Central Banking Journal - Volume XXXI Number 4
Articles in this issue
A return of the inflation monster?
Fears grow over the intellectual shift to running economies ‘hot’
Mário Centeno on monetary-fiscal interaction in the eurozone
Bank of Portugal governor says ECB is not being overrun by former finance ministers, must improve the definition of its inflation target, and has no need for YCC
Are we entering the polymer age?
CCL Secure explores the security and anti-counterfeit benefits of polymer banknote technology. As this developing technology reveals its advantages over traditional paper-based banknotes, could we soon see a shift in the status quo in polymer’s favour?
‘Run it hot’: the risks and rewards of a new policy era
Covid-19 has added impetus to an emerging intellectual shift in policy-making. But central banks face unresolved issues
Zhang Tao on the IMF’s fintech agenda, CBDCs and big tech oversight
IMF deputy MD speaks about the fund’s views on CBDC operating frameworks and macrofinancial surveillance
The future of forward guidance
BNP Paribas Asset Management explores the current landscape around forward guidance, focusing on how central banks’ methods of communication are likely to evolve in the future. By Richard Barwell
Governors Nabiullina, Tabaković and Bezhoska on systemic risk and women in power
Russia, Serbia and North Macedonia governors discuss bank reforms, corruption and the Covid-19 crisis
Benoît Cœuré on CBDCs, stablecoins and central bank fintech co-operation
BIS Innovation Hub chief speaks about fintech risks for supervisors and monetary policy-makers, and hub development plans
Is the ECB implementing yield curve control?
Eurozone has adopted hybrid system that targets wider financing conditions
A rebuttal of Philip Turner’s criticism of the BIS ‘house view’
Critiquing Philip Turner’s occasional paper, ‘The new monetary policy revolution: advice and dissent’
Regulating big tech and non-bank financial services in the digital era
Experiences from China highlight potential benefits of digital-bank and holding-company approaches
Big data in central banks 2020–21 report: shifting to centre stage
Data governance appears to be improving and central banks are embracing cloud technology
Should the Fed’s Fima facility be made permanent?
Emergency repo facility reassures reserve managers about access to cash during breakdown in US Treasuries market
Cash infrastructure as public good – implications for the cash cycle
Eurosystem is seeking to safeguard cash infrastructure even as transaction volumes plunge
The evolving ‘strategy function’ in central banks
Study shows central banks still struggle to fully utilise strategy units
Book notes: The handbook of China’s financial system, edited by Marlene Amstad, Sun Guofeng and Xiong Wei
Important, comprehensive and informed overview of Chinese financial system’s current state
Book notes: The political economy of bank regulation in developing countries, edited by Emily Jones
A pioneering academic – but reader-friendly – monograph on the response of peripheral countries to Basel standards
Book notes: Economic philosophies, by Alessandro Roselli
Roselli’s analytical and historical exploration is especially valuable now, writes Robert Pringle
Book notes: Central banks as fiscal players, by Willem Buiter
Buiter puts a real economic problem into a convincing theoretical frame, and translates it into applicable policy advice