Financial Stability
Book notes: Macroprudential policy and practice, edited by Paul Mizen, Margarita Rubio and Philip Turner
An important overview of the current state of thinking about macro-prudential policy, but uncertainties remain about the current allocation of financial stability responsibilities
Fed paper examines impact of liquidity rules on dealers
Dealers changed behaviour in response to reforms, but de-risking was already under way, paper finds
RBNZ launches climate change strategy
New Zealand joins international group of central banks aiming to meet Paris agreement goals
Central Bank of UAE enforces higher credit standards on cheque usage
Central bank has asked lenders to advise customers to use other methods of payment if possible
Basel Committee unveils ‘streamlined’ disclosure requirements
Parts of the requirements “substantially streamlined” after complaints from industry
Bahamas official criticises international rule-making
Although intentions are good, rules are often painful and unhelpful, Littrell says
Kohn ‘deeply’ worried Fed might not have support to fight next crisis
Former Fed official discusses political implications of financial crisis after documentary screening
ECB has made ‘little use of macro-pru powers’, senior official says
Eurozone authorities lack powers to deal with diffuse sovereign risk or shadow banks – ECB official
Carstens warns world is not fully prepared for fresh crisis
IMF does not have the resources to act as global lender of last resort, says BIS chief
Brainard reboots calls for countercyclical buffers
“Countercyclical capital requirements build resilience, unlike monetary policy,” Brainard says
Bahrain launches new repo instrument to foster interbank lending
Move comes after IMF directors back government’s attempt to diversify oil-based economy
IMF tells Jamaica to bring in risk-based supervision
IMF sets year deadline for new framework implementation and urges improved co-ordination among regulators
Costa Rican congress passes central bank-backed tax reforms
Reforms were ‘not only necessary, but urgent’, central bank says
Finnish regulators need more macro-pru, deputy governor says
Current toolkit is not sufficient to deal with rising levels of household indebtedness
BoE issues warning over global leveraged loan market
Scale, growth and lending standards similar to pre-crisis subprime lending, BoE reports
Lack of monetary autonomy ‘central’ to eurozone debt crisis – researchers say
Spain would have been ‘immune’ to rollover debt crisis outside eurozone – Minneapolis Fed paper
Trade dispute causes PBoC ‘a lot of problems’ – Peking University's Xiao Geng
Monetary policy dilemma for PBoC due to US trade dispute; FSDB can curb regional excesses
Bundesbank paper looks at effects of sanctions regimes
German banks cut activity in sanctioned countries but subsidiaries may increase lending, paper finds
South African central bank launches review of payment system
Sarb says its regulatory mandate needs more clarity and calls for more powers over fintech
Podcast: How to fight the next crisis
In the last of the series, Yale’s Andrew Metrick warns we may be less prepared for crisis-fighting now than we were before 2008