Articles by Central Banking Newsdesk
IMF paper finds stronger and more complex fiscal rules following crises
Working paper compiles dataset of national and supra-national fiscal rules; suggests rules were strengthened after crises in the 1990s and after the financial crisis
Fed governor explains dissenting vote on Volcker Rule implementation
Sarah Raskin justifies her vote against Volcker Rule implementation; argues rule’s provisions unlikely to have significant impact on liquidity
Central Bank of Colombia paper develops early warning model of credit booms
Working paper tests model of credit booms that includes macroeconomic indicators in addition to credit growth; finds the model performs well across a number of Latin American countries
Indonesia enters China interbank bond market
Bank Indonesia and People's Bank of China reach agreement allowing Indonesian central bank access to China's interbank bond market; part of Chinese strategy towards internationalisation of the yuan
Sarb annual report notes ‘pedestrian’ growth days after rate cut
Annual economic report shows South African output ‘losing some momentum’ in 2012; follows 50bp rate cut by central bank
Central Bank of UAE enhances security features in banknotes
Fifty dirham note reprinted to include new colour-shifting thread; rest of design to remain the same
Bank of Canada paper warns of shock transmission multipliers
Working paper finds financial integration between countries leads to multiplier effects in the transmission of shocks; suggests greater investment causes greater correlation of output
Central Bank of Iceland chief warns of foreign exchange intervention risks
Már Guðmundsson discusses problems posed by free-floating exchange rates; says central bank actions to lean against capital flows may fragment financial system
BoE paper studies information in sticky and flexible prices
Working paper studies the usefulness of sticky and flexible prices in showing firms’ estimates of the output gap and inflation expectations
BoJ deputy governor highlights benefits of financial co-operation
Kiyohiko Nishimura emphasises positive results of co-ordinated macro-prudential policy action in Asia; says links between Latin America and Asia are also important
ADB economist moots idea of common currency in Asia
Principal economist at Asian Development Bank says common currency possible in ‘long run’; panellists outline possibilities for greater Asian economic integration
Central bankers discuss cooperation in times of crisis
Fed’s Duke and ECB’s Cœuré offer thoughts on pros and cons of central banks working together during periods of economic turmoil; both take the chance to defend their institution’s actions
ECB governing council approves T2S board members
Board includes members from several eurozone central banks; chairman of temporary board in place during development phase reappointed to take the project forward
Fed paper finds ‘surprising’ impact of monetary policy on long-term real rates
Working paper suggests reasons for the unexpected effect of short-term monetary policy on long-term real rates; argues this is driven by demand from ‘yield-oriented’ investors
Bank of Italy’s economic overview paints bleak picture
Italian statistics show worsening of main economic indicators in first quarter of 2012; however government bond yields below levels at end of 2011
IMF paper suggests policies to sustain fast growth in India
Working paper applies lessons from fast growth in 2000s to current Indian growth slowdown; warns that progress will continue to slow if policy-makers do not act quickly
Bank of Israel paper underlines importance of fiscal discipline
Research paper compares policy responses to two crises; finds weak fiscal discipline prior to crisis can create significant problems for use of counter-cyclical fiscal and monetary policy
People’s Bank of China promotes assistant governor
People’s Bank of China bulks up senior management team; adding second new deputy governor in as many months
IMF urges UK to take further measures to promote growth
Staff report on UK Article IV Consultation urges policy-makers to act in order to boost ‘flat’ economy; says fiscal tightening may need to be eased next year
Central Bank of Barbados challenges rating downgrade
S&P lowers Barbados’s sovereign credit rating triggering angry response from central bank; says it is ‘manifestly’ not the case that debt risk has increased
Mersch gets green light from ECB to join executive board
European Central Bank’s governing council delivers opinion on appointment of Luxembourg candidate to top board; process of Yves Mersch’s selection still far from complete
New Zealand selects new central bank board member
Finance minister appoints academic as board member at the Reserve Bank of New Zealand; brings group to maximum capacity
Central Bank of Chile paper finds benefits to financial exclusion
Working paper studies welfare in countries with currency pegs when access to external financial markets is restricted; finds closing capital account can increase household welfare
BoE reports mixed credit conditions
Bank of England’s quarterly ‘Trends in Lending’ shows lending to UK businesses contracted but consumer credit flows rose over the second quarter of 2012