Articles by Central Banking Newsdesk
Spanish paper looks at sectoral comovement and monetary policy
Monetary policy shocks have greater effects when industries experience comovement - researchers say
European insurance resolution needs major reform – ESRB
Insurance sector’s contribution to systemic risk has increased but current tools are insufficient, report says
RBI closes in on ‘endgame’ in bank clean-up
Governor Urjit Patel says the central bank’s new powers have allowed it to overcome “severe” moral hazard problems; state-owned banks will need recapitalisation, he says
Global liquidity matters for pass-through – CBRT research
Access to external sources of liquidity affects pass-through of monetary policy, researchers find
IMF paper explores sustainability of price rises in Colombia
House prices have increased more than 110% in real terms in major cities, but houses are just 13% overvalued
Ecuador’s central bank forecasts sustained recovery
Nation experienced two years of recession on falling oil prices, but stable commodity prices, fiscal austerity and stronger trade links with Europe expected to support growth
Denmark’s central bank proposes reforms to mortgage credit market
National Bank of Denmark suggests increasing competition between mortgage banks and other financial institutions as a way to reduce financial instability
Sarb expands financial supervision
Deputy governor explains the Sarb’s new financial supervisory structure, and indicates it may affect central bank independence
RBA payments board backs ‘digital identity’ for Australians
Board encourages payments industry to work on a framework that could make online transactions more convenient and secure
ECB cautions Slovenia over ‘critical infrastructure’ draft law
Legislation should not encroach on the central bank’s regulation of payments systems, says ECB
IMF’s Adrian sketches macro-financial model of term premium
Tobias Adrian outlines a new way of modelling financial cycles within a New Keynesian framework, which produces a good fit with empirical observations on the term structure
Oil prices feed through to core inflation – Fed paper
Research finds changes in the oil price have a small but statistically significant impact on core inflation
National Bank of Denmark sees "major challenges" for Greenland’s economy
Greenland is experiencing an economic boom, but needs to diversify its economy; central bank warns political independence may be a mistake
Fed’s liquidity policies more restrictive than other central banks
NY Fed article compares the Fed’s collateral and liquidity frameworks to other major central banks, finding the US central bank is much more limited in its operations
Argentine governor acknowledges rate cuts were too abrupt
Sturzenegger acknowledges central bank loosened monetary policy too abruptly in late 2016, but he says the bank still has tools to stimulate growth expanding access to credit
People: New chairman in Macau; Bosnia appoints vice-governor
Chan Sau San to lead Macau’s monetary authority; Bosnia appoints vice-governor; Nathan Sussman leaves the Bank of Israel after six years as head of research
FOMC divided on how to proceed with policy
Strong jobs growth, but below-target inflation leaves some members emphasising room to be patient, while others warn of a potential overshoot
Ghanaian central bank closes two commercial banks
IMF staff called for action in February over problems at some commercial banks
Bank of Colombia forecasts stronger growth as oil shock fades
The central bank expects higher GDP growth in 2018, as inflation remains within target and the peso’s exchange rate with the dollar stays stable
Wage growth may be stronger than headline figures suggest
San Francisco Fed researchers point to evidence that headline figures may overstate wage weakness; UK figures provide a positive surprise
Fed’s Fischer criticises efforts to unwind banking regulation in the US
The economist describes attempts to reduce capital standards as “extremely dangerous and extremely short-sighted”
Uzbekistan launches new banknote as inflation erodes value
New 50,000 som note is five times the value of the next largest banknote; security features include raised text, colour-changing foils and windows
Lithuanian paper examines interplay between European housing and credit
Panel-like econometrics may give misleading results, authors warn
Bank of Colombia paper charts fiscal multipliers in developing countries
Stronger fiscal-monetary co-ordination in developing economies during periods of expansion would extract more value from stimulus; fiscal multipliers higher in fixed exchange rate regimes