Articles by Central Banking Newsdesk
Thinking on global capital flows is muddled – BIS’s Shin
BIS head of research says policies to guard against excess global liquidity should look at underlying causes, not symptoms such as capital flows; Fed’s Fischer acknowledges policy spillovers
‘Urgent’ action needed to boost bank profits – BoJ report
Financial system report notes bank profit margins have been squeezed, but says sufficient capital is supporting lending for the time being
Type of uncertainty matters for modelling – Norges Bank paper
Author develops method to “disentangle” various forms of uncertainty, finding they can have good and bad effects
Brazil stands out for ‘pioneering work’ in trade reporting – FSB
Peer review finds the South American nation has overcome many of the issues plaguing others, making it a leader among FSB jurisdictions
People: Pakistan and Uzbekistan appoint deputies; Bangladesh Bank names new chief economist
Jameel Ahmad promoted to deputy role at Pakistan central bank; former IMF mission chief appointed as chief economist at Bangladeshi central bank
Balance sheet not an ‘active’ policy tool for normal times, says Fed’s George
Reductions in Fed’s balance sheet should be on “autopilot”, says George; establishing a “sound framework” will be important
Researchers find media sentiment towards Sifis gives valuable data on stress
Researchers find media sentiment towards Sifis gives valuable data on stress
Fed paper seeks better forecasts from information inefficiencies
Paper finds it is difficult to build a better forecast on the basis of deviations from rationality in surveys, implying such inefficiencies are not “economically meaningful”
IMF remains gloomy on Brexit as UK heads for snap election
Maurice Obstfeld admits IMF was overly pessimistic on consumer response to Brexit, but says supply shock could still bite; global outlook more positive
No ‘taper tantrum’ this time around – Fischer
Fed vice-chair says US central bank has learned from mistakes made in 2013; markets unlikely to face same disruptions as Fed unwinds balance sheet, says Fischer
Volatile housing market puts RBA under pressure
Variations in housing growth and prices ramp up risk to financial stability, RBA minutes show; regulator to consider further measures “if needed”
Paper examines how sticky investment prices affect DGSE model
Findings bring the model in line with growth accounting exercises, the researcher says
BoJ paper sketches ‘vicious circle’ behind productivity traps
“Lacklustre” economic reforms and firms’ unwillingness to innovate may create a “negatively reinforcing” loop, the authors warn
Central Bank of Iceland picks SIA for payments overhaul
RTGS revamp will see a single system handle both high- and low-value payments; Italy-headquartered SIA wins contract
DLT not ‘mature enough’ for eurozone usage, ECB says
ECB’s annual report explores progress with distributed ledger technology, emphasising it is still in its infancy; DLT could eventually be used for Europe’s payment and securities settlement systems
Little EME volatility spillover from Fed/ECB balance sheets
Central bank policies had little impact on volatility in EMEs’ real markets – researchers
Lower rates link to higher exchange rate impact – BIS paper
Working paper finds monetary policy’s impact on the exchange rate has grown as rates have fallen
Monetary policy has inevitable fiscal effects – Willem Buiter
Former Bank of England official rails against fiscal theory of the price level in speech to RBI, but says monetary policy still cannot escape its fiscal dimension
Central banks could intervene on repo market function – BIS study
Markets still in a “state of transition” but some central banks might want to take action to mitigate adverse effects, CGFS report says
Singapore to work with China on capital market development, MAS’s Loh says
“Wider suite” of risk management tools needed to stem risks rising from capital market liberalisation; opportunities to coordinate on other Chinese initiatives
People: Interim deputy for Ireland; Turkish MPC member quits
Ireland shuffles top positions as Cyril Roux departs; Turkey’s Aysan is returning to academia; Esma appoints new board members
Bank Negara Malaysia official offers tough line on corruption
Malaysia’s central bank has a “zero tolerance policy” and will not protect those who choose to cross a line, assistant governor says; institution has “refreshed” ethical framework
Lebanese banking sector holding up, despite Syria crisis – central bank
The banking sector remains liquid and well capitalised despite a “strained” Lebanese economy, the central bank says; new compliance unit formed
Financial integration enables EMs to improve trade integration – paper
BoE paper sheds light on relationship between foreign direct investment and international trade, highlighting the “substantial” economic effects for emerging markets