Central Banking Journal - Volume XXV Number 1
Articles in this issue
New frontiers for central banking
Central banks are embracing macro-prudential policies with the same gusto as they did inflation targeting and independence in the 1990s. But they are in danger of over-relying on such approaches
The story of Central Banking
Founder Robert Pringle recalls how after a slow start Central Banking achieved lift-off
Twenty-five defining moments
Central Banking identifies 25 of the most significant events to have shaped the official sector during the past 25 years.
Two future paths for central banking
Andrew Haldane identifies two future worlds for central banks along with their implications for monetary policy, macro-prudential regulation, operations and transparency.
Raghuram Rajan on the dangers of asset prices, policy spillovers and finance in India
Raghuram Rajan, governor of the Reserve Bank of India, speaks about the challenges facing emerging market central banks, spillovers and getting to know India’s new prime minister Narendra Modi.
The reorientation of central bank policy objectives
In this sponsored feature, Peter Warburton and Joanna Davies discuss how the policy challenges for central banks have been transformed in the aftermath of the global financial crisis
The challenges for central banks
Demands are being made for central banks to consider financial stability alongside price stability, as a key component of their monetary policy. But that is nothing new for central banks
Agustín Carstens on Fed policy, shadow banking and Mexico's economic strengths
Agustín Carstens, governor of the Bank of Mexico, speaks about the work of the IMF, tackling shadow banking and how Mexico has kept a strong economic position in the midst of the financial crisis.
Choosing a suitable exchange rate suitable for price-takers
Flexible exchange rates can act as an asset price as well as a price for goods and services, so movements can distort the market for goods and services. Taxing capital inflows can address the matter
Evaluating enhancements to reserve management
David Smart, managing director of strategic advisory, sovereign & institutional funds, Franklin Templeton Solutions, discusses developments in reserve management over the past 25 years
(Too) great expectations for macro-prudential?
Macro-prudential policies are a welcome response to the financial crisis, but not necessarily in their current incarnation. BIS economics head Claudio Borio highlights their limitations
MAS' Ravi Menon on Fed policy, China and global regulation
Monetary Authority of Singapore head speaks about Fed policy normalisation, China’s economic trials, global regulatory reforms, macro-prudential policy challenges and regional economic integration
Can central bankers live up to their role as the guardians of finance?
Central bankers need to be the risk managers of the financial system to help mitigate the fallout from future crises. Those that engaged in the latest bouts of QE have not made a good start
Renminbi as a reserve currency
China’s renminbi is gaining traction as a global currency, which will pave the way for a multiple global reserve currency system. Discussed here by John Zhu, economist, Greater China, HSBC
Payments achitecture fit for the 21st century
Globalisation, changes in FMIs and the emergence of new payment schemes will require ever closer co-operation to ensure the safety and efficiency of the underpinnings of the financial markets
The evolving role of the Eurosystem and its national central banks
Anne Le Lorier pinpoints the challenges Eurosystem central banks will have to address in the aftermath of the global financial crisis.
Financial inclusiveness and financial stability are key to success
Bangladesh has achieved growth in excess of 6% for the past decade, aided by its focus on financial inclusion. The next step is to modernise finance, writes Atiur Rahman
Book notes: Alexandre Lamfalussy, by Christophe Lamfalussy, Ivo Maes and Sabine Peters
This is a fascinating account of the life and career of a great European
Book notes: The Dollar Trap, by Eswar S Prasad
A lively and compelling analysis on currency wars in the wake of the financial crisis – and the likely persistence of the US dollar as the world’s pre-eminent currency
Book notes: Deliberating American Monetary Policy, by Cheryl Schonhardt-Bailey
Using recordings of meetings of not only the FOMC but also of the House Financial Services Committee and the Senate Banking Committee, the book tries to understand how monetary policy is decided
Book notes: Mass flourishing, by Edmund Phelps
This is a recommended read, not only because it was written by Edmund Phelps, the 2006 Nobel Laureate in economics, but for encouraging reflection on fundamental issues related to modern life
