Advanced economies
Philippines joins local currency settlement network
Malaysia, Indonesia and Thailand created system in 2017 to ease reliance on US dollar
Borio questions Larry Summers on ‘secular stagnation’
Two teams of economists present fresh evidence for divergent views of low real rates
‘Global inflation gap’ points to slack across advanced economies – paper
Authors find no evidence that inflation is “on the brink of surging ahead”
2018: The year in review
The past year marked a return to instability, but also saw some innovations among central banks
EME banks have ‘substantially’ increased global footprint – BIS research
Study finds emerging market banks have taken a greater role as their home economies have grown
More trouble likely after ‘bumps’ in past quarter, says BIS’s Borio
Corporate debt markets are looking overstretched and could trigger problems; term spread may not be best indicator of recession, special feature finds
Policy-makers need to tackle ‘liquidity illusion’ – Carstens
BIS chief warns asset managers may contribute to sudden withdrawals of liquidity; emerging markets should be willing to try unorthodox policies
Advanced economies suffer greater spillovers – BIS research
Study examines extent to which various central banks cause and suffer policy spillovers
Household debt is main risk for New Zealand – RBNZ’s Bascand
Deputy also notes country is more reliant than most on overseas funding
Review into New Zealand bank conduct reveals failings
New Zealand’s central bank urges government to provide regulators with sufficient powers to address conduct, as significant weaknesses appear in the sector
IMF cuts global growth forecasts
Likelihood of further negative shocks has risen, warns Maurice Obstfeld
Global output gap matters for inflation – BIS paper
Authors find domestic and global output gaps both important, but effects differ across economies
IMF paper explores interaction of capital controls and macro-pru
Capital controls do not “consistently” mitigate potential increases in cross-border flows
Italy’s expansionary budget increases pressure on debt
Draghi warns government plans have tightened financial conditions for households and businesses
US growth remains solid in Q3 – Atlanta Fed
Real-time GDP estimation signals 4.4% growth in current quarter
Riksbank says it will increase rates in December or February
Two board members call for earlier rate hike
The perilous road to normality
Many central banks are starting to tighten policy, but their room for error is limited and their final destination unclear. What more can they do?
Europe needs banking union to counter slower growth - Danish governor
Ageing population may slow GDP growth by 0.5% annually in coming years, Rohde says
Have central banks created a ‘debt trap’? No, but ...
Tougher regulation has helped ensure extraordinary monetary policy has not caused a dangerous rise in private debt
Bank of Ghana cuts rates as economy stabilises
Central bank lowers interest rates to 17% as inflation moderates to the middle of the target
Kganyago on central bank independence and future plans for the IMFC
The South African Reserve Bank governor spoke with Christopher Jeffery at the Central Banking Awards about the South Africa’s new president, the importance of operational independence and key targets for the IMFC
BoE to provide ‘tailored’ assistance to African counterparts
UK central bank to share expertise with counterparts in South Africa, Sierra Leone and Ghana, as part of wider initiative to support African economies
UK wage growth outstrips inflation
Lower unemployment and above-target inflation reinforce May hike probability
BIS report urges tighter global macro-pru co-ordination
Deputy general manager says global institutions could do more to promote co-ordination between advanced economies and “systemic middle-income countries”