Central Banks
Book notes: The long journey of central bank communication, by Otmar Issing
This book is a “masterly exposition on central bank communication, its evolution and continuing challenges”, writes Anand Sinha
Global cross-border lending growth at highest rate since 2008
Bank claims continued to grow “rapidly” in Q3 2019, latest BIS figures show
Angola’s central bank establishes inflation expectation indicators
Central bank issues new surveys to gather information on prices following exchange rate liberalisation
Bank of Italy and regulator agree joint cyber security strategy
New approach will aim at guarding specific types of financial market infrastructure
Carney defends financial sector’s record on climate action
Finance ready to flow to green projects if politicians take lead, BoE governor says, but other speakers on WEF panel argue firms are not doing enough
European companies’ credit demand shrinks despite ECB stimulus
In Q4 2019, credit demand from non-financial corporations declined for first time in six years
Cyber attack could freeze liquidity in US financial system – NY Fed paper
Attack on one bank could affect more than a third of banking system’s assets, researchers warn
Central banks must take lead on climate disclosures – PBoC’s Ma
Reserve managers’ stances send important signals to the financial community, says Ma Jun
Fiji’s central bank faces climate change challenge
Governor notes disaster risk management is evolving at rapid pace
Brookings paper examines impact of governance structures on use of CCyBs
Countries with strong governance mechanisms are more likely to use the macro-prudential tool, researchers find
Colombia culls external reserve manager to boost competition
In the period 2016-18, central bank reduced the number of institutions to six from seven
Remittances can cause volatility if concentrated – IMF paper
Flows of remittances are broadly stabilising for the receiving country, but not if they are too concentrated, paper finds
Paper takes ‘Hank’ approach to eurozone policy transmission
Authors identify three key dimensions of household heterogeneity
ECB calls for changes to German draft CCP recovery law
Law should be rewritten to provide more transparency on Bafin’s procedures and approach, ECB says
Non-bank growth slowed in 2018, says FSB
Riskiest forms of non-banks still growing, but overall assets went into reverse in 2018
IMF cuts forecast again, but says slowdown may be ending
Fresh downward revision to growth outlook set against “tentative stabilisation”, says Gita Gopinath
Atlanta Fed research offers 17th century lessons for proposed standing repo facility
Crises can pose demand and credibility challenges, researchers warn
Climate risk models not up to scratch, warns BIS report
New research highlights models’ inability to accurately anticipate climate risk; says central banks must not become “climate rescuers of last resort”
Political dispute over Ukrainian central bank intensifies
Prime minister offers to resign after “doctored” recordings of meeting with central bank are leaked
Fed slims down repo market interventions
Relative to year-end, the Fed will cut $250 billion of the cash offered to banks
ECB willing to provide further stimulus – minutes
Governing council stresses inflation remains below its medium-term goal
South Africa surprises markets with rate cut
Sarb reduces interest rates by 25 basis points to 6.25%
Paper models monetary policy in a ‘Hank’ framework
Authors combine micro and macro “moments”, finding investment is “crucial” to policy transmission