Articles by Central Banking Newsdesk
Jordan laments ‘significantly overvalued’ franc
Some of the ‘overshooting’ that occurred in the wake of the SNB’s decision to withdraw its currency cap has been corrected, but Jordan argues the franc is still too strong
Bundesbank says German recovery is faster than expected
Monthly report highlights ‘remarkable’ rebound of German economy, leading forecasts to be revised upwards; oil and euro depreciation behind the boost
IMF paper finds weak link between Islamic banking and financial inclusion
Empirical link between Islamic banking and financial inclusion ‘tentative and relatively weak’; researchers suggests ways financial inclusion could be better served by sharia-compliant banks
BIS paper finds stabilisation policy can impact long-run growth
Use of short-run interest rates has implications for long-run growth due to their effect on credit and liquidity supply, BIS working paper finds
Latest round of Greek bailout talks collapses
Discussions over extending Greece’s bailout collapsed late last night after the country's finance chief Yanis Varoufakis rejected a plan by the Eurogroup to continue with the current programme
Minneapolis Fed research criticises China's 'quid pro quo' policy
Staff report finds ‘significant impact’ on innovation and welfare from China’s continued policy of exchanging market access for technology – good for China, but not for advanced economies
Bahrain governor launches campaign for women bankers
Rasheed Al Maraj gives his backing to an initiative designed to promote gender equality in Bahrain’s financial sector; country has a patchy record when it comes to women’s rights
Banque de France paper tackles ‘elasticity of poverty’
Researchers examine the extent to which growth in different sectors translates into a reduction in poverty for countries in Africa; commodity-driven economies particularly bad for the poor
MAS takes first steps towards crowdfunding regulations
Proposed regulations aim to strike a balance between encouraging a valuable source of finance for small businesses and managing the high risks associated with securities-based crowdfunding
IMF too sluggish to be global lender of last resort, say Allen and Moessner
The IMF’s response to the financial crisis was too weak and too late, leaving the Federal Reserve to pick up the slack, William Allen and Richhild Moessner argue in the Central Banking Journal
Ukraine unveils nine-member MPC
Central bank reveals composition and meeting schedule of new monetary policy committee, a body created to help ‘streamline’ the decision-making process
PBoC report reveals extent of liquidity interventions
Quarterly monetary policy report reveals massive injections of liquidity to support the money supply as outward capital flows continue to accelerate
BoE paper identifies issues in measuring ‘too big to fail’
Research assesses different approaches to measuring the scale of the ‘too big to fail’ problem, and finds none is without issues, but different approaches still identify effects
Weidmann: Risk of self-reinforcing deflation ‘very low’
Bundesbank president says there was ‘no immediate need’ for QE in the eurozone, while impact of lower oil prices on HICP could be ‘short-lived’
Growth of finance sucks skill from real economy, BIS paper warns
Financial growth crowds out real growth by drawing skilled labour away from other industries, with R&D hit particularly hard, a working paper by Stephen Cecchetti and Enisse Kharroubi finds
Cyprus central bank reviewing operational model
Central bank is commissioning a detailed study into its organisational structure to ensure it is ‘fit-for-purpose’, in light of concerns it has not ‘adequately evolved’ with the times
IMF paper tackles puzzle of asset bubbles in efficient markets
Working paper suggests business risk for asset managers creates institutional herding and ‘rational bubble-riding’, with implications for the design of macro-prudential policies
BIS paper asks why bank and central bank rates diverged post-crisis
Authors argue direct comparison of commercial and central bank interest rates is misleading; the relationship between the two has remained stable but funding costs have risen
Dutch paper finds global banking system has adopted ‘a more regional focus’
Researchers say global banking has not become more fragmented, but has undergone some ‘important transformations’ since the crisis
RBA’s Debelle exerts pressure over FX benchmarks
Guy Debelle warns the likelihood of a ‘regulatory response’ on forex benchmarks will ‘substantially increase’ if FSB-approved recommendations are not met
Riksbank goes negative and launches QE
Swedish central bank announces unprecedented measures to ‘safeguard' inflation expectations; rates ‘far from lower bound' says Ingves
Justin Lin: Multiple reserve currency system ‘less stable' than one based on dollar
Former World Bank chief economist tells Central Banking Journal competing reserve currencies would not address overriding challenge of global monetary system
Dallas Fed’s Fisher calls for FOMC reform
Richard Fisher unveils a range of proposals aimed at reducing the power of the New York Fed and Board of Governors in monetary policy decisions
Central banks in CEE take different views on inflation drop
Institutions in Romania and Hungary forecast a quick return to target, while those in Poland and the Czech Republic sound a more cautious note about the inflation outlook