Central Banks
Book notes: Bank of Finland 200 Years: Parliament’s Bank part II
An account of the central bank's dramatic history from December 1939 to the present day
International banks pose risk to global financial system, NY Fed paper finds
Evidence from 2007 suggests banks can more easily deal with a credit crunch in their home jurisdiction than they can overseas, which could be a weak point in the global system, paper finds
Sandra Pianalto to retire next year
Cleveland Fed president Pianalto calls time on a 30-year career at the bank; successor will sit on the FOMC in 2014
ECB paper backs broader financing alternatives
Occasional paper says the ECB’s monetary polices has had an ‘uneven effect’ on eurozone businesses; calls for more diverse capital structures
Central Bank of Peru grapples with Fed tapering while rooting for a US recovery
Peru is more insulated against shocks to its financial system than in the past but managing uncertainty has never been tougher, central bank governor Julio Velarde tells Central Banking
RBI study warns against rate cut to stimulate growth
Study by members of policy and statistics departments says any benefits of a rate cut would be offset by higher inflation; Rajan points to stronger economic institutions as the key
‘Striking similarities' between eurozone and the pre-1914 gold standard
Both monetary arrangements provide underdeveloped peripheral countries with easy access to capital from the core countries, triggering asset price booms via the banking system in peripheral countries
Thai governor hankers for return to ‘normal' monetary policy
Bank of Thailand's Prasarn Trairatvorakul says he wants to see an end to advanced economy QE as the central bank has come under increasing pressure to manipulate the baht
Philadelphia paper models export dynamics after large devaluations
Working paper says that exports responds ‘sluggishly’ to a large currency depreciation; creates a model to capture these dynamics and explore their macroeconomic impacts
RBA cuts growth forecast and suggests further easing could follow
Reserve Bank of Australia lowers its forecast for December’s growth rate; could follow up this week’s rate cut with another as labour market conditions weaken
Cleveland Fed’s Pianalto signals willingness to taper
Sandra Pianalto recognises ‘meaningful improvement’ in labour market conditions and outlook; prepared to scale back asset purchases if current pace of progress is maintained
RBI policy document pushes CCIL closer to QCCP status
Indian central bank takes explicit responsibility for supervising the Mumbai-based clearing house
German experience offers macro-prudential lessons for Europe, says Buba's Dombret
Germany's approach to macro-prudential oversight could offer insights into how to democratise ‘hard' policy tools and define the role of national central banks, says the Bundesbank's Andreas Dombret
Financial fragmentation persistent in face of loose monetary policy stance
ECB article provides evidence of heterogeneous interest rate pass-through in the four largest eurozone economies, based on new models
IMF shuts up shop in Budapest as Hungary clears its debt
Central Bank of Hungary repays remainder of its €1.44 billion loan ahead of schedule; IMF’s Budapest office will close at the end of August as part of ‘a message to voters’
BoJ and BoK vote to keep interest rates unchanged
Bank of Japan keeps rates at zero and will continue asset purchases for 'as long as necessary' to hit 2% inflation target; regional impact of possible US tapering remains uncertain
Worrell rules out devaluing Barbadian dollar
Central Bank of Barbados concerned by foreign exchange imbalance emerging in the economy; calls on government to reduce fiscal deficit in bid to avoid devaluation of currency
MAS announces eleven changes to ‘leadership bench’
The majority of the Monetary Authority of Singapore’s senior management team are either changing jobs or job descriptions; former chief risk officer at GIC is the only outside addition
Zimbabwe governor says return of local currency is not on the cards
Gideon Gono issues post-election statement on country's multi-currency regime; tells banks and investors to stop panicking and get on with their boardroom strategies
Zoellick joins Temasek board under new chairman Lim Boon Heng
Singaporean sovereign fund appoints new chairman to take over from long-serving Dhanabalan; American political heavyweight joins as Temasek looks to establish a presence in the US