International
People: Lagarde rules out transition to top EU jobs
IMF chief dismisses rumours linking her to upcoming changes in EU leadership positions; Bundesbank appoints executive board members; Thailand picks board member
Long-termism is necessary for a stable future – RBNZ’s Orr
Contemporary societies face challenges demanding focus on sustainable development, says governor
Automation of financial services poses problem for labour market
Central bankers fear the labour market may not recover as quickly as during previous technological revolutions
Central bankers admit they are not yet prepared for crypto assets
Uncertainty around the assets’ use and regulation calls for further research, debate finds
Central banks could do more to tackle climate change – paper
Central banks may be mispricing assets due to climate change risk, paper argues
US and UK central banks take similar policy stances, researchers find
Richmond Fed examines responses to major monetary policy shocks
Focus shifts to plumbing as crypto markets mature
Panellists at the 14th annual FX Week Asia conference say the institutionalisation of crypto markets is gaining momentum
Fed paper presents method to better estimate systemic risk
Authors find their approach outperforms several commonly used systemic risk indicators
Supervisory lessons: management traits of problem banks
Former Bank of Spain head of supervision Aristóbulo de Juan highlights the lessons he has learnt about the management of problem banks and how to stop dangerous activities before they take hold – in the first of a four-part series on supervision
BIS paper weighs economic impact of macro-prudential policy
Cutting the LTV ratio leads to reduced output in emerging markets, authors find
IMF paper builds corruption indicator using big data
Corruption shocks negatively impact long-term real outcomes, authors say
Published rate path has similar effect to other communication – BIS study
Communication is important, but the “exact form” less so, according to research
Passive investing boosts some risks and cuts others – Fed paper
Authors assess four ways the surge in passive investing might impact stability
Jackson Hole: policy-makers come to defence of disruption
Poloz and Carstens highlight benefits of technological and trade disruption; monetary policy can cope with the uncertainty, Bank of Canada governor says
Policies must change to stop emerging markets crisis, analysts say
Tariffs, Fed policy and renminbi devaluation are stressing weaker currencies, say observers
Turkish lira reaches fresh low as crisis impacts emerging markets
Central bank announces lower reserve requirements in bid to increase liquidity
The perilous road to normality
Many central banks are starting to tighten policy, but their room for error is limited and their final destination unclear. What more can they do?
US stimulus could accelerate policy normalisation – IMF research
Higher growth could increase imbalances and fuel calls for more protectionism
Standard-setters update analysis of CCP network
Basel-based organisations find network has only shifted somewhat in the past year
FSB weighs effects of post-crisis reforms on central clearing
Report finds incentives to centrally clear are strong in the “systemic core” but weaker elsewhere; some rules could benefit from adjustment
Global regulators to collaborate on fintech sandbox
UK’s FCA unveils global network of 12 regulators that will collaborate on testing and supervising innovative technology
Open economies less affected by low rates due to ageing populations – IMF
Older societies are prone to save more and consume less, which reduces inflationary pressures
US dollar credit to emerging markets growing faster, reveals BIS data
Growth in dollar-denominated debts up 9%, with growth in debt securities even faster
G20 warns against protectionism
Finance ministers and central bankers commit to support economy with fiscal and monetary tools