Central Banking Journal - Volume XXXII Number 4
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Articles in this issue
(Un)stablecoins and central banks
Time to tackle stablecoin structures and support mechanisms
People: April to June 2022
A round-up of central bankers in the news and on the move during the past three months
Banknotes: April to June 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Legal certainty: the Achilles’ heel for CBDCs?
Many central banks lack legal certainty when it comes to issuing digital currencies, despite all the research and trials. Isn’t it time to get the lawyers involved?
Filipe Dinis on Bank of Canada’s cyber strategy and tackling cyber risks
The Canadian central bank’s chief operating officer calls for heightened vigilance, more collaboration, info sharing and tabletop exercises, and less reliance on similar, siloed systems
Three QE controversies, two theories
BNP Paribas Asset Management‘s head of macro research, Richard Barwell, explores three controversies surrounding quantitative easing through the lens of the quantities and signals theories, and considers whether all asset purchase programmes should be…
CBDC and bank intermediation in the eurozone
An assessment of the impact different ‘digital euro’ designs related to remuneration and usage limits could have on the banking system, including during times of stress*
The international effort to manage NBFI risks: where do we stand?
The Covid-19 shock demonstrated more needs to be done to address stability risks posed by the NBFI sector. Maurizio Trapanese details progress made during the Italian G20 presidency as well as outstanding macro-prudential issues
Is this the end for ECB QE?
High inflation makes it increasingly difficult for the central bank to justify asset purchases across the eurozone, despite rising fragmentation risks
Is a bond market crisis imminent?
Central banks need careful action and a good dose of luck if they are to avoid financial instability
Does Switzerland need an SWF?
A sovereign wealth fund could adopt longer-term strategies, invest in less liquid assets and increase exposures to riskier assets such as equities, potentially boosting returns
Peter Nicholl on rebuilding Bosnia’s central bank
The former RBNZ deputy governor speaks with Dan Hardie about how he tackled financial instability in the aftermath of a war
Sovereign green bonds: the reserve portfolio’s panacea?
German, Swedish, Danish and UK debt managers speak to Victor Mendez-Barreira about ‘twin bonds’ and other efforts to solve green bond liquidity concerns
Markus Brunnermeier on the need for CBDCs
The Princeton academic co-authored a paper for the European Parliament exploring the potential pitfalls of CBDCs. But they are still needed, he says
What is the right size for a central bank board?
There is greater consensus for smaller boards in theory than in practice
The signal and the noise: cash forecasting in uncertain times
From big data tools to Arima models and structural time series, cash forecasting methods are evolving. The work could prove critical to the future of cash during uncertain times
Book notes: A full-value ruble, by Kristy Ironside
Soviet experience shows MMT worked, only with far more challenges and downsides than promoters envisioned
Book notes: The future of money, by Eswar S Prasad
Prasad’s book is the best on the topic so far, providing the most complete description of issues and factors that will shape the future of money
Book notes: Tumultuous times, by Masaaki Shirakawa
A rare and refreshingly honest description of a governorship that spanned a series of crises
Book notes: Two hundred years of muddling through, by Duncan Weldon
Insights into UK economic history offer lessons for today’s policy-makers