Central Banking Journal - Volume XXVII Number 3
Articles in this issue
Basel action needed before ‘regulatory cycle’ turns
Failure to reach a deal raises the risk of more entrenched protectionist positions
Lars Rohde on negative rates, pegs, productivity and resolution
The National Bank of Denmark governor speaks to Christopher Jeffery about the productivity paradox, defending currency pegs, unexpected limits for negative rates and addressing too-big-to-fail
Why the EU needs an asset management company
The European Banking Authority’s Piers Haben and Mario Quagliariello argue a well-designed asset management company should be a major part of efforts to clean up the European banking sector
The winners of the 2017 Central Banking Awards
Bank of England wins Central Bank of the Year, while Carlos Fernández Valdovinos picks up Governor of the Year; Donald Kohn receives Lifetime Achievement Award; 15 more awards unveiled
Central bank of the year: Bank of England
The BoE has undergone a major restructuring that has reshaped its organisational framework, research and public interaction – leaving it well positioned to meet the challenges ahead after a tough year
Central bank governor of the year: Carlos Fernández Valdovinos
The governor of the Central Bank of Paraguay has had considerable success hitting Paraguay’s tightening inflation target while boosting the nation’s economic credentials
Lifetime achievement award: Donald Kohn
Donald Kohn’s objectivity, intelligence, humour, tireless energy and iron determination to get the job done epitomise the role of a dedicated public servant. He serves as an inspiration to others
Economics in central banking: Leo Krippner
His work on term structure modelling has helped central bank policy-makers to track the effects of unconventional policies and it raises many interesting possibilities for future research
Reserve manager of the year: Bank of Israel
Israel’s central bank has made breakthroughs in its sensitivity analysis of near-optimal portfolios, as well as making notable gains from its diversification strategy
Transparency: Bank of Canada
Communications embedded in the policy process, fresh thinking on shared content and an expanded senior team show the central bank’s commitment to staying at the leading edge of transparency
Initiative of the year: Saudi Arabian Monetary Authority’s compliance standards activation project
Sama has made a strong start in its efforts to develop an enterprise-wide risk management culture
Risk manager of the year: Bank of Ghana
The central bank has built a dedicated risk function, instilling a strong risk management culture into business operations and protecting itself from emerging threats
Website of the year: Central Bank of Kenya
The East African central bank has embraced responsive design to cater for an increasingly mobile audience, eclipsing the websites of many peers
Asset manager of the year: State Street Global Advisors
Boston-based asset manager not only has depth and reach – it has taken customisable services to a new level
Global securities lending services provider of the year: BNP Paribas Securities Services
The French bank has helped a range of official institutions to glean additional revenue from their bond holdings in tight markets
Risk management services provider of the year: OpenLink
OpenLink has continued the evolution of its Findur product with the development of collateral management functionality, notably supporting the Bank of Canada in its move towards collateral posting
Banknote and currency services provider of the year: Crane Currency
Leading micro-optics provider continues to deliver a full range of services from design to print to a large number of central banks around the world to ensure integrity of cash
Consultancy and advisory services provider of the year (core): BearingPoint
BearingPoint’s consultants received high praise for their work in helping central banks manage large volumes of regulatory data, and the firm’s software underwent an upgrade in 2016
Consultancy and advisory services provider of the year (bespoke): Innovia Security
Polymer bank note provider also offers a suite of advisory services from design through to recycling to prepare central banks for the transition to ‘plastic’ bank notes, as highlighted in Nicaragua
Technology provider of the year (supervision): Vizor Software
Vizor Software has transitioned from a niche consultancy to a technology provider of choice for central banks in 30 countries, including Canada, the UK and Saudi Arabia
Technology provider of the year (risk management): Calypso Technology
Calypso scored several prestigious client wins in Denmark, France, South Africa and Spain by tailoring its platform to the needs of central banks
Payments and market infrastructure provider of the year: VocaLink
The UK payments provider has built on domestic success to support real-time payments in Thailand and the US
New deposits backed by central bank money could solve public mistrust
New deposits backed by central bank reserves could address public fears about bank safety following the use of bail-in tools in the resolution of regional banks, argues Alessandro Roselli
Kazakhstan’s long path to inflation targeting
After a slow start, the National Bank of Kazakhstan’s implementation of inflation forecast targeting is beginning to mature. By Warren Coats
PBoC’s hike signals policy management shift
The decision by China’s central bank to raise a suite of interest rates around Chinese New Year marks a shift towards market-based tightening, argues Hui Feng
Book notes: On central banking, by Jan Qvigstad
Qvigstad’s collection of lectures captures not just the culture of Norwegian central banking, but also an intellectual history of which the country can be proud
Book notes: Shadow banking in China, by Andrew Sheng and Ng Chow Soon
The authors dispel many myths about shadow banking in China – but may underestimate future risks, writes Michael Taylor
Book notes: The Man Who Knew: The Life & Times of Alan Greenspan, by Sebastian Mallaby
An extensive account of Greenspan's life and achievements, but would have benefited from a closer analysis of his relationships with comrades at the Fed
Book notes: The International Monetary Fund: Distinguishing Reality from Rhetoric, by Graham Bird and Dane Rowlands
The book brings valuable rigour to bear in assessing the work of the IMF, but suffers from a reliance on ageing data in many places, says Jacek Klich