Central Banks
Lagarde calls for ‘fundamental change’ in Nigerian policy
IMF managing director tells leaders to shore up the banking system, strengthen the external position and exercise ‘restraint’, during visit to Nigeria
ECB should become lender of last resort to individual eurozone banks, academics argue
The ECB should take over the role of lender of last resort to troubled individual banks in the eurozone, two leading academic lawyers argue; move would ‘not require’ changes to treaties
Inertia an important factor in consumer banking market, paper argues
Inertia among consumers is an important factor in the market for personal banking, a study argues, stressing that policy-makers must improve their understanding of this factor
SSM sets out supervisory priorities for 2016
The SSM set out its supervisory priorities for 2016, with a wide-ranging list of ‘thematic reviews’ to be carried out; key areas include business model risk and high levels of non-performing loans
Colombian paper finds ‘negligible’ contagion effects
Contagion in the interbank market poses no real threat to the Colombian financial system, working paper notes; examines link between bank failure and liquidity
Real impact of credit booms demands policy rethink, say BIS economists
Financial booms and busts feed through to the real economy via labour reallocations, harming productivity growth; results call for wide-ranging rethink of models and policy, authors say
Jean Baden Dubois named Bank of Haiti governor
The former director-general takes on the leadership of the Bank of Haiti; currency depreciation remains an issue for the central bank
IMF paper sees Indian food prices shaping inflation dynamics
Working paper suggests food inflation will continue to outpace non-food inflation in the coming years, while potentially contributing 1.25 percentage points annually to headline figure
Irish central bank may help fund ‘comprehensive’ database of commercial real estate
Central Bank of Ireland may help fund the creation of a commercial property statistical system, which would be maintained by Central Statistics Office
Venezuelan president cuts congress out of key central bank matters
President ‘shields’ central bank from opposition interference, according to one observer, with changes effective on eve of national assembly meeting
Cleveland Fed president ‘fully supported’ rate hike
Loretta Mester expresses support for FOMC’s decision in December, but notes greater importance of policy path than date of lift-off for macroeconomic performance
PBoC injects liquidity following market rout
Central bank intervenes with $20bn reverse repo operation as markets slump, restoring a semblance of calm
Norges Bank paper seeks to improve modelling of money
Researchers aim to capture the role of money as both a medium of exchange and a liquid asset, with the resulting equilibrium underscoring the need for a liquidity coverage ratio
Governor Craigg ends 37 years of service at the Central Bank of the Bahamas
Former finance secretary John Rolle succeeds Wendy Craigg, who takes up the role of adviser to the prime minister
Paper studies central bank risk and return over 175 years
Research uses the National Bank of Denmark as a case study, exploring how its balance sheet and profit from financial items evolved between 1839 and 2014
Philippines central bank empowers micro-banking offices
Micro-banking offices can open deposit accounts under new measure; central bank reflects on measures taken to boost financial inclusion in 2015 and challenges ahead
Emerging markets more vulnerable than developed economies to policy reversals, paper finds
Working paper published by the IMF considers impact of unconventional monetary policy in major economies on global liquidity and monetary conditions
Riksbank prepared to ‘instantly intervene’ in krona
Executive board hands governor and first deputy the power to determine interventions to hold down the value of the krona, at unscheduled monetary policy meeting
Honohan pressed on Irish staff and salary reforms in final days of office
A senior minister in the Irish government and the outgoing governor of the country’s central bank exchange letters on proposed changes and existing retention pay