International
Global influence on local financial conditions is stable, research finds
Share of financial fluctuations caused by global factors has not markedly risen in last two decades
Central Banking Awards: Ireland recognised for transparency
Central Bank of Ireland, Bank of Lithuania and BlackRock win awards
Asset manager of the year: BlackRock
BlackRock delivered some innovative new products and a highly regarded training scheme to build on its already strong foundation in reserve management services
Spain’s de Guindos moves closer to ECB vice-presidency
Spain enjoys good relations with Germany, and lacks a top position in the EU
Central bankers assess markets’ reactions to policy changes
Benoît Cœuré warns of complacency among investors as central banks move to normalise
People: US Senate confirms Powell as new Fed chair
PBoC’s Zhou Xiaochuan not included in key advisory body; Buhari set to appoint new deputy governor at CBN
Better data needed amid rise of non-banks – BIS study
Survey of post-crisis banking structure finds sturdier core banking system, but risks shifting to periphery, raising the need for better surveillance
Central Banking Awards: Bank of Canada is central bank of the year
Awards go to the Bank of Canada, PriceStats, Perago and De La Rue
Liberalising services trade could tackle imbalances – BoE paper
Finding ways of reducing barriers to services trade could substantially cut imbalances
Economics in central banking: Alberto Cavallo and Roberto Rigobon – Billion Prices Project/PriceStats
Through a vast and ongoing data-collecting exercise, PriceStats has helped central banks overcome many of the drawbacks inherent in traditional inflation series
Consultancy and advisory provider of the year (currency management): De La Rue
The UK-based company is helping central banks monitor the lifespan of banknotes in a bid to improve stock management and cost-effectiveness of currency operations
Higher liquidity levels can reduce banks’ funding costs, research finds
Doubling the liquid asset ratio is found to reduce the costs of insurance against default by 24.4%
BIS paper: unconventional policies may have depressed natural rate
Economists find shifts in estimates of the natural rate co-move with unexpected changes in unconventional policy
Lifetime achievement award: Perng Fai-nan
Pre-emptive financial reforms combined with flexible monetary and forex policies have enabled Taiwan’s veteran governor to provide economic stability, even during turbulent times
Financial regulations have been procyclical historically – research
Regulations tend to weaken during economic booms and strengthen with crisis
‘Goldilocks economy’ implies bears may not be far away – Menon
Despite reasons for optimism, “three grumpy bears” may soon return, says MAS chief
Macroeconomists should integrate climate change data into their models, research finds
Paper calls for the use of scientific data on weather and the prediction of extreme climate events
Economists need to better understand macrofinancial links – BIS paper
Stijn Claessens and Ayhan Kose call for “new generation of models” among other research to solve ongoing puzzles
BIS paper explores effects of global factors on inflation
Authors find impact of global factors is mainly temporary, but the effects appear more significant for countries without long-established inflation targets
Macroeconomics suffers from blind spot, says Borio
Misallocated resources can explain a large part of recent productivity slowdowns, but thinking in aggregate terms obscures this, says BIS economist
Low rates push investors to seek risk abroad – BIS paper
Authors find that low rates at home drive risk-taking overseas and the effect accelerates as rates approach zero
BIS paper asks what makes emerging market banks profitable
Both bank-specific and economy-wide factors affect banks’ profitability, authors find
Veteran economists weigh in on ‘rebuilding’ macro theory
Economists including Olivier Blanchard, Andy Haldane and Simon Wren-Lewis tackle the question of how – and whether – to save the DSGE model
FSB recommends global governance for UTI
FSB concludes ISO should publish and maintain the standard with additional governance from CPMI and Iosco