Articles by Central Banking Newsdesk
BIS researchers dissect emerging market fire sales
Working paper picks apart the channels through which asset management impacts on emerging bond markets, finding evidence of procyclical behaviour
East African countries top Brookings table on inclusion
Study by think tank in Washington, DC, evaluates inclusion efforts in 21 diverse countries; Kenya, Rwanda and Uganda achieve high scores across categories
RBA paper finds distribution matters when assessing impact of wealth effects
Example of car buying highlights how different households adjust consumption in response to housing wealth effects, although channels remain unclear
RBNZ deputy defends change in mortgage ‘speed limit'
Concession allowing 5% of new mortgages to exceed LTV ratios will not add fuel to market rally that has seen Auckland house prices rise by 24% in past year, deputy governor says
Zeti stresses need for good data in promoting financial inclusion
Bank Negara Malaysia governor says better data helps put pressure on countries to improve financial inclusion; offers guidance on how to improve performance
RBNZ tweaks macro-prudential plans after banks push back
Banks will be subject to more lenient ‘speed limits’ and will have more time to adapt to new macro-prudential rules, after the industry complains
Riksbank’s af Jochnick defends monetary policy stance
Interest rates cannot at present respond to growing risks in the housing market, Riksbank first deputy says, but they are helping to drive rising inflation and economic recovery in Sweden
Stress indexes have widely varying signal benefits, Fed paper says
Cleveland’s index gives the best picture of current financial stress conditions, but few indexes have value in predicting future problems, Cleveland Fed study says
Fed data gives model of banks’ settlement service choices, paper argues
Data from the Fed’s Fedwire payment service shows that banks select payment services based on average rather than marginal cost, study finds
CPMI-Iosco unveil plans for unique transaction identifiers
Consultation lays out proposals for codes to identify over the counter derivatives transactions, as part of efforts to improve reporting to trade repositories
Trawl through BoJ archives reveals emergence of current policy-making
Study of failures and successes of BoJ policy-making in the 1980s reveals the emergence of current thinking about how best to conduct monetary policy
FOMC inching towards rate hike, minutes hint
Minutes of July meeting show some members are still concerned that labour market and inflation data are not strong enough for a hike, but several think the economy is nearly ready
IMF extends current SDR basket by nine months
Fund stresses the extension does not ‘prejudge’ its decision on including the renminbi in the basket; final decision still expected this year
FOMC forecasts perform better in short- than long-term, Fed paper finds
Forecasts prepared ahead of FOMC meetings from 1997-2008 considerably outperform benchmarks at short horizons, but the results are much more mixed in the longer term
IMF paper: capital inflows work differently on credit for households and firms
The composition of capital inflows affects whether and how they cause credit growth, IMF working paper says
Iceland hikes again amid inflation shock
Large wage increases force central bank to reassess its inflation forecast and hike rates for a second meeting in a row, with more likely to follow
Norway’s oil fund suffers loss in second quarter
Losses of about $9 billion were largely driven by the fixed-income portfolio, although equities delivered a weak performance; NBIM takes a more activist stance
Regulators face trade-off over publishing stress test results
Regulators publishing stress test results may inhibit frankness by bankers, a Philadelphia Fed working paper argues, but confidentiality brings its own risks
Zeti defends China's ‘managed convertibility' of RMB
Bank Negara Malaysia's governor says the international monetary system relies on ‘too few' reserve currencies; calls China's stock market fluctuations and cooling economy ‘short-term challenges'
CoCo bonds decrease banks’ appetite for risk, paper argues
Convertible bonds decrease banks’ incentives to take risks in highly-leveraged states, a DNB working paper argues
Irish central bank paper finds high cost to hasty austerity
Economists find most of the costs of fiscal consolidation from 2011-13 could have been avoided if policy-makers waited until the zero lower bound was no longer a constraint
RBA report reveals changing pattern of card use
Australians are increasingly favouring debit over credit cards for payments but both have been increasing in volume and value
BoE economists mine tweets for early-warning indicator
Central bank put its work on ‘text mining’ and big data to work during Scottish independence referendum in an attempt to create an early-warning indicator for bank runs
New York Fed researchers shine light on process of giving policy advice
Economists including head of research explain the process of briefing William Dudley ahead of FOMC meetings