International
Borio and Zöllner to depart BIS in 2024
Hyun Song Shin and Luis Bengoechea will fill roles left by top economist and banker
Indexation makes inflation more persistent, IMF finds
Economists draw conclusions from IMF survey of 190 countries’ indexation practices
Digital money could strain global financial safety net – IMF paper
Economies with existing vulnerabilities are more exposed to impact of digital money, authors say
The risks facing the Chinese economy
China isn’t at risk of a financial meltdown, but it does face a slow puncture, writes Michael Taylor
BIS paper explores interaction of macro-pru and capital controls
Macro-prudential policy can “leak” at higher levels of financial development, authors find
CBDCs are unlikely to be successful
Most money is already digital, and currency has lost its central function, writes former Barbados governor DeLisle Worrell
Memory shapes inflation expectations, study finds
People who remember high inflation also trust the central bank less, authors say
Finance ministry rep: a guest, a partner or an intruder?
Many central banks let government officials participate in policy meetings. Is that wise?
Banknotes: October to December 2023
A round-up of news and salient issues that have affected central bankers in the past three months
People: October to December 2023
A round-up of central bankers in the news and on the move during the past three months
2023: The year in central banking
Central Banking’s most-read story this year dissected the crisis at SVB, while other top pieces delved into operating frameworks, third-party risks and international economics
Economics Benchmarks 2023 – model banks analysis
Data reveals differences in research, forecasting and data use across central banks
Monetary policy helped curb inflation expectations – research
Higher rates could achieve a “soft landing” if the expectations channel is strong enough, authors say
IMF extends higher loan caps for low-income countries
PRGT will be able to hand out bigger credits through end of 2024
IMF members approve 50% increase in quotas
Decision was not unanimous and leaves voting shares unchanged
Credit lines can amplify stress – NBER paper
Study finds junk-grade firms draw more credit, and drawdowns can worsen liquidity shocks
Economics Benchmarks 2023 report – tentative steps on AI
The benchmarks show some small steps to increase AI use, and shed light on broader reforms to modelling, governance and more
Ghana’s Ernest Addison on the chain of events that led to a loss of $5 billion
The Bank of Ghana governor speaks with Christopher Jeffery about what necessitated monetary financing, the boundaries of ‘independence’ and the results of offline tests of the e-cedi
CGFS draws lessons from 168 years of macro-pru policy
Controlling housing market risks can force authorities into difficult political economy terrain
Higher rates will push up firms’ debt costs gradually, says research
Authors warn that financial vulnerability could stem from higher for longer rates
Obstfeld argues central banks’ rate models are ‘conceptually flawed’
Former IMF chief economist says rates could soon return to the effective lower bound
BIS weighs possible shift in global liquidity conditions
Nervy markets struggle to digest rates outlook, as BIS research finds deeper shift may be underway
Policy-making amid war in Gaza
Bank of Israel has implemented a textbook crisis response, but uncertainty remains
BIS says CBDC can be monitored without personal information
Project Tourbillon dashboard allows aggregate-level monitoring