International
An inside story on the central bank gold agreement
Robert Pringle reveals details of Mbeki’s appeal to central bankers
The future of balance sheet policies
Central banks are expected to resort to a range of balance sheet activities to fight the next downturn. William Towning investigates what tactics they may deploy
IMF extends deadline to implement increase in quotas
Executive board allows members to consent to and increase their contributions until December 27, 2019
The great wave: global liquidity in a turbulent world
Global imbalances are growing, and it is unclear whether the world’s institutions have enough firepower to respond to a crisis, writes Daniel Hinge
Non-banks attracting more global liquidity than banks for first time
In Q1, more liquidity flowed to non-banks than banks for the first time in 40 years of BIS data
Two-thirds of countries failing to meet global standards on inflation – IMF paper
More than half the world has not updated CPI weighting in the last five years, researchers find
IMF must do better in policing currency manipulation – RBI’s Das
Governor says shortcomings in IMF surveillance have led to US pressure on alleged manipulators
The tricky business of electing a new IMF managing director
New leadership will face overrepresentation of advanced economies and possibility of dwindling resources
Proposal to axe Phillips curve triggers controversy
“One cannot just ignore an equation,” retorts Olivier Blanchard
Gold accumulation after WWII driven by governors’ habits – research
Bretton Woods never worked as intended due in part to persistence of gold standard practices
Do stablecoins like libra differ from other crypto assets?
Sayuri Shirai assesses the implications of stablecoins for stability, monetary policy and regulation
BIS paper highlights new channel for Mundellian ‘dilemma’
Authors weigh financial channel as explanation for why trilemma has become dilemma
RBA’s Lowe defends inflation target’s effectiveness
Alternative frameworks would be difficult to implement and harder to explain – Australian governor
Climate change will hit US growth hard – Dallas Fed study
US growth could fare worse than China’s with projected temperature rises, researchers find
Surge in cross-border credit led by non-banks
Cross-border claims rise at fastest rate since the global crisis, BIS figures show
St Louis Fed’s Bullard warns about rise of multicurrency systems
Crypto assets may hamper monetary policy transmission and increase exchange rate volatility
BIS paper proposes network model of global contagion
Authors create a network of CDS linkages to assess contagion risk in the financial system
Venezuelan opposition nominates ad hoc central bank board
Legislature aims to prevent Maduro’s regime from accessing gold and foreign currency reserves
Senior policy-makers differ on future of global monetary system
Trichet, Lipton and Reinhart debate whether SDR could play a bigger role in global stability
Lagarde resigns as IMF managing director
Selection process to find successor will start “promptly”, IMF says
NBER paper outlines ‘four-equation model’
Authors expand the textbook three-equation model to account for unconventional monetary policy; extra policy tool is necessary to overcome credit shocks
Five reasons why Mark Carney should head the IMF
The outgoing Bank of England governor has all the requisite skills
BIS paper looks at low returns on safe assets
Changing risk perceptions explain growing wedge between safe and risky assets, authors say
Are central bank digital currencies inevitable?
Launching a CBDC could protect the pre-eminence of public money, a new report argues