Sometimes I need to get a quick overview of a large amount of data for a specific economy, and the task of extracting the relevant information separately from different data sets can be tedious. This is particularly true in cases where I have custom charts I want to replicate for a new economy, which for me tends to happen especially with data from the Bank for International Settlements (BIS). So when I recently came across the BIS package for R, which provides an R interface to access BIS data, I thought what better time than to automate some of this using R markdown and flexdashboard.
After looking at the US Fed's and the Bank of Japan's (BOJ) balance sheets a while ago, it seemed logical to also dig a bit deeper into the balance sheets of the European Central Bank (ECB) and the Bank of England (BOE). After all, these four are the principal central banks that have engaged in some form of quantitative easing, so looking at their balance sheets should bring to light some interesting similarities and differences.
Ten years ago, the Federal Reserve, the central bank of the United States, launched the first of several rounds of Quantitative Easing in response to the Global Financial Crisis, which drastically increased the size of its balance sheet. Since then, the Fed has been looking to roll back this expansion in an effort to “normalise” monetary policy. A good time to take a closer look.
Mozilla's Thunderbird email client is a great piece of software with a great community behind it. One of the things that did not work well for me out of the box, though, is the small default font size in Thunderbird, which creates problems on high-res “Retina” displays. Here is how you adjust the defaults.
If you frequently work with text documents created on Windows, you will most likely have come across Calibri and Cambria, the “new” default fonts on Microsoft Office since version 2007. Both fonts are TrueType typefaces, so if you have access to the original .ttf/.ttc files (e.g. from an Office license), using them on a Linux distribution is fairly straightforward. One issue that pops up often when using the original fonts, though, is bad rendering. Certain characters might appear stronger than others, which can be quite distracting. The reason is that Microsoft apparently decided to embed surprisingly bad bitmaps in their fonts. Fortunately, you can tell your system not to use embedded bitmaps. Here is how.
A common approach to comparing financial systems across countries is by looking at the role banks play in providing the real economy with credit. The Bank for International Settlements (BIS) has great data sets on measures of credit across countries that make it very easy to do such a comparison. Plotting the share of bank credit relative to total credit across time reveals some interesting patterns.
Bond market returns are typically analysed as time series data (where changes in yield are tracked over time) or across maturities (where interest rates on different contract lengths are chained together to produce the yield curve for any given date). For the US government bond market, the St. Louis Fed's FRED database provides data for a whole range of US Treasury Bonds and US Treasury Bills, allowing you to do either of these exercises. Sometimes, however, it can be useful to get a sense of how the shape of the yield curve evolves over time in a 3D graph. Here is how to create one using plotly in R.
The AsianBondsOnline portal of the ASEAN+3 Asian Bond Markets Initiative (ABMI) provides a wealth of information on Asian bond markets, including market size, currency of denomination, pricing information, and liquidity statistics, among others. I need to get a quick overview of the market every few months, so I put together a little R script to do the job for me. The script gets the latest data on local currency bonds and foreign currency bonds from AsianBondsOnline, aggregates the data for government bonds and corporate bonds and outputs the result as static and interactive graphs.