Central Banking Journal - Volume XXIII Number 4
Articles in this issue
FDIC’s Thomas Hoenig on bank separation, safety nets and Basel III
Hoenig tells Christopher Jeffery that Basel III is flawed, universal banks require legal separation, financial safety nets need cutting and monetary policy should move to non-zero interest rates
The Eurosystem has done enough; time for politicians to choose
The Eurosystem has done enough to support the eurozone, says Jens Weidmann, who believes the euro area should either accept fiscal union or allow sovereigns to default
Central Bank of Iceland’s Már Guðmundsson on crisis management and capital controls
Lessons learned from Iceland’s crisis resulted in the IMF changing its rulebook on the use of capital controls. But the country’s change in fortunes is no ‘miracle’ (scroll down for interview).1
The changing structure of the euro money market
Systematic reports on the European secured and unsecured money market would represent a powerful tool for central bankers despite the current distortions caused by Eurosystem liquidity operations
The SSM, banking union and the future of prudential policy in Europe
The establishment of a single supervisory mechanism under the ECB will help mitigate a number of threats to Europe’s financial system, writes Ignazio Angeloni. But still more needs to be done
Fed ‘stimulus’ chokes indirect finance to SMEs
Low interest rates in the US are crowding out indirect finance to SMEs and distorting financial markets generally. The Fed needs to act by raising rates to 2%, argues Ronald McKinnon
The case for nominal GDP targeting by central banks
Central banks have experimented with new monetary policy approaches, with nominal GDP targeting the latest idea to be put forward. Richard Werner looks at the empirical data supporting such a policy
Central banks adopting social media at different paces, finds CBJ study
A new Central Banking journal study shows that institutions around the world are adopting very different approaches in their deployment of social media techniques
China’s new financial and regulatory architects
Keeping Zhou Xiaochuan as governor of the People’s Bank of China will provide policy stability in the world’s second largest economy. But there are plenty of changes elsewhere
Communicating uncertainty in economic forecasts
The way central banks and economists communicate uncertainty in macroeconomic forecasts differs around the world. Charles Manski contrasts the approaches of the Federal Reserve and Bank of England
Central Bank of Trinidad and Tobago’s Jwala Rambarran on reform in the Caribbean
Jwala Rambarran has not yet celebrated his first anniversary as governor of the Central Bank of Trinidad and Tobago – but is already making a splash, writes Tom Bowker
Bank Negara Malaysia’s approach to developing a financial inclusion index
Malaysia’s index of financial inclusion was created as a first step to increasing the depth of financial participation in the country, but more data is needed, says Zarina Abd Rahman
Bretton Woods Transcripts reveal insights into IMF quotas and governance
In the second of a three-part series, Andrew Rosenberg writes about how the negotiators at the Bretton Woods conference in 1944 spent much of their time deliberating quotas and governance for the IMF
Booknotes: After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead
According to Alan Blinder's publisher, he has taken the time 'to think his way through to a truly comprehensive narrative of how the worst economic crisis in postwar American history happened'
Booknotes: The Federal Reserve and the Financial Crisis
This volume is based on the transcripts of four lectures from a series delivered by the chairman of the Federal Reserve Board at George Washington University in the spring of 2012
Booknotes: Bull By the Horns: Fighting to Save Main Street from Wall Street and Wall Street from itself
This is a great book with a clear message: no more bailing out of too-big-too-fail banks.
Booknotes: The Leaderless Economy: Why the World Economic System Fell Apart and How to Fix It
The title of Peter Temin and David Vines’ book, especially its subtitle, promises the reader a lot