Central Banking Journal - Volume XXIX Number 3
Articles in this issue
The Brexit conundrum
Bank of England has only limited room to respond to hard Brexit
Supervisory lessons: the need for intrusive supervision
Aristóbulo de Juan reveals his central principles for the (intrusive) supervision of banks
Supervisory lessons: resolution is a ‘dirty business’
Aristóbulo de Juan offers a toolkit for resolving problem banks
Beyond payments: central bank digital currency
Issuance of central bank digital currencies, such as Sweden’s proposed e-krona, could facilitate monetary policy beyond zero lower bound
The winners of the 2019 Central Banking Awards
MAS wins central bank of the year, Karnit Flug awarded governor of the year and Zhou Xiaochuan recognised for lifetime achievement; 23 other awards announced
Central bank of the year: Monetary Authority of Singapore
Fintech pioneer has strong monetary policy, financial stability and supervisory record
Governor of the year: Karnit Flug
Bank of Israel’s first female governor delivered some hard-fought reforms during her time in office
Lifetime achievement: Zhou Xiaochuan
Former PBoC governor stands out for his high levels of integrity, intellectual rigour and bold reforms
Economics in central banking: Greg Kaplan, Benjamin Moll and Gianluca Violante
‘Monetary policy according to Hank’ boosts realism of core economic models
Reserve manager of the year: Bank of Mexico
The Latin American central bank has adopted a forward-looking asset allocation strategy as well as embracing absolute return approaches
Transparency: National Bank of Ukraine
Ukrainian central bank has made strong progress in improving transparency during challenging year
Outstanding contribution for capacity building: Warren Coats
For extraordinary work with more than 20 central banks in highly challenging circumstances
Currency manager: Bank of Israel
Israeli central bank is revolutionising management of country’s banknotes, while maintaining security
Initiative of the year: RBNZ’s Financial Strength Dashboard
The RBNZ’s Financial Strength Dashboard offers window into nation’s banking system
Risk manager: Saudi Arabian Monetary Authority
Multi-year overhaul of Saudi central bank’s risk architecture has come to fruition
Website of the year: Sveriges Riksbank
Redesign has resulted in users engaging with more content
Payments and market infrastructure development: Reserve Bank of Australia
RBA has spearheaded development of upgraded retail payment system that includes real-time settlement
Financial inclusion initiative: Federal Reserve Bank of St Louis
Improvements in bank’s financial inclusion initiatives are helping tackle polarisation of economic education
Asset manager of the year: State Street Global Advisors
US financial group used global presence, and equity and fixed income expertise, to expand client base
Innovation in reserve management: BNP Paribas Asset Management
Asset manager developed new fixed income investment strategies in 2018, delivering strong returns and diversification for clients
Custody initiative of the year: Citi
US group used global presence and technological edge to deepen relations and secure new mandates
Specialised lending initiative: Deutsche Bank
German bank has played supportive role in ECB’s asset purchase programme
Global markets award: HSBC
HSBC’s global reach and expertise in emerging Asian markets has supported long-term central bank clients
Currency services: De La Rue
UK-based banknote provider secured new clients and transformed focus towards technology in 2018
Currency innovation: Giesecke+Devrient Currency App
German company has helped central banks improve educational outreach to bolster national currency security
Risk management technology: Vermeg
Dutch company won high-profile tender for Eurosystem Collateral Management System
Data services: Vizor Software
Irish tech company has rolled out major updates to pave way for more agile supervision
Treasury systems initiative: Ion Treasury
Ion’s purchase of Openlink boosted central bank business, with ECB being a ‘jewel in its crown’
Financial market infrastructure services: ParFX
Forex platform has pioneered market-driven effort to tackle concerns about poor market behaviour and distrust
Advisory services: Deloitte
Central bank footprint includes new projects on cyber resilience in Canada, fintech in Saudi Arabia, DLT in Hong Kong
Professional services initiative: World Gold Council
Trade body developed guidance to bring greater consistency to monetary gold accounting practices
Climate change: a new challenge for financial stability?
What is the role of central banks when it comes to climate change risks?
Renminbi reserves are still relatively small
Renminbi investments still account for much smaller fraction of global forex reserves than China’s significance in world economy would merit
The role of e-cash in China
E-cash improves convenience and security while cutting cash handling fees
Book notes: Keeping at it, by Paul Volcker with Christine Harper
Volcker delivers fascinating history-laden memoir, writes Jean-Claude Trichet
Book notes: EuroTragedy, by Ashoka Mody
Former International Monetary Fund insider elegantly tells story of currency that has defied economics
Book notes: Macroprudential policy and practice, edited by Paul Mizen, Margarita Rubio and Philip Turner
Important overview of current state of thinking about macro-prudential policy, but uncertainties remain about current allocation of financial stability responsibilities
Book notes: Democratizing Money?, by Beat Weber
This is a timely book about ‘how money really works’