Articles by Central Banking Newsdesk
Cyprus may create ‘bad bank’ as part of reforms
Panicos Demetriades outlines plans to monitor undercapitalised banks and possibly create a ‘bad bank’; Irish chief economist says the burden of austerity measures must be shared
Korea’s Kim calls for an end to currency reserves hoarding
Bank of Korea governor Choongsoo Kim says use of multi-layered financial safety nets would reduce the need for emerging economies to hoard foreign currency reserves; calls for a global effort
IMF paper studies SME financing as source of Japanese recovery
Research says restructuring small and medium-sized enterprises and deepening capital markets in Japan would better boost recovery than costly government support
Chile’s Vergara draws parallels between LatAm and eurozone crises
Governor of the Central Bank of Chile says Latin America’s sovereign debt crisis of the 1980s has similarities with current situation in eurozone; despite ‘lost decade’, better policies resulted
RBA’s Stevens addresses growing importance of policy spillovers
Australia’s Glenn Stevens says policy-makers are becoming increasingly aware of the need to consider the wider impact of domestic decisions, although discussion is in its infancy
Finland paper sizes up Chinese reforms
Research published by the Bank of Finland examines financial liberalisation in China and what it means for the country’s monetary policy framework
Carney and BoE chief economist clash on inflation targeting
Bank of England governor-elect Mark Carney suggests inflation target could be sacrificed for nominal GDP goal; Spencer Dale questions whether this would be effective or viable
QE ‘relief’ no substitute for deleveraging, says HKMA’s Chan
HKMA chief executive warns asset price growth must be supported by structural developments
Belize paper evaluates value of currency peg
Research published by the Central Bank of Belize highlights export growth and steady domestic inflation aided by peg to the US dollar
Central Bank of West African States boosts growth estimates
Monetary policy committee praises member states’ investment in agriculture and infrastructure; holds benchmark interest rate
New Zealand’s new capital standards at odds with Australia on ‘bail-in’
Reserve Bank of New Zealand’s new capital standards conform to Basel III requirements but concerns raised on how bail-in debt rules will tally with Australia
Riksbank evaluates OTC derivatives market ahead of new rules
Members of the Riksbank’s financial stability department examine how participants in the OTC derivatives market are preparing for new European rules on risk management and transparency
RBI’s Sharma urges euro area rebalance
Reserve Bank of India executive director says current account imbalances are ‘inherently unsustainable’; periphery countries must pursue greater productivity and competitiveness
Malawian paper considers impact of output gap on inflation
Research published by Reserve Bank of Malawi uses three different measures to estimate output gap; finds only a weak link between business cycle and inflation
Romanian governor dedicates Polish award to his forerunners
National Bank of Romania’s Mugur Isărescu receives Order of Merit from Poland for his contribution to the countries’ co-operation; reflects on Romania’s war-time assistance
Noyer trumpets Eurosystem response to crisis
Banque de France governor Christian Noyer believes the monetary policy adopted in the Eurosystem is a source of ‘immediate confidence and stability’
HKMA will honour Basel III deadline, says executive director
Karen Kemp says Hong Kong’s banks will not be put at a competitive disadvantage by implementing new capital standards before US and EU
Danish governor laments lack of euro progress
Nils Bernstein says Europe will ‘muddle through’ the crisis, but is concerned that government’s grand promises are yet to deliver a practical solution
Oman GDP grows by 22.7% for second year in row
Annual report says domestic demand and higher crude oil prices catalysed growth
ECB lowers growth and inflation forecasts
ECB and BoE hold benchmark interest rates; Mario Draghi warns economic weakness will continue into next year, while inflation is likely to fall below its 2% target
Korea boosts gold holdings by 20%
Central bank purchases $780 million of gold; total stock of 85 tonnes worth $3.76 billion
Fed appoints new chairmen to half of district reserve banks
Federal Reserve Board of Governors names six new chairmen and five deputies to district banks’ board of directors
Kosovan annual report notes inflation jump
Inflation and economic growth rate both increase in 2011; bank lending to households rises by 17.7%
IMF research seeks to harness shadow banking
Staff discussion note outlines the shadow banking system’s useful functions and systemic risks; contemplates appropriate policy response