article analyses two sets of special market operations recently undertaken by the Reserve Bank of India (RBI) – Operation Twist (OT) and Long-Term Repo Operations (LTRO) – designed to ensure comfortable liquidity and to facilitate monetary policy transmission. We use Overnight Indexed Swap (OIS) rates to separate out expected and unexpected components of monetary policy announcementsand...

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Reviewing five years of India’s Inflation Targeting regime

Ila Patnaik and Radhika Pandey in this NIPFP paper: The adoption of an inflation targeting regime has been one of the most fundamental reforms in the Indian financial sector. The RBI Amendment Act of 2016 established a modern monetary policy framework with a clear objective of achieving price stability while keeping in mind the objective of growth and a committee-based approach to decision-making. This paper describes the key elements of the inflation targeting framework. The inflation...

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Comparing 2020 recession with Great Depression

David Wheelock of St Louis Fed in this research compares the two crises across different economic indicators: By almost any measure, the 2020 recession began with sharp declines in economic activity, employment, and equity prices that rivaled or exceeded the initial declines of the Great Depression. The Great Depression persisted, however, and when it finally reached a trough nearly four years later, economic activity, employment, and consumer and equity prices were all far below their...

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Euro area bank bailout policies after the global financial crisis sowed seeds of the next crisis

Viral Acharya, Lea Borchert, Maximilian Jager, Sascha Steffen in this voxeu research: During the 2008/09 global financial crisis, European governments bailed out a large number of banks that were severely affected by the crisis. This column documents how the design of the bailout policy was determined by the fiscal capacity of the respective country. Fiscally weak countries recapitalised banks insufficiently, causing undercapitalised banks to shift their assets from loans to risky...

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Should financial stability mandate be with central banks or a seperate agency?

Fernando Restoy of BIS in this paper weighs evidence in favor of central banks: How should policy objectives be assigned between different authorities? Traditionally, this question has revolved around identifying conflicts and complementarities between their various remits. Equally important, however, is the question of whether specific policy instruments can be neatly assigned to specific objectives. When a specific policy instrument can significantly influence more than one objective,...

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