Central Banks
FSB issues peer review on ‘uneven' progress to end credit ratings reliance
Basel-based Financial Stability Board says its members must not replace mechanistic reliance on credit rating agencies with an equally narrow substitute
Kohn compares UK and US macro-prudential experience
The former Fed vice-chair and member of the BoE's financial policy committee says any arrangement needs central bank in 'major role'
Constâncio calls for centralised deposit insurance scheme
European Central Bank’s Vítor Constâncio welcomes legislators deal on deposit guarantees but insists they are ‘only a little part’ of what is necessary
BoE's new international head among senior appointments expected this month
The Bank of England has three weeks to fill seven senior positions as part of a structural overhaul that goes live on June 1
New Zealand securities settlement system could go private
Reserve Bank of New Zealand issues public consultation on future of two major settlement systems; NZClear could be separated from Esas and moved into private sector
New York Fed launches ‘more engaging’ website
The Federal Reserve Bank of New York leads a host of central banks overhauling their websites; redesign features new emphasis on social media
Turkey’s pursuit of output-based models
The Central Bank of Turkey has shifted from using input-based approaches to output-oriented models for budgeting purposes in a bid to optimise its use of public resources. By Eyup Kahveci.
Book notes: The Map and the Territory: Risk, Human Nature and the Future of Forecasting
The Map and the Territory is an enigmatic title for a book written by a former chairman of the Federal Reserve, Alan Greenspan.
Book notes: Reflections on Global Finance: Selected Essays from SSgA’s Official Institutions Group 2002–2013
Articles and essays addressed to official sector clients of State Street Global Advisors’ official institutions group (SSgA OIG).
Book notes: Fragile by Design: The Political Origins of Banking Crises and Scarce Credit
Markets for goods and labour depend vitally on the institutions that underpin them, say Charles Calomiris and Stephen Haber
Book notes: Saving the City: The Great Financial Crisis of 1914
A fascinating, brilliant and superbly researched analysis of these events and the lessons they have for us.
FOMC's Lockhart expects rate hike in second half of 2015
Atlanta Fed president believes QE will be 'completely phased out' by the end of 2014, but cautions it may take months to determine whether the US is on a 'sustained growth path'
RBA says low rates appropriate for 'some time yet'
The Reserve Bank of Australia sees evidence of the effects of 'substantial' monetary stimulus, but also says economy continues to face 'significant headwinds'
Cyprus finance ministry to publish SWF framework this year
Cypriot finance minister Harris Georgiades says he will finalise plans for a sovereign wealth fund this year, but monetising the country’s gas deposits remains a distant prospect
Monetary and macro-prudential co-ordination works well when pulling in same direction
Monetary and macro-prudential policy co-ordination brings benefits when they are both aiming at the output gap, but not when the regulator emphasises financial stability
People: BoK appoints new reserves chief; Fed staffer returns to head up Riksbank research
Chae Sun-Byoung new head of reserve management at Bank of Korea; Jesper Lindé returns to head up Riksbank's research department; Linette Field put in charge of SSM deputy directorate
FX lending in China tops $1 trillion, new BIS figures show
BIS's Robert McCauley estimates FX loans to China hit $1 trillion last year, though the recent renminbi depreciation may now cause lenders to think twice
EBA stress tests prove contentious: have your say
Market analysts raise concerns over the lack of a deflationary scenario in the forthcoming EU wide stress test; CentralBanking.com poll asks if the tests are strict enough
FOMC should be more explicit about its reaction function, says Plosser
Federal Reserve Bank of Phladelphia president Charles Plosser says 'simple, robust rules' can provide useful guidance for FOMC policy
Bank of Zambia moves to quarterly MPC meetings
Central bank reduces number of planned MPC meetings each year in an effort to produce ‘more meaningful’ analysis with a ‘longer time perspective’
Tarullo addresses Dodd-Frank's impact on mid-sized banks
The Fed governor notes these lenders 'vary enormously in size' and bridge current $50bn bar for enhanced prudential supervision; suggests 'line might be better drawn' at $100bn
Yellen says Fed's balance sheet will shrink ‘considerably'
Federal Reserve chair Janet Yellen hints central bank may stop rolling over QE principal as early as next year; denies that Fed policies have exacerbated inequality by ‘goosing' stock market