Central Banking Journal
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
Will the use of CBDCs improve cross-border payments?
International trials using CBDCs highlight significant architectural and practical challenges, writes Warren Coats
Book notes: The Continental dollar, by Farley Grubb
Grubb’s book brings an important new interpretation to this founding moment in US financial history
Book notes: Bold vision, by Freddy Orchard
Largely uncritical insights about the formation of the GIC and Singapore’s currency regime
Central Banking Awards 2023: Gallery
See the winners from the big night, including leading figures from across the industry who came to pick up their awards
A ‘unified ledger’ and the future of money
Blueprint set out by the BIS staff raises plenty of questions about the 'singleness of money'
Banknotes: July to September 2023
A round-up of news and salient issues that have affected central bankers in the past three months
People: July to September 2023
A round-up of central bankers in the news and on the move during the past three months
ECB: from a supply to a demand-driven floor?
Eurozone’s central bank expected formally to abandon corridor in forthcoming operational framework review
Book notes: My journeys in economic theory, by Edmund Phelps
Six decades of the Nobel Prize-winner’s thoughts – from micro-foundations of macro theory to the possibilities beyond working, saving and investing
When £1 is not £1
Gabriel Stein examines the risks from introducing a CBDC should its value diverge from that of physical currency and bank deposits