Macro-prudential policy
Richer nations less likely to have central banks as sole macro-pru authority
Respondents from lower-middle income countries more likely to be only macro-prudential body
Activity-based regulation will not guarantee level playing field – BIS paper
Authors propose framework to clarify use of entity- and activity-based regulations
Eurozone needs macro-prudential tools for climate change, says ECB
Regulators are struggling to address climate change risks, joint ECB-ESRB report finds
Rethinking regulation of the modern financial system
Bank of Italy’s Maurizio Trapanese writes that rules need to address uncertainty as well as measurable risks, entity types as well as activities, and should not be overly complex
Shadow banks need macro-pru regimes – Bundesbank paper
Limits on shadow banks’ leverage could have helped avert global financial crisis, researcher finds
Tackling private-sector debt in the wake of the pandemic
Navigating Covid-19 debt is more of a challenge amid gathered storms of inflation and war, write Roong Mallikamas and Benjamin Weigert
BoE paper models macro-prudential spillovers
Agent-based model sheds light on how housing market policies affect different groups, authors say
Bank of Jamaica will expand supervision of climate risks
Central bank notes island country is among 20 most vulnerable to climate change
Turkish central bank tightens reserve regime for lenders
Central bank will also penalise lenders with high levels of foreign-denominated accounts
Uzbekistan central bank orders 300bp rate increase
Board refers to “high uncertainties and tensions in the external economic environment”
Raskin Fed role in doubt as key senators voice opposition
Manchin says appointment would “politicise” Fed with opposition to fossil fuels
Reciprocity can curb macro-prudential ‘leakages’ – BIS paper
But gains can be small, which may explain limited use of reciprocity to date, authors say
BoE consults on removing macro-prudential rule
Affordability test has drawbacks and may no longer be needed, given other tools, says FPC
ESRB calls for European cyber incident framework
Regulators must have joint response to systemic cyber incidents
Alternative data fuels central bank research
Important research areas include monetary transmission, exchange rates, digitisation, SMEs and climate change, against the backdrop of Covid
RBNZ’s Bascand: ‘bias towards prudence is probably a good thing’
But next 10 years likely to see greater focus on efficient regulation, outgoing deputy governor says
BIS calls for systemic approach to non-banks
“It is essential to reduce the need for emergency central bank support,” says report
BoE paper links inequality to credit crises
Central banks will redistribute resources whether they act or not, authors say
RBNZ prepares curbs on debt service
Central bank is concerned by “very high debt” and “unsustainable house prices”
Podcast: Bank of Lithuania on becoming a ‘data-centric’ organisation
Officials from the Bank of Lithuania provide an update on their Data Management Maturity Program, Damama
BIS statistics: OTC derivatives market value back to 2019 levels
Gross market values have fallen about a fifth since second half of 2020
New York Fed opens new research centre
Marco Del Negro will lead work on research methods and issues in macroeconomics
Asset sell-off biggest threat to Chile’s financial stability – Marcel
Governor reiterates warning against further pension withdrawals
People: ECB appoints new head of macro-pru
BIS names Innovation Hub directors; Bundesbank sends representative to Madrid; and more