Articles by Central Banking Newsdesk
Russia takes lead in gold purchases in May
Latest World Gold Council figures show Bank of Russia increased gold reserves by largest amount in May; council says emerging markets purchases viewed as a part of ‘broader theme’
Former governor of Croatian National Bank delivers fiery exit speech
Željko Rohatinski says he is ‘proud’ to pay the price for standing firm on tough decisions by losing his position as governor; criticises lack of ‘moral virtue’ in political circles
Eurogroup decides on three senior appointments
Decisions end speculation over leadership of the Eurogroup and the European Stability Mechanism; nomination also put forward for empty seat on ECB executive board
NBS paper measures impact of productivity differentials
National Bank of Serbia working paper studies effect of differing productivity growth between sectors and countries; finds impact on inflation and exchange rates
IMF paper studies reduced financial interconnectedness
Working paper examines impact of deleveraging by financial institutions through declines in collateral use; identifies issue that may cause unintended consequences
National Bank of Hungary paper surveys wage rigidities
Paper presents findings of large European survey conducted by central banks; finds wages are more rigid than prices, but various factors determine the frequency of adjustment
BoE paper quantifies output gap estimation errors
Bank of England discussion paper models accuracy of output gap estimations based on OECD data; argues that absolute size of revisions to estimates does not improve over time
Draghi says closer union will achieve stability in Europe
Mario Draghi says quality of reforms and implementation ‘absolutely essential’; sets out vision of future union based on financial, fiscal, economic and political integration
Regional Fed presidents express fears over economic recovery
Charles Evans and Eric Rosengren warn about struggling economic recovery; focus on employment figures as key indicator of persistent problems in the US
Bank of Korea finds slight increase in North Korean GDP for 2011
Estimates by Bank of Korea suggest North Korean GDP grew by 0.8% in 2011; represents first year of positive growth since 2008
IMF paper models sovereign and bank feedback loops
Working paper develops model of interdependence of bank and fiscal solvency; finds relationship can lead to a ‘self-fulfilling crisis’
Bank of Thailand governor warns of ‘known unknowns’
Governor of Bank of Thailand, Prasarn Trairatvorakul, weighs impact of global economic and regulatory developments on Asia; says changes represent a ‘paradigm shift’
Central Bank of Colombia paper analyses sovereign default risk
Working paper assesses main factors determining risk of Colombian government defaulting on its debt; finds different factors are important at different debt maturities
BoJ deputy governor urges EU to accelerate reform efforts
Bank of Japan deputy governor Hirohide Yamaguchi calls on EU to speed up efforts in tackling debt problems; says Asia must prepare for further shocks
Regulators set out margining proposals for OTC derivatives
Consultative report details planned margining requirements for non-centrally cleared derivatives; presents seven principles for determining margins
ECB’s Asmussen stresses importance of central bank communication
ECB board member Jörg Asmussen underscores need for effective communication by central banks; says crisis has ‘shifted the goalposts’
Brazil and South Africa agree supervisory co-operation
Central Bank of Brazil and South African Reserve Bank sign MoU to promote banking supervision; clears the way for domestic banks to build businesses in both markets
Thailand unveils royal family commemorative banknotes
Bank of Thailand reveals two new banknotes to mark Queen’s 80th birthday and the Crown Prince’s 60th birthday; special security features are included
Fijian central bank reports on financial investigations
Reserve Bank of Fiji publishes annual report of its financial intelligence unit; says the unit investigated a large number of serious financial offences in 2011
RBI governor speaks on microfinance regulation challenges
Duvvuri Subbarao warns of risks posed by unregulated microfinance; sets out efforts by central bank and government to create 'comprehensive' regulation
IMF paper analyses US capital flows and debt
Fund working paper develops model of international capital flows and resulting impact on debt dynamics; finds equity and FDI returns allowed US to maintain high debt levels
Norway’s SWF adds $340m of property to portfolio
Norwegian sovereign wealth fund buys stakes in French property worth $340 million; aims to expand real estate investments into other European markets
Danish central bank acts to counter negative interest rate
National Bank of Denmark lowers certificates of deposit rate to -0.2%; raises banks' current account limits to help them keep funds away from negative rate
Hungarian central bank blasts government tax plan
National Bank of Hungary says government plans for financial transaction tax threatens central bank independence; levy is latest development in conflict between central bank and government