Central Banks
Italian firms may rely too much on bank credit – research
Bank of Italy paper brings together different data sources to examine firms’ sources of capital
World risks ‘global liquidity crunch’, former BIS officials warn
“Urgent action” needed to prevent crisis, say Philip Turner and André Icard
RBA paper looks at responses to liquidity crises
Penalty rates to contain risk-taking are more effective on long-term loans, study finds
ECB governing council members disagreed over QE, minutes show
Members also differed over staff assessments of eurozone, but “large majority” backed rates move
Trump has changed markets’ expectations of Fed’s moves – researchers
Goldman Sachs and NBER both study implications of Trump’s tweets on trade and the Fed
Carney says new £20 note is ‘most secure yet’
Design unveiled today includes security feature combinations never before used on a UK banknote
Chances of US recession ‘notably increased’, FOMC members say
Fed rate-setters worried by trade and political uncertainty and weaker manufacturing, minutes show
BoE FPC: Markets may ‘jump to illiquidity’ if stressed
Debt and “structural illiquidity” could amplify global shocks, warns committee
ECB paper looks at market expectations of Fed policy
“Monetary policy slope” predicts changes in stock markets and professional forecasts – researchers
Fed opts for asset purchases as liquidity solution
Central bank chooses not to address possible plumbing issues – at least for now
Philippines mulls won-peso bilateral trading
Move aimed at shifting trades away from US dollar
Big tech: a threat to banks?
The explosive growth of financial services offered by big tech companies in China offers important lessons
Central banks must use “unconstrained” negative rates, Rogoff tells ECB
Policy-makers must ensure cash depreciates against electronic money, or face failure, Rogoff says
IMF chief sends strong warning on trade in first speech
US-China trade war could cost global economy the GDP equivalent of Switzerland, Kristalina Georgieva warns
BoE governor appointment ‘on track’
UK finance minister indicates Mark Carney won’t be asked to extend his term again
Bank of Uganda implements 100bp rate cut
Rate setters think below-target inflation offers opportunity to support economic growth
BSP governor rules out Philippines involvement in Asian currency war
Rate cuts by Central Bank of the Philippines due to ‘domestic factors’
HKMA dismisses cash limit rumours as tensions escalate
Emergency laws will not affect cash withdrawal or capital flows, HKMA says
BIS studies highlight limits to unconventional policy
Policies seen as broadly effective, but reports warn of spillovers and other unintended effects if the policies are used too much and for too long
Minneapolis Fed president calls for more cuts
Kashkari says cuts would support the economy, but he is unsure how low rates needs to go
ECB paper takes new approach to modelling lower bound
Model uses regime-switching approach to look at returns on short-term bond yields
Eurozone supervisors voice concerns over AML regime
Fintech creates opportunities for both authorities and money-launderers, agencies warn