International
IMF staff propose updated ‘new arrangements to borrow’
Fund’s second line of defence is already being scaled back under quota reforms
Countries with high import coverage invest more in non-SDR debt
Breakdown of asset allocations shows Europe holds nearly half of world’s ESG-focused bonds
Financial Stability Benchmarks 2024 – model banks analysis
Further breakdowns of the data highlight patterns in governance, regulatory reform and cyber risk
Interpreting the PBoC’s slew of policy reforms
How are new stimulus measures, bond market tactics, deflationary pressures and monetary policy framework changes affecting central banking in China?
People: Lula nominates ally Galípolo as Brazilian governor
BIS appoints Franks Smets to senior economics role
All eyes on the Fed
The US central bank faces a challenging path to fulfil its mandated goals
Global house prices have ‘almost stabilised’ – BIS
Prices still declining in aggregate, a trend driven mainly by China and the eurozone
Triggers of August market ‘flare-up’ still in place, BIS warns
Leveraged positions remain at risk of sudden unwinding, as margin calls play amplifying role
Banknotes: July to September 2024
A round-up of news and salient issues that have affected central bankers in the past three months
Jamaican finance minister set to become IMF deputy MD
Fund’s chief proposes Nigel Clarke for role, while general counsel announces retirement
Campos Neto on inflation targeting, independence and the future of financial intermediation
The Brazilian governor speaks with Christopher Jeffery about tackling inflation, the need for financial autonomy, and redefining the financial landscape with open finance, programmable Pix, deposit tokenisation and sound cross-border payments governance
‘Reserve asset competition’ explains global fiscal cycle – paper
Local fiscal shocks can trigger debt issuance abroad, authors find
BIS publishes centuries of data on central bank balance sheets
New “spliced” series extends back to founding of Sweden’s Riksbank in 17th century
‘State-dependent’ model sheds light on inflation surge
Bank of Spain’s Galo Nuño says changing key pricing assumption helps explain “immaculate disinflation”
Neural networks are ‘powerful tool’ for non-linear analysis – paper
Machine learning technique highlights downsides to inflation target ranges
How to increase the impact of financial literacy initiatives
As surveys show financial literacy outcomes falling short, Pedro Duarte Neves distils key lessons
Central banks face a capital framework imbalance – should we care?
Most economists say clear recapitalisation frameworks are important. But many central banks still lack them
Falling r* a ‘mirage’ in open economies – IMF paper
Adding exchange rate to standard model significantly changes predictions, authors find
Central bank balance sheets: is there an optimal structure?
Establishing guidelines is challenging, although there are many reasons why CBBSes are heterogeneous
Monetary Policy Benchmarks 2024 – model banks analysis
Further breakdowns of the data reveal patterns in staffing, liquidity tools and transparency
Emerging markets at greater risk from stablecoins, FSB warns
Limited regulation, resourcing constraints and FX exposures create hazards for poorer countries
Monetary Policy Benchmarks 2024 – executive summary
Key findings from the benchmark on policy tools, liquidity facilities, transparency and more
Nature risk poses ‘major data and modelling challenges’ – FSB
Stocktake finds supervisors at varied stages of analysing biodiversity loss and related risks
Ukraine’s governor on central banking as war endures
The NBU’s Andriy Pyshnyy speaks about the need for investment and reform amid labour shortages, securing war-risk insurance and Ukrainian funding from Russia’s frozen assets