Articles by Central Banking Newsdesk
ECB’s LTROs had ‘favourable effect’ on sovereign yields
Dutch working paper evaluates the impact of the ECB’s unconventional monetary policy; says LTRO had beneficial short-term effect on government borrowing in most distressed eurozone countries
Canadian paper proposes new DSGE model for analysing credit shocks
Working paper proposes new model that accounts for the effects of defaults on both households and banks; finds the probability of a company defaulting rises with its leverage ratio
Ingves wants Riksbank monopoly over macro-prudential policy
Stefan Ingves dismisses proposals for central bank and financial services authority to share responsibility for macro-prudential responsibility
Turkish central bank steps in to calm forex markets
Capital outflows have prompted Turkey's central bank to purchase local currency in a bid to smooth ‘market volatility'; move seen as signalling a failure of the bank's 'Reserve Option Mechanism'
National Bank of Denmark tells smaller banks to strengthen their positions
Financial Stability Report for 2013 reveals that while the five nationally systemic banks have plenty of capital, some smaller banks are found wanting
Austria’s Nowotny cautious on single supervisor
National Bank of Austria governor says there are valid reasons for central banks to play a greater role in banking supervision, but voices concerns regarding the single supervisory mechanism
Ibos warns of payments disruption as Sepa deadline set to be missed
Banking association says 2014 Sepa migration target will be missed at current pace, which could see systems shut down and payments fail; harmonisation may be limited even when target met
ECB paper finds cost of macro-prudential policies may outweigh benefits
Working paper finds macro-prudential policies can be effective in deflating asset bubbles, but warns the cost of doing so may be higher than the benefit
BoE markets head warns of collateral balancing act
Andrew Hauser says repo markets must be ‘prudentially sound’ but remain ‘sufficiently deep and liquid’; warns against an ‘excessive’ central bank presence
Bank of Finland expects continuing recession in 2013
Central bank lowers its growth forecasts for next three years, saying GDP will contract by 0.8% in 2013 while unemployment will rise to 8.6% the following year
Fed research models optimal monetary and fiscal policy under uncertainty
Discussion paper seeks to improve on previous models by introducing uncertainty; finds it is optimal for the government to spend more at the zero lower bound under uncertainty
Polish paper compares MP committees' efficiency
Paper finds MPCs became less efficient following the crisis, though the ECB and BoE have been quick to recover; says academics and central bankers make most efficient members
People: Poloz names special advisor; BoE appoints insurance specialist to PRA
Bank of Canada appoints senior advisor to the governor; UK's Prudential Regulation Authority names final independent director; payments systems Bacs and Chaps appoint new chairmen
Cœuré says ECB has no re-distributive mandate
'Distributional consequences of monetary policy are temporary, unintended, and with the view of safeguarding price stability,' ECB board member says in a speech today in Vienna
Swedish deputy says monetary policy must remain as tool for dealing with financial imbalances
Per Jansson says macro-prudential policies will only complement, and not replace, the Riksbank’s use of its benchmark interest rate to lean against financial imbalances
Omani central bank releases first financial stability report
Reveals the creation of an independent financial stability unit responsible for implementing macro-prudential policies; calls for a new macro-financial model and improved data collection
ECB voices fresh concern over Central Bank of Cyprus' independence
European Central Bank says draft law on the governance of the Central Bank of Cyprus contains a number of threats to its independence; follows earlier intervention by Mario Draghi
Navigating an exit from accommodative policy is ‘an art and not a science’
Participants at CEPR forum debate the challenges central banks must deal with when withdrawing unconventional policies; some express concern over rising asset prices
Ukraine caps cash use in bid to boost e-payments
National Bank of Ukraine hopes to deliver a wide range of benefits by imposing limits on the size of cash payments
Fed researchers find little QE impact on emerging market capital flows
Discussion paper finds Fed’s quantitative easing has not had a statistically significant impact on net capital flows to emerging markets, although behaviour changed post-crisis
Fed's Plosser calls for a move to simple, but higher, capital requirements
Philadelphia Fed president says there is no better example of over-complex rule writing than risk-weighted capital calculations - and calls for a shift to simpler rules which are harder to evade
ECB issues draft regulation on systemically important payment systems
Central bank seeks comment on draft regulations implementing CPSS-Iosco Principles for Financial Market Infrastructures, for systemically important payments systems in the eurozone
BoE chief cashier looks forward to further innovations in the use of cash
Chris Salmon, chief cashier and executive director for banking services at the Bank of England, says ‘local recycling' of cash in ATMs poses questions over authentication
Bundesbank research studies how weak resolution rules impact growth
Discussion paper employs ‘catharsis indicator’ to show that stronger resolution regimes reward good firms and help to allocate credit effectively, boosting growth