Financial crisis
Do central banks need more tools to regulate the financial system?
Policy-makers from Armenia, Thailand and New Zealand share perspectives on how to keep up with the ever-changing industry
US life insurers more exposed to ‘risky’ debt than in 2007 – study
Fed research compares current situation to subprime exposure that preceded financial crisis
Bowman’s ascent sparks office intrigue at the Fed
Trump’s vice-chair for supervision pick is said to have a prickly relationship with Powell
Bundesbank backs German debt brake reform
Next chancellor could try to push reform through before new parliament is sworn in
Basel uniformity fades as members defy dress code
Rule-makers diverge from Basel III standards, denting aims of comparability and fuelling fears over fair competition
Cool heads must guide financial regulation of climate risk
Supervisors can’t simply rely on ‘magical thinking’ of market discipline, says Sergio Scandizzo
Key lessons from 15 years of macro-prudential policy
Pedro Duarte Neves reviews how macro-prudential tools can be used for maximum effect
FSB: big banks could be sidelined from future rescue deals
Exacerbation of too-big-to-fail means G-Sibs could already be too large to take extra assets
Information impacts dealers’ behaviour in crises – BoE paper
“Information chasing” helps explain how prices are set during liquidity shocks, authors say
Central banks need to step up their crisis management plans
Patrick Honohan argues that robust preparation can better protect reputations in the event of a crisis
Book notes: Central bank capitalism: monetary policy in times of crisis, by Joscha Wullweber
This book asks if independent monetary policy is feasible at a time when central banks prop up the poorly regulated shadow banking sector
BoE governor calls for greater global financial regulation
Bretton Woods institutions need to be proactive in an increasingly shock-prone world, Bailey says
Forbearance does not always lead to ‘zombification’ – BoE paper
Well-designed policies can support firms through temporary periods of stress, researchers find
Inflation targeting regime needs reform – BIS paper
Authorities should recognise what monetary policy can and cannot do, argues Claudio Borio
Central Bank of Tunisia to lend up $2.2 billion to government
Loan amounts to around 28% of the central bank’s foreign currency reserves
Market-based systemic risk metrics ‘crucial’ for supervisors
Paper finds measures are effective at predicting crises in the US over a long period
NBER paper offers ‘unified theory’ of liquidity traps
Researchers ask whether major economies are doomed to return to zero lower bound
The GFXC chair on the next steps for the FX global code
Global FX Committee chair Gerardo García speaks with Christopher Jeffery about updating FX best practice, improving buy-side engagement and revising settlement risk estimates in the BIS’s triennial survey
The past and future of BIS economics
The monetary and economic department has become an influential force in central bank economics. Claudio Borio looks back over 37 years at the institution and Hyun Song Shin looks to the future
Fake it ’til you break it: the battle against disinformation
Transparency, beefed-up comms and AI are all being enlisted in central banks’ fight against falsehood
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