Financial crisis
Chile governor warns on Europe and US
Central Bank of Chile governor says Europe in “trouble” and US at risk of waking up from “lethargy” too slowly
Carstens laments four fundamental weaknesses at IMF
IMF releases Agustín Carstens’ statement to the executive board following interview; describes four fundamental weaknesses he wants to address
Bank of Italy paper examines Italian labour market adjustments
Bank of Italy study shows Italian firms reduced working hours and employment to address shortfall in demand post-crisis
IMF paper on GCC equity market spillovers
Fund study says Gulf Cooperation Council equity markets were exposed to US and regional losses during crisis
LCR should include equity, says ACP’s Nouy
Basel III liquidity coverage ratio should admit equities with significant haircuts, says Danièle Nouy at the Autorité de Contrôle Prudentiel
Toxicity Index levels rising: RBI report
Reserve Bank of India June 2011 Financial Stability Report finds evidence that exposure to inter-bank distress is creeping upward
US dollar leading currency peg: ECB paper
European Central Bank study shows US dollar continues to dominate as most used exchange rate currency anchor
Interview: John Mendzela
John Mendzela is a specialist in central bank governance and strategic management. Here he discusses the gaps in central bank governance highlighted by the crisis and presents some potential fixes
Qualitative indicators could have spotted crisis: Buba paper
Bundesbank study highlights importance of qualitative risk assessment in banking supervision
Ex-IMF adviser calls for 'hard rules' on cross-border resolutions
Former IMF adviser Rosa Lastra says international regulatory framework should apply 'hard' rules on cross-border resolutions; says FSA was scapegoat in crisis
Diamond abandons Fed ambitions
Peter Diamond pulls out of race to become the next Federal Reserve governor; says “shortcomings” in confirmation process and “fundamental misunderstandings” in conducting monetary policy to blame
Bankers underestimate need to recapitalise: ECB paper
European Central Bank study shows bankers’ incentive to recapitalise during periods of crisis are undermined by negative externalities
Central banks in 'uncharted waters', Lamfalussy tells ACI Congress
Former BIS chief recognises challenges facing central banks, but praises the ECB for its performance during the financial crisis
RBI wants new law to better regulate financial companies
Reserve Bank of India working group wants all large financial groups to be governed by new financial holding company structure; central bank would serve as regulator
Will the new monetary policy consensus work for a small, open economy?
A new consensus is emerging for how monetary policy should be conducted. However, using the Czech experience as an example, Jan Frait, Zlatuše Komárková and Luboš Komárek argue that it may be difficult to apply in small, open economies
The case for symmetrical monetary policy and its role in the new financial architecture
Central banks should adopt a more symmetrical approach to monetary policy in supporting financial stability. Bernd Braasch discusses how such an approach can best be implemented amid the jumble of policy strands competing for officials’ attention
Avoiding group think and conflicts of interest: widening the circle of central bank advice
Central banks may better serve the public by calling on a broader group of economists for advice, Gerald Epstein and Jessica Carrick-Hagenbarth believe
Reform of the international monetary system: a modest proposal
Richard N. Cooper presents an idea to enhance the stability of the international monetary regime
Reforming financial regulation and the international monetary system
The regime we have is far from perfect. But regulatory oversight can go some way towards countering its flaws, Jacques de Larosière believes
The whys and hows of CoCo issuance
There is much support for contingent capital, or CoCos, among regulators and economists. However, officials, bankers and investors alike are unsure what should serve as the trigger to turn debt into equity. Here, Charles Calomiris and Richard Herring…
Interview: Kevin Warsh
On the eve of his departure from office, the Fed governor talks to Blair Baker about the forces behind the financial crisis and why we remain far from fixing the system
The three-trillion-dollar question
Keen to assert its monetary autonomy, the People’s Bank of China is locked in a tussle with the finance ministry to determine how the country’s excess reserves are managed
Ganbaro Nippon!
Robert Pringle reports from Tokyo on the Bank of Japan’s response to the Great East Japan Earthquake
A retail ring-fence for the UK
Robert Pringle and Hugh Sandeman analyse the Independent Commission on Banking’s interim report