International
Economics is a hostile environment for women, conference hears
AEA survey found most US women economists feel disrespected by their colleagues
King calls for radical shake-up to escape ‘low-growth trap’
Central bank models fail to appreciate demand-side secular stagnation; IMF could help to drive country-specific policies to reallocate resources
‘Hegemonic digital currency’ could help fix global system – Carney
Using CBDC to facilitate online sales could bring about more rapid change, governor says
Bank of Spain paper looks at supply chains’ impact on investment
Greater value chain integration has strong impact on foreign and domestic investment, paper finds
G7 group warns of stablecoin risks as FSB sets out plans
Group’s final report says global stablecoins could generate “significant adverse effects”; FSB outlines plan for review of stablecoin regulation
Tackling ‘dead-end’ monetary policy
A shift to lower inflation targets would help central banks escape forever-loose monetary policy, writes former IMF chief Jacques de Larosière
Strong global forces pushing some central banks to buy gold – analysts
Poland’s move and others pushed by negative rates, political uncertainty and changing monetary system, experts say
Strong dollar can be bad for trade – BIS paper
Textbook theory does not always hold due to the effect of global value chains, authors say
FSB calls out ‘uneven’ regulation as vulnerabilities evolve
Board cautions against complacency; Basel Committee says members are still missing deadlines
IMF: loose monetary policy is fostering greater risk-taking
A crisis half as strong as in 2008 could send “corporate debt at risk” to $19 trillion, says the fund
IMF warns of ‘synchronised slowdown’ as it cuts forecasts
Fund revises down growth prospects for 2019–20 and calls for action on financial vulnerabilities
FSB raises pressure on stablecoins as firms abandon libra
Several major payment firms have distanced themselves from the project amid intense regulatory scrutiny
Financial cycle useful for forecasting recessions – BIS paper
Measures of the financial cycle may be better predictors of recession than standard metrics
The future of cash: an update
Antti Heinonen looks at the latest trends in cash use, including a surprising turnaround for the Swedish krona
Global banks vulnerable to dollar funding shocks, IMF stability report shows
There has been a “resurgence” of US dollar liabilities relative to assets in non-US banks, IMF warns
World risks ‘global liquidity crunch’, former BIS officials warn
“Urgent action” needed to prevent crisis, say Philip Turner and André Icard
RBA paper looks at responses to liquidity crises
Penalty rates to contain risk-taking are more effective on long-term loans, study finds
Cyber attacks on financial firms rise by 37% – survey
Eighty-eight per cent of participants report domain name system attacks over the last year
BIS and SNB co-operate on technology research hub
Swiss centre will investigate how to use digital central bank money on DLT infrastructure
Big tech: a threat to banks?
The explosive growth of financial services offered by big tech companies in China offers important lessons
IMF chief sends strong warning on trade in first speech
US-China trade war could cost global economy the GDP equivalent of Switzerland, Kristalina Georgieva warns
BIS studies highlight limits to unconventional policy
Policies seen as broadly effective, but reports warn of spillovers and other unintended effects if the policies are used too much and for too long
Borio and co-authors attack concept of natural interest rate
BIS paper sets out a model in which “monetary policy hysteresis” can do lasting damage to the economy
FSB looking into regulations applicable to stablecoins
Stablecoins may be small now, but there’s “no doubt” they pose regulatory challenges, FSB chair says