International
Tighter regulation may be working – MIT economist
Kristin Forbes says banks may be more resilient but warns risk could be shifting to shadow sector
Central banks need to avoid dependence on markets, officials say
ECB and Fed officials reflect on relation between bond market expectations and their policy decisions, in farewell conference for Benoît Cœuré
Claudio Borio says central bank independence is tied to globalisation
Both are underpinned by the same “economic and political zeitgeist”, the BIS economist says
In search of a better definition of digital money
Dave Birch tries to cut through the noise on cryptocurrencies, blockchains and everything in between
IADI highlights move to strengthen deposit insurance
Survey of 113 schemes finds they are becoming more generous and faster to pay out
‘Consolidated’ Basel framework finalised
New version is somewhat simpler and easier to navigate, Basel Committee says
CBDC has been “over-hyped” – former RBI deputy
Focus on retail CBDCs is a potential distraction from core central banking functions, says Sinha
Basel Committee proposes illustrative prudential framework for crypto assets
Holdings of crypto assets would be split between banking book and trading book depending on exposure risks
Podcast: Central Banking launches Tech Talk series
In the inaugural episode, Rachael King and Adam Csabay cast a critical eye over some of the biggest fintech developments of 2019
BIS paper examines economic impact of macro-pru
Shocks are similar to monetary policy but transmission differs, researchers say
People: BIS picks Lamfalussy fellow; Iceland appoints research director
BIS names 2020 fellow; Icelandic central bank promotes economist; Jekaterina Govina becomes director of supervision in Lithuania
Tribute to a great man
Peter Bakstansky highlights Paul Volcker’s legacy of probity and integrity
Forex market growing, but more risky – BIS review
Reduced reliance on PvP and heightened fragmentation threaten market resilience
BoE climate stress tests results to be shared with NGFS
Carney says tests will highlight firms that are not implementing appropriate policies
Cloud throws up new financial stability risks – FSB
Reliance on third-party cloud platforms creates risks, especially given market power of providers
New ‘currency’ aims to tackle failings of its predecessors
Saga sits somewhere between a stablecoin and a crypto asset – and has been designed by a team that includes former central bankers
Paul Volcker, 1927–2019
The Fed chair made his name battling inflation, and left his mark on independence and post-crisis financial regulations
Data sharing could curb big tech dominance – FSB
Ensuring all financial market incumbents have access to same data could level the playing field
Banks’ repo muscles may have ‘atrophied’ – Borio
BIS report highlights impact on market functioning from Fed and ECB easing action
Carstens: Money without central banks is doomed to fail
Many “architectures” are possible but they must be built on a foundation of trust, BIS chief says; improving “two-tier” system may be best approach
Global climate cycles create varied growth challenges – paper
Changing climate has different impact on growth depending on country’s normal climate, researchers find
IMF chief calls for climate-related stress tests
Fund will work more closely with central banks to tackle climate risks, Kristalina Georgieva says
Book notes: The Japanese central banking system compared with its European and American counterparts, by Yoshiharu Oritani
The book has “no equal” in reviewing new microeconomic theory for central banking
Global house price growth slows, but China still surging
BIS figures show broad slowdown in growth, though prices are still rising fast in some places