Central Banking Journal
Book notes: A full-value ruble, by Kristy Ironside
Soviet experience shows MMT worked, only with far more challenges and downsides than promoters envisioned
IMF gains bigger budget to handle economic ‘inflection point’
Decade of flat budgets hampered efforts to tackle “profound” macroeconomic shift, fund says
Is this the end for ECB QE?
High inflation makes it increasingly difficult for the central bank to justify asset purchases across the eurozone, despite rising fragmentation risks
Book notes: The future of money, by Eswar S Prasad
Prasad’s book is the best on the topic so far, providing the most complete description of issues and factors that will shape the future of money
Does Switzerland need an SWF?
A sovereign wealth fund could adopt longer-term strategies, invest in less liquid assets and increase exposures to riskier assets such as equities, potentially boosting returns
Book notes: Tumultuous times, by Masaaki Shirakawa
A rare and refreshingly honest description of a governorship that spanned a series of crises
The international effort to manage NBFI risks: where do we stand?
The Covid-19 shock demonstrated more needs to be done to address stability risks posed by the NBFI sector. Maurizio Trapanese details progress made during the Italian G20 presidency as well as outstanding macro-prudential issues
Is a bond market crisis imminent?
Central banks need careful action and a good dose of luck if they are to avoid financial instability
Book notes: Cogs and monsters, by Diane Coyle
Coyle brings much-needed nuance to the debate over the shortcomings of economics
Fractures in the monetary system
Seizure of Bank of Russia assets likely to have long-term implications for international system
Book notes: Mission economy, by Mariana Mazzucato
Although worth reading, the book doesn’t offer as many answers as it could when it comes to reimagining the capitalist system
Central Banking Awards 2022: the winners in full
Recipients of the 2022 awards include Stanley Fischer, the Bank of Korea, Mario Marcel and many more
Central bank of the year: Bank of Korea
South Korea’s central bank was the first developed-world central bank to tighten policy to address inflationary risks
Lifetime achievement: Stanley Fischer
Fischer has had a profound impact on monetary economics and central banking during his prolific career
Transparency: Czech National Bank
New monetary policy report, and publication of attributed minutes and economic model raise the bar for disclosure
Reserve manager: Central Bank of the UAE
The Middle Eastern institution approved a new investment policy, allowing it to diversify into new asset classes and, for the first time, allocate part of its portfolio to external managers
Economics in central banking: Wenxin Du
Du’s work clarifies the dollar’s role as a barometer of global markets, and explores the myriad implications for financial stability
Initiative: BoT and MAS’s PromptPay-PayNow link
Connecting the two nations’ instant payment systems is empowering citizens
Technology services: SAP
The software company pulled off a high-stakes ‘big-bang’ launch of a new core banking system for the Saudi Central Bank
Risk management technology: BlackRock’s Aladdin Risk
ESG feeds into integrated position reports, customised benchmarking and robust scenario analysis assist prudent reserve management
Specialised lending initiative: BNP Paribas Securities Services
Technology platform improvements have resulted in faster, safer and more tailored securities lending services to its central bank clients
Payments and market infrastructure development – retail: Central Bank of Brazil’s Pix
The implementation of the Pix real-time payment system in Brazil was a runaway success in terms of payment activity, innovations and inclusion
Payments and market infrastructure development – wholesale: Reserve Bank of India
The RBI’s work on its 24/7/365 RTGS can serve as a model and possibly as the bedrock for an international RTGS that operates around the clock
Financial stability initiative: ECB’s SSMnet
Online tool fosters cohesion, agility and effectiveness for supervisors working across member institutions of the European Single Supervisory Mechanism