Central Banking Journal - Volume XXXII Number 4
Articles in this issue
(Un)stablecoins and central banks
Time to tackle stablecoin structures and support mechanisms
People: April to June 2022
A round-up of central bankers in the news and on the move during the past three months
Banknotes: April to June 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Legal certainty: the Achilles’ heel for CBDCs?
Many central banks lack legal certainty when it comes to issuing digital currencies. Isn’t it time to get the lawyers involved?
Filipe Dinis on Bank of Canada’s cyber strategy and tackling cyber risks
The Canadian central bank’s chief operating officer calls for heightened vigilance, more collaboration, info sharing and tabletop exercises, and less reliance on similar, siloed systems
Three QE controversies, two theories
BNP Paribas Asset Management‘s head of macro research, Richard Barwell, explores three controversies surrounding quantitative easing through the lens of the quantities and signals theories, and considers whether all asset purchase programmes should be…
CBDC and bank intermediation in the eurozone
An assessment of the impact different ‘digital euro’ designs could have on the banking system
The international effort to manage NBFI risks: where do we stand?
Maurizio Trapanese details progress made during the Italian G20 presidency as well as outstanding macro-pru issues
Is this the end for ECB QE?
High inflation makes it difficult for central bank to justify asset purchases across eurozone
Is a bond market crisis imminent?
Central banks need careful action and a good dose of luck if they are to avoid financial instability
Does Switzerland need an SWF?
A sovereign wealth fund could adopt longer-term strategies, invest in less liquid assets and increase exposures to riskier assets
Peter Nicholl on rebuilding Bosnia’s central bank
The former RBNZ deputy governor on how he tackled financial instability in the aftermath of a war
Sovereign green bonds: the reserve portfolio’s panacea?
German, Swedish, Danish and UK debt managers speak about ‘twin bonds’ and other efforts to deal with liquidity issues
Markus Brunnermeier on the need for CBDCs
The Princeton academic says public digital currencies face pitfalls but are still needed
What is the right size for a central bank board?
There is greater consensus for smaller boards in theory than in practice
The signal and the noise: cash forecasting in uncertain times
From big data tools to Arima models and structural time series, cash forecasting methods are evolving
Book notes: A full-value ruble, by Kristy Ironside
Soviet experience shows MMT worked, only with far more challenges and downsides than promoters envisioned
Book notes: The future of money, by Eswar S Prasad
Prasad’s book is the best on the topic so far
Book notes: Tumultuous times, by Masaaki Shirakawa
A rare and refreshingly honest description of a governorship that spanned a series of crises
Book notes: Two hundred years of muddling through, by Duncan Weldon
Insights into UK economic history offer lessons for today’s policy-makers
