International
People: New governor in Sierra Leone
Brazilian president nominates two new central bank directors; new head of statistics at ECB; and more
Claudio Borio on financial cycles, operating frameworks and non-bank reform
The BIS veteran highlights a ‘unique constellation’ of challenges as central banks travel the ‘last mile’ in bringing down inflation – and says there are many more miles to go on non-bank reform
Bénédicte Nolens on the latest mBridge developments
The head of the Bank for International Settlements’ Hong Kong Centre speaks about cross-border CBDC governance, ongoing FX challenges and evolving technology
Book notes: The economic government of the world 1933–2023, by Martin Daunton
A deep dive into the politics, personalities, trade theory and trade practice of the era, but missing a crucial element: the collapse in the US stock of money
‘Digital pound’ needed as cash successor, says BoE’s Cunliffe
Departing deputy governor says CBDC could be necessary by decade’s end
The predicament of bloated central bank balance sheets
Swollen balance sheets carry significant risks for combating inflation, ensuring financial stability and preserving central bank credibility, independence and effectiveness. How can central banks reduce them?
Firms’ pricing power was driver of generalised inflation, paper finds
Supply shocks gave firms cover to raise prices without losing sales, authors find
Stablecoins more vulnerable to runs, say Fed researchers
Authors point out similarities with MMFs and warn about financial instability risks
People: South Africa deputy governor plans to resign
BCIE presidential race; Chile general manager leaving; and more
IMF economists build financial stress index for 110 countries
Text-based method allows economists to assess both duration and intensity of financial crises
Public trust: the role of the private sector in exploring digital currency
Digital currencies that effectively protect financial privacy in lawful transactions will garner enduring confidence in the highly integrated networks of the future, argue J Christopher Giancarlo and Daniel Gorfine
Carstens: Regulatory performance during banking crises was ‘mixed’
BIS general manager emphasises role of supervision in preventing bank failure
CPMI seeks better governance of fast payment links
Committee embarking on project to build supporting framework for FPS links
Book notes: Economists in the cold war, by Alan Bollard
A geographically balanced review of key economists that shaped the world economy
CPMI pushes for harmonised cross-border payments data
Launch of minimum standards aims to tackle risk of inconsistent ISO 20022 messaging
Reserve Benchmarks 2023 – model banks analysis
Benchmarking data sheds light on key differences in reserves management strategies in advanced, emerging and developing economies
IMF hits PRGT milestone but quota deal remains elusive
US wants to maintain voting shares as China continues to press for more proportional allocation
Rate hikes: too much, too late – and now too dangerous
Why monetary tightening risks a global credit crunch
Cross-border CBDC challenging to deliver, officials warn
But digital currency could tackle “extremely high” remittance costs, says IMF’s Tobias Adrian
Somalia’s Abdullahi on the challenges of re-integration with the international system
The Central Bank of Somalia governor speaks about capacity building, reintroducing the shilling, securing donor support and climate change
Inflation set to remain high into 2025, IMF warns
Soft landing looks more likely but growth is “limping along”, says Pierre-Olivier Gourinchas
BIS Innovation Hub takes aim at cross-border compliance
Project Mandala will explore ‘compliance by design’ to boost efficiency of cross-border transactions
BIS project maps ‘vast and complex’ global crypto network
Project Atlas uses diverse data to allow central banks to track cross-border flows
Policy ‘pivot’ can deliver soft landing, says NBER paper
Authors aim for more realistic model of expectations through “level-k thinking”