US Economics Update Monetary Indicators Monitor (Apr.) Broad money growth has remained largely unchanged over the past six months, even after the Fed restarted its quantitative easing. The annual growth rate of our M3 measure picked up slightly to 6.4% in... 14th May 2013 · 1 min read
China Data Response Lending (Apr.) Credit growth has continued to accelerate. This hasn’t had a positive impact on economic growth so far but we expect it to feed a small pick-up in activity in the months ahead. 10th May 2013 · 1 min read
Emerging Markets Economics Update EM debt: where do the risks lie? Total debt in emerging markets (EMs) is relatively low by international standards. But the history of EMs suggests that crises often occur when credit grows rapidly for several years rather than... 9th May 2013 · 1 min read
Emerging Europe Economics Update Turkish banks more exposed to external shock than in 2008 In spite of the rapid build up of Turkish banks’ foreign currency assets held at the central bank, we think the country’s banking sector is still more vulnerable to an external shock now than it was... 7th May 2013 · 1 min read
US Economics Update Banks still loosening lending standards The Fed's latest Senior Loan Officer Survey indicates that commercial banks have further loosened lending standards, particularly on loans to businesses. The net percentage of banks reporting in the... 6th May 2013 · 1 min read
UK Economics Weekly Selling the banks would be no quick fix Rumours that the Government is gearing up to sell its stakes in the nationalised banks have hit the headlines. Some think that even a loss-making sale would support the Government’s chances of re... 6th May 2013 · 1 min read
UK Economics Update Monetary Indicators Monitor (Apr.) The latest money and lending figures contained a few positive signs that the Funding for Lending Scheme (FLS) is having a positive impact on borrowing, including the first rise in lending to SMEs in... 30th April 2013 · 1 min read
UK Economics Update Household Borrowing Monitor (Mar.) March’s household borrowing figures saw a continuation of the modest expansion of credit seen in recent months. But there remains little sign of any move back to the pace of borrowing seen prior to... 30th April 2013 · 1 min read
Middle East & North Africa Economics Update Mounting risks for Egypt's banks Egyptian banks have been remarkably stable throughout the political upheaval of the past few years. If we’re right in thinking that Egypt’s economy will continue to muddle through without falling into... 30th April 2013 · 1 min read
Asia Economics Weekly Is a credit bubble forming in Indonesia? Strong credit growth in Indonesia has led to concerns that the country could be planting the seeds of the next financial crisis. As this Weekly explains, these worries are overdone. The warning signs... 29th April 2013 · 1 min read
Global Economics Update Global Monetary Indicators (Apr.) Japan’s adoption of a far more aggressive monetary policy stance early this month has left the ECB looking increasingly out of step with its peers. 26th April 2013 · 1 min read
Europe Economics Update Deleveraging in Denmark: what lessons for other Nordics? Household spending in Denmark has barely recovered since its housing bubble burst in 2007 and there appears little respite ahead for households. With rising debt now fuelling housing booms in Sweden... 25th April 2013 · 1 min read
UK Economics Update Limited reforms to FLS don't transform the lending outlook Today’s modifications to the Funding for Lending Scheme should make it a more effective tool in reducing the cost of loans for small companies. But with banks undercapitalised and the demand for... 24th April 2013 · 1 min read
US Economics Update Monetary Indicators Monitor (Mar.) Despite the Fed’s continuing quantitative easing, the growth rates of the broad monetary aggregates have actually fallen over the past few months. The annual growth rate of our measure of the broadest... 22nd April 2013 · 1 min read
Japan Economics Update Monetary Indicators Monitor (Mar.) The latest data on Japan’s monetary aggregates, which predate the Bank of Japan’s policy shift earlier this month, illustrate why a radical change was needed. But they also underline that the success... 19th April 2013 · 1 min read
Europe Economics Update Belgium: not necessarily the core's weakest link? We have previously warned that Belgium shares several characteristics with peripheral economies, such as high public debt, banking problems and falling competitiveness. But the economy also enjoys... 18th April 2013 · 1 min read
