Central Banks
Algerian monetary financing may stoke inflation, warns IMF
In September 2017, Algiers resorted to central bank financing of budget deficits
BIS research finds ‘scant evidence’ of shift away from cash
Rise of electronic payments is not reflected in falling demand for cash
Swift publishes results of ‘landmark’ DLT project
Swift says it is no longer a question of if, but when DLT will reach maturity
Macro-prudential measures should be made to last – RBNZ’s Spencer
Outgoing governor wants temporary framework for loan-to-value ratios to stay; says debt-to-income instrument should also be part of toolkit
Latvian governor barred from entering central bank
Deputy governor effectively in charge as governor banned during bribery investigation
ECB’s open market operations often raise banks’ liquidity – paper
Asset “haircuts” imposed by ECB often smaller than those in repo markets – researchers
BoE not to blame for gold standard-era crises in US – paper
Bank of England’s rate decisions between 1884 and 1913 were not responsible for “causing or aggravating” crises in the US, author finds
Return of volatility helps shatter market illusions – BIS’s Borio
Quarterly review focuses on recent market gyrations; researchers outline new early warning indicators for financial stress
Neural network learns ‘universal model’ for stock-price moves
Relationships between order flow and price “are stable through time, and across stocks and sectors”
BoJ policymakers eye hopeful signs for inflation
Policy remains on hold as inflation shows some signs of greater strength; one member calls for further easing measures
Richmond Fed economists weigh idea to prevent bank runs
“Priority” bank accounts could force customers to reveal whether a run is developing
People: ECB clears way for de Guindos
Governing council says it has “no objection” to the Spanish candidate; Bank of England’s David Thorburn resigns; RBNZ gains a board member
Treasury official calls on Fed to review foreign bank rules
Senate bill aims to relax US Sifi threshold but offers no relief for foreign banks
Zhou says China is ready for bolder reform
Zhou Xiaochuan comments on further progress with liberalisation and financial market reforms in what is likely to be his last press conference as PBoC governor
Protectionism may have ‘serious consequences’ – Canada’s Lane
US tax reforms may affect Canada’s capacity to attract investment, warns deputy governor
Paper warns emerging markets of pitfalls of credit easing
While the effects of credit easing are benign for advanced economies, developing and emerging countries may experience macroeconomic repercussions
ECB removes promise to increase bond purchases if needed
Stronger economic growth confirms previous confidence of rate-setters, Draghi says; ECB president criticises threatened tariffs