Central Banking Journal
RBI’s Shaktikanta Das on financial sector reform, sticking to inflation targets and the e-rupee
The Reserve Bank of India governor speaks about developing credible self-insurance, bank regulatory reforms, and daily UPI payments hitting 300 million transactions
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
Rule-setters need to heed their own advice
The US risks a reputation for failing to meet standards to which it holds others
Banknotes: April to June 2023
A round-up of news and salient issues that have affected central bankers in the past three months
To govern well, manage ‘enterprise’ risk
Effective risk management should be governance-oriented and top-down; not operationally oriented and bottom-up, writes John Mendzela
People: April to June 2023
A round-up of central bankers in the news and on the move during the past three months
Book notes: The Federal Reserve: a new history, by Robert L Hetzel
This book should become the standard reference for scholars
The allure of private markets
SWFs have piled into the asset class while reserve managers remain wary
IMF’s Adrian on the systemic threat posed by a ‘weak tail’ of financial institutions
IMF’s financial counsellor discusses the need for action on run rate assumptions, interest rate risk, deposit insurance and crypto regulation
Another financial crisis hiding in plain sight
Steve Kamin analyses how the risks that sank SVB were plain enough to those who looked for them
Book notes: States and the masters of capital, by Quentin Bruneau
Chronicling the practices and players involved in privately financed sovereign debt
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
Book notes: Money and the rule of law, by Peter Boettke, Alexander Salter and Daniel Smith
A largely US-focused book, which hankers for more robust rules for central banks but isn’t explicit as to what kind
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
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
‘Back to the future’ for FX reserve management
Rise in bond yields changes the dynamics of ‘security, liquidity and return’, writes Gary Smith
A troubling trilemma
Central banks need to tread a fine line as they serve as the economy’s police, fire brigade and paramedics
Banknotes: January to March 2023
A round-up of news and salient issues that have affected central bankers in the past three months
Edmund Phelps and the search for a ‘new economy’
The Nobel Prize winner is concerned something is deeply wrong with how policy-makers think about the economy
People: January to March 2023
A round-up of central bankers in the news and on the move during the past three months
Lifetime achievement: Stefan Ingves
Modest man from the Finnish ‘boonies’ has had a major impact on international central banking
Book notes: The next age of uncertainty, by Stephen Poloz
This book provides a well-informed and well-argued view about our economic future