Central Banking Journal - Volume XXV Number 3
Articles in this issue
Central banks are on the losing side of government pacts
Quantitative easing by the ECB and the Bank of Japan brought market cheer. But, absent meaningful structural reform, is miring central banks deeper into an ever-more dangerous policy cycle.
Justin Lin on China, economic growth and the international monetary system
Former World Bank chief economist on why a multiple currency system could increase monetary instability, China should be wary of full capital reform and infrastructure investment will boost growth
Will new reforms lift the veil of secrecy at the Bank of England?
The Bank of England has unveiled a broad package of reforms to its transparency. Daniel Hinge speaks with transparency experts to assess the changes
Reviving the faltering euro economy
There are three options to address Europe’s core problem: real differences in production costs. None of them involve asset purchases by the European Central Bank, writes Allan Meltzer
Evaluating the IMF’s performance in the financial crisis
The results of the IMF’s Independent Evaluation Office investigation into the Fund’s handling of the global financial crisis are deeply flawed.
Three strikes against the Federal Reserve
If you want to know why US economic recovery has been so sluggish, look no further than the policies of the Federal Reserve, argues Allan Meltzer
The winners of the Central Banking Awards 2015
Raghuram Rajan wins Governor of the Year while Reserve Bank of New Zealand picks up Central Bank of the Year; Jacques de Larosière honoured with Lifetime Achievement Award; 12 more awards announced
Governor of the year: Raghuram Rajan
Sharp analytical skills, decisive policy action, powerful communication and impressive leadership skills have enabled RBI governor Raghuram Rajan to lead the Indian economy onto firmer ground
Central bank of the year: Reserve Bank of New Zealand
A joined-up approach to monetary and macro-prudential policy, excellence in communication and governance, updated risk management, improved supervision and security made the RBNZ the standout central bank
Lifetime achievement award: Jacques de Larosière
Jacques de Larosière has earned a reputation as the great French international public servant, central banker and scholar of his generation
Reserve manager of the year: South African Reserve Bank
Adapting its management of growing reserves using innovative approaches that do not compromise on long-standing values has enabled sub-Saharan Africa’s biggest reserve manager to enter the top ranks
Economics in Central Banking: Claudio Borio
The Bank for International Settlements’ economics head secures win for his work applying the concept of ‘excess financial elasticity’ to the international monetary and financial system
Transparency award: Czech National Bank
After speeding up its communications procedures, expanding into social media and creating an online blog for senior policy-makers, the Czech National Bank has taken transparency to a new level
Website of the year: Bank of Canada
The central bank has not only successfully increased its online presence in 2014, but it has also actively passed on its expertise to the central banking community
Sovereign investor of the year: Norges Bank Investment Management
The manager of the world’s largest sovereign wealth fund offers ever greater levels of transparency coupled with enviable returns with its strategy to diversify into real estate is paying dividends
Asset manager of the year: BlackRock
BlackRock’s cohesive framework, combined with unrivalled geographic, asset class and investment-style capabilities, enable it to remain the pre-eminent asset manager for sovereign institutions
Global custodian of the year: State Street
Servicing a diverse set of clients on multiple continents, State Street’s capabilities were amply demonstrated by its win of the National Pension Service equities custody mandate in South Korea
Foreign exchange dealer of the year: Standard Chartered Bank
The emerging markets specialist has played a pivotal role in assisting central banks and sovereign funds to diversify their holdings into emerging market currencies
Banknote and currency services provider of the year: Innovia Security
A consistent, collaborative approach in a wide range of countries, including Canada and the UK, has enabled the polymer pioneer to stay ahead of its peers on banknote service provision
Payments and market infrastructure provider of the year: Eurex Clearing
The German company is driving efforts to help the derivatives industry meet new regulatory requirements, while also improving cross-margining services and bolstering its risk management capabilities
Technology provider of the year: Polaris
The Indian technology company’s flexible platform can be tailored to a remarkable range of operations, including helping central banks such as the RBI to upgrade and automate core banking systems
Consultancy and advisory services provider of the year: SkySparc
Skysparc has helped to test and upgrade treasury management systems at major European central banks, proving instrumental in helping tackle growing volumes of securities transactions and cashflows
The RMB and the SDR review 2015
Yide Qiao and Jiafei Ge present a case for the renminbi joining the ranks of the US dollar, euro, sterling and yen in the IMF’s SDR basket, when the constituents are reviewed later this year
Are central banks the ‘Figaro’ of the financial markets?
Central banks continue to play a vital position in the functioning of markets. While this raises significant concerns about moral hazard it is not an unfamiliar role from an historical perspective
Book notes: Sovereign debt management, by Rosa María Lastra and Lee Buchheit
An immensely valuable compilation of contributions by lawyers and several economists on sovereign debt. This book is eminently readable, in spite of its difficult subject matter
Book notes: European Spring, by Philippe Legrain
Ambitious and accessible, this book's take on events is provocative and its alternative insights warrant reflection
Book notes: Don’t start from here, by David Shirreff
A pointed, passionate plea for a simpler banking system that deserves to be taken seriously
Book notes: Emerging Africa, by Kingsley Moghalu
Sub-Saharan Africa is no basket case, but neither is it poised to follow China and India on their meteoric economic rise, Kingsley Moghalu argues in his forthright book
