Financial crisis
Bulgaria: long live the currency board
Bulgaria should reject the euro and extend its currency board to cover bank deposits
Central Banking Awards 2020: the winners
All the winners in the 2020 Central Banking Awards
Lifetime achievement award: Otmar Issing
The architect of the euro’s monetary operating framework is still playing an important role in shaping the debate on monetary policy
Sharon Donnery stresses international co-operation role in financial stability
Irish deputy governor explains macro-prudential measures implemented since global financial crisis
Governor of the year: Mark Carney
Carney has played a vital role in managing Brexit risks while driving efforts towards climate, payments and dollar funding reform
Better IT protected banks during financial crisis – IMF paper
NPLs were 10% lower in banks with stronger IT infrastructure, research shows
Bad banks work, but not in isolation – BIS paper
Researchers study what factors lead to successful “asset segregation” schemes
Book notes: The long journey of central bank communication, by Otmar Issing
This book is a “masterly exposition on central bank communication, its evolution and continuing challenges”, writes Anand Sinha
Atlanta Fed research offers 17th century lessons for proposed standing repo facility
Crises can pose demand and credibility challenges, researchers warn
Climate risk models not up to scratch, warns BIS report
New research highlights models’ inability to accurately anticipate climate risk; says central banks must not become “climate rescuers of last resort”
Machine learning model flags importance of yield curve for crisis prediction
Model has potential to allow policy action before crisis hits, BoE paper says
Crises are non-linear, beware high debt levels – research
IMF paper warns against complacency on high debt levels
Macroeconomics is not broken
The discipline has moved beyond the neoclassical synthesis. Critics should too
Yngve Slyngstad: contrarian person, brilliant investor
Knut Kjær reflects on the character of the man that has led Norway’s $1.1 trillion sovereign wealth fund and contemplates the complex governance challenges ahead
Andrew Bailey to be next BoE governor
FCA chief will return to central bank after turbulent term at sister regulator
‘Sharp tightening’ can create multiple equilibria – New York Fed paper
“Multimodality” means economy could be stuck in “bad equilibrium” for a long time, authors warn
Paper looks at pro-cyclical consumption in Spain
Households reacted strongly to fears of job losses during economic crisis, Bank of Spain says
RBNZ to impose 18% capital ratio on big banks
Central bank finalises plans for substantial increase in minimum capital requirements
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
Canada’s fiscal stimulus worth 100bp of rate cuts – Poloz
Infrastructure investment has also helped to reduce financial vulnerabilities
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
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