Financial crisis
Fed paper examines non-bank emergency facility
More flexible investors tapped facility earlier, doing more to stabilise markets
HKMA advances e-HKD exploration
Authority notes risks around cyber security and removing intermediary banks
The international effort to manage NBFI risks: where do we stand?
The Covid-19 shock demonstrated more needs to be done to address stability risks posed by the NBFI sector. Maurizio Trapanese details progress made during the Italian G20 presidency as well as outstanding macro-prudential issues
BoE paper finds benefits from swing pricing
Cost-benefit analysis suggests net benefit to curbing non-bank liquidity risk through swing pricing
War forcing central banks into ‘delicate balancing act’, says IMF
Sudden repricing of risk could expose vulnerabilities, fund says in latest stability report
Research provides deeper look into Riksbank’s policy decisions
Swedish central bank developed a flexible, faster deliberation process when dealing with pandemic
Is a bond market crisis imminent?
Central banks need careful action and a good dose of luck if they are to avoid financial instability
Saudi Arabia deposits $5 billion in Egypt’s central bank
Egypt agrees investment from Qatar and UAE, and seeks funding from IMF as wheat prices rise
Central Banking Awards 2022: the winners in full
Recipients of the 2022 awards include Stanley Fischer, the Bank of Korea, Mario Marcel and many more
Central bank of the year: Bank of Korea
South Korea’s central bank was the first developed-world central bank to tighten policy to address inflationary risks
Lifetime achievement: Stanley Fischer
Fischer has had a profound impact on monetary economics and central banking during his prolific career
Economics in central banking: Wenxin Du
Du’s work clarifies the dollar’s role as a barometer of global markets, and explores the myriad implications for financial stability
China holds loan prime rates
One-year remains at 3.7% and above five-years at 4.6%
Book notes: Shutdown, by Adam Tooze
A useful, wide-ranging overview, showing how health and economic policies are intimately intertwined with geopolitics
Rethinking sovereign risk
‘Risk-free’ assets now include the possibility of complete confiscation with no recourse
Change at the Bundesbank: from Weidmann to Nagel?
Joachim Nagel’s appointment highlights the importance of politics at the apex of German central banking. Veteran central bank watcher Klaus C Engelen looks at the media reaction and asks if Buba/ECB discord is set to continue
BIS paper highlights money markets’ impact on real economy
Central bank liquidity interventions can prevent large drops in output, authors find
RBI’s Patra highlights value of bold crisis communications
Central bank usually avoids the “glare of the limelight” but Covid demanded rethink, says Michael Patra
‘Flood’ of reserves may not boost liquidity, say Acharya and Rajan
Central bank balance sheet expansion could harm liquidity in some cases, former RBI officials find
Monetary policy impacts financial stability – BIS paper
“Leaning against” booms may be better goal than strict inflation targeting, say researchers
The longest book ever written?
The Single Rulebook on EU financial regulation is a serious contender for the prize of the longest book ever written. But will it deliver a safer and better financial system?
Afghanistan’s frozen assets trigger controversy as harsh winter looms
Cash that is “desperately needed” by ordinary Afghans remains frozen in overseas central bank accounts
Masaaki Shirakawa on lessons from crisis and how to reform central banks
The former governor reflects on a turbulent 40 years at the Bank of Japan, and considers how central banks might face up to the challenges of the future
Financial Stability Benchmarks 2021 – presentation
Central Banking’s governance subject matter specialist Dan Hardie speaks with Christopher Jeffery about policy committees, governor salaries and terms, and board compositions and functions