Growth
Lula’s risky challenge to the Brazilian central bank
President can nominate board members and increase inflation target as he pushes for lower rates
The allure of private markets
SWFs have piled into the asset class while reserve managers remain wary, writes Blake Evans-Pritchard
BoE raises rates 25bp and ditches UK recession forecast
Central bank predicts inflation will stay higher for longer after MPC splits 7–2 on policy hike
IMF’s Adrian on the systemic threat posed by a ‘weak tail’ of financial institutions
The IMF’s financial counsellor speaks to Christopher Jeffery about bank runs and emergency interventions, market and oversight failings, and the need for action on run rate assumptions, interest rate risk, deposit insurance, crypto regulation and a ‘weak…
Book notes: The rise of central banks, by Leon Wansleben
The books is at its best when the author focusses on sociological angles related to central bank economics
Book notes: The big con, by Mariana Mazzucato and Rosie Collington
The authors highlight that the excessive pursuit of efficiency results in ineffective government agencies
Central bank negative equity: a risk governance perspective
Janet Cosier explains how risk planning, recapitalisation and transparency are key as central banks incur financial losses
Climate change and the role for central banks
Gavin Bingham, Andrew Large and Paul Fisher explain how climate change affects central banks and the competing tensions it raises in relation to policy responses
Structural reforms could ‘unleash’ Indian growth – IMF paper
Study highlights shift in sources of productivity growth in India
Challenges ahead for Ueda’s easing commitment
BoJ governor’s plan to maintain monetary easing until 2% inflation is hit may not be easy, writes Sayuri Shirai
Youth disconnect could create ‘less-skilled workforce’ – Dallas Fed
Declining labour force participation is detaching younger people from work, authors find
RBI pauses to assess effects of rate increases
Surprise decision comes as inflation remains outside the central bank’s target band
Illegal gold trade impacts Ethiopian reserves
Assosa region holds one of the greatest untapped resources of gold in the world
State Bank of Vietnam cuts interest rate
Central bank says Vietnam’s economic growth has faced difficulties
Fed’s Cook says monetary policy is now restrictive
PCE and core PCE inflation both fall as Cook argues tight banking conditions could ease path
Edmund Phelps and the search for a ‘new economy’
The Nobel Prize winner helped lay the foundations of modern macroeconomics. Now he is concerned something is deeply wrong with how policy-makers think about the economy
Georgieva warns of increased risks to financial stability
Action by policy-makers has only eased stress “to some extent”, IMF chief says
IMF review finds flaws in Covid-19 response
Key departments lacked sufficient staff and fund missed surge in inflation, IEO report says
SNB increases rates by 50bp in wake of Credit Suisse crisis
Swiss central bank sold Sfr27 billion in foreign currency in Q4 to tighten financial conditions
Fed raises rates 25bp and signals possible halt soon
Credit tightening may substitute for further rate hikes, Powell says
Denmark adjusts rates after ECB increase
Central bank warns inflationary pressures will remain high and calls for fiscal caution
Sarb deputy warns on growth prospects
Cassim says economy is “remarkable for the wrong reasons”
Blanchard and Summers say higher inflation likely to persist
Veteran economists say structural factors are likely to push up neutral rate and inflation
China sets modest growth target ahead of leadership reshuffle
Outgoing premier Li calls for accommodative policy and warns of property sector risks