Articles by Central Banking Newsdesk
BIS’s Borio says current account obsession obscures important results
Focus on current account imbalances obscures many important – and often counterintuitive – results about global financial flows
RBI designates two banks ‘systemically important’
Reserve Bank of India lists State Bank of India and ICICI Bank as ‘domestic systemically important banks’ and details additional capital requirements
Carney says BoE can stay independent in face of globalisation
BoE governor says global factors ‘influence but do not dictate’ policy in speech at Jackson Hole; other economists argue central banks should do more to set policy with global dynamics in mind
Fischer upbeat on US inflation outlook at Jackson Hole
Fed vice-chair Stanley Fischer says there is ‘good reason’ to believe inflation will move higher as impact of rise in dollar and fall in oil prices dissipates
Case for higher inflation targets takes a knock at Jackson Hole
Thomas Jordan warns higher inflation ‘likely to be associated with considerable costs’ in longer run; academics see little benefit in the Federal Reserve targeting 4%
New Zealand's colour-changing banknote feature hailed as world's first
A colour-shifting bird within a holographic window is main new security feature of the country's first banknote series in 16 years
Economics needs a ‘replication journal’, paper argues
Natural and life scientists spend considerable time attempting to replicate the results of earlier research; economics could benefit from a similar approach, St Louis Fed paper argues
EAC officials highlight exchange rate pass-through concerns
Both central banks wary of potential for domestic inflation to increase in face of depreciating currencies; concerns over impact of external environment raised in EAC member statement
Fischer watched for rate views as Jackson Hole concludes
Symposium at Kansas City Fed closes with panel discussion featuring Carney, Constâncio, Fischer and Rajan on Saturday; one early session considers ‘international price system’
Indian central bank targets stronger rate transmission
Reserve Bank of India sees improvements in transmission of policy to money markets, but looks to strengthen credit channel as it transitions to inflation targeting framework
RBNZ cuts number of interest rate decisions
Starting next July the Reserve Bank of New Zealand will take three-month summer break from monetary policy announcements; ‘clear rule' to replace ‘long-running pattern' for release dates
BIS paper finds emerging market corporations exploiting carry trade
Study of emerging market foreign currency-denominated bond issuance by Bruno and Shin finds corporations appear to be issuing bonds as part of a carry trade, rather than financing investment
IMF paper explores capital inflows and credit growth
Working paper finds an increase in capital inflows can fuel credit growth, but it depends on their composition; no ‘significant’ connection with foreign direct investment
National Bank of Denmark calls end to crisis measures
Central bank has moved from buying to selling foreign exchange in recent months, opening up room to return deposit limits to more normal levels and re-start government bond issuance
Eurozone QE has ‘significantly increased inequality’, Bundesbank paper argues
Asset price changes following the introduction of eurozone quantitative easing have largely benefited the wealthiest households, a Bundesbank working paper says
People: Chicago appoints first vice-president, Ukraine adds deputy to deposit fund
Chicago Fed announces Ellen Bromagen as first vice-president and COO; changes at Ukraine’s deposit guarantee fund result in appointment of new deputy managing director; and more
China's premier says renminbi at ‘equilibrium’
Li Keqiang plays down the risk of further renminbi depreciation, suggesting it will be ‘kept basically stable' at the prevailing rate in a move that may offer relief to hard-hit emerging market currencies
RBI looks to ‘disruptive innovation’ to boost inclusion
Granting licences to 11 payment banks is the next step in a ‘payments revolution’ in India that should increase financial inclusion, deputy governor says, although not all technologies are benign
Canadian deputy says LTV and DTI limits ‘most effective’ macro-pru tools
Lawrence Schembri examines demand and supply factors underpinning rise in house prices; evaluates macro-prudential tools used in Canada and elsewhere
Jin Liqun aims for ‘strong culture’ at AIIB as he is named president-elect
Asian Infrastructure Investment Bank set to be launched before the end of 2015; head of interim secretariat Jin Liqun selected as ‘president-designate’ at meeting in Tbilisi, Georgia
Equity price growth rate ‘leading indicator’ of bank loans, French paper argues
Comparing two models of domestic credit dynamics to recent French data shows the importance of equity price growth rates, according to a Banque de France working paper
Capital controls ineffective at handling policy trilemma, ECB paper finds
Emerging market capital controls have a limited impact on monetary policy trilemma variables and come with spillover effects, the authors warn
Inflation targeting should be improved, not replaced, RBA paper says
Rather than a ‘fundamental re-engineering’ of inflation targeting, central banks should adopt a flexible approach that pays some heed to output, authors argue
East African governors say structural measures needed to stabilise currencies
Senior central bank officials from Burundi, Kenya, Rwanda, Tanzania and Uganda identify measures necessary to ensure long-term stability of their currencies