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Updated: 11 hours 47 min ago

The amazing phenomenon of ICOs

December 18, 2017
Initial Coin Offerings, or ICOs, constitute a new financing method for start-ups specialising in blockchain technology. It consists in the sale to investors of a percentage of their own cryptographic tokens issued by the company, normally in exchange for cryptocurrencies such as bitcoin or ether.

Portugal: in 4Q, growth would stabilise at around at 0.4% QoQ

December 18, 2017
The growth rate of the Portuguese economy in 3Q17 accelerated slightly to reach 0.5% QoQ1, in line with the BBVA Research estimate (0.5% QoQ) and above the one seen in 2Q17 (0.3% QoQ).

Will oil prices continue to rise in 2018?

December 18, 2017
Finally things came together for the oil market after a three-year slump characterised by a sharp fall in prices, and their subsequent stagnation at relatively low levels.

Towards more selective and enforceable international regulatory standards

December 18, 2017
The prolongation of the discussions on the finalisation of Basel III has triggered a debate on the adequacy of the current approach to international banking regulatory standards. There is a certain feeling that they are increasingly complex, needlessly detailed and unevenly implemented.

U.S. | Oil Prices Outlook 2018-2022. December 2017

December 16, 2017
Further price increases in the short-run supported by robust demand and inventory correction. Geopolitical factors could lift prices further. In the mid-term, supply is expected to catch up with higher prices, intensifying the fight for market share.

U.S. | Oil Prices Outlook 2018-2022. December 2017

December 16, 2017
Further price increases in the short-run supported by robust demand and inventory correction. Geopolitical factors could lift prices further. In the mid-term, supply is expected to catch up with higher prices, intensifying the fight for market share.

U.S. | Weekly podcast: oil prices, personal income and spending

December 16, 2017
Weekly economic update focusing on the major economic indicators to be released the week of December 18, 2017. Special topic: oil price outlook

U.S. | Tax reform and home prices: Is there a cause for concern?

December 16, 2017
The net effect of the proposed tax changes on house prices will be limited. Doubling the standard deduction will increase the incentives to rent. The lower cap on mortgage interest deduction can lower prices of homes in higher price ranges over time. Other tax proposals will tighten housing market conditions and generate upward pressures on home prices.

Financial Regulation: Weekly Update. 15 December 2017

December 15, 2017
Highlights: EBA published impacts of the finalisation of Basel III framework for European banks. The Council approved EU's legislative priorities for 2018-2019. International standard-setting bodies launched surveys on incentives to centrally clear OTC derivatives trades. Finally, the ESAs published standards on money laundering and terrorist financing risks.

ECB Watch: ECB on a wait and see stance

December 15, 2017
There was no discussion on any change in the QE recalibration. The ECB seems more confident on the economic expansion. Significant upward revision of staff’s growth forecasts.

Turkey: The CBRT tightens but lower than expected

December 15, 2017
The CBRT hiked the recent de-facto policy rate (late liquidity window, LLW) by only 50bps to 12.75%, disappointing the market call between 75-100bps and our call of 125bps in the average funding rate. The incoming inflation data will be the key input to know whether the CBRT opted today for a gradualist approach or just a wait-and-see attitude.

International experiences of De-dollarization: What could be done in the Turkish case?

December 14, 2017
Financial dollarization exposes countries to shocks which can trigger severe financial and economic problems. This note describes a few successful country experiences of de-dollarization. A key lesson is that macroeconomic stability and particularly price stability and low inflation is a pre-condition for starting a successful de-dollarization process.

China | Growth moderation continues

December 14, 2017
November economic indicators reported today were generally below the previous readings. Meanwhile, the credit figures kept at a relatively high level as the authorities want to maintain market liquidity toward end-year. As anticipated, the economy continued its moderation in Q4 due to the authorities’ policy initiatives.

FOMC Meeting December 12th-13th

December 14, 2017
FOMC: Passing the Baton for Final Phase of Normalization

Digital Economy Outlook

December 13, 2017
In this issue we will focus on: Digital markets: challenges for competition policy; Initial Coin Offerings (ICOs) ): investment in crypto tokens: fad, madness or vision?; Towards a new digital identity: identification systems and digital environment; Fintech: implications for regulation and supervision; and Artificial Intelligence: a Policy Approach.

Mexico | Credit to the private sector:slight recovery driven by the portfolio of companies

December 12, 2017
In October 2017, the balance of the current credit granted by commercial banks to the private sector grew at a nominal annual rate of 12.5% (5.8% real), 0.3 percentage points higher than the rate observed the previous month (12.3%) but 2.9 percentage points below that registered in October 2016 (15.4%)

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