Financial Stability
A century of financial crises in New Zealand
Recent analysis from the Reserve Bank of New Zealand suggests that improvements in policy will reduce the risk of a currency crisis going forward
Cut expenditure as soon as recovery firms: RBI’s Gopinath
Reserve Bank of India deputy governor Shyamala Gopinath says spending will have to be reined in to protect and foster the country’s economic growth
Turkish cuts beginning to ease credit markets
Central Bank of Turkey says loosening has started to produce improvements in financial sector
Euroclear appoints new CEO
Settlement services provider names HSBC’s Tim Howell as replacement from Pierre Francotte
Bundesbank – Monthly report (Nov 2009)
German central bank’s monthly report documents the manufacturing-led recovery in global trade and stresses the need for fiscal consolidation in 2010
Leverage constraints: the Canadian experience
Bank of Canada paper shows that domestic banks fared better in the lead up to the crisis for having leverage ceilings; highlights some practical concerns
Fed’s Kohn on the links between macro and financial stability
Federal Reserve’s vice chairman notes crisis has illustrated two key lessons on the relationship between macroeconomic and financial stability
HK banks interdependent
Hong Kong Monetary Authority research says local banks as systemically important as international and mainland counterparts
Bank of Korea – Financial Stability Report November 2009
Korean recovery rapid, with increases in quarterly growth rates and a revival in housing prices, says central bank report
"Lost Decade" in translation: what we learn from Japan
International Monetary Fund research asks what Japan’s Lost Decade could portend about recovery from Great Recession
Bernanke: low rates didn’t spur housing bubble
Federal Reserve’s Ben Bernanke says direct linkages between low federal funds rate and rise in house prices weak; fix regulation not monetary policy
BoJ discussion paper series – Dec 09
Bank of Japan finds e-money usage does not lower cash-demand
Old Lady urges banks to use profits to de-leverage
Bank of England calls on banks to plug profits back into fixing balance sheets; Haldane says City exodus may be price worth paying
RBNZ - Reserve Bank Bulletin December 09
Reserve Bank of New Zealand report features articles on liquidity policy, forecasting, the history of banking crises and trade flows
Credit shocks: evidence from corporate spreads and defaults
Dallas Federal Reserve paper looks to uncover the nature of credit-market shocks
Commonwealth Secretariat releases guide to aid literacy
Commonwealth Secretariat publishes teachers’ resource to promote financial literacy; efforts part of campaign launched by Central Bank of Trinidad & Tobago to promote better financial education
BoE’s Miles calls for smaller banking sector
Bank of England’s David Miles says the enormous size of the banking sector is no longer justified
Eurozone may need to rethink strategy on Greece
Brussels and the European Central Bank have underestimated the potential for contagion from Athens’s fiscal woes, argues Marco Annunziata, the chief economist at UniCredit
HKMA: Quarterly Bulletin (December 2009)
Bulletin article says exposures to structured products remains insignificant
Britain to abolish cheque clearing in 2018
Payments overseer says plans contingent on 2016 review demonstrating alternatives exist
Austria nationalises failing lender
Austrian government takes over Hypo Group Alpe Adria from state of Bavaria as central bank financial stability report shows tier 1 capital ratios in the sector are set to drop
Cutting interest rates the best solution: ECB paper
A European Central Bank working paper argues that interest rate cuts and controlled inflation help adverse financial conditions, while simplistic interpretation of Taylor rule does not
Crisis down to global imbalances: Obstfeld, Rogoff
Maurice Obstfeld and Kenneth Rogoff say global imbalances key source of crisis
Bank of England – Quarterly Bulletin
Bank of England says secondary corporate bond market needs more support