Articles by Central Banking Newsdesk
Thailand's Prasarn says taper disruption set to continue
Governor of the Bank of Thailand Prasarn Trairatvorakul warns taking away the punchbowl remains tricky, but says his country should take advantage of China's growing role as an importer
FOMC members unpick Fed's ‘no taper' decision
Jeremy Stein suggests clear-cut forward guidance for QE wind-down as several members highlight Fed's ‘communication challenge'; Esther George says decision poses a risk to future credibility
RBNZ bulletin tackles inflation, macro-prudential policy and reserve bank capital
Latest issue of Reserve Bank of New Zealand's bulletin examines why inflation has remained low despite healthy economic growth
Ingves addresses Basel 25th anniversary audience
Riksbank governor and Basel committee chair highlights five developments over the past quarter of a century, including a shift from a micro- to a macro-prudential perspective
High debt, low growth conundrum gets IMF staff treatment
Paper says countries aiming to deleverage should keep monetary policy loose, but warns of attempts to tackle it through inflation; says conditions for fiscal consolidation have changed post-crisis
HKMA’s Yue focuses on renminbi as China liberalises capital markets
Deputy chief executive Eddie Yue believes the renminbi will be ‘crucial’ in managing impact of China’s capital account liberalisation on global markets; hosts forum with UK government official
Canadian deputy champions FSB
FSB may be small but is capable of ‘nimbly’ co-ordinating global reforms efforts in a way that other international organisations are not, says Lawrence Schembri
Crisis prompted both ‘re-discovery' and overhaul of CBs' emergency liquidity
Walter Bagehot's dictum to lend freely at high interest rates and against good collateral during a financial panic was revived, then altered during the crisis, according to Thomas Baxter of the NY Fed
Basel update shows biggest banks' CET1 position improving
Latest periodical review of progress towards Basel III standards shows the world's biggest banks are closing the gap on core Tier I capital requirements; US issues guidelines for Basel compliance
Hong Kong and Australia see risks in low interest rates and Chinese NPLs
Impact of any shift in the yield curve on banks' balance sheets ‘may not be small', according to HKMA; RBA urges lenders to maintain prudent risk appetite as rates remain low
MAS's Menon says Basel rules could hit infrastructure finance
Basel III regulations could disincentivise long-term lending, particularly to private-sector projects, warns Monetary Authority of Singapore managing director Ravi Menon
New Riksbank deputy explains reasons behind dissent
In his first public address as a Swedish monetary policy-maker, Martin Flodén says a cut in interest rates will help inflation target to be reached sooner, limiting financial imbalances in the long term
Pianalto confident in case for faster retail payments
Cleveland Fed president Sandra Pianalto says the lack of 'concrete' evidence in favour of a near-real-time payment system should not stand in the way of its creation
Fed paper models monetary and fiscal policy interdependence
Working paper analyses interdependence between monetary and fiscal policy-making, testing policy experiments and finding a ‘non-negligible’ interaction between the two
US monetary policy weakened by fees and interest changes, paper finds
Research finds payment of interest on excess reserves and higher fees on uncollateralised overdrafts boosted efficiency but damaged the Federal Reserve’s monetary policy
BoE MPC members scramble to reaffirm low rates
Ben Broadbent, David Miles and Paul Tucker deliver speeches stressing their commitment to forward guidance and assuring markets the committee is ‘not in a rush’ to tighten policy
Dallas Fed’s Fisher criticises FOMC decision
Richard Fisher vociferously opposed keeping asset purchases at $85 billion each month; warned the committee that doing so would damage the Federal Reserve’s credibility
FDIC chair discusses US effort to balance capital and leverage requirements
Martin Gruenberg says Basel III relies too heavily on capital ratios, potentially incentivising big banks to employ ‘imprudent' leverage strategies; discusses regulatory remedies
ECB paper develops macro-pru tool probing impact of sudden capital outflows
Results show limited impact of a liquidity shock on banks' solvency ratios in the short term, but ‘moderate to high' effect on the supply of credit to the broader economy
Fedwire data can give accurate picture of interbank fed funds market, paper shows
NY Fed researchers find Fedwire-derived data on fed funds borrowing are strongly correlated with the figures subsequently reported by banks
Somalia appoints first female governor to scandal-hit central bank
Central Bank of Somalia to be led by female governor for first time; predecessor resigned after UN report placed central bank at the heart of a 'systematic misappropriation' of public funds
BoE executive director departs for private sector
Paul Sharma quits Prudential Regulation Authority after 20 years as a regulator, to move to consultancy Alvarez & Marsal; marks second high-level departure from PRA in the past week
BoJ’s Shirai says Japanese forward guidance is different from BoE and Fed's
Sayuri Shirai emphasises differences between Bank of Japan’s forward guidance and that employed by the Fed and Bank of England; refutes BoE claim that BoJ’s guidance is ‘open-ended’
Fed’s Tarullo draws on Crockett speech in outlining macro-prudential priorities
Daniel Tarullo sets out five central aims for current macro-prudential policy, taking lessons from a ‘prescient’ speech made by Andrew Crockett in 2000