Central Banks
Booknotes: The Ponzi Scheme Puzzle: A History and Analysis of Con Artists and Victims
Tamar Frankel offers us a colourful and broad picture of con artists who have initiated their own ‘Ponzi schemes’.
Renminbi internationalisation to get boost from 60m overseas Chinese
Use of the renminbi by the 60-million strong Chinese diaspora will accelerate the currency’s use in global trade and reserves management. By Gary Smith.
Central banks need to define clear role for operational risk
Despite crossing management and business lines, operational risk must be defined within the wider risk management framework at central banks. By Rudy Wytenburg.
Central Bank of Ireland economist says monetary policy will not save euro
Lars Frisell suggests loosening monetary policy in the eurozone is unlikely to have much effect on the distressed periphery; instead advocates risk sharing through common deposit guarantees
National Bank of Slovakia backs controversial law
Slovakian central bank supports draft law to prohibit foreign bank branches from offering mortgage loans; questions over legality of law under EU treaty
Perception of EM risk reduced by central bank safety net, say investors
Large foreign exchange reserves held by emerging market central banks makes investing in those countries attractive, say panellists at FX Invest Europe
The trade-off between bank regulation and economic growth
The pendulum has swung firmly in favour of financial services regulatory reform. But economic growth is likely to suffer – particularly in Europe – unless some of the rules are changed
Central banks need to be wary of ‘new’ monetary policy trends
Policy-makers are reappraising the role of independent central banks pursuing inflation targets. Bernd Braasch1 encourages them to use sound evidence to inform their judgements
Bretton Woods transcripts reveal global discord that still resonates today
In the first of three articles, Andrew Rosenberg discusses the issues that arose at the 1944 conference that continue to echo down through the years.
State Bank of Vietnam needs a single mandate not independence
Lessons from South Korea, Japan and the US indicate a single mandate would benefit the State Bank of Vietnam more than an IMF call for legal independence.
Collateral problems in the euro area
The euro area sovereign debt crisis has caused remarkable growth in the operations of the Eurosystem. It also led to diminished collateral availability.
National Bank of the Kyrgyz Republic’s Zina Asankojoeva
Zina Asankojoeva is the first female governor of the National Bank of the Kyrgyz Republic. She speaks with Daniel Hinge.
Solid financial accounts can help central banks meet their mandates – CBP roundtable
The manner that central banks manage and present their financial accounts is becoming critical to them achieving their mandates, according to a CBP working group.
Draghi delivers sermon on trust
European Central Bank president says trust is the key to mutual support, stronger collective responsibility and a deeper economic and political union
Cleveland paper trumpets value of median CPI in forecasting
Research says median CPI – a ‘trimmed’ measure of inflation – can improve the accuracy of forecasts involving a range of macroeconomic variables
Abe picks Kuroda to head Bank of Japan
Haruhiko Kuroda nominated next governor of the Bank of Japan; markets respond positively but commentators warn Kuroda’s dovish stance could amount to debt monetisation
People: State Bank of Pakistan’s board overhauled; RBI deputy’s term extended
State Bank of Pakistan receives five new directors; Reserve Bank of India deputy responsible for banking operations extends stay; and more
Bernanke commits to continuing asset purchases
Fed chairman says benefits of ongoing monetary policy stimulus are clear; urges US government to delay bulk of impending spending cuts
ECB paper seeks to balance the arguments of eurosceptics
Researcher says sovereign debt crisis should be seen as a mix of many harmful factors rather than one single problem; offers optimistic view on the prospects for recovery
Spanish governor unimpressed by banks’ capital requirement shortcut
Luis Linde unhappy that European banks have increased the CET1 ratios by deleveraging; concerned about impact of regulatory overhaul on credit and growth
UK regulators back tough action on banking sector competition
FSA and FCA chiefs say new regulators will try to reduce banking sector concentration, including potentially breaking up large banks; Wheatley warns PRA and FCA may not see eye-to-eye on the matter