Articles by Central Banking Newsdesk
Poloz upbeat on US and Canadian productivity prospects
Bank of Canada governor explores evolution of international trade; it may have fallen, but there are still opportunities for productivity growth, Poloz says
Outflows during normalisation proportional to earlier inflows, paper warns
Working paper examines the effects unconventional monetary policies in advanced economies had on capital flows in emerging markets, and predict what is to come during normalisation
Mersch sets out broad questions around distributed ledgers
Yves Mersch considers how access to central bank money could work if market infrastructure adopts the technology; ECB publishes paper on its application in post-trade market for securities
BoE paper seeks unified global approach to NPLs
A multidisciplinary approach to legal, accounting, statistical, economic and strategic elements of loan loss provisioning and NPLs
Italian paper looks at ECB’s reserve management
Bank of Italy working paper studies the management of the ECB’s foreign exchange reserves; diversity of managers’ investment styles may positively affect risk-adjusted returns, authors say
Paper explores reserve management in closed economies
Working paper published by IMF presents intertemporal optimisation model designed to help assess how closed economies should use their reserves when guarding against current account shocks
Sarb reserve management policy sheds light on tranches
South African Reserve Bank publishes investment policy governing allocation of FX and gold; splits reserves into range of tranches and sub-tranches
Turkey vulnerable to sudden stop, IMF warns
Central bank action on rates, operating framework and reserves would help shore up the country’s weak external position and tame inflation, fund says
Macro-prudential policies should apply to shadow banking sector, researchers argue
Macro-prudential policies can have substitution effects between bank and non-bank credit, working paper says; macro-prudential policy should be extended towards the non-bank sector
JMW Turner to appear on new £20 banknote
Painter chosen from 590 British visual artists to adorn new polymer £20 note, after lengthy selection process; note scheduled to enter circulation by 2020
FinCoNet offers regulators chance to advance financial consumer protection – chairman
The association of national financial consumer protection agencies has made progress in supporting reform, but has considerable work ahead, chairman Sheridan says
Fed liftoff pushed some rates down – Riksbank paper
Researchers find hike in policy rate lowered average interest rates on subprime lending, and narrowed spreads with the less risky section of the market, using novel "scraped" data set
BoJ sees operational issues dampen negative rate effect
Financial system report says combination of negative rates and QQE is helping push rates lower and prompting portfolio rebalancing, but “several factors” are holding the effects back
MAS director hails work on natural catastrophe data
Bernard Wee introduces Natural Catastrophe Data Analytics Exchange, aimed at remedying “gappy” expertise in the region
Ukraine unifies main rate while easing policy
Ukraine’s central bank moves to “streamline” operational framework, while adopting an easier stance in the face of falling inflation
SBP’s Aziz sees renminbi gaining ground in global reserves
Pakistan’s reserves head sees potential for Chinese renminbi to muscle in on the euro and yen’s territory in global reserves, on account of negative interest rates
Riksbank extends QE as inflation remains ‘fitful’
Central bank not yet comfortable inflation will return reliably to target, though it is forecasting CPI to be close to target in two years’ time
ECB paper models influence of financial fragmentation on eurozone crisis
Working paper published by ECB models the influence of financial fragmentation on three key stages in the eurozone crisis
Conditions for lifting capital controls ‘could hardly be better' – Guðmundsson
Central Bank of Iceland governor says it is important to press ahead with liberalisation while the economy is strong and financial system stable, in latest financial stability report
Basel Committee opts for local discretion on rate risk
Committee abandons attempt to create common global standard for interest rate risk, opting instead to leave discretion with banks and supervisors in final standards
New Turkish governor presides over cut at first meeting
Monetary easing remains the order of the day at the Turkish central bank, as MPC lowers ceiling of rate corridor in Murat Çetinkaya’s first week in office
RBI deputy outlines ‘key tasks’ for market development
Harun Khan lays out the main areas of work in broadening financial markets, including efforts to improve liquidity and access and improving central bank communication around debt management
Research digs into disagreement about inflation expectations
Paper published by Reserve Bank of Australia examines how the disagreement within stakeholder groups about inflation expectations has evolved
French governor calls for ‘gradualism’ in fintech regulation
François Villeroy de Galhau sees merits in “proportionate adaptation” of regulations for fintech companies; other contributors to latest FSR argue in favour of same rules for same risks