Central Banking Journal
Book notes: Easy money, by Dror Goldberg
Interesting interpretations but hard to view 1690s Massachusetts paper as the invention of modern currency
Richard Byles on Jamaica’s inflation-targeting baptism of fire
The Bank of Jamaica governor speaks with Christopher Jeffery about forex interventions, setting up digital disruptor banks and the next steps for Jam-dex
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
Book notes: We need to talk about inflation, by Stephen King
A short, sensible book that highlights key issues – and might make a good, belated Christmas gift!
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
Regulating data use: implications of data sitting in the middle
Regulators need to take action to ease tensions created by the growing use of data, says Manoj Singh
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
Policy-making amid war in Gaza
Bank of Israel has implemented a textbook crisis response, but uncertainty remains
Fixed income in a new era
Global reserve levels are recovering from a series of unprecedented economic shocks. In the new interest rate era, bonds became more appealing as yields rose. But they also come with the risk of devaluation as above-target inflation persists. Many…
The long and short of it: Central Banking case studies in point
Invesco comments on the case study interviews conducted by Central Banking for this report, and key reserve challenges such as global high inflation and balance sheet dynamics in emerging and advanced economies.
A turning point for reserve managers?
After many central banks’ reserves declined in 2022, how should managers evaluate their fixed income investment policies in an uncertain period following years of unprecedented shocks?
The ECCB’s Timothy Antoine on currency union, cooperation and DCash 2.0
The ECCB governor speaks with Christopher Jeffery about maintaining a currency zone, addressing climate and cyber risks, the decline in correspondence banking and lessons learned from issuing a retail CBDC
Fixed income in reserves
Central Banking speaks to four officials about their fixed income investments and how monetary policy and inflation interact with reserve management.
Fixed income factor portfolios for institutional investors
Invesco addresses the concerns of large institutional investors investing in the corporate bond market, covering key metrics when evaluating strategies for inclusion in portfolios, and the strength of fixed income factor investing in the corporate bond…
Corridor, floor, other: are operating frameworks fit for the future?
Central banks are becoming uncomfortably aware that monetary operations have ramifications well beyond setting short-term rates
Banxico's García on reserve risks: inflation, market volatility and war
Gerardo García, director general of central banking operations at Bank of Mexico, discusses fixed income, including US Treasury and mortgage-backed securities (MBS) dynamics, currency diversification, the value of external managers and his extensive use…
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
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
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?
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
Book notes: Economists in the cold war, by Alan Bollard
A geographically balanced review of key economists that shaped the world economy
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
Joachim Nagel on the ECB’s terminal rate, fiscal policy, model relevance and the digital euro
The Deutsche Bundesbank president speaks about compromise on the Governing Council, rolling back PEPP, the need to implement Basel III and the chances of a revised Stability and Growth Pact