Balance sheet
2024: The year in central banking
A look back at the biggest and most popular news stories of the year
Upping LCR will not address systemic risks – Hernández de Cos
Panellists shed light on liquidity risks in banks, non-banks and US Treasuries
The monetary base and seigniorage in a digital era
Rapid technological innovation in payment systems portends declining demand for money. Emerging markets and low-income countries may have to lower their expectations of seigniorage revenue
E-krona adviser on offline trials, legislative changes and rollouts of CBDCs
Sveriges Riksbank’s Johan Schmalholz speaks about latest CBDC developments on sidelines of Central Banking’s Windsor training series
What Goldman’s appeal victory means for Fed stress tests
Decision could embolden more banks to appeal, analysts say. But others believe result is one-off
ECB paper finds asymmetric spillover from US monetary policy
Tightening episodes affect emerging markets more than expansionary episodes do, say researchers
Stablecoins are not ‘crypto safe haven’ – ECB paper
Shocks in crypto markets significantly reduce stablecoin market capitalisation, researchers find
ECB official open to offering liquidity aid to non-banks
Deputy director doesn’t rule out copying UK plan to extend repo facility to pension funds and life insurers
How (not) to review your monetary policy framework
The Fed made some mistakes in its last strategy review. As it prepares to have another go, it could learn from other central banks
Central banks must reckon with the costs of quantitative easing
Asset purchase programmes have become a significant loss-maker for central banks. Jagjit Chadha says the losses raise questions about value for money, fiscal distortions and independence
Interpreting the PBoC’s slew of policy reforms
How are new stimulus measures, bond market tactics, deflationary pressures and monetary policy framework changes affecting central banking in China?
All eyes on the Fed
The US central bank faces a challenging path to fulfil its mandated goals
EBA study calls for stablecoin reserves transparency
Authors say suspensions of withdrawals can prevent bankruptcy
Campos Neto on inflation targeting, independence and the future of financial intermediation
The Brazilian governor speaks with Christopher Jeffery about tackling inflation, the need for financial autonomy, and redefining the financial landscape with open finance, programmable Pix, deposit tokenisation and sound cross-border payments governance
Book notes: Easy money, cryptocurrency, casino capitalism, and the golden age of fraud, Ben McKenzie with Jacob Silverman
Casts light on how shady crypto characters defraud consumers but does little to identify and control such fraudsters while protecting the public
BIS publishes centuries of data on central bank balance sheets
New “spliced” series extends back to founding of Sweden’s Riksbank in 17th century
Distribution of reserves determines QE and QT’s impact – BoE paper
Policies have ‘highly asymmetric’ impacts on reserve-scarce banks, researchers say
Central banks face a capital framework imbalance – should we care?
Most economists say clear recapitalisation frameworks are important. But many central banks still lack them
Central bank balance sheets: is there an optimal structure?
Establishing guidelines is challenging, although there are many reasons why CBBSes are heterogeneous
Monetary Policy Benchmarks 2024 – model banks analysis
Further breakdowns of the data reveal patterns in staffing, liquidity tools and transparency
Full-scale war with Hezbollah is a tail-end event – Bank of Israel deputy
Andrew Abir says central bank has advised government to ensure adequate fiscal space as it expects war to last longer and revises its growth and inflation forecasts