International
BoT’s Sethaput on inflation dynamics, central bank mandates and multi-lateral payments
The Bank of Thailand governor speaks with Christopher Jeffery about the trend towards higher inflation, the sustainable finance challenge, experiments with CBDCs and governance issues related to multi-lateral payments
It is time to rethink the balance of monetary and fiscal policy
Jagjit Chadha says the current moment calls for more subtle policy engineering than in past bouts of high inflation
Sovereign debt restructuring can be improved – paper
Authors recommend changes to GDP-linked debt and process of loss sharing
Investors improve at funding high-impact climate tech – paper
After widespread failures investing in first wave of climate tech, investors are having more of an impact
Loose monetary policy has ‘big’ impact on crisis risk – NBER paper
Authors find causal link between easy policy stance and future financial instability
World Bank’s model ‘insufficient’ for global threats – Yellen
US Treasury secretary says institution needs to do more on climate change
Current regulation ‘not fully fit’ to handle big tech – Carstens
BIS chief offers ideas for new regulatory framework to govern data-focused platforms
Central banks should explain why losses are necessary – BIS paper
Policy goals sometimes necessitate losses but they need to be accompanied by clear communications
Pandemic fiscal support had rapid inflationary impact – NBER paper
Inflationary impact of support to consumers was “quick to ensue, but moderate”, authors find
Risk Management Benchmarks 2023 report – shifting priorities
Central banks are increasingly focused on cyber security risk, while market risk and human resources are rising concerns
Cash demand solid despite digitalisation, CPMI finds
Latest ‘red book’ statistics show rapid growth in cashless payments, but demand for cash still resilient
IMF says global economy may be at ‘turning point’
China and India expected to drive half of global growth this year, but other economies are lagging
Global liquidity driven higher by derivatives and euro lending
BIS statistics show contraction in dollar lending to emerging and developing economies
Stefan Ingves on leadership, prudential oversight and transparency
The Riksbank and Basel Committee veteran speaks about his leadership philosophy, Basel III deal-making and concerns about regulatory rollback, the value of QE and negative rates, and the need for a legal architecture for CBDCs
‘Neglect’ of money growth may have harmed forecasts – paper
Study finds forecasters make larger errors when money growth is highest
BIS paper proposes new capital flow management tool
Offsetting capital flows rather than blocking them could be the optimal choice, authors say
Eight key elements to managing a central bank
Former governor Peter Nicholl describes eight critical lessons he learned while developing governance and capacity of the Central Bank of Bosnia and Herzegovina
‘Funding for lending’ may suffer side effects – BIS committee
Survey finds lending schemes tend to be effective, but firms may become dependent
FSB finds implementation of non-bank reforms still ‘incomplete’
Banks are well insulated but more progress needed on liquidity management and securities financing
‘Geo-economic fragmentation’ could cut GDP by 12%, says IMF
Georgieva says world faces “new Cold War”, putting global financial stability at risk
Currency Benchmarks 2022 – presentation
Currency specialist Ben Margulies discusses cash volumes and use, currency production and design, cash and the climate, and other topics
BoE paper finds non-banks act as global stabilisers
Non-bank firms help dampen the impact of US monetary policy spillovers, authors find
The always imminent demise of the global dollar
Creating effective alternatives will remain long and arduous despite China’s development of Cips, the mCBDC bridge and any oil-price redenomination, writes Barry Eichengreen
IMF’s Gopinath rewrites classic open-economy model
Mundell-Fleming model’s assumptions make it less useful for modern policy-making, economist says