Central Banks
Obama nominates Michigan professor to Fed board of governors
Obama picks Kathryn Dominguez, a top academic from the University of Michigan, to fill the second of two vacancies on the board of governors
Kuroda flags three traps Asia should avoid
BoJ governor points to three traps that threaten growth in Asia and says boosting productivity is the best way to avoid becoming ensnared
IMF paper: commodity prices are largely demand-driven
Working paper explores systemic risk, aggregate demand and commodity prices, finding the latter to be largely demand-driven, a conclusion they extend to non-core inflation
ECB raises concerns over Greece’s draft resolution law
Hastily assembled legal opinion on draft law warns of possible detrimental effects on the Bank of Greece, including impact on independence, increased liability and ‘operational burden’
Italian paper explores wage and unemployment relationship
Occasional paper stresses the choice of measures for the change in wage rates has ‘important consequences for the results’
RBNZ proposes measures to boost regulatory efficiency
Consultation following ‘regulatory stocktake’ proposes refinements aimed at cutting unnecessary costs resulting from regulatory expansion in past decade
Ukraine central bank donates armoured cars to military
National Bank of Ukraine hands 90 vehicles to military, more than half of which are armoured cars previously used to transport cash, as part of project to dispose of ‘non-core assets’
Greece uses bridge loan to repay IMF and ECB
Loan received today used immediately to repay debts, while government works to unlock full bailout; Ben Bernanke joins debate with criticism of German trade surplus
Bundesbank paper tracks causes of financial crisis balance sheet contraction
Working paper identifies characteristics and behaviour that had a dampening effect on German banks during the 2008 crisis, noting the importance of taking a nuanced view
IMF paper offers advice on Asian financial integration
Authors suggest improvements to the sharing of information, trade integration, capital market development and a common regulatory framework to improve financial integration in Asia
Hungarian deputy quits to head commercial bank
Ádám Balog will leave his post on July 22 to become chair and CEO of MKB Bank; joined central bank in March 2013 alongside governor György Matolcsy
RBI deputy says securitisation market is ‘raring to go’
R Gandhi dismisses concerns that Indian regulation of securitisations is too heavy handed, saying there are plenty of opportunities if firms are willing to seize them
Obstfeld will succeed Blanchard at IMF
Lagarde praises the ‘outstanding academic credentials’ of Obstfeld as she announces his appointment as economic counsellor and director of research
BIS annual report launches new line of attack on old fears
Analysis of financial cycles creates a new opportunity to drive home fears about rates being too low for too long – but are central banks listening?
First cross-border repo executed in Chinese bond market
ICBC's Singapore branch raises 200 million yuan on China's interbank bond market in first deal since PBoC scrapped limits on offshore access to $5.7tn market earlier this year
CCPs urged to implement liquidity risk charge
Quant Congress USA: liquidity charge might have exposed London Whale, academic claims
IMF researchers find FX interventions can help tackle pressures from global capital flows
Working paper penned by team including Olivier Blanchard takes new approach to endogeneity problems, finding foreign exchange interventions can stem appreciation pressures from global flows of capital
Fischer laments lack of coordination between US regulators
Fed vice-chair says most countries manage to supervise their financial systems in a more cooperative manner than in the US, but he holds little hope for change in the near future
Central Banking Awards 2016 open for entry
Chairman of Central Banking editorial advisory board invites central banks and other stakeholders in the community to submit for this year’s awards
Bank of Italy sees credit conditions improving
Economic bulletin notes the ability of banks to borrow cheap funds from the ECB is helping improve conditions, but stock of NPLs is still holding back lending growth
Martin Wheatley resigns as FCA chief executive
FCA chief quits after it emerges the UK chancellor will not be renewing his term next year; worldwide search begins for successor