Central Banking Journal - Volume XXXIII Number 1
Articles in this issue
Economy’s ‘first responders’ now in the line of fire
Forceful but late interventions to combat inflation raise the risk of central bank overreactions
People: July to September 2022
A round-up of central bankers in the news and on the move during the past three months
Banknotes: July to September 2022
A round-up of news and salient issues that have affected central bankers during the past three months
Morocco’s Jouahri on inflation, forex reform, digitalisation and sustainability
BAM governor speaks about Covid-19, Fed tightening, BIS membership, regional co-operation and inclusion
How central bank mistakes after 2019 led to inflation
There is a need to acknowledge errors and take concrete action to restore confidence in policy-making
ETFs in reserve management focus report 2022
Exchange traded funds (ETFs) have risen in popularity among investors and may be of interest to central bank reserve managers in pursuit of safety, liquidity and returns. Central bank mandates vary, but all reserve managers must navigate a new, complex…
Navigating a new, complex economic environment
In 2021, net assets in exchange-traded funds (ETFs) stood at almost $10 trillion, after inflows of more than $1 trillion
Managing risk with ETFs
Central Banking speaks to eight reserve managers about their thoughts on the use of ETFs, faced with market volatility, uncertainty and escalating inflation
More reserve managers use ETFs
Debate around how investor and ETF behaviour interact during times of market stress continues
Opportunities to diversify with ETFs now and looking forward
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ETFs: a gateway to sustainability?
Central banks that prioritise sustainability face a complex investment landscape
Tactical and strategic ETF use in reserves
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The case for restoring the role of monetary aggregates
Surge in money supply in response to Covid-19 triggered rampant inflation
Is money growth really the main inflation culprit?
A closer look at inflation in the eurozone and Switzerland
BoJ unlikely to move policy to counter yen weakness
Bank wary of raising rates or increasing its yield control target, writes Sayuri Shirai
Joseph Stiglitz on the challenge of fixing macroeconomics
Nobel Prize-winner discusses if central banks went wrong in 2021 and what to do about inflation
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions raise questions about the US dollar’s central role
Taking a cue from the top: governor turnover and independence
Central bank governors tend to have long tenures, but what that means can vary. High turnover remains a worrisome signal
How to run a world-class economics department
Central banks have myriad ways of organising their economists
The PBoC, real estate debt and financial stability in China
Officials have restricted policy space due to efforts to contain property risks amid slowing growth
Bank of Mexico’s battle to restore price stability
Despite presidential attacks, former officials say a solid institutional framework preserves central bank autonomy – likely a key asset in the battle against inflation
Rethinking regulation of the modern financial system
Rules need to address uncertainty in addition to risks, and should not be too complex
Ukraine’s wartime economy faces possible crisis
Foreign donors must increase financing of Ukrainian government, former NBU governor Gontareva argues
Gontareva on Ukraine’s funding, NBU policy and reconstruction
Ex-NBU governor talks about fund shortfalls, finstab challenges, the CBR and post-conflict rebuilding
Book notes: Can’t we just print more money?, by Rupal Patel and Jack Meaning
A genuinely readable but non-neutral introduction to economics
Book notes: Harry White and the American creed, by James Boughton
This book offers a deeper understanding of the IMF founder, but fails to resolve espionage charges
Book notes: The Fed unbound, by Lev Menand
This book highlights need for charter-like oversight of shadow banking sector
Book notes: The money minders, by Jagjit S Chadha
This book acts as an invaluable primer on money-credit-fiscal theory and practice
