Balance sheet
Some philosophical questions about the future of central banking
Kenneth Rogoff weighs up the many challenges facing central banks in the years ahead, from debt and inflation to negative rates and the dangers of ‘mission creep’
Too great expectations from the ECB’s strategy review
The review process represents operational best practice, but will fail to unify the Governing Council
Systemic banks shrink balance sheets at reporting dates – BIS paper
Authors find “systematic” balance sheet compression often results in lower capital requirements
BIS paper highlights ‘ripple effect’ of monetary policy
Balance sheets of upstream and downstream firms “salient, yet mostly overlooked”, authors say
New BoE climate risk scenarios spark race for extra data
Banks need information from clients or third parties to populate 1,760 stress test variables
The ‘golden age’ of central banking has passed
Central banks face multi-faceted challenges and weakened autonomy amid highly polarised inflation expectations
Expecting the unexpected
Lars Schröder, senior engagement manager at SkySparc, looks at what is driving shifts in central banks’ technology requirements.
The RBI’s next big question: how to normalise monetary policy?
India’s central bank needs to plan an exit from its efforts to manage the ‘impossible trinity’
Charles Goodhart on inflation targets, financial stability and the role of money
The LSE professor says inflation targets should have been 0%, the Fed’s move to AIT is a mistake, independence is under threat from inflation, big balance sheets support liquidity, AI can help supervisors and climate stress tests are unconvincing
Central bank profits under pressure
The structure of a central bank’s portfolio and its relationship with shareholders can affect shock-absorbing capital and the amount of profit distributed
Ingves renews attacks on ‘artificial division’ in proposed Riksbank act
Proposal limits policy flexibility and is “wrong way to go”, governor says
The Belt and Road Initiative 2021 Survey – The impact of Covid‑19 on the BRI
The fourth annual Belt and Road Initiative survey reveals that the Covid‑19 pandemic has disrupted many projects despite China remaining committed to financing the initiative, which is expected to support future economic growth and environmental…
The new era of money supply and its impact on policy
The empirical relationship between money and inflation has changed, writes Manmohan Singh, with Apoorv Bhargava and Peter Stella. To understand current policy challenges, we must first understand money creation
Fed clarifies account access rules for fintech firms
Proposals address growing number of firms seeking access to the central bank’s balance sheet
A latent rise in r* could upend monetary policy
A rising natural rate could create serious challenges for policy-makers, write Jorma Schäublin and Philip Turner
A rebuttal of Philip Turner’s criticism of the BIS ‘house view’
Robert Pringle critiques the key findings raised in Philip Turner’s occasional paper, ‘The new monetary policy revolution: advice and dissent’
The untapped potential of transaction data
Covid-19 has highlighted the need for central banks to have more timely information, questioning whether high-frequency indicators are being used to their full potential.
Corporate Services Benchmarks 2021 report – trends in financial reporting and administration
Insights on staffing and salaries, technological automation, data security, rule compliance, gender equality and green office spaces in accounting, audit, HR and administration
The Covid crisis, central banks and the future
Crisis responses have had positive initial outcomes, but also exacerbated significant underlying challenges that raise concerns related to exit strategies and the future for central banks
BoE paper seeks origin of systemic risk
Network analysis tool can overcome problems with other approaches, authors say
Riksbank to increase risk buffer
Swedish central bank concerned about future effects of asset purchases on balance sheet
Hernández de Cos on ECB policy, crises responses and Basel reform
Spanish governor and Basel Committee chair Pablo Hernández de Cos favours a form of average inflation targeting, says ECB is willing to boost stimulus and Basel reforms not diminished by Covid-19 exceptions; stresses the need for structural reform and…
BoE’s Bailey explores future of balance sheet policy
Question of whether QE is “state contingent” could impact how it is deployed through the cycle
Former RBI official Rabi Mishra on macro-pru in the post-Covid world
The former executive director discusses challenges for supervision, global governance reform and the rise of fintech