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Updated: 10 hours 17 min ago

Turkey: The CBRT strengthens the stance

January 19, 2018
The Central Bank (CBRT) maintained policy rates unchanged, including the late liquidity window (LLW) at 12.75%, in line with expectations. The Bank reinforced the tight sentiment by adding some “verbal tightening” as observed in our Big-Data sentiment of the statement.

China | A soft-landing in 2017

January 18, 2018
December indicators reported today, together with Q4 GDP outturns, marginally exceeded market expectations. For 2017, China’s economy achieved a soft-landing synchronized with the rest of the world. Looking ahead, the economy is expected to continue its moderation as the authorities’ stepped-up efforts to rein in shadow banking activities are set to weigh on growth.

China | The changing role of RRR in new monetary policy framework

January 17, 2018
The recent two unconventional RRR cuts suggest the authorities set out to dethrone RRR from a monetary loosening or tightening tool. Instead, the PBoC now uses RRR cuts for liquidity management purpose. As monetary policy framework is migrating to a “corridor system”, the traditional quantitative tools adjustments have to give their way to new price tools.

Financial Regulation Outlook. First quarter 2018

January 16, 2018
Basel III End Game. CRD V: progress and outstanding issues. EU’s financial architecture: roadmap and challenges. Sustainable Finance: Here to Stay. ECB’s supervisory priorities. Prospects in digital regulation.

Mexico | Economic panorama 2018: resilience in the midst of uncertainty

January 16, 2018
The Mexican economy in 2018 will traverse a context of major sources of uncertainty, among which the renegotiations of the North American Free Trade Agreement (NAFTA) and the presidential elections stand out.

Monetary policy and bank profitability

January 15, 2018
Monetary policy took centre stage in the recent international crisis – as a weapon against stagnation and deflation, as an instrument for re-establishing financial stability and, in the case of the euro zone, as a crucial tool for combating the financial fragmentation which at one stage threatened the very survival of the euro.

Continuing to improve the public pension system

January 15, 2018
The public pension system is a fundamental pillar of the welfare state. And for it to continue being so, it is necessary to modernise it and adapt it to the changes being undergone by Spanish society. Fortunately more and more people are reaching retirement age and are doing so with a longer life expectancy.

Towards an artificial intelligence that is both controlled and ubiquitous

January 15, 2018
It is quite some time now since the term artificial intelligence (AI) broke free of the confines of science fiction and became part of current IT vocabulary. Indeed authorities and personalities as well-known as Leon Musk and Mark Zuckerberg frequently opine on the implications of this technology.

Cryptocurrencies: revolution or speculation?

January 15, 2018
On 11 December last, Bitcoin started trading on the Chicago futures market (CBOE), and its value rose to more than US$15,000 in the first few days. These events have fuelled the debate about cryptocurrencies. Are we dealing with a revolution with firm foundations or a passing fever?

U.S. | Weekly podcast: 2018 outlook

January 13, 2018
Weekly economic update focusing on the outlook for 2018

Financial Regulation: Weekly Update. 12 January 2018

January 12, 2018
Highlights: FSB published governance arrangements for UTI. EBA published the final guideline on IFRS disclosure requirements. ESMA updated relevant registers, consulted on CCP anti-procyclicality margin measures, and delayed publication of double volume cap data. CNMV published statement regarding MiFID II implementation and authorized two OTFs.

Peru | Real Estate Outlook 2017

January 11, 2018
Apartments sales in Lima was reactivated in 2017 after a period of uncertainty related to the general elections, especially since the third quarter, when the economy began to show some signs of recovery. However, according to the number of purchase searches carried out on the internet, sales would moderate in 2018.

Mexico | Credit to the private sector moderates its dynamism

January 11, 2018
In November 2017 the balance of the total outstanding credit granted by commercial banks to the private sector grew at a nominal annual rate of 10.6% (3.7% real), 1.9 percentage points below the rate observed the previous month (12.5%) and 6.4 percentage points below that registered in November 2016 (17.0%).

China | From Great Miracle to Great Moderation: Potential GDP estimation of China

January 10, 2018
In the recently concluded 19th Party’s National Congress, the authorities have come up with a two-stage development plan. Using traditional Cobb-Douglas production function to gauge China’s potential GDP, we found China’s per capita GDP can increase to USD 21,000 (constant price of today) by 2035, in line with the authorities’ target of achieving “social modernization”.