Feature/Financial Stability
Bretton Woods transcripts reveal global discord that still resonates today
In the first of three articles, Andrew Rosenberg discusses the issues that arose at the 1944 conference that continue to echo down through the years.
Collateral problems in the euro area
The euro area sovereign debt crisis has caused remarkable growth in the operations of the Eurosystem. It also led to diminished collateral availability.
The ghost at the IMF’s Tokyo feast
Robert Pringle looks back at the main themes of the IMF’s annual meeting, which was held in October in Tokyo, and forward to prospects for 2013
Taming the finance monster
The best way to resolve global financial instability is for the owners of capital to assert themselves, with sovereign funds well positioned to take the lead, say Paul Woolley and Dimitri Vayanos
The future of bank capital
Prudential regulators are relying on the Modigliani-Miller theorem to hold true as banks are required to hold substantially more capital. But could their faith in the theorem be misplaced?
Where the BIS falls short
Robert Pringle compares the analysis and policy recommendations offered by the BIS in its latest annual report with those in his new book, The Money Trap
Central bank's crucial role in Myanmar's new economic reform
The Central Bank of Myanmar is on the verge of securing operational independence and a budget that will enable it to double its headcount to help it oversee rapid economic reform
Can Japan afford to grow?
Japan has managed to maintain living standards during its two ‘lost decades’, but its efforts to do so now represent obstacles to achieving sustainable growth. By Ryo Watabe.
Germany's concerns about the ECB’s bloated balance sheet
The ECB’s unconventional monetary policy actions have caused a stir in Germany. The Bundesbank's Joachim Nagel speaks with Klaus Engelen about the risks the ECB now faces
The flaws in the Fed's new macro stress test proposals
New macro stress test proposals by the Fed and ECB appear to conflict with rules put forward by the UK, and are raising concern in countries where financial institutions are relatively robust
Designing a new global financial architecture
Developing a financial architecture for the future requires substantial thought about international capital flows and the role of institutional investors. By Bernd Braasch
System risk lessons from FX loans in Central and Eastern Europe
The build-up of forex loans in the CEE presented a systemic challenge to the region's financial stability. Piotr J Szpunar argues this points to a need for macro-prudential rules in Europe
Germany’s political elite treads tightrope of public opinion on euro
Citizens of Europe’s most powerful economy have never had a real affection for the euro, making Germany’s role in resolving the continent’s debt crisis extremely tricky. By Norbert Walter
Collateral eligibility: the ultimate macro-prudential policy weapon?
The most potent policy weapon at the disposal of central banks when it comes to fulfilling macro-prudential supervision are asset eligibility rules, says William Allen
New fault lines in financial regulation
Deleveraging could trigger another crippling credit crunch in Europe at a time when the recovery is still fragile. By Jacques de Larosière
Asia to develop emergency financial stability safety net
Charles Adams and Lei Lei Song chart the development of the Chiang Mai Initiative Multilateralization and explain three ways to develop Asia’s liquidity support mechanism
A new toolkit for eurozone survival
The eurozone’s short-term outlook depends on markets, voters, bureaucrats and politicians. Its longer term future requires radical change. Andrew Smithers considers the conditions that are needed for the eurozone to survive
Data: a core challenge for financial regulatory reform
Improving financial stability through the use of interconnected and predictive supervisory tools requires a rethink on data. By Constantin Gurdgiev and Keith Saxton
The G-20 and the dollar: what’s new?
Reform of the international monetary system is overdue but the pace of change is too slow, says Ousmène Jacques Mandeng.
The fractured global monetary system
Robert Pringle reflects on the 40th anniversary of Bretton Woods
Would Spain be better off out of the euro?
Domingo Cavallo compares the economic performances of the UK and Spain during the crisis to see if being ‘out’ is better than being ‘in’
Conflicts of interest in central banking
The crisis has highlighted how interests can diverge in the monetary policy-making bodies of federal central banks, writes Daniel Gros
Nigeria banking gets back on its feet
Deputy governor Kingsley Chiedu Moghalu explains how the Central Bank of Nigeria has restructured the country’s banking sector and regulatory architecture since the financial crisis
Will the new monetary policy consensus work for a small, open economy?
A new consensus is emerging for how monetary policy should be conducted. However, using the Czech experience as an example, Jan Frait, Zlatuše Komárková and Luboš Komárek argue that it may be difficult to apply in small, open economies