Articles by Central Banking Newsdesk
Reserve managers expanding into riskier assets, survey finds
Latest Reserve Management Trends reveal central banks are moving into ‘non-traditional' currencies; growing number of reserve managers investing, or considering investing, in equities
Fed tightens rules for retail forex banking
Federal Reserve publishes final rules for banks engaging in foreign exchange transactions with retail customers; includes requirements for risk disclosures, good conduct, capitalisation and margining
IMF paper uses monetary model to explain term premium
Study says central bank supply of liquidity influences asset prices; argues that this relationship can explain greater proportion of term premium than non-monetary models
Contribution of Irish financial sector to GDP ‘overstated’
Paper questions the statistical methodology behind claim that Irish financial sector contributes €15 billion to country’s output
US non-farm payroll stats strengthen case for more QE
Boston Fed president joins calls to continue QE programme as US employment recovery falters
Bank of Spain reshapes supervisor to meet new demands
Banking supervision directorate restructured to meet the requirements of Spain’s memorandum of understanding and the move to European banking union
Yellen calls quantitative thresholds a ‘major improvement’ in forward guidance
Federal Reserve vice-chair justifies move to unemployment-based guidance; says clear ‘exit principles’ are important for ending quantitative easing safely
Chilean paper finds central bank’s forecasts influence private sector expectations
Working paper finds evidence the private sector updates inflation expectations based on the Central Bank of Chile’s forecasts; suggests more central banks should publish forecasts to aid policy
Assistant governor says RBNZ should not be target of exchange rate ‘angst’
John McDermott deflects criticism that the central bank is failing to correct the exchange rate, warning hard-won inflation credibility could be lost and other factors are at play
Czech research examines macroprudential policy in small economies
Policy note stresses the importance of considering cyclical systemic risk when setting macro-prudential policy in a small EU economy
IMF working paper examines monetary policy ‘leaning against the wind'
Monetary authorities that want to stimulate the economy while maintaining financial stability should cut deeper, but then raise rates again faster
People: Wampah becomes Bank of Ghana governor; Iosco replaces chair
Henry Wampah moves from acting to full governor of the Bank of Ghana; Iosco appoints new chair and vice-chairs; Poland gets new management board members; and more
Hungary launches $2bn scheme to boost SME lending
New scheme will lend to commercial banks interest-free to on-lend to SMEs; cash also available to re-finance foreign-denominated loans into Hungarian forints
San Francisco Fed president predicts mid-year asset purchase slowdown
John Williams says economy has shifted into ‘higher gear’ and a substantial labour market improvement could trigger decline in asset purchases
Draghi promises Cyprus bail-out is ‘no template’
Mario Draghi says an established pecking order of ‘bail-inable’ debt will avoid repeating the chaotic resolution in Cyprus; ECB and BoE both hold rates
IMF strikes €1 billion funding deal with Cyprus
Staff team agrees Fund’s contribution to overall bail-out package; Christine Lagarde praises Cyprus’s ‘ambitious’ programme of reforms
BIS paper urges statistics expansion
Research tells policy-makers to take advantage of the ‘sense of urgency’ that follows financial crises to expand the data they collect, including more comprehensive information on banks
Australia shuffles top managers but governor Stevens stays on
RBA governor Stevens reappointed for three more years, while Wayne Byres moves from Basel Committee to head up prudential regulator Apra
Asean report maps road to financial integration
Key to achieving an Asean Economic Community will be capital account and financial services liberalisation; member states should integrate at their own pace, to avoid EMU-style crises
ECB’s Cœuré damns ‘Panglossian’ view of currency war danger
ECB board member’s comments on ‘dangerously alluring’ monetary easing come a week after Bernanke claimed widespread QE is an ‘enrich thy neighbour’ policy
Canadian deputy says global demand must ‘rotate’
John Murray warns that a lack of co-operation in global rebalancing will only make the situation worse; says global GDP could contract by $6 trillion by 2015
Fed’s Lockhart advocates ‘wait and watch’ approach to asset purchases
Atlanta Fed president acknowledges risks surrounding ever more quantitative easing, but says purchases should not diminish until it is clear the economy has traction
Israel annual report sees growth and inflation fall
Growth rate declines by 1.5% in 2012 but unemployment remains stable; inflation falls below target as schooling and mobile phone prices fall
UK enters new regulatory landscape
UK’s new conduct and prudential regulators take over from the FSA and aim to avoid the failings of their predecessor