Articles by Central Banking Newsdesk
Varoufakis defends reshaped Greek reform agenda
Greek finance minister says extension bought time for a ‘serious conversation’ with creditors and outlines ways in which he wants reforms to differ from troika prescriptions
Fed research: Three channels of shadow banking fragility
Working paper models the increased fragility created by shadow banks, even though they provide higher levels of credit to the economy
ECB research assesses fiscal impact of bailouts
ECB paper analyses the impact on a government’s fiscal position of assistance measures; finds majority of the financial needs (4.9% of 5.1% of GDP) were recorded is first three crisis years
FOMC minutes: Fed cautious about June rate hike
Minutes highlight split in views of those who think rates should rise in June and those who would rather wait; Dudley and Powell give speeches urging care
Korea’s record rates have further to fall, says economist
Rate cuts still look to be on the horizon despite the Bank of Korea holding steady at record lows today, says economist; government also likely to have to provide further stimulus
Chilean paper analyses unemployment’s impact on wages
The impact of unemployment spells on wages is high, but the volatility ‘increases much more during recessions’, research finds
Bank Negara Malaysia and MIT Sloan to set up joint business school
The Asia School of Business will open next year on the central bank's premises; will host inaugural class of 25-35 students in a two-year MBA programme
Central Bank of Argentina publishes secret minutes from last dictatorship
Argentina’s central bank releases minutes from secret board meetings during the country’s last dictatorship, which will "shed some light on one of Argentina’s darkest periods", says governor
Russia’s Nabiullina dismisses QE possibility
Bank of Russia governor says quantitative easing is not on the table but further rate cuts are likely; sees signs that tough policy stance is working as ruble begins to recover
Former Bulgarian deputy charged with ‘abuse of office’
Rumen Simeonov accused by prosecutor of not taking action on failed Corporate Commercial Bank despite knowing the institution was in trouble
Bank of Finland paper tests price-level based forward guidance
Seppo Honkapohja and Kaushik Mitra use ‘adaptive learning’ approach to show price-level targeting can outperform inflation targeting under some circumstances
Linde: ECB’s QE is already ‘bearing fruit’
Households and families are enjoying better financing conditions due to the ECB’s quantitative easing programme, argues Luis Linde, governor of the Bank of Spain
Chilean paper calls on policy-makers to consider source of shocks
Policy-makers in Chile ‘have to take into account the source of the shock when evaluating possible policy options’ in response to copper price shocks, research finds
Iran nuclear deal paves way to lift central bank sanctions
Deal struck between Iran and UN paves way for tough sanctions on the central bank to be lifted and Iranian banks to return to Swift payments system
BoE’s FPC flags climate change financial stability risks
Financial policy committee divides issue into physical risks and transitional risks, seeing some potential for instability from climate change but calling for further research
Colombian paper analyses intraday liquidity needs
Intraday liquidity risks can be ‘mitigated or even eliminated’ if entities have higher opening balances than the balances required to opportunely liquidate all payment obligations, paper finds
Bank of Portugal launches mobile app
Users can access key statistical indicators for Portugal and the eurozone, calculate foreign exchange rates and obtain interest rate simulations, in the first Portuguese central bank app
Fed officials renew calls to tackle inequality
Janet Yellen highlights need for further research into income inequality, while Lael Brainard focuses on young people and Narayana Kocherlakota on Native Americans
Solomon Islands research illuminates inflation sources in small islands
Working paper finds domestic factors are mainly behind inflation outcomes, with the exchange rate only having a temporary impact; economy takes around a year to bounce back from shocks
Rates have hit lower bound, say ECB minutes
Second ‘account’ of ECB policy meeting suggests -0.2% is the effective lower bound for interest rates, but governing council mulls various options for extending QE should it be necessary
Expectations have variable impact, finds ECB paper
Working paper suggests there have been ‘significant changes’ in the degree to which expectations have driven unemployment, with a particularly large effect during 2008 financial crisis
Fed paper measures damage from capital flow surges
Researchers find surging capital flows push labour away from manufacturing, create sudden booms and recessions, and do more damage if there is a sudden reversal
Israel’s Flug calls for new financial stability committee
Bank of Israel governor wants to ‘institutionalise’ collaboration between financial supervisory authorities; offers advice to new government on budget
People: NY Fed names first vice president; HKMA promotes research head
Michael Strine succeeds Christine Cumming as first vice president at the Federal Reserve Bank of New York; Lillian Cheung becomes executive director for research in Hong Kong; and more