NEW YORK FED RESEARCH

May 13, 2010 at 10:36 pm | Posted in Economics, Financial, Globalization, History, Research, USA | Leave a comment

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New Research from the New York Fed: 5/13/10

Federal Reserve Bank of NY Research Publications

on behalf of Karen Carter (Karen.Carter@NY.FRB.ORG)

Thu 5/13/10

Federal Reserve Bank of New York
Research E-Alert, Volume 2, Number 12

May 13, 2010

http://www.newyorkfed.org/research/index.html

New Research: Staff Reports
1) “Global Banks and International Shock Transmission: Evidence from the Crisis,” Nicola Cetorelli and Linda S. Goldberg (no. 446, May 2010)
JEL codes: E44, F36, G32
Global banks played a significant role in transmitting the 2007-09 financial crisis to emerging-market economies. The authors examine adverse liquidity shocks on main developed-country banking systems and their relationships to emerging markets across Europe, Asia, and Latin America, isolating loan supply from loan demand effects. Loan supply in emerging markets across Europe, Asia, and Latin America was affected significantly through three separate channels: 1) a contraction in direct, cross-border lending by foreign banks; 2) a contraction in local lending by foreign banks’ affiliates in emerging markets; and 3) a contraction in loan supply by domestic banks, resulting from the funding shock to their balance sheets induced by the decline in interbank, cross-border lending. Policy interventions, such as the Vienna Initiative introduced in Europe, influenced the lending-channel effects on emerging markets of shocks to head-office balance sheets.
http://www.newyorkfed.org/research/staff_reports/sr446.html

Nicola Cetorelli’s web page:
http://www.newyorkfed.org/research/economists/cetorelli/index.html

Linda S. Goldberg’s web page:
http://www.newyorkfed.org/research/economists/goldberg/index.html

Research on Similar Topics

“Commodity Prices, Commodity Currencies, and Global Economic Developments,” Jan J. J. Groen and Paolo A. Pesenti (Staff Report no. 387, August 2009)
http://www.newyorkfed.org/research/staff_reports/sr387.html

2) “Quantifying the Benefits of a Liquidity-Saving Mechanism,” Enghin Atalay, Antoine Martin, and James McAndrews (no. 447, May 2010)
JEL codes: E42, E58, G21
This paper attempts to quantify the benefits associated with operating a liquidity-saving mechanism (LSM) in Fedwire, the large-value payment system of the Federal Reserve. Calibrating the model of Martin and McAndrews (2008), the authors find that potential gains are large compared to the likely cost of implementing an LSM, on the order of hundreds of thousands of dollars per day.
http://www.newyorkfed.org/research/staff_reports/sr447.html

Antoine Martin’s web page:
http://www.newyorkfed.org/research/economists/martin/index.html

James McAndrews’ web page:
http://www.newyorkfed.org/research/economists/mcandrews/index.html

Research on Similar Topics

“Creating an Integrated Payment System: The Evolution of Fedwire,” Adam M. Gilbert, Dara Hunt, and Kenneth C. Winch (Economic Policy Review, July 1997)
http://www.newyorkfed.org/research/epr/97v03n2/9707gilb.html

Other Pages of Interest

U.S. Economic Indicators, updated every Wednesday
http://www.newyorkfed.org/research/national_economy/nationalindicators.html

Global Economic Indicators, updated every Wednesday
http://www.newyorkfed.org/research/global_economy/globalindicators.html

Outside Journals: Staff publications in outside journals and scholarly volumes
http://www.newyorkfed.org/research/outside_journals/index.html

Papers Presented: Presentations by FRBNY economists at academic conferences, university seminars, and business and policy meetings
http://www.newyorkfed.org/research/speaking_engagements/index.html

FRBNY Research Publications

The Economic Policy Review: A policy-oriented journal focusing on economic and financial market issues
http://www.newyorkfed.org/research/epr/index.html

EPR Executive Summaries: Online versions of selected Economic Policy Review articles
http://www.newyorkfed.org/research/epr/executive_summary.html

Current Issues in Economics and Finance: Short summaries of topical economic and financial issues
http://www.newyorkfed.org/research/current_issues/index.html

Staff Reports: Technical papers intended for publication in leading economic and finance journals
http://www.newyorkfed.org/research/staff_reports/index.html

Research Update: A quarterly newsletter describing our current research
http://www.newyorkfed.org/research/research_update/index.html

Publications and Other Research: An annual catalogue of our research output
http://www.newyorkfed.org/research/publication_annuals/publications_otherresearch.html

FRBNY Home Page
http://www.newyorkfed.org

About This E-Mail
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New Research from the New York Fed: 5/13/10

Federal Reserve Bank of NY Research Publications

on behalf of Karen Carter (Karen.Carter@NY.FRB.ORG)

Federal Reserve Bank of New York

Thu 5/13/10

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BANK FOR INTERNATIONAL SETTLEMENTS “BIS REVIEW NO. 65”: GLOBAL IMBALANCES

May 13, 2010 at 9:15 am | Posted in Economics, Financial, Globalization, History, Research, World-system | Leave a comment

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BIS Review

Bank for International Settlements

BIS Review No 65 available‏

Press, Service (press@bis.org)

Publications, Service (Publications@bis.org)

Wed 5/12/10

Please find BIS Review No 65 attached as an Adobe Acrobat (PDF) file. Alternatively, you can access this BIS Review on the Bank for International Settlements’ website by clicking on http://www.bis.org/review/index.htm.

What’s included?

BIS Review No 65 (12 May 2010)

Philipp M Hildebrand: The international monetary system

Miguel Fernández Ordóñez: Labour market experiences – towards more efficient labour markets

Karolina Ekholm: The role of forecasts in monetary policy

David G Opiokello: The aftermath of the financial crisis and the way forward

Donald L Kohn: Global imbalances

e-mail press@bis.org

BIS Review

Bank for International Settlements

BIS Review No 65 available‏

http://www.bis.org/review/index.htm

Press, Service (press@bis.org)

Publications, Service (Publications@bis.org)

Wed 5/12/10

banknotes.jpg

EUROZONE NEWS AND ANALYSIS

May 13, 2010 at 4:42 am | Posted in Economics, Eurozone, Financial, Germany, Globalization, History | Leave a comment

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Eurointelligence Daily Briefing – 13 May 2010‏

Eurointelligence News Briefing

Eurointelligence (daily_briefing@eurointelligence.com)

Thu 5/13/10

A far reaching proposal for eurozone governance reform

  • The European Commission proposes a complete overhaul of the eurozones governance framework;
  • focus to shift from deficit to debt sustainability;
  • upgrade of existing process to deal with intra-eurozone imbalances to encompass areas currently off-limits;
  • proposes a process of early-stage budgetary co-ordination;
  • there is no provision for a single European government bond;
  • initial reaction in Germany was negative, but Merkel welcomed the proposal as a step in the right direction;
  • former US treasury secretary John Snow says eurozone will not survive unless it leaps into a single capital and labour market;
  • Zapatero announces a package of fiscal consolidation, amounting to 0.5% of GDP this year, and 1% next year;
  • package includes cuts in the pay of civil servants, and many other social benefits;
  • package is likely to meet with resistance from Spanish trade unions;
  • Portugal has also announced additional measures;
  • Hans Werner Sinn argues that the EUs rescue package is diametrically opposed to Germanys national interest;
  • Gavin Hewitt, meanwhile, argues that Germanys reluctance to subsidise its EU partners may chime with David Camerons vision of Europe.

Comment and Analysis

A new breed of fiscal watchdogs

By: Lars Calmfors, George Kopits, and Coen Teulings

Faced with a looming debt sustainability problem, EU member governments have been left to their own devices. Both inside and outside the euro area, they are weighing well-known options for reforming entitlement programs and the tax system, to be complemented with the introduction of a new breed of independent fiscal institutions at the national level. Inspired by the experience of the US Congressional Budget Office (CBO) and the Netherlands’ Central Planning Bureau (CPB), in recent years, Belgium, Canada, Sweden, Hungary, and Slovenia have adopted similar institutions, in some cases under the aegis of a council of fiscal experts.

This is the Daily Briefing from www.eurointelligence.com.

Eurointelligence Daily Briefing – 13 May 2010‏

Eurointelligence News Briefing

Eurointelligence (daily_briefing@eurointelligence.com)

Thu 5/13/10

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