Central Banks
Cheques secure place in Australian payments system
Australian Payments Clearing Association finds no reason to consider closing the cheque clearing system in Australia
Malaysia and Turkey sign memorandum of understanding
Central banks agree to work to “foster strategic co-operation” between the two countries; want to promote bilateral investment and liquidity arrangements
Gold demand drops from high 2011 figures
Gold Demand Trends report from World Gold Council notes 5% lower demand in Q1 this year compared with 2011
BoJ’s Shirai debates how to strengthen growth momentum
Member of Bank of Japan policy board says the country should improve economic relations with emerging Asia in terms of trade and tourism and also through cross-border financial transactions
Bangladesh bank governor discusses macro-prudential reforms
Atiur Rahman gives overview of progress in Bangladesh and says reforms are progressing well in South Asian Association for Regional Cooperation region
Bank of Russia reports solid financial stability in 2011
Financial Stability Review paints good picture of Russian economy in 2011; details steps taken to ensure continued stability
IMF paper analyses situation in Togo
Researchers evaluate public investment surges, growth and debt sustainability in Togo; find very large increase in public investment would have positive macroeconomic effects in the long-run
Sveriges Riksbank’s Stefan Ingves on banking crises and regulation
Stefan Ingves talks to Christopher Jeffery about the benefits of national regulation, the need for swift action in dealing with troubled banks and why he is against a Tobin tax in Europe
Designing a new global financial architecture
Developing a financial architecture for the future requires substantial thought about international capital flows and the role of institutional investors. By Bernd Braasch
Robert Shiller on central banks and their role in a good society
Through co-ordinated action central banks have played a vital role in avoiding financial armageddon. But Robert Shiller tells Christopher Jeffery that more joined-up thinking is required
System risk lessons from FX loans in Central and Eastern Europe
The build-up of forex loans in the CEE presented a systemic challenge to the region's financial stability. Piotr J Szpunar argues this points to a need for macro-prudential rules in Europe
Germany’s political elite treads tightrope of public opinion on euro
Citizens of Europe’s most powerful economy have never had a real affection for the euro, making Germany’s role in resolving the continent’s debt crisis extremely tricky. By Norbert Walter
Berlin and the Bundesbank in spat over IMF
The Bundesbank has played a pivotal role in building Germany’s reputation as defender of monetary discipline at the IMF. But Berlin’s efforts to bail out Greece have damaged this reputation
Renminbi to shake up the reserves management status quo
China is unlikely to fully liberalise its currency controls during the next five years. But this does not look set to prevent the renminbi from achieving full reserve currency status. By Gary Smith
Reserve Bank of India threatened by government’s economic policies
The Reserve Bank of India had a ‘good crisis’ and has earned a strong reputation for integrity and pragmatism during the past 15 years. But its efforts are threatened by current economic policy
Collateral eligibility: the ultimate macro-prudential policy weapon?
The most potent policy weapon at the disposal of central banks when it comes to fulfilling macro-prudential supervision are asset eligibility rules, says William Allen
A sovereign wealth case study from Ghana
Ghana decided to join the ranks of countries with a sovereign wealth fund after the country discovered oil in 2010. Efi Chalamish and Steve Opata describe how the fund operates
Book notes: Soft Law and the Global Financial System
An explanation of the role of international standards in regulating the global financial system