International
IMF should issue more SDRs – Brazilian governor
Brazil’s recovery will be crucially affected by external factors, Campos Neto tells Central Banking
Capital controls less effective at curbing flows than macro-pru – BIS paper
Capital controls do not have significant impact on volume or composition of flows, authors find
Phillips curve flatter when inflation is low – researchers
Downward wage and price rigidities cause non-linearity in Phillips curve, says Peterson Institute paper
Central banking enters a new era
Central banks face a delicate balancing act to preserve their reputations as they evolve into ‘buyers of last resort’ and some of their actions appear functionally equivalent to ‘monetary financing’
Stress levels rising: investment funds and the Covid-19 shock
Extreme market stresses due to Covid-19 are underscoring the central role non-banks play in crisis contagion, as in 2008. Were regulators better prepared this time?
BoE paper explores global financial cycles since 1880
Cycles in credit and housing have become more pronounced, but only for some economies
Time for mandatory climate disclosures is now – Carney
Former BoE chief says Covid-19 provides an opportunity to introduce comprehensive disclosures, as RBNZ governor says any delay could disrupt economic prosperity and social cohesion
Campos Neto on reforming Brazil’s economy amid Covid-19 distress
The Central Bank of Brazil governor speaks about how Brazil is managing fallout from the coronavirus pandemic, the benefit of large reserves, his plans to deploy emergency asset purchases and why he favours extending the IMF’s SDR funding
Carstens, Jordan, Weber: respect the boundaries of fiscal and monetary policy
Axel Weber says huge US deficit could pose problems for global financial stability
NGFS proposes five steps to integrate climate risks into supervision
Guidelines follow ECB’s public consultation on adding climate risks to its supervisory work
The complex art of reserve management
The coronavirus lockdown represents another inflection point for central banks seeking to optimise the management of their $12 trillion in FX reserves
Rising to the challenge – Reserve management in an uncertain world
Amid unprecedented measures being taken by central banks and governments to combat the global Covid‑19 pandemic, BlackRock‘s Stephan Meschenmoser, Laszlo Tisler and Crystal Wan compare and contrast BlackRock’s model portfolio against its high-grade…
BIS launches round-the-clock banking with Mexican dealing room
Dealing room expands BIS presence in the Americas as part of “Innovation 2025” strategy
People: Carmen Reinhart to be World Bank chief economist
Carmen Reinhart to take over from Penny Goldberg at World Bank; BIS picks Hong Kong hub head; Libra Association appoints chief executive
Economists challenge standard notion of labour market recovery
Paper on post-crisis recoveries questions demand shortfall narrative
People: World Bank appoints new vice-president for integrity
BIS appoints new deputy head of banking, and Bank of Finland recruits sustainability specialist
Book notes: Central banking before 1800, by Ulrich Bindseil
A new standard reference point for the history of central banking
Covid 19 likely to widen inequality – IMF official
Research finds poor likely to bear brunt of impact, says IMF Asia deputy director
Covid-19 should serve as warning for climate change – BIS official
Policy-makers need “holistic approach” to global risks, says Luiz Awazu Pereira da Silva
Economists race to merge epidemiology and macro
Promising results are emerging, but workable forecasts may be some way off
Banks are ‘inherently unstable’, BIS paper finds
Researchers study the many roles banks play and find all of them tend towards instability
CBDCs unlikely to be based on blockchain – Central Banking survey
New Central Banking survey finds central banks favour DLT for possible digital currency projects
BIS paper: twin financial cycles can ‘turbocharge’ crashes
Policy-makers should differentiate between domestic and global cycles, authors say
Central banks shift focus to retail CBDCs
Central Banking survey reveals shift away from wholesale experimentation, as central banks consider whether the general public should be able to hold CBDC accounts