Articles by Central Banking Newsdesk
Strong basics numbed crisis impact: Mexico deputy Sánchez
Bank of Mexico deputy governor Manuel Sánchez says fiscal solvency, exchange rate and strong central bank insulated the country from the worst of the crisis
Bank of Greece - Bond market update (January)
Greek central bank says government bonds gained in price in the big markets last month, but lost in the smaller eurozone countries, transaction volumes soar with a majority of sell orders
Fed’s Hoenig flags independence threat from fiscal burden
Sole dissenter points to German hyperinflation and Fed’s kowtowing to Congress over Vietnam and Great Society as signs central bank could act on political pressure
Crises dampen productivity: IMF paper
Rising costs negatively impact factor productivity and have implications for both monetary and fiscal policy, International Monetary Fund research finds
Libya opens doors to foreign banks
Libyan central bank welcomes overseas institutions interested in setting up a subsidiary, says ongoing reforms and strong economic performance offer great prospects for banks
Investors confident in Ireland’s budget cuts: Honohan
Irish central bank governor Patrick Honohan says the proof of investor confidence in the country’s plans for fiscal consolidation is in the interest rates on government paper
Banks not withholding credit: Richmond Fed’s Lacker
Richmond Fed president Jeffrey Lacker says the banking system as a whole was supplying a reasonable amount of credit, adds that despite improvements economy remained weak in the real estate sector and employment
Bank of Korea – Monetary Policy Statement (February)
South Korean central bank’s February statement shows the worries of a Greek default played a part in its maintenance of a loose policy stance
RBA justifies surprise hold
Reserve Bank of Australia says decision to keep cash rate at 3.75% came on back of success of previous hikes
Constâncio made new ECB vice president
Bank of Portugal’s governor to succeed Papademos, former research head seen as possible replacement
New rate-setters named in Poland
Poland’s president names three new members to the monetary policy council, newcomer says country has scant hope of meeting Maastricht criteria for euro adoption
US real-estate concern goes global
Reserve Bank of Australia assistant governor Guy Debelle says US commercial real estate woes may impose further crippling losses on banks
Governors back greater role for monetary aggregates
Christian Noyer, Glenn Stevens and Duvurri Subbarao say more attention must be paid on monetary aggregates
Islamic finance must try new innovations: Malaysia’s Razif
Bank Negara Malaysia deputy governor Mohammad Razif bin Abdul Kadir says linkages between Malaysian and Bahraini bourse will strengthen liquidity management in Islamic finance
Norwegian housing finance still underdeveloped: Gjedrem
Norges Bank governor Svein Gjedrem says variable-rate mortgages still account for too large a part of the housing finance market
Labour Market Review (January) – Bank of Estonia
Estonian central bank says unemployment has become structural, and would continue to increase in the first half of this year
Inventories and the Phillips Curve
A Richmond Fed paper finds that introducing inventories into the New Keynesian model limits its ability to capture inflation dynamics
“We failed the system”: Carney at RBI panel
Governors including Canada’s Mark Carney and India’s Duvvuri Subbarao point to imbalances as root cause of the crisis, but skirt around concerns over the dollar
Germans in favour of kicking Greece out: poll
Survey in leading newspaper shows 53% of Germans think Greece should be kicked out of the eurozone if its debt troubles cannot be resolved, 67% want no part in a bail-out
FSA’s Turner queries faith in deep and liquid markets
Britain’s top regulator calls for a conservative approach to liquidity, arguing that excessive financial activity is liable to do more damage than good
RBIs Subbarao pillories inflation targeting
India’s governor says crisis has “diluted if not dissolved” inflation-targeting consensus; says fiscal dominance likely to remain
Hungary split on size of cut
Minutes of the Hungarian central bank’s January meeting reveal that three members wanted a larger cut than was ultimately implemented on the threat of disinflation
Riksbank’s Nyberg: cards systemically important
Riksbank’s Lars Nyber says cards are overtaking cash in Nordic countries, but security still an issue
Canada has weathered the downturn well: BoC’s Duguay
Bank of Canada deputy governor Pierre Duguay says although output and growth rates fell sharply, the country did better than elsewhere