Central Banks
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
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
Argument for QE hold “finely balanced”: Bank
Bank of England’s Monetary Policy Committee all backed decision to pause on QE, but for some vote a close call
Price-level targeting: a new monetary approach
As criticism of inflation targeting grows, economists and central bankers are taking a closer look at price-level targeting as an alternative. Malan Rietveld reports
Forget inflation targeting
Central banks should let markets set interest rates and let prices fluctuate in the short to medium term, argues Brendan Brown
How Africa’s bond markets can continue to progress
The impressive growth of debt markets in sub-Saharan Africa is a credit to the region’s authorities. But more can be done, writes Paul-Harry Aithnard, the group head of research at Ecobank
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
Three things you should know about Chiang Mai
The Chiang Mai initiative has cemented Asian financial stability. Jayant Menon, a principal economist at the Asian Development Bank, highlights three key themes to take from the project
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
Iceland can afford to repay UK and Holland: MPC member
Icelandic rate-setter says country neither too small nor weak to make Icesave repayments, but criticises “ungenerous” deal given by British and Dutch governments
Bank plays down inflation threat
Above-target inflation likely to soon abate, Bank of England’s governor says in letter to chancellor of the exchequer
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
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
“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