Debt
Swaziland central bank needs macro-prudential powers – IMF
Fund urges authorities to fast-track reform to give central bank financial stability mandate; reliance on customs union leaves economy vulnerable
Housing reform ‘will stabilise’ market – Danish central bank
The new taxation system aims to reduce price volatility by 20% and stem rising house prices in cities
Australian first-home buyers have better finances, study finds
RBA research paper finds fewer people are transitioning from renting to owning houses, but those who do tend to be more financially stable
Riksbank: housing market is a ‘serious threat’ to stability
Swedish central bank welcomes amortisation proposals, but says further measures may be needed
Q&A: Asia’s caught in the Basel crossfire – Andrew Sheng
Veteran regulator says international standards may be the wrong medicine for emerging markets
PBoC offers reassurance on market liquidity after large-scale bond operation
Rollover of special government bonds will not have significant impact on liquidity, PBoC says; bonds were issued to finance China's sovereign wealth fund
BSP launches reforms to spur domestic debt market growth
The country aims to develop its domestic capital market to finance its massive infrastructure program; reforms will be undertaken over a period of 18 months
BoE’s Saunders says public is ready for rate hike
External MPC member denies hike would negatively impact household spending, noting inaction could leave the central bank behind the curve
Future Fund takes cautious stance despite strong returns
Australian sovereign wealth fund exceeds benchmark return but managers stress need for “discipline” amid reach for yield
Tougher action needed on China debts – research body
Asean research office says corporate debt needs close monitoring, even if immediate crisis is unlikely
Draghi’s ‘whatever it takes’ is not credible – Nobel laureate
Chris Sims says ECB cannot be sure it will be able to stop a run on the euro until it is backed by a central eurozone fiscal authority
Opaque money markets work well, Nobel laureate says
Bengt Holmström says policymakers should not try to make money markets more transparent
Archive – EMU: a sceptical US view
Allan Meltzer of the American Economic Association explains why he is worried about a union by the back door; first published in November 1997
Archive – Interview: Allan Meltzer
Robert Pringle talks to Allan Meltzer, Carnegie Mellon professor and chair of the US Congress’s International Financial Institution Advisory Commission (the “Meltzer Commission”); first published in February 2003
China’s current credit trajectory is ‘dangerous’, IMF warns
Fund revises up China’s GDP growth forecast, but warns debt-fuelled growth is unsustainable
The changing composition of central bank balance sheets
Quantitative easing may have been necessary, but it has created worrying distortions and has probably discouraged structural change, while deflecting attention away from ever-greater levels of debt leverage
Serbia’s Tabaković deems NPL action plan a success
Proportion of NPLs has fallen by 6% since 2015, says governor
Banks’ funding plans need ‘careful monitoring’, EBA says
Planned increase in MREL issuances in 2018–09 may cause problems, report warns
IMF designs new instrument amid rise of regional financing
The “policy co-ordination instrument” is designed to allow the fund to offer technical support to countries looking to unlock funding from regional arrangements
Jaime Caruana defends pre-crisis record as Bank of Spain governor
Former governor says ultimate responsibility was on the “deficient” management of the regional savings banks, which relaxed their lending standards
Fiscal challenges a worry for Trinidad and Tobago – report
Central bank cites rising debt and failed fiscal consolidations as reasons for ratings downgrade that could make borrowing costs higher on international markets
RBNZ considers cutting contingent instruments from capital regime
Central bank casts sceptical eye over debt instruments with in-built conversion triggers, following recent problems in Europe
EBA study quantifies impact of IFRS 9
Report finds smaller banks are likely to see a heavier capital impact from new accounting rules; Basel Committee paper says a mix of forward- and backward-looking rules may work best
Yellen warns of debt impact on productivity
Fed chair states in “strongest possible terms” that the current spending by the US government is unsustainable and could harm productivity