Release Date: January, 2012

Release Date: January, 2012

The financial sector of the Maldives, although small and not developed, is susceptible to both money laundering and, to a lesser extent, terrorist financing. This report focuses on observance of more...

Author/Editor: Pelin Berkmen.

Release Date: January, 2012

This paper asks whether the BoJ's recent experience with unconventional monetary easing has been effective in supporting economic activity and inflation. Using a structural VAR model, the paper finds more...

Author/Editor: Helge Berger, Henning Weber.

Release Date: January, 2012

The natural interest rate is of great relevance to central banks, but it is difficult to measure. We show that in a standard microfounded monetary model, the natural interest rate co-moves with a more...

Author/Editor: Ales Bulir, Martin Cihák, David-Jan Jansen.

Release Date: January, 2012

This paper examines whether the clarity of central bank communication about inflation has changed with the economic environment. We use readability statistics and content analysis to study the more...

Author/Editor: Luis Ignacio Jácome, Marcela Matamoros-Indorf, Mrinalini Sharma, Simon Baker Townsend.

Release Date: January, 2012

Using a central bank legislation database, this paper documents and analyzes worldwide institutional arrangements for central bank lending to the government and identifies international practices. more...

Author/Editor: Masafumi Yabara.

Release Date: January, 2012

Capital markets in the East African Community (EAC) face common challenges of low capitalization and liquidity, but to different degrees. EAC member countries have made noticeable progress in more...

Author/Editor: Scott Roger, Jan Vlcek.

Release Date: January, 2012

This paper surveys dynamic stochastic general equilibrium models with financial frictions in use by central banks and discusses priorities for future development of such models for the purpose of more...

Author/Editor: Obert Nyawata.

Release Date: January, 2012

This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that more...

Release Date: December, 2011

Release Date: December, 2011

Release Date: December, 2011

Release Date: December, 2011

Author/Editor: Manmohan Singh, Zoltan Pozsar.

Release Date: December, 2011

The present way of thinking about financial intermediation does not fully incorporate the rise of asset managers as a major source of funding for banks through the shadow banking system. Asset more...

Author/Editor: Bertrand Candelon, Rabah Arezki, Amadou N. R. Sy.

Release Date: December, 2011

This paper studies the spillover effects both within the bond markets for individual U.S. states and between the latter and the market for U.S. Treasury securities. We perform the Forbes and Rigobon more...

Author/Editor: Waikei W. Lam, Kiichi Tokuoka.

Release Date: December, 2011

Despite the rise in public debt, Japanese Government Bond (JGB) yields have remained low and stable, supported by steady inflows from the household and corporate sectors, high domestic ownership of more...

Author/Editor: Deniz Igan, Heedon Kang.

Release Date: December, 2011

With another real estate boom-bust bringing woes to the world economy, a quest for a better policy toolkit to deal with these boom-busts has begun. Macroprudential measures could be in such a more...

Author/Editor: Anton Korinek.

Release Date: December, 2011

This paper provides an introduction to the new economics of prudential capital controls in emerging economies. This literature is based on the notion that there are externalities associated with more...

Author/Editor: Mynor Meza, Fernando L Delgado.

Release Date: December, 2011

Improvements in financial regulation and supervision in the Central American region (CAPDR) have strengthened financial stability. Prudential instruments with potential macroeconomic effects have more...

Release Date: November, 2011