International
People: RBA appoints new chief information officer
New council member in Ukraine; Liu He no longer in China’s State Council; MAS appoints new board member
The IFF China Report 2018
Insight and opinion from China’s top leaders, policymakers and financiers
Higher expenditure in services limits trade growth – Fed paper
Growth of trade in 1990s and 2000s may be anomalous, researchers say
Satellite night-time light data could forecast US exports – Fed paper
Night-time lights offer a quick and accurate picture of economic activity, researchers say
Real rates likely to move back up – BIS paper
Use of “shadow rate” allows authors to account for the effective lower bound
IMF warns of ‘bumpy road’ as rates rise
Financial stability outlook shows risks rising in the short run and “elevated” in the medium run
The IFF China Report 2018: The Belt and Road Initiative
China’s signature Belt and Road Initiative (BRI) now includes 71 countries, with trillions of dollars of investment allocated. Leading Chinese and international policymakers explain how BRI efforts are progressing. This section includes an inaugural…
A route to economic growth – The Belt and Road Initiative 2018 survey
To mark the fifth anniversary of the Belt and Road Initiative (BRI), the IFF – in collaboration with Central Banking – conducted its inaugural Belt and Road Survey of central banks from more than 25 countries and regions. The survey examines BRI…
Rising rates seen as main risk by reserve managers
High asset prices and the halting and withdrawal of bond-buying programmes pose challenges
BIS report urges tighter global macro-pru co-ordination
Deputy general manager says global institutions could do more to promote co-ordination between advanced economies and “systemic middle-income countries”
Synchronisation of global house prices poses new risks – IMF
Macro-prudential housing policies may be affected by global movements, researchers say
FSI finds divergent practices on non-performing assets
Study finds it is hard to make “meaningful comparisons” of troubled assets across jurisdictions
IMF analyses demographic and technological changes affecting productivity
IMF researchers say right policy choices can offset the negative impacts of technological and demographic changes
Return on foreign assets partly offsets trade imbalances – research
Emerging economies can recover from current account disequilibrium faster than reserve currency issuers
Risky firms can transmit financial cycle – BIS paper
Authors find smaller, younger firms are more likely to tap into global markets during risk-on phases, creating vulnerabilities
Basel Committee highlights best practice for early intervention
Supervisors have become more forward looking and adopted new tools since 2008 in a bid to catch trouble early
Balance sheet features impact global spillovers – NY Fed paper
International research effort finds banks’ business models affect the extent to which policy spills across borders
Communications on financial stability should be strengthened
The IMF’s Olga Stankova outlines how central banks and other official agencies can better communicate their financial stability work
Lagarde proposes new European fiscal fund
The mechanism would reduce reliance on monetary policy to respond to future crises
IMF unveils new data strategy
Fund’s first ever “overarching strategy” on data envisages new approach to gathering, processing and sharing statistics
Basel Committee adds ‘amber zone’ in market risk revamp
“Amber zone” will protect near-miss desks, but regulators not convinced by complaints on non-modellable risk factors
Public debt in low-income countries rising to risky levels – IMF
The fund recommends official creditors co-ordinate their response to debt crises
BIS economists find frictions in banks’ dollar funding
Authors investigate wide divergence in the business models of European and Japanese banks
Who is Yi Gang?
Hui Feng says Beijing’s choice for PBoC chief fits into a wider liberal cadre across senior financial positions – but Yi faces plenty of challenges in delivering reform