Articles by Central Banking Newsdesk
IMF user guide takes stock of current toolkit for systemic risk monitoring
Paper provides guidance on selecting and interpreting monitoring tools; a continuously updated inventory of key categories of tools; and suggestions on how to carry out systemic risk monitoring
Pakistani governor calls for 'concerted effort' to promote Islamic banking
SBP is launching media campaign to address misconceptions about Islamic finance
EM central banks should take cue from ‘the best in the world', says RBI governor
Duvvuri Subbarao also highlights the historical differences in mandates between EM and advanced economy central banks
Bernanke dismisses talk of tightening
The Federal Reserve will continue to support the economy ‘for the foreseeable future’ regardless of when it slows the pace of asset purchases
IMF ‘cookbook' paper outlines basic recipe for macro-pru policy
The paper provide new evidence on the effectiveness of different policy instruments using survey data
People: NY Fed communications head resigns; Riksbank names acting financial stability chief
NY Fed's Krishna Guha leaves his position with immediate effect but will stay on as senior adviser until September; Martin Johansson will lead the Riksbank's financial stability department; and more
FSB issues guidance on resolution of ‘too big to fail' lenders
Recommendations include the availability of sufficient loss-absorbing capacity and enforcement of ‘bail-in' rules
US construction slides, despite good accounts in Fed’s Beige Book
The number of new housing projects started fell unexpectedly by almost 10% in June; Federal Reserve districts reported an increase in construction and real estate activity during period
Bank of Canada ‘sharpens’ forward guidance
Governing council commits to holding interest rate at 1% for as long as there is ‘significant slack’ in the economy, inflation is ‘muted’ and household debt remains under control
Bundesbank paper contrasts techniques for identifying monetary policy shocks
Discussion paper compares different methods for identifying monetary policy shocks; looks at use of VAR models and narrative time series
BoE's unanimous vote to keep QE unchanged raises eyebrows
The MPC said an investigation of additional policy options would make it unwise to expand QE at the moment; At the same time IMF calls for more stimulus
European credit growth strongly related to net debt inflows, ECB paper finds
Analysis indicates there is a strong international dimension to the determination of national credit growth rates
BoJ policy board divided over bond markets
Minutes from the Bank of Japan’s June meeting reveal members debated whether to introduce additional measures to stabilise long-term interest rates
IMF says China needs new tools to get a grip on credit growth
Staff report on China highlights need for a new growth model centred on private consumption; calls for the PBoC to adopt interest rates as its key policy instrument
Palestine to get new retail payments system
Palestine Monetary Authority announces deal for new electronic payments system; ATM machines and points of sale will become accessible to all debit cards without additional charges
Richmond paper instructs ECB to buy government debt
Working paper argues the ECB already conducts fiscal policy through the allocation of its seigniorage revenues, and should ‘overcome’ its resistance to buying sovereign debt directly
Mauritian governor strives to 'unlock potential' of Indian Ocean Rim bloc
Rundheersing Bheenick says countries surrounding the Indian Ocean have been ‘pulling in different directions’ and should build new partnerships
BoJ paper examines consumer spending in low-interest rate environment
Research based on BoJ opinion survey finds that an individual with higher inflation expectations will tend to have increased their consumer spending when interest rates are at the zero lower bound
Bank of England deputy tackles macro-prudential effects on banking
Paul Tucker tells Helsinki conference that banks' ‘core comparative advantage' would survive the removal of the ‘too-big-to-fail' subsidy
Lagarde advocates closer European integration
IMF managing director tells Romanian audience the ‘right future’ for Eastern Europe is greater integration with its EU neighbours; implores region not to turn its back on European project
Crisis altered ‘traditional factor' impact on EM capital flows, new paper finds
According to the authors, the crisis ‘brought very important changes in terms of degree, size and volatility of capital flows to emerging markets'
Fed's Plosser calls for more systematic monetary policy approach
Federal Reserve Bank of Philadelphia president Charles Plosser is bullish on the US labour market, calls for QE wind-down
Thailand and Hong Kong launch cross-border settlement scheme
Bank of Thailand and Hong Kong Monetary Authority look to eliminate cross-border settlement risk through establishment of Asia's third PvP link between different currencies
Bank of Lithuania refashions calculation for interbank lending rate
The central bank is replacing interest rates with credit ratings as basis for bank quotes