Trade
Stefan Ingves on central bank failings on inflation and financial stability
The Riksbank veteran speaks about liquidity, interest rate and non-bank regulatory reforms, the importance of saying ‘no’, and the need for explicit legal definitions for digital money
Climate change: a new financial risk for central banks
Overcoming ‘analysis paralysis’ and the lessons in capturing climate-related financial risks on the Deutsche Bundesbank’s balance sheet
Stronger US dollar hits emerging countries more, says IMF
Credible monetary policy frameworks are key to cushion external shocks, report argues
Russian central bank raises rates and warns of more to come
Nabiullina says inflationary pressures are rising and warns of effects of bigger fiscal deficit
US Treasury bolsters ties with Vietnam’s central bank
Treasury secretary Janet Yellen says US will promote “friendshoring” with Vietnam
Book notes: Forks in the road, by C Rangarajan
A memoir by one of India’s most distinguished governors, who presided over critical policy issues such as the 1990s’ balance-of-payments crisis
Bye-bye BCRA?
An Argentine presidential candidate proposes abolishing the central bank and the peso
Papua New Guinea’s Genia rejects calls for devaluation
IMF says kina is heavily overvalued
IMF extends food shock window despite low demand
Fund postpones end to looser caps on emergency credit
Argentina increases use of Chinese currency
Authorities repay IMF in renminbi, and allow it for local current and savings accounts
Two major lenders tighten limits on Russian transactions
Raiffeisen stops euro payments to Russia, and Bank of China stops yuan payments from Russia
BoJ’s easing stance fuels yen undervaluation dilemma
Japanese policy-makers need to consider feedback loop that an undervalued yen has on cost-push inflation; reflect on YCC exit options in ‘broad perspective review’, writes Sayuri Shirai
Campos Neto repeats opposition to common currency
Digital payments have outstripped benefits of “very old idea”
Iceland raises rates 125bp to head off ‘wage-price spiral’
MPC orders largest increase in two-year tightening cycle as inflation remains near 10%
Book notes: The Federal Reserve: a new history, by Robert L Hetzel
This book should become the standard reference for scholars
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
BoE’s Pill: UK must accept it’s ‘worse off’
Chief economist says declining terms of trade mean purchasing power must fall
‘Back to the future’ for FX reserve management
Rise in bond yields changes the dynamics of ‘security, liquidity and return’, writes Gary Smith
Illegal gold trade impacts Ethiopian reserves
Assosa region holds one of the greatest untapped resources of gold in the world
Argentine minister announces new dollar rate for winemakers
New bid to help exporters and build reserves after success of soy dollar
Book notes: The next age of uncertainty, by Stephen Poloz
This book provides a well-informed and well-argued view about our economic future
Book notes: A guide to good money, by Brendan Brown and Robert Pringle
The authors make some good points even if one does not agree with this full-bodied attack on Keynesian economics and inflation targeting
BoT’s Sethaput on inflation dynamics, central bank mandates and multi-lateral payments
The Bank of Thailand governor speaks with Christopher Jeffery about the trend towards higher inflation, the sustainable finance challenge, experiments with CBDCs and governance issues related to multi-lateral payments