Articles by Central Banking Newsdesk
Bank of Israel moves to eight-meeting policy cycle
Cut in number of meetings reflects stability of economic indicators and will allow for more detailed analysis at each meeting, central bank says, though one member criticises loss of flexibility
ESRB publishes guide to OTC derivatives database
Draghi repeats pledge to extend central clearing regulation to all forms of derivatives; ESRB paper sheds light on “opaque” markets
Dutch banks’ cross-border lending data 'supports case for reciprocation'
Large Dutch banks boost lending in response to tighter regulations, paper says; behaviour is likely to undermine effectiveness of macro-prudential policy
BoE’s Forbes studies generation of ‘global tsunamis’
External MPC member asks why some global shocks have major consequences and others do not, seeking answers in countries’ financial linkages, common shocks and contagion
Fed holds but two more dissenters call for hike
Case for hike is building, says Janet Yellen, but economy has “a little longer to run”; two more FOMC members join Esther George in voting for hike
RBA’s Heath highlights changing nature of Australian workforce
Automation, ageing population and decline of industry are reshaping the labour market’s demand for skills, head of economic analysis says, with lessons for central bank recruiting
BIS research seeks to forecast global inflation
Economist builds global inflation forecast using country-level survey forecasts, finding it can be used to improve domestic inflation projections in some countries
BoE’s Hauser foresees end to fragmented post-trade structures
Central bank is supporting a movement away from “complex and balkanised” securities services as it looks to revamp infrastructure and encourage innovation
ECB paper examines use of eurozone bank lending survey
Changes in credit standards in the ECB’s bank lending survey serve as leading indicators for GDP and bank loan growth, researchers say
Post-crisis banking regulations increase large firms’ funding advantage – paper
Banque de France working paper presents a large-scale DGSE model with large and small firms to analyse the impact of new banking regulations
China has room to regulate local government financing – IMF paper
Government can and should rein in fiscal risks posed by public-private partnerships, authors say, as they outline “four pillar” regulatory framework
Norges Bank paper studies forecast asymmetry at lower bound
Effective lower bound need not translate into asymmetries in other forecast variables, authors find; regime-switching DSGE model helps overcome Lucas critique
Markets back under central bank ‘sway’ – BIS quarterly review
Recent equity rally is “more stick than carrot”, says Claudio Borio, as latest report points to fresh signs of discomfort among banks and continued market distortions
Andrew Bailey warns of macro impact from pensions trouble
FCA chief says low interest rates and other factors shaping the pensions market are likely to have knock-on effects on the economy, though the area is not well understood
Riksbank paper offers method for tackling distorted forecast evaluation
Authors adjust for different amounts of information available, allowing them to overcome distortions in forecast evaluation
BoE lays out blueprint for RTGS reboot
“Comprehensive rebuild” of current large-value payments platform will retain many core features while adding new resilience, access options, functionality and interoperability
Richmond Fed tries to bridge gap between rules and discretion
Economist presents research urging Fed to be more explicit about its strategy using “graphical framework”, while Jeffrey Lacker says rules offer valuable guidance to policy-makers
BoE signals further rate cut despite stronger-than-expected data
Package of measures announced in August led to “greater than anticipated boost” to UK asset prices; despite data somewhat stronger than expected a further rate cut is likely, minutes say
National Bank of Denmark warns of growing bubble in Copenhagen
Report says housing market in country as a whole looks relatively stable, but Copenhagen’s market is close to the danger zone, following first “statistical bubble test”
ECB’s QE policies have significant spillovers into CESEE economies, paper argues
Researchers examine effects on investment of quantitative easing by the European Central Bank
Bank of Slovenia introduces macro-prudential measures for housing market
Slovenia’s central bank has recommended lenders impose loan-to-value and debt service-to-income ratios on all new housing borrowers
Wage Phillips curves in eurozone steepened after 2008 – paper
Germany was the exception among major eurozone economies, Bank of Italy paper argues
Largest banks meet Basel III capital standards – BIS and EBA
Banks have improved capital and liquidity ratios, reports note, but methodology may differ from that used by industry
Paper presents new model of interbank loan market
“Novel” model should help policy-makers think through real-life scenarios, researchers say