Publications & Documents


  • 3-November-2009

    English

    Russia’s long and winding road to a more efficient and resilient banking sector

    This paper discusses the policy imperatives in the short term, in the face of the ongoing economic crisis, and reforms that could be implemented over the longer term to improve the efficiency and resilience of the financial system and raise Russia’s potential growth rate.

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  • 29-October-2009

    English

    Understanding the world trade collapse

    This paper shows that world demand (to which trade has become more responsive in recent decades) can explain most of the collapse in world trade, but that tight credit conditions have likely amplified the short-term trade response.

  • 15-October-2009

    English

    Iceland: Challenging Times for Monetary and Fiscal Policies (Economics Department Working Paper 726)

    This working paper discusses what policy makers should do in order to restore balance in the Icelandic economy and lay out the foundations for a sustainable recovery.

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  • 15-October-2009

    English, , 498kb

    Estonia and euro adoption: Small country challenges of joining EMU - Annex supplement

    Data and supplementary tables from Economics Department working paper on Estonia and euro adoption: Small country challenges of joining EMU.

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  • 15-October-2009

    English

    Estonia and euro adoption: Small country challenges of joining EMU

    The ongoing financial crisis has put euro adoption at the top of Estonia's policy agenda. However, shocks affecting Estonia are only weakly synchronized with those of the euro area, and the structure of its economy also notably differs from the euro zone.

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  • 15-October-2009

    English

    Iceland: The Financial and Economic Crisis (Economics Department Working Paper 725)

    This working paper begins with a discussion of the factors that made the banks, non-financial firms and households vulnerable to deterioration in global financial markets. It then describes the failure of the banks, its direct impact on government debt, the IMF SBA and the economic outlook.

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  • 30-September-2009

    English

    The role of transparency in the conduct of monetary policy

    In contrast to the once prevailing norm of secrecy and opaqueness, transparency has now become one of the main features characterising the conduct of monetary policy.

  • 24-August-2009

    English

    Is there a case for price-level targeting?

    There is a case, but there are also counter-arguments. With sufficient forward-looking behaviour among firms and households, price-level targeting can act as a powerful built-in stabiliser through automatic shifts in inflation expectations.

  • 22-July-2009

    English

    Financial stability in the United Kingdom: Banking on prudence

    This paper reviews the supervisory and regulatory framework and the many reforms that have already been adopted to remedy these weaknesses. It also provides recommendations for further reforms.

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  • 15-July-2009

    English

    The bank lending channel of monetary transmission in Brazil: A VECM approach

    This paper tests for the existence of a bank lending channel in the transmission of monetary policy in Brazil using monthly aggregate data for the period 1995:12 through 2008:6.

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