Imbalances
Book notes: We need to talk about inflation, by Stephen King
A short, sensible book that highlights key issues – and might make a good, belated Christmas gift!
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
SBP raises rate 100bp amid balance of payments ‘stress’
Inflation continues climb while reserves remain at critically low levels
Loose monetary policy has ‘big’ impact on crisis risk – NBER paper
Authors find causal link between easy policy stance and future financial instability
Stefan Ingves on leadership, prudential oversight and transparency
Riksbank veteran talks about Basel III, policy lessons and CBDCs
South Asia’s rapid progress under threat, IMF warns
Millions have escaped poverty but “bold” policies are needed to avoid backsliding
The strong dollar, global inflation and global recession
Steve Kamin asks whether the Fed’s tight policy is pushing the world towards recession
Rethinking the CCyB
As central banks rush to replenish bank capital reserves, the countercyclical buffer may need some fine-tuning
Chile’s Costa on tackling inflation, forex interventions and nowcasting
Chilean governor discusses stubbornly high prices, Fed spillovers, reserve buffers, retail CBDC and unconscious bias
How central bank mistakes after 2019 led to inflation
There is a need to acknowledge errors and take concrete action to restore confidence in policy-making
Non-bank access to RTGS systems still rare
Only a handful of central banks allow non-bank users
Pakistani governor steps down as term expires
Government chose not to renew Reza Baqir’s term
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
IMF signs off on Pakistan aid despite ‘exceptionally high’ risks
Central bank reserves are low and fiscal spending breached limits, but recovery is proving strong
Saudi Arabia boosts Pakistan’s reserves
Package from Saudi development fund comes as Pakistan’s balance of payments issues ease
Sri Lankan central bank raises rates as reserves run low
CBSL says it is seeking foreign funding as external balance faces “multitude of challenges”
An assessment of the ECB’s strategy review
Aspects of the framework raise challenges for implementation and credibility, while climate change inclusion may politicise the institution
A rebuttal of Philip Turner’s criticism of the BIS ‘house view’
Critiquing Philip Turner’s occasional paper, ‘The new monetary policy revolution: advice and dissent’
RBI’s Das: pandemic improved India’s external balance
Boom in software business helped shore up current account and boost RBI reserves, governor says
IMF grants Tonga $10 million emergency loan
Fund’s Article IV report expresses concern about banking sector; predicts GDP contraction