International
Federico Sturzenegger on Argentina’s efforts to create a credible central bank
The Central Bank of Argentina governor, in his last interview before leaving office, speaks about panic in emerging markets, the IMF bailout, and bringing to an end high inflation and monetary financing
Powell says central banks cannot take independence for granted
Leading governors reflect on the future of central banking at Riksbank’s 350th anniversary
Higher interest rates prove a challenge for reserve managers
Argentina has lost 14.3% of its reserves since late April trying to defend the peso; central banks can employ accounting methods to handle turbulence, expert says
Technology can support comprehensive credit risk management – panellists
The expansion of balance sheets since the crisis has created new challenges for central banks
Argentina rescue advances as emerging markets suffer outflows
IMF backs Argentinian reform process as it prepares to supply emergency funding; emerging market central banks intervene to stem currency slide
ZLB increases equities-oil correlation – St Louis Fed research
The assets were uncorrelated until late 2008, when Fed took federal funds rate to zero
People: Weidmann re-elected as chair of BIS board
Korea appoints deputies; new Malaysian prime minister appoints team of economic advisers; new vice presidents in Richmond and Atlanta
IMF releases world’s most comprehensive debt database
Data covers 190 countries and a wide range of instruments; Kenneth Rogoff calls the new database “really stunning”
The toxicology of post-crisis shadow banking
Mark Carney tempted fate in 2017 when he declared the most toxic forms of shadow banking “no longer represent a global stability risk”. Did he speak too soon?
ECB stresses protectionist risks in economic bulletin
US administration announced plans to impose tariffs on steel and aluminium in March
Dollar may soon give breathing space to emerging economies
Global growth, higher US debts and a tighter ECB policy could weigh on the currency
CPMI puts forward strategy to tackle wholesale payments fraud
The Federal Reserve and the ECB welcome the proposal
US ‘normalisation’ should be manageable for emerging economies – Powell
Turkey and Argentina grapple with weaker currencies as US Treasury yields rise
Oil exporters present higher risk of default, researcher says
Researcher says 27 out of 35 oil-exporting countries defaulted on their debt between 1979 and 2010
The hunt for a crypto taxonomy
Cryptocurrency, crypto asset, crypto token – or something else? Finding the right term helps shed light on the structure of the fast-growing crypto market
Global gold demand weakens despite central bank surge
WGC figures show Q1 demand was its lowest for 10 years, though central banks bought more
IMF unveils first vintage of macro-prudential data
Database is the first global source of information on macro-prudential institutions, indicating an overall tightening in policy in 2016
Emerging markets still taking on dollar debts, BIS data shows
Rapid growth in credit to emerging markets echoed by broader rises in global liquidity
The move to risk‑based supervision
Rapid regulatory change has led to a steep increase in data volumes and policies, and a new environment has opened up for discussions on effective regulatory supervision and a transition to risk-based supervision.
Andreas Dombret on ECB policy, deposit insurance and Basel III
The Deutsche Bundesbank executive board member speaks about exiting QE, the viability of European deposit insurance, the German banking system and doing a deal on Basel III
World Bank names new chief economist
Pinelopi Koujianou Goldberg brings deep experience of trade economics; predecessor Paul Romer spent a turbulent 15 months in office
Basel’s Coen warns on complexity of market risk rules
Regulators may consider “simpler and more robust” approaches when finalising rules this year
Claims on offshore centres at record high – BIS data
Overall cross-border claims “gained momentum” in Q4 2017
US steel tariffs likely to damage labour market – NY Fed research
Exporters who need steel imports face higher input costs, possibly leading to lower employment