Central Banking Journal
Book notes: Money and the rule of law, by Peter Boettke, Alexander Salter and Daniel Smith
A largely US-focused book, which hankers for more robust rules for central banks but isn’t explicit as to what kind
Climate change and the role for central banks
Gavin Bingham, Andrew Large and Paul Fisher explain how climate change affects central banks and the competing tensions it raises in relation to policy responses
Challenges ahead for Ueda’s easing commitment
BoJ governor’s plan to maintain monetary easing until 2% inflation is hit may not be easy, writes Sayuri Shirai
‘Back to the future’ for FX reserve management
Rise in bond yields changes the dynamics of ‘security, liquidity and return’, writes Gary Smith
A troubling trilemma
Central banks need to tread a fine line as they serve as the economy’s police, fire brigade and paramedics
Banknotes: January to March 2023
A round-up of news and salient issues that have affected central bankers in the past three months
Edmund Phelps and the search for a ‘new economy’
The Nobel Prize winner helped lay the foundations of modern macroeconomics. Now he is concerned something is deeply wrong with how policy-makers think about the economy
People: January to March 2023
A round-up of central bankers in the news and on the move during the past three months
Lifetime achievement: Stefan Ingves
Modest man from the Finnish ‘boonies’ has had a major impact on international central banking
Book notes: The next age of uncertainty, by Stephen Poloz
This book provides a well-informed and well-argued view about our economic future
Book notes: A guide to good money, by Brendan Brown and Robert Pringle
The authors make some good points even if one does not agree with this full-bodied attack on Keynesian economics and inflation targeting
Stability under the 2% inflation standard is a chimera
An inflexible standard of value that lets the market decide how much money to produce would be superior, write Brendan Brown and Robert Pringle
BoT’s Sethaput on inflation dynamics, central bank mandates and multi-lateral payments
The Bank of Thailand governor speaks with Christopher Jeffery about the trend towards higher inflation, the sustainable finance challenge, experiments with CBDCs and governance issues related to multi-lateral payments
Stefan Ingves on leadership, prudential oversight and transparency
The Riksbank and Basel Committee veteran speaks about his leadership philosophy, Basel III deal-making and concerns about regulatory rollback, the value of QE and negative rates, and the need for a legal architecture for CBDCs
A suptech transformation: using tech to support the full supervisory lifecycle
Regnology explores how – with the appropriate platforms, partners and processes in place – supervisory technology can be utilised as a driver of transformation.
Eight key elements to managing a central bank
Former governor Peter Nicholl describes eight critical lessons he learned while developing governance and capacity of the Central Bank of Bosnia and Herzegovina
The behind-the-scenes effort to convert Ukrainian refugee cash
How central and commercial banks worked to allow Ukrainians to exchange cash in wartime
Book notes: The illusion of control, by Jon Danielsson
Jon Danielsson’s book makes a compelling case for a serious rethink on financial crises and risk management
Rethinking the CCyB
As central banks rush to replenish bank capital reserves, the countercyclical buffer may need some fine-tuning
Book notes: Global discord, by Paul Tucker
A curious mix of a book, which attempts to think through how democracies should deal with the rise of Communist China
Renminbi in central banking focus report 2022
This year’s report looks more closely at the effect of inflation and the new free trade agreement among Asia-Pacific nations on parts of the SDR formula, with a focus on the renminbi’s share of central bank reserves.
Proportionality in bank regulation: striking the right balance
The ‘final’ Basel III framework contains elements designed to make the rules fairer while reducing regulatory arbitrage. This means careful analysis is required when making any proportionality adjustments in the EU single rule book, writes Maurizio…
Book notes: A monetary and fiscal history of the United States, 1961–2021, by Alan Blinder
The book’s breakthrough is its infusion of the history of fiscal policy into a theoretical framework traditionally focused on monetary instruments. It is a splendid and thrilling read
The ECB’s collateral conundrum
A lack of high-quality collateral in the eurozone has resulted in money market rates lagging ECB policy rates, hampering monetary policy transmission