Central Banking Journal - Volume XXXIII Number 2
Articles in this issue
Gilts debacle exposes financial stability risks
Lurking leverage in liability-driven UK pension investments raises important questions for central bankers
People: October to December 2022
A round-up of central bankers in the news and on the move during the past three months
Banknotes: October to December 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Chile’s Costa on tackling inflation, forex interventions and nowcasting
The Central Bank of Chile governor speaks about stubbornly high prices, Fed policy spillovers, reserve buffers, retail CBDC and the need to address unconscious bias
Inflation: what went wrong, and why?
Charles Goodhart and Manoj Pradhan detail three theories on the causes of high inflation, as well as their implications for policy responses
Ukraine: the challenges for central banks
Rules on the weaponisation of money would help to protect a ‘public good’ amid geopolitical splits in a testing environment for central banks, write Gavin Bingham, Paul Fisher and Andrew Large
Renminbi in central banking focus report 2022
This year’s report looks more closely at the effect of inflation and the new free trade agreement among Asia-Pacific nations on parts of the SDR formula, with a focus on the renminbi’s share of central bank reserves.
Adopting renminbi in reserve portfolios
Central Banking speaks to four reserve managers about investing in renminbi
Renminbi in focus: diversification and internationalisation
Bank of China (Hong Kong) comments on the case study interviews conducted by Central Banking and discusses China’s GDP growth and renminbi internationalisation, the renminbi as a financing currency and its role in cross-border settlement
The investment outlook for renminbi-denominated assets
Bank of China (Hong Kong) assesses the prospects for renminbi-denominated assets as GDP growth slows worldwide
Inflation, geopolitics and the renminbi
At a Bank of China (Hong Kong)-sponsored forum, policy‑makers discussed geopolitical developments and China’s macroeconomic outlook as global inflation rises
RCEP and renminbi’s role as a reserve currency
Will the new Asia-Pacific (Apac) economic partnership support the use of renminbi in settlement and as a reserve currency?
Renminbi and the special drawing rights
What impact does the renminbi’s increased weight and the $650 billion increase in the International Monetary Fund (IMF) special drawing rights (SDR) have for the role of the Chinese currency in reserve management?
Central bank assets enjoy ‘99%’ immunity
Why central bank assets possess legal immunity – but not from sanctions
Armenia’s Galstyan calls for a new framework to tackle uncertainty and nonlinearities
Central Bank of Armenia governor says central banks can start to regain credibility by admitting their mistakes. This could include employing a risk-management approach to monetary policy aimed at avoiding nonlinear ‘dark corners’ and placing much less…
Is the ECB taking the right policy path?
Facing an energy supply shock, analysts ponder whether sharp rate increases and QT alone will serve to bring inflation back to target while avoiding a major recession
Reshuffle heralds new era of Chinese central banking
Policy room for the next PBoC governor looks limited, as loyalists win out over technocrats for top economic posts
Liquidity dependence may hamper QE exit
Expanding reserves may prove perilous for financial stability, with maximum danger during QT, writes Viral Acharya
Christopher Sims on modelling the inflation surge
Unprecedented series of shocks creates major challenges for central bank forecasters, the Nobel Prize-winning economist tells Daniel Hinge
Social media: an essential tool for central bank communication
Strategies to secure popularity, comprehensibility and reputation as new media takes centre stage
Should a CBDC really be like cash?
Electronic and physical cash are fundamentally different and must be treated as such, writes Dave Birch
The long road to 24-hour RTGSs
Extended hours would help international payments but some central banks challenge the business case
The race to adopt ISO 20022 payments messaging
Some jurisdictions do not plan to adopt the protocol, while others are preparing for a disjointed implementation
Is there a case for a retail CBDC in Japan?
A BoJ-managed, account-ledger ‘digital yen’ tied to the new Kotora payments may offer some potential
Book notes: 21st century monetary policy, by Ben S Bernanke
Bernanke’s great book offers important insights for today’s policy-makers, writes Stephen Poloz
Book notes: Zero interest rate policy and the new abnormal, by Michael Beenstock
Author's contention that asset purchases caused the low neutral rate of interest is entertaining and infuriating in equal measure
Book notes: Yellen, by Jon Hilsenrath
This book offers new insights into the tough decisions and tremendous efforts Yellen has made as a pre-eminent economic policy-maker
Book notes: A monetary and fiscal history of the United States, 1961–2021, by Alan Blinder
The book’s breakthrough is its infusion of the history of fiscal policy into a theoretical framework traditionally focused on monetary instruments. It is a splendid and thrilling read
