CB In Depth
Paul Volcker, 1927–2019
The Fed chair made his name battling inflation, and left his mark on independence and post-crisis financial regulations
Book notes: The Japanese central banking system compared with its European and American counterparts, by Yoshiharu Oritani
The book has “no equal” in reviewing new microeconomic theory for central banking
The pursuit of ‘fintecgrity’
Digital currencies, distributed ledgers and deep learning are set to transform the financial economy. How can regulators maintain integrity at the confluence of finance and technology?
Will the Fed pass its year-end funding test?
An unprecedented rate spike in September prompted the Fed to inject billions into funding markets. But will its efforts be enough to foil year-end pressures? Could opening the standing repo facility to foreign central banks help?
Canada’s Poloz on monetary policy limits, transparency and cyber recovery
Bank of Canada governor Stephen Poloz speaks about stagflation risks from trade wars, the importance of market signals, Canada’s CBDC plans and why he is not a fan of minutes
The challenges facing Christine Lagarde
The new ECB president will need to focus on a successful review of the ECB’s monetary and communications policy, while encouraging fiscal stimulus and structural reform
A spotlight on IPSAS Draft 69
Proposed accounting guidance for specific instruments by the Public Sector Accounting Standards Board may have significant implications for central banks
Book notes: The Bank of England and the government debt, by William Allen
Required reading for Treasury, Debt Management Office and Bank of England staff
Central banks turn to Instagram to reach younger generations
The audiovisual social media network is helping some central banks offer financial education and other campaigns for millennials and Gen Zs
Big data in central banks: 2019 survey results
Many central banks are overhauling their data governance, which has facilitated a broadening in their use of big data. They are also turning to external specialists for help
Was Draghi one of the great central bankers?
A look back at how Mario Draghi confronted the financial crisis and existential concerns about the euro
Tackling ‘dead-end’ monetary policy
A shift to lower inflation targets would help central banks escape forever-loose monetary policy, writes former IMF chief Jacques de Larosière
Big tech: a threat to banks?
The explosive growth of financial services offered by big tech companies in China offers important lessons
BSP’s Diokno on forward guidance and cutting reserves
The Central Bank of the Philippines governor speaks to Christopher Jeffery and Alice Shen about fintech, efforts to wean Asia off the US dollar, and why he wants to cut policy and reserve requirement rates
Book notes: Economics for the common good, by Jean Tirole
The book should be well received amid the recent rise in populism
Overseeing China’s payments revolution
The PBoC has tried to strike a balance between facilitating bigtech innovation and reining in risks, amid an explosive growth in mobile payments
Book notes: Narrative economics, by Robert Shiller
The book is good fun to read, but some elements are a little disappointing
Five insights into China’s green finance transformation
China’s top-down, state-directed mechanism may be the most effective way to embed green finance in a timely manner, writes the PBoC’s Ma Jun
Macro-pru is no panacea
Many central banks need better macro-prudential policy frameworks and communication at a time of rising political interference
30 years of forecasting: have central banks learned anything?
Forecasting models are constantly being upgraded, but forecast errors are still persistent. What more can central banks do?
Modernising currency management
Central banks continue to strive to optimise currency operations at a time when the relative importance of cash is falling, but usage continues to grow. William Towning looks back at the last 30 years
The Deutsche Bundesbank’s digital transformation
The German central bank’s new digital agenda includes major re-engineering of legacy analytics, processes, innovation management and digital competency
Fintech and risk: what does the future hold?
Five key areas where regulators need to make judgements on fintech risks
Uribe details aggressive Flar expansion plans
The Latin American fund chief, José Darío Uribe, speaks about: Flar’s efforts to support macroeconomic and financial stability; exposure to Venezuela; and more