Financial crisis
Inflation targeting regime needs reform – BIS paper
Authorities should recognise what monetary policy can and cannot do, argues Claudio Borio
The GFXC chair on the next steps for the FX global code
Global FX Committee chair Gerardo García speaks with Christopher Jeffery about updating FX best practice, improving buy-side engagement and revising settlement risk estimates in the BIS’s triennial survey
The past and future of BIS economics
The monetary and economic department has become an influential force in central bank economics. Claudio Borio looks back over 37 years at the institution and Hyun Song Shin looks to the future
Fake it ’til you break it: the battle against disinformation
Transparency, beefed-up comms and AI are all being enlisted in central banks’ fight against falsehood
Book notes: The bankers’ new clothes, second edition, by Anat Admati and Martin Hellwig
A disjointed book where ‘I told you so’ new chapters add little to the excellent original analysis
Vix spike in August not driven by actual volatility – BIS
Latest bulletin explains how widening bid-ask spreads drove up the index
Combining central banking orthodoxy with innovation
Sergiy Nikolaychuk argues the future of central banking centres on adaptability as well as independence
Why Bank Negara avoided ‘a confrontational approach’ on 1MDB fraud
Veteran governor says being more outspoken would have damaged the central bank
CBDC design key to maintaining financial stability – IMF paper
Macro-prudential tools unlikely to be enough to offset risks from issuance of digital currencies
Obituary: Tito Mboweni, 1959–2024
Sarb’s first black governor championed inflation targeting with “sharp wit”
Malaysia’s Zeti on the key skills needed to be a successful central banker
The Bank Negara veteran speaks about leadership skills, lessons from the AFC and 1MDB crises, her scepticism of inflation targeting, and how the Asia School of Business' masters synthesises theory with practical realities
Lessons learned on macro-pru policies
Macro-prudential tools are proving their worth although use cases vary by country; integration into over-arching policy frameworks remains a challenge
Alpana Killawala on communications under six governors at the RBI
The former RBI comms chief speaks about the importance of strategic communications, courting the media, open mouth operations and altering a governor’s ‘rock star’ image
Financial Stability Benchmarks 2024 report – seeking sounder banks
Banking regulation remains a work in progress for many central banks, but staffing is a problem
Book notes: Bucking the buck: US financial sanctions and the international backlash against the dollar, by Daniel McDowell
A timely and well-documented book about the weaponisation of the US dollar
BNM’s Rasheed on inflation, growth and currency performance in emerging markets
Bank Negara Malaysia’s governor speaks about balancing inflation and growth, supporting the ringgit, multilateral currency settlement and greening Islamic finance
Masaaki Shirakawa on his ‘unease’ about 2% inflation targets and lessons from Japan
The former Bank of Japan governor speaks with Christopher Jeffery about the need to properly understand the business of banking, making sound contingency plans and the BoJ’s current policy constraints
Trademark confusion influences US depositors, Fed paper finds
Federal Reserve Board researchers find a similar name to a failed bank decreases deposits
Bank and non-bank links pose systemic risk, NY Fed warns
Researchers find interdependence between the two sectors is growing
Lessons from the banking turmoil of 2023
Guardrails on capital, liquidity, deposit insurance, resolution, digitalisation and disintermediation need a rethink
Are low-level inflation targets still fit for purpose?
Geostrategic shifts make the case for a narrow price target less compelling