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IMF Working Papers-Credit Growth and Economic Recovery in Europe After the Global Financial Crisis
November 17, 2017--Summary:
This paper reviews the empirical relationships between credit growth, economic recovery, and bank profitability in Europe after the global financial crisis (GFC).
We find that the post-GFC recoveries in Europe have been weaker than previous recoveries, with the "double-dip" recessions in 2011-12 in many countries and the worldwide reach of the GFC explaining the underperformance.
Bank lending has been subdued as well, but this appears to have only held back the recovery relatively moderately. A 10 percent increase in bank credit to the private sector is associated with a rise of 0.6-1 percent in real GDP and 2-2½ percent in real private investment. These relationships have not changed significantly during and after the GFC. Loan quality, customer deposits, bank equity price index, and bank capital appear to be closely linked to bank lending. As expected, bank profitability is positively and significantly influenced by credit growth, but this relationship has weakened after the GFC.
view the IMF Working Paper-Credit Growth and Economic Recovery in Europe After the Global Financial Crisis
Source: IMF
IMF Country Report-Sweden: Selected Issues
November 17, 2017--HIGH HOUSEHOLD SAVINGS IN SWEDEN1
A. Introduction
1. Boosted by a large increase in savings after the global financial crisis, Swedish
households save at one of the highest rates among advanced economies. The gross household
saving rate averaged some 17 percent since the global financial crisis, increasing by 7.5 percentage
points over its pre-crisis level-a much stronger increase than seen in any other advanced
economy.2
Saving rates can differ from country to country even if the underlying consumption and
saving patterns of households are similar,3 but the very sharp increase in the level of savings sets Sweden apart.
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Source: IMF
IMF Staff Concludes Visit to Russia
November 17, 2017--"A cyclical recovery in Russia is gaining pace after a two-year recession, with growth expected to reach around 2 percent this year, supported by higher oil prices and easier domestic financial conditions.
Nevertheless, growth is likely to remain low in the medium-term, due to demographics, unaddressed structural bottlenecks as well as enduring sanctions.
Inflation is likely to be just under 3 percent at end-2017, but it is expected to return to around the 4 percent target soon thereafter. The current account surplus is forecasted to improve due to higher oil prices and stronger global demand.
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Source: IMF
Theodor Weimer appointed as new CEO of Deutsche Borse AG
November 16, 2017--Theodor Weimer has been appointed for three years as new Chief Executive Officer at today's meeting of the Supervisory Board of Deutsche Börse AG. In January, 57-year-old Weimer will take over from CEO Carsten Kengeter who leaves the company at the end of 2017.
Weimer is currently spokesman of the Management Board of HypoVereinsbank-UniCredit Bank AG (Munich).
Weimer studied economics, business administration and geography in Tübingen and St. Gallen and did his doctorate at the University of Bonn.
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Source: Deutsche Börse Cash Market
Eurex launches new FI hedging tools
November 16, 2017--Following the introduction of corporate bond futures, Eurex-a part of Deutsche Börse Group-once again acts as first mover in the fixed income derivatives markets.
To further support the financial industry in hedging their portfolios, Europe's leading derivatives exchange launches options on fixed income ETFs. As of November 20, Eurex will offer options on three products:
iShares USD High Yield Corporate Bond ETF;
iShares J.P. Morgan USD Emerging Market Bond ETF; and
iShares USD Corporate Bond ETF.
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Source: Deutsche Börse Cash Market
Flow Traders releases October 2017 ETP market volumes
November 16, 2017--Flow Traders N.V. ("Flow Traders") (Euronext: FLOW), today releases the monthly ETP (Exchange Traded Products) market data for the month October 2017. This refers to general market data only.
In October 2017, the total Global ETP Assets under Management (AuM) grew to US$ 4,524bn from US$ 4,396bn in September (+2.9% month-on-month, source: BlackRock ETP Landscape October 2017).
That translates into a total Global ETP AuM in euro terms of €3,883bn versus €3,718bn in September 2017, with an EUR/USD FX rate of 1.1651,(rate end October 2017).
The average VIX for the month of October fell to 10.13 (versus 10.44 in September), with a low of 9.19 (versus 9.51 as a low in September) and a high of 11.30 (versus 12.23 in September) (Source: Bloomberg).
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Source: Flow Traders N.V.
European market watchdog steps up scrutiny of closet trackers
November 16, 2017--National regulators asked to collect data on high-fee funds that track market indices
The European markets watchdog is to step up its scrutiny of so-called closet tracking amid growing condemnation of a practice widely decried as a form of mis-selling.
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Source: FT.com
IMF Working Papers-Fiscal Spillovers in the Euro Area: Letting the Data Speak
November 15, 2017--Summary:
We estimate a panel VAR model that captures cross-country, dynamic interlinkages for 10 euro area countries using quarterly data for the period 1999-2016. Our analysis suggests that fiscal spillovers are significant and tend to be larger for countries with close trade and financial links as well, as for fiscal shocks originating from larger countries.
The current account appears to be the main channel of transmission, although strong trade integration among countries in the euro area and spillback effects tend to zero-out the net trade impact in some cases. A subsample analysis shows that the effects of fiscal policy have changed over time, with larger estimated domestic multipliers and spillovers between 2011 and 2014.
view the IMF Working Papers-Fiscal Spillovers in the Euro Area: Letting the Data Speak
Source: IMF
ESMA updates its MiFID II Q&As on transparency
November 15, 2017--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding transparency and market structure issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR)
The purpose of these Q&As is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR. They provides responses to questions posed by the general public and market participants in relation to the practical application of transparency requirements.
view the ESMA Q&A on MiFID II and MiFIR transparency topics
Source: ESMA
ESMA updates MiFID II Q&A on market structure issues
November 15, 2017--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding market structure issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
The purpose of these Q&As is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR. They provides responses to questions posed by the general public and market participants in relation to the practical application of market structure issues. This update includes new answers regarding:
•Tick size regime;
view the Q&A on MiFID II and MiFIR market structures topics
Source: ESMA
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