Bailout
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
Ethiopia secures $3.4bn IMF package after floating currency
Funding likely to catalyse additional external support, institution says
ECB supports European Commission’s banking plan
Central bank calls for eurozone-wide guarantee scheme and more funds for resolution
Switzerland and Norway raise rates
Norges Bank expects further increases while SNB does not rule them out
BoF’s Rehn says government plans violate central bank independence
New Finnish prime minister says he will revisit policy statement
Fed creates new liquidity backstop amid contagion fears
Valuing collateral at par marks significant break with rules on standard liquidity facilities
Capturing moral hazard: the Scarlet Pimpernel of finance
Moral hazard exists in many contexts, but can be ‘damned elusive’ to capture, writes Jesper Berg
Christopher Sims on modelling the inflation surge
Unprecedented series of shocks creates major challenges for central bank forecasters, the Nobel Prize-winning economist tells Daniel Hinge
Bernanke, Diamond and Dybvig win Nobel Prize
Economics prize goes to authors of widely cited work on financial crises
The PBoC, real estate debt and financial stability in China
Central bank policy-makers are restricted in terms of capacity and space by their efforts to manage the nation’s property bubble amid declining growth
Chinese authorities repay more depositors amid banking scandal
Analysts say the banking crisis in Henan and Anhui could precipitate more rural bank runs
Argentine central bank hikes rates as inflation reaches 30-year high
Central bank makes optimistic comments on inflation path
Chinese draft law sets up financial stability fund
New government committee would oversee financial stability as concerns grow
FSB says gaps remain in resolution regimes
Ten years since resolution framework was published, bank bailouts are still taking place
The RBI’s next big question: how to normalise monetary policy?
India’s central bank needs to plan an exit from its efforts to manage the ‘impossible trinity’
Claudia Buch: ‘We need higher transparency’ on resolution
Bundesbank vice-president discusses progress towards ending ‘too big to fail’, evidence of fragmentation and how to fill information gaps
Yellen calls for ‘new Dodd-Frank’
Fed prevented financial crisis in March, says former chair, as Brainard backs calls for reform
FSB flags ‘gaps’ in too-big-to-fail reforms
Report highlights evidence reforms are working, but resolution remains imperfect and data limited
Why Bulgaria needs to deepen its currency board
The BNB’s currency board rules should be extended to transaction deposits at commercial banks, which could in turn issue digital currencies, even in the event of euro adoption
Bulgaria: long live the currency board
Bulgaria should reject the euro and extend its currency board to cover bank deposits
Lifetime achievement award: Otmar Issing
The architect of the euro’s monetary operating framework is still playing an important role in shaping the debate on monetary policy