Central Banking
HQLAs ‘not liquid enough’ for Credit Suisse or SVB
Basel Committee report sheds new light on liquidity risk during 2023 banking turmoil
‘Pooling’ models generates better output gap estimates – paper
Economists say measuring gap in real time is particularly challenging in developing countries
M1 vs M0 in an instant payments world
Manmohan Singh explains how measurement of ‘narrow’ money is changing
Lower risks enable authorities to shift policy – Amro report
Asean+3 research arm says challenges remain on dollar dependency and property markets
Israel holds rates as conflict continues
Central bank revises inflation and growth forecasts
PBoC launches swap facility in bid to boost stock market
Financial institutions will be able to swap eligible assets with sovereign bonds and central bank bills
Trade credit can expose firms to FX risk – BIS paper
Currency borrowers partially insulate their partners from shocks, but still pass them along supply chains
Eurozone policy transmission ‘more pronounced’ in 2022–23 – study
Banks’ increased risk perceptions underpinned swifter pass-through, says Bank of Italy research
Hélène Rey on cracking the code to the global financial cycle
The dollar and financial cycle move together. For the first time, economists think they know why
Central Bank of Kenya lowers rate by 75bp
Bank says there is scope for further easing following its second cut this year
Energy price rises have stronger effects than decreases – study
Asymmetric effects of gas and crude oil price rises could lead to tighter monetary policy
Reserve Bank of India holds interest rates
Decision comes despite weakening inflation
Macro-pru should interact with other policies – Chile’s Costa
Governor calls for joined-up thinking as Santiago hosts FSB Americas group meeting
Reserve Bank of New Zealand cuts policy rate by 50bp
Inflation is converging towards 2%, policy-makers say
Uruguay again holds policy rate at 8.5%
Inflation stays within target, but central bank remains cautious as neighbours begin easing
Fiscal upside, economic downside to EU deficit procedure – study
Fiscal consolidation sometimes led to restrictive pro-cyclical stances, research finds
ARRC replacement aims to dodge rates ruckus
Fed’s new reference rate committee wants to avoid reigniting battles about term and credit-sensitive rates
The hidden dynamics behind China’s BoP ‘errors and omissions’
Marcello Minenna highlights the possible implications an unaccounted-for £30bn has for the PBoC
ECB will ‘probably’ cut rates in October – BdF governor
Central banks can help fight against political extremism by “restoring trust”, says Villeroy de Galhau
India agrees currency swap with Maldives
RBI to provide $760bn in support to archipelago
Former governor warns against interference with Bank of Thailand
Tarisa Watanagase urges selection panel to act independently when picking new chairman
Stablecoins are not ‘crypto safe haven’ – ECB paper
Shocks in crypto markets significantly reduce stablecoin market capitalisation, researchers find
Moldovan central bank launches digital auto insurance certificate
National Bank of Moldova moves away from paper to encourage take-up and increase security levels
FDIC’s McKernan wants single capital stack in Basel III endgame
Rebuffing Barr’s offer of a partial rollback, Republican director also targets op risk framework