Emerging Europe Economics Update Who’s been hit hardest by the credit squeeze? On the whole, firms, rather than households, have borne the brunt of the credit squeeze in Emerging Europe. In fact, lending to consumers has already started to pick up in those countries with... 9th April 2010 · 1 min read
UK Data Response CIPS/Markit Manufacturing (Mar.) & Credit Conditions Survey (Q1) The latest manufacturing data suggested that the industrial recovery is progressing nicely. But the Bank of England’s credit conditions survey did little to alter our view that a prolonged period of... 1st April 2010 · 1 min read
Europe Economics Update Ireland’s problems still far from over Yesterday’s announcement of a raft of measures aimed to lift the troubled Irish banking sector from its knees, was an important step towards ending the economic slump. But the economy faces other... 31st March 2010 · 1 min read
UK Economics Update Monetary Indicators Monitor (Mar.) More than a year after the Bank of England began its quantitative easing programme, broad money and bank lending are still struggling to rise. The latest worrying development is a renewed drop in net... 29th March 2010 · 1 min read
UK Data Response Mortgage Lending (Feb.) Although, perhaps, still artificially weak following the poor weather and the end of the previous stamp duty holiday, today’s mortgage lending data do not inspire confidence that last year’s housing... 29th March 2010 · 1 min read
Japan Economics Update Credibility lost in the Post The plan to raise the caps on postal savings deposits and life insurance is being interpreted by some as positive for Japanese government bonds (JGBs) and by others as a major threat to the banking... 26th March 2010 · 1 min read
Europe Economics Update Euro-zone Monetary Indicators Monitor (Mar.) February’s euro-zone money supply figures provided few signs that the ECB’s unlimited provisions of liquidity are prompting much of a pick-up in broad money and bank lending. 25th March 2010 · 1 min read
UK Economics Update New lending targets will make little difference The Chancellor appears set to announce new lending targets for the partly-nationalised banks RBS and Lloyds Group in his Budget tomorrow. However, the chances of the new targets significantly... 23rd March 2010 · 1 min read
China Economics Update The view from the ground – Q1 2010 China’s businesses and banks remain confident and do not think the economy is overheating, but consumers are unhappy about prices and reluctant to spend. 16th March 2010 · 1 min read
Japan Economics Focus Does the contraction in bank credit signal a double-dip? The recent contraction of bank lending is often cited as a risk to the economic recovery in Japan and to the prospects for investment in particular. However, the declines in bank lending are probably... 9th March 2010 · 1 min read
Japan Data Response Economy Watchers Survey & Bank Lending (Feb.) The continued improvement in the main balances of Japan’s Economy Watchers Survey (EWS) in February is further evidence of a strong and increasingly broad-based recovery. We would pay less attention... 8th March 2010 · 1 min read
Emerging Europe Economics Update How exposed are Emerging Europe’s banks to Greece? In a recent Update we argued that the crisis in Greece has dealt a huge blow to the prospects for a further rapid expansion of the euro-zone (see Emerging Europe Update, ‘Greek tragedy to temper EMU... 4th March 2010 · 1 min read
UK Economics Update Monetary Indicators Monitor (Feb.) This week marks the one year anniversary of the launch of the Bank of England’s quantitative easing (QE) programme of asset purchases. As Mervyn King has pointed out, without QE, the UK would probably... 1st March 2010 · 1 min read
