Central Banks
RBI to give some non-banks access to payments systems
Indian central bank to allow non-bank payment service providers to use payments architecture
Taiwan dollar weakens over fears of US action
US Treasury expected to label Asian ally a currency manipulator on next exchange rate report
Covid-19 support may have created “zombie firms” – BIS economists
Policy-makers should impose tighter lending standards and reform bankruptcy law, analysts argue
MMT rests on ‘untested statements’ – Richmond Fed paper
Authors warn that modern monetary theory rests on shaky foundations
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
PBoC to more than double scope of stress tests
Chinese central bank will stress-test over 4,000 banks and plans to include all banks by 2023
IMF voices fears over Madagascar central bank’s local gold buying
Central bank is buying unrefined gold, but IMF officials warn safeguards are at risk
Syrian president fires central bank chief
Karfoul struggled to deal with further sharp slide in Syrian currency amid civil war, reports say
Central Bank of Barbados closes office after volcano erupts
Ash cloud from neighbouring island causes central bank to suspend in-person operations
Inflation in Sweden rises to 1.9%
Analysts say stable core inflation means Riksbank is unlikely to tighten policy
‘Dark trading’ approach shows UK regulators are more ‘nimble’ – FCA
UK regulator has not seen evidence that dark trading harms market participants
Chief economist Haldane to leave BoE
Influential thinker on regulation and monetary policy leaves UK central bank to lead think-tank
Demand for US services likely to rebound- Cleveland Fed survey
Study says US consumers have become more optimistic, except older people
BoC survey says firms expect higher inflation
Over half of Canadian businesses expect annual inflation will exceed target level’s midpoint
Sweden’s pension funds curb inequality, official says
Riksbank’s Ohlsson says collective funds mean high asset prices benefit wider population
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
Bank of Canada warns of possible housing pressures
BoC research highlights “vulnerabilities” as banks issue more high loan-to-income mortgages
SF Fed president says inequality could have cost US $2.6 trillion in 2019
Research paper argues opportunity and pay could increase labour output 40% by 2029
People: UAE president restructures central bank board
Cleveland Fed appoints senior vice-president to head project on improving US Treasury’s tax collection
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
New governor takes office in Belize
Former IMF official Vasquez takes office as financial and economic crisis unsettles country
‘Bottom-up’ approach can improve inflation forecasts – BoE paper
Item-level inflation data contains useful information for forecasting, authors find