Central Banking Journal - Volume XXVI Number 4
Articles in this issue
Brexit and Hungary’s challenge to European governance
The European Central Bank and Europe's political leaders must meet the challenge as another front opens for European monetary stability
Zeti Akhtar Aziz on crisis management, mandates and capacity building
Bank Negara Malaysia governor Zeti Akhtar Aziz speaks to Christopher Jeffery about her three-and-a-half decades spent tackling crisis management, capacity building and governance
Stanford's John Taylor on the global monetary system and central bank co-operation
The Stanford University professor talks to Daniel Hinge about how central banks can co-ordinate policy to break free from a downward spiral in interest rates
Towards a more stable monetary world order
A global network of independent central banks could act as a manager of expectations for asset and foreign exchange prices to reduce the burden of future crises, argues David Harrison
Central banks struggle to manage price expectations
Large central banks have responded aggressively to falling levels of inflation and inflation expectations, but with divided and limited success. What can policy-makers do to restore confidence?
Secrecy over MNB funds sparks constitutional dispute
Unanswered questions over the use of Hungarian central bank funds have led to a series of legal and constitutional battles
Optimising official reserve portfolios
Bank reserve managers require a modern, flexible approach to achieving the investment trinity of safety, liquidity and return. This strategy is typified by BlackRock’s model multi-asset portfolios, which use indexes as building blocks, maintain high…
Divergent monetary policies are top concern for reserve managers in 2016
Reserve managers view divergent monetary policies among the world’s top central banks as the most pressing challenge they face in 2016; asset and currency diversification continues
Threats and opportunities for money and payments in the digital age
Supervisors will need to adapt their frameworks to protect trust in new protocols associated with cryptocurrencies and distributed ledgers, not merely guard against new risks
The People’s Bank of China’s internet finance dilemma
China’s central bank faces a challenge encouraging the development of market-based internet financial services while regulating a business where a $7.6 billion Ponzi scheme recently blew up
To play the counterfeiter
The Reproduction Research Centre in Copenhagen helps central banks to counterfeit colour-shifting technology and machine-readable codes on banknotes in a bid to reduce fraud
Tiberius’s experiences with zero interest rates in 33 AD
Can the European Central Bank learn lessons from the use of zero interest rates by the Romans in 33 AD as they grappled with their own fiscal and monetary crisis?
Book notes: The end of alchemy, by Mervyn King
King’s book on how to fix everything that is wrong with the financial and economic system lays out radical proposals that deserve serious consideration
Book notes: Bretton Woods: the next 70 years
The Bretton Woods Committee has assembled a large number of distinguished authors for this volume, but ultimately the book ends up long on problems and short on solutions
Book notes: Lehman Brothers: a crisis of value, by Oonagh McDonald
McDonald's book offers a useful synopsis of the multiple failings at Lehman Brothers running up to 2008, but ultimately fails to add significantly to what was already known
Book notes: The power and independence of the Federal Reserve, by Peter Conti-Brown
Conti-Brown offers a call to action to fix the legitimacy of the Federal Reserve System, which is looking increasingly dated
