Debt
Bank of Israel criticises government’s defence spending plans
Outgoing governor Flug also disagrees with finance ministry’s low-tax policies
Brian Wynter on Jamaica’s inflation-targeting transition
Jamaican governor says the end of fiscal dominance plus the creation of a two-way forex market and an effective interest rate policy mechanism essential for “full-fledged” inflation target
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?
Turkish lira down 22% as crisis builds
Lira collapses and bond yields soar as Donald Trump unveils fresh sanctions
Changes in interest rates impact richest 20% more than the poor – Kganyago
South African governor says microloans are shaped by factors other than monetary policy
Zimbabwean economy faces uncertainty after controversial election result
Violence and accusations of unfairness around the presidential election have dampened hopes of economic recovery
BIS paper links Japan’s household debt to consumption behaviour
The researcher examines how Japanese household debt affects marginal propensity to consume
US dollar credit to emerging markets growing faster, reveals BIS data
Growth in dollar-denominated debts up 9%, with growth in debt securities even faster
BIS paper compares current Asian vulnerabilities with 1997 crisis
Global banking statistics could have given warning signals ahead of Asian crisis, authors say
Viability of debt issuance could be hit as QE ends – Bank of Canada paper
QE played important role in funding treasury debt issuance, researchers say
IMF urges European authorities to complete banking union
Fund backs ECB’s accommodative stance; rates should remain low after QE ends in December
Book notes: American default, by Sebastian Edwards
Edwards’ book is fascinating, well written and enjoyable, and provides an account of one of the US’s forgotten chapters of history
Ugandan governor says central bank not ‘obliged’ to bail out banks
Bailouts could encourage mismanagement, he says
Central bank financing spells trouble for Guyana – IMF
Fund warns central bank financing of government could create problems for monetary policy and calls for better debt management infrastructure
IMF aims at major reforms of Malawi’s central bank
Aid aims to help central bank move to interest-rate-based framework and inflation targeting
Zimbabwe clears debt with IMF but hurdles to financing remain
IMF looks to extend debt deadline for Somalia and Sudan
Bank of Thailand: housing market oversupply needs monitoring
Oversupply is pushing down prices, but developers continue to rack up debt
Book notes: China’s Great Wall of Debt, by Dinny McMahon
McMahon is too pessimistic about the chances of China managing to get its great wall of debt under control, writes Michael Taylor, but he is undoubtedly right about the scale of the challenge
National Bank of Angola settles $426 million debt with Namibian counterpart
Failed currency agreement resulted in huge accumulation of debt as a fall in oil prices stifled Angola’s access to US dollars
New Jamaican law could end Caribbean’s ‘colonial era’
Granting the Bank of Jamaica operational independence to pursue an inflation target could transform central banking in the Caribbean
Bank of Jamaica’s Wynter on the path to inflation targeting
Bank of Jamaica’s governor talks about revamping accountability, communications and operations as the central bank embraces inflation targeting
PBoC cuts RRR amid growing instability
The move will release $108 billion amid concerns on the slowing economy and trade disputes
Employer-employee loans can cut credit risk - Minneapolis Fed article
Research looks at Minnesota scheme
BIS sees ‘narrow’ path to safety as global risks build
BIS softens message on tighter monetary policy, but calls for concerted action as global debt reaches fresh highs