Articles by Central Banking Newsdesk
IMF paper discerns East African transmission mechanisms
Transmission mechanism ‘functions best' when signals are clear and the monetary regime simple and coherent; non-monetary factors are ‘main drivers' of macroeconomic outcomes in examined countries
BoJ's Kuroda reports ‘steady progress' on QQE
Year-on-year rate of change in Japan's consumer price index accelerated to 0.7% in July, after having turned positive to 0.4% in June; survey evidence indicates rising inflation expectations
US fiscal stance is creating inflation, says Riksbank paper
Researchers show the existing unsustainable levels of US federal debt are generating inflationary pressures, but these are difficult to spot as they are being dwarfed by Fed policy and economic slack
Rosengren paper tackles role of banks in monetary transmission
Boston Fed president presents evidence on the effectiveness of the bank lending channel and provides observations about likely consequences of changes associated with the financial crisis
Australian sovereign bond market infrastructure developments analysed
Reserve Bank of Australia article provides an overview of the CBS market and assesses recent changes in the market infrastructure
SNB reiterates commitment to franc price ceiling and zero interest rate
Swiss National Bank is ready to buy unlimited quantities of foreign exchange and take other measures if required to hold the franc down; inflation should turn positive next year, it says
Carney new vice-chair of ESRB as King joins Fischer at CFR
Mark Carney takes over from Mervyn King as deputy to European Systemic Risk Board chairman Mario Draghi; King joins US think-tank Council on Foreign Relations as a distinguished fellow
BIS papers probe LatAm currency interventions
Working papers written by economists from each of five Latin American central banks and published by the BIS investigate the efficacy of various currency intervention strategies
IMF greenlights new wave of funds for ‘resolute' Cyprus
New IMF report says most conditions have been met with a ‘comfortable margin' but warns that the banking crisis' impact on households and corporates could be larger than anticipated
ECB to relax CCBM collateral deposit rules from May 2014
Benoît Cœuré says the rule change will pave the way for support of cross-border, tri-party collateral management services from September next year; warns Sepa deadline looks tight for many
Hungarian economists wary of foreign bank branches
Researchers are concerned that a shift away from foreign bank subsidiaries to branches increases the risks of inadequate supervision and threatens financial stability both at home and abroad
BIS research dismisses fears over high-quality asset shortage
Article says increase in high-quality assets appears sufficient to meet rising demand, but risks could still come from elsewhere
Minutes reveal Riksbank reluctant to give up say on macro-prudential matters
Deputies say democratic accountability is more about who has the right to make decisions than achieving policy objectives; see ‘clear link' between macro-prudential policy and monetary policy
BoE's Tucker clarifies FPC's macro-prudential powers
Article gives details of the inner workings of the Financial Policy Committee, including powers of direction and recommendation, its accountability and powers to hide information from the public
Publishing minutes is vital for central bank comms, say markets
Market participant survey gives Fed highest score for policy and communication in the wake of the financial crisis; ECB scores worse in the absence of published minutes
Africa leads growth in financial inclusion, finds IMF study
Most comprehensive financial inclusion data set to date highlights rapid expansion of financial access in Africa; emphasises close links between growth and SMEs' access to finance
IMF backs counter-cyclical fiscal activism in times of crisis
Fiscal stimulus had powerful effects in the wake of the financial crisis, but monetary policy is better suited to keeping the economy on an even keel in normal times, says IMF
BIS research finds capital requirements had minor impact on bank lending
Quarterly review article presents evidence that banks have adjusted to higher capital requirements mainly via retained earnings, rather than by cutting lending, with less of a macroeconomic impact
BoE economist creates ‘nowcast' composite from global indicators
Combined indicator weights global indexes such as PMI and CPB world trade to ‘nowcast' world economic activity more accurately than before
Croatia under threat from falling growth and rising debt
Public debt is capped at 60% but is now approaching that limit; there are further signs of weakness in the Croatian and European real economies
RBA looks to exchange rate
The Reserve Bank of Australia keeps the door open for further rates cuts but emphasises that a weaker currency ‘would be helpful’ in boosting demand
Inaugural Central Banking Awards deadline extended
Central banks and market practitioners have one more week to submit their work for consideration in the Central Banking Awards 2013
Eurozone inflation and output do move in step, says IMF working paper
Researchers argue co-movement of inflation and output is observable in the eurozone at ‘business cycle frequencies', confirming New Keynesian models to demand shocks
IMF report highlights macro-prudential challenges
Kohn and Viñals talk of key role for central banks in macro-prudential framework; report singles out challenges faced by national authorities in setting up macro-prudential policy frameworks