Articles by Central Banking Newsdesk
New factors driving EM corporate leverage – RBI paper
Changed macroeconomic backdrop has taken over from firm-specific factors in driving the build-up of corporate leverage in emerging markets, RBI economist finds
PBoC working to rein in shadow banking risks
Central bank is toughening its regulatory stance and tightening interbank liquidity as shadow banking products proliferate
BoE’s Forbes dissents as inflation looms
MPC member votes for 25bp hike as inflation looks set to exceed target until “at least” 2020; other members sitting on the fence, for now
Encouraging creation of ‘quasi-safe assets’ may be destabilising, paper argues
Investors have distinct “safety demand”, researchers argue
Policy intervention helps economies escape ‘stagnation traps’ – paper
Research published by ECB explains how “pessimistic expectations” can lead to low employment and growth, dampening investment; countercyclical subsidies could be the answer
Fed delivers 25bp hike
Fed makes rate hike that many FOMC members have been hinting at for weeks; committee gives bullish signals on the outlook
Daily open market operations paying off – National Bank of Denmark
Introduction of daily open market operations has smoothed liquidity management, stabilising the money market reference rate
Shadow banking links leave EU banks vulnerable – ESRB paper
European banks are largely exposed to three types of shadow financial entity, study finds
RBA’s Bullock says central banks are ready to ‘take action’
Old school of thought regarding asset bubbles abandoned following financial crisis; macro-prudential tools are helping policymakers “clean up”
IMF research uncovers ‘puzzling’ effect of QE on the current account
Authors see QE having significant impact only when capital mobility is low; findings suggest “unexplained variation” between QE and capital mobility
US deregulation may hinder adoption of Basel III – Dombret
Agreement has been reached on most German concerns, but the level of output floors is still key, says the Deutsche Bundesbank official
Bank Negara Malaysia looks to boost bond market risk management
Malaysia’s central bank discusses ways to enhance the bond market's breadth and transparency with participants; repos could be used to improve liquidity
FSB sets out proposals for governing ‘unique transaction identifier’
System should avoid “unnecessary complexity”, document argues
Japan and Singapore agree regulatory fast-tracking of fintech companies
“Framework agreement” also provides for information-sharing on fintech innovations
Spanish paper proposes new measures for economic recoveries
Researchers apply new tests to data on US post-war expansions
RBNZ paper sets out new house price indexes
Improved dataset allows design of three new indexes, all of which produce “credible-looking” outcomes
Federal Reserve Banks to work with Swift to make cross-border payments ‘more traceable’
US payment systems partner with Swift to improve cross-border payment speed and traceability; Federal Reserve Banks and The Clearing House make gpi available to clients
Seychelles governor underscores the challenges facing SMEs
Abel says they lack funding as well as non-financial support; central bank will work with commercial sector to come up with a strategy for SME lending
Deregulation could lead to further crisis – Lautenschläger
ECB supervisor worried by politicians’ calls for regulatory loosening
Danish GDP revision helps solve productivity puzzle – bank
Figures better capture details of the current account, leading to substantial revisions in GDP and productivity growth, the Danish central bank finds
Atlanta Fed names new president
Raphael Bostic will be first African-American to be a regional Fed president
IMF authors examine conditions for structural reform success
Most labour and product market reforms strengthen medium-term output and fiscal sustainability, but they may be painful to implement in some parts of the cycle
RBI research: demonetisation hit growth but helped inclusion
Authors find scrapping high-value notes impacted Indian growth and inflation but pushed many people to open bank accounts and improved policy transmission
Iceland lifts capital controls
Controls on individuals, firms and pension funds lifted, though the central bank will retain controls on inflows to resist carry trade