Articles by Central Banking Newsdesk
Limited case for leaning against the wind, says IMF report
Staff conclude the short-term costs of using higher interest rates to address financial risks exceed the longer-term benefits in most cases, but stress door should ‘remain open’
First Target2 data release sheds light on imbalances
Data on cross-border eurozone financial flows gives clarity as to the sharply different directions funds have been travelling, with Germany still comfortably the most popular destination
Norwegian SWF manager buys major London development
Norwegian sovereign wealth fund manager NBIM pays $373m in deal for London development; adds to the $22.7bn the fund held in real estate at end of Q2
Philippines reserves up by $100m in second quarter
Drop in net foreign lending prompts balance of payments surplus to surge by 145% year-on-year; FDI increases by $424 million, slightly lower than Q2 2014
Fed presidents talk up prospect of 2015 hike
Richmond, St Louis and San Francisco reserve bank presidents offer thoughts in wake of last week’s decision to hold rates; all suggest a hike in October or December will likely be appropriate
IMF staff call for greater delegation of macro-prudential powers in Norway
Technical note finds institutional structure has worked to good effect in many ways, but identifies issues around co-ordination across ministry, central bank and FSA
Haldane weighs solutions to ZLB constraint
Andrew Haldane considers benefits and costs of adopting higher inflation targets, accepting QE as a conventional policy tool and creating central bank-issued digital currencies
Network theory allows systemic risk assessment of banks, paper argues
Analysing the network structure of the financial sector can help assess the systemic risk presented by individual European banks, and offers useful data for regulators, an ECB working paper says
German paper explores risks of sub-custodian chains
The structures to safeguard financial assets are opaque and possibly risky, and could benefit from further study as regulation is overhauled, the discussion paper argues
Regulatory regime differences may drive international capital flows, study argues
Financial regulation may need to extend the principle of automatic reciprocity between national jurisdictions, working paper argues
South African deputy looks to fill gaps in resolution setup
Francois Groepe highlights main elements of proposals for a new resolution framework in South Africa; particular emphasis on creating a deposit guarantee scheme
RBA board holds off judging impact of volatility on trading partners
The board assessed the troubles in China and market volatility to have ‘increased the downside risks’ to the global outlook at its meeting this month, minutes show
Russian governor weighs exchange rate pass-through
Elvira Nabiullina discusses the bank of Russia’s estimates for how much the depreciation of the ruble will impact inflation, conceding prices have increased faster than expected
Ukrainian governor declares victory in banking sector clean-up
Valeriia Gontareva says 54 banks were put into resolution as part of the National Bank of Ukraine’s efforts to put banks on a sounder footing
ECB sees house prices undergoing ‘sustainable’ recovery
European Central Bank says eurozone housing markets appear to have undergone necessary corrections, in article released ahead of Economic Bulletin
French economists protest against choice of central bank governor
One hundred and fifty French economists publicly question whether François Villeroy de Galhau faces conflicts of interest as central bank governor
BoE paper offers framework for exploring impact of regulation on interbank lending
Central banks could benefit from studying the impact of regulation on the levels of overnight interbank interest rates
Liikanen discusses logic behind publishing ‘accounts’
Bank of Finland governor says it is important central banks exhibit a ‘high degree’ of transparency, noting the ECB decided to begin publishing accounts as policy became more unconventional
BIS research finds US policy spillovers ‘significant’
Article examines the spillovers from short-term, long-term and policy rates in the US on a host of emerging and advanced economies; impact is economically and statistically significant
Synthetic financial cycle model allows crisis predictions, paper argues
A model of a synthetic financial cycle performs better than the credit-to-GDP gap in predicting financial crises, a European Central Bank working paper argues
BIS reveals new data output in review
Bank for International Settlements expands data around international banking, government debt and private debt service ratios; launches new bulletin and online exploration tool
PBoC makes reserve requirement ratio more flexible
China's central bank will change method for calculating banks' reserve requirement ratios tomorrow in a move one analyst says could free up $200 billion
BoE’s Forbes calls for rethink of exchange rate pass-through
MPC member outlines new, more nuanced approach to measuring the exchange rate’s impact on inflation, noting this implies rates could need to be tightened sooner than older models suggest
Norges Bank memo presents indicator of systemic stress
Staff memo outlines ‘composite indicator of systemic stress’ to help with decision on when to lower the countercyclical capital buffer