Central Banking Journal - Volume XXVI Number 1
Articles in this issue
Questions of credibility in the Eurozone and China
The ECB's credibility was once more called into question over the handling of Greek debt negotiations; positive signs from China amid equity market chaos
Eurozone central bank policy challenges and risks
ECB governing council member Ignazio Visco explains why Europe needed an expanded asset purchase programme despite potential issues associated with moral hazard and financial instability
Nobel economist Sims on fiscal stimulus, Eurozone loss sharing and role of central banks
The Nobel laureate speaks with Christopher Jeffery about his scepticism regarding secular stagnation, the eurozone’s failings and the need for inflationary fiscal stimulus at the zero lower bound
BIS annual report launches new line of attack on old fears
Analysis of financial cycles creates a new opportunity to drive home fears about rates being too low for too long – but are central banks listening?
BIS’s Shin on international co-operation, inflation targeting and integrating finance into economics
BIS head of research talks to Daniel Hinge about opportunities for international co-operation, integrating finance and macroeconomics, and whether anyone is listening to the institution’s advice.
Managing financial stability, monetary systems and the economic order
If policy-makers fail to address the challenges presented by strong feedback loops between the economic and monetary systems, the next crisis could seriously damage faith in market-based economies
Greek lessons for central banks acting as lenders of last resort
Is it appropriate for a central bank that also acts as lead financial supervisor to act as a lender of last resort at a time when its actions are becoming quasi-fiscal in nature? By Ludek Niedermayer
Coats: Greece’s banking sector options
Warren Coats assesses the soundness of Greece’s banks and the future challenges for the banking system as a debt crisis looms; proposes an innovative solution to budget deficit
Can inflation derivatives help the ECB hit its inflation target?
The ECB could reinforce its pursuit of price stability by using inflation derivatives should current tools prove insufficient or the implementation of QE encounter technical difficulties
Fed comes under renewed fire as governance structure challenged
An under-staffed board, embarrassing leaks and outspoken regional presidents pose challenges to the Fed as it seeks to exit loose monetary policies. Is it a good time to review its governance structure?
The Fed’s impact on emerging market sovereign wealth investors
With central bank reserves seeing their biggest drop in more than a decade during the second quarter of 2015, Arvid Ahlund asks if tighter US policy will make matters better or worse
Book notes: The Great Divide, by Joseph E Stiglitz
Stiglitz’s new book argues that deregulation was an important cause of the recent banking crisis
Book notes: Money and Trade Wars in Interwar Europe, by Alessandro Roselli
Alessandro Roselli’s book on interwar Europe should be compulsory reading for all those who are handling or interested in the current crisis in the euro area
Book notes: Efficiently Inefficient: How Smart Money Invests and Market Prices are Determined, by Lasse Heje Pedersen
A book that offers a condensed picture of hedge funds’ operations and strategies, written by a person with considerable academic and practical experience
Book notes: The Lion Wakes: A Modern History of HSBC, by Richard Roberts and David Kynaston
A weighty tome, commissioned by HSBC to commemorate its 150th anniversary