Central Banks
SNB analyses monetary policy role in containing external inflationary factors
Research finds independent monetary policy protects Switzerland against international spillovers
Svensson launches fresh attack on leaning against the wind
Lars Svensson outlines “simple and transparent framework” he hopes will guide debate, as other papers challenge his results
Norway’s pension fund grows on rising equities
The world’s largest sovereign wealth fund grows, thanks to European equities, but low rates and oil prices remain long-term challenges
New NY Fed dataset shows weakening labour market
New York Fed unveils new, more granular labour market data; results so far indicate wage growth is still elusive
Malaysian central bank slams Ice and SGX over ringgit futures
Making them available offshore goes against foreign exchange rules, says Bank Negara Malaysia
Spanish paper looks at sectoral comovement and monetary policy
Monetary policy shocks have greater effects when industries experience comovement - researchers say
European insurance resolution needs major reform – ESRB
Insurance sector’s contribution to systemic risk has increased but current tools are insufficient, report says
RBI closes in on ‘endgame’ in bank clean-up
Governor Urjit Patel says the central bank’s new powers have allowed it to overcome “severe” moral hazard problems; state-owned banks will need recapitalisation, he says
Global liquidity matters for pass-through – CBRT research
Access to external sources of liquidity affects pass-through of monetary policy, researchers find
IMF paper explores sustainability of price rises in Colombia
House prices have increased more than 110% in real terms in major cities, but houses are just 13% overvalued
Russian central bank alleges criminal behaviour at several closed banks
Bank of Russia closes five banks and reports shortfalls or malpractice at four more
Ecuador’s central bank forecasts sustained recovery
Nation experienced two years of recession on falling oil prices, but stable commodity prices, fiscal austerity and stronger trade links with Europe expected to support growth
Denmark’s central bank proposes reforms to mortgage credit market
National Bank of Denmark suggests increasing competition between mortgage banks and other financial institutions as a way to reduce financial instability
Banks are scrambling to hit IFRS 9 deadline – survey
Many banks appear to have been caught off-guard by the complexity of adapting to IFRS 9; impact assessments still patchy, but some see provisioning needs up by 40% or more
Allan Meltzer (1928–2017)
Paying tribute to the contributions of the late Allan Meltzer, leading economist and Central Banking Editorial Advisory Board member
Sarb expands financial supervision
Deputy governor explains the Sarb’s new financial supervisory structure, and indicates it may affect central bank independence
RBA payments board backs ‘digital identity’ for Australians
Board encourages payments industry to work on a framework that could make online transactions more convenient and secure
ECB cautions Slovenia over ‘critical infrastructure’ draft law
Legislation should not encroach on the central bank’s regulation of payments systems, says ECB