International
BIS’s Borio warns interacting financial cycles destabilise global system
Domestic and global cycles interact and amplify one another, BIS official says
IMF paper tracks Asian authorities’ responses to volatile capital flows
Monetary policy typically responds to several variables in pursuit of greater stability, analysis finds
Fed paper looks at US spillovers to foreign government debt yields
Fed has “economically large” impact on some dollar-denominated bond yields, researchers find
King calls for radical shake-up to escape ‘low-growth trap’
Central bank models fail to appreciate demand-side secular stagnation
‘Hegemonic digital currency’ could help fix global system – Carney
Using CBDC to facilitate online sales could bring about more rapid change, governor says
Tackling ‘dead-end’ monetary policy
Shift to lower inflation targets would help central banks escape forever-loose monetary policy, writes former IMF chief Jacques de Larosière
EMEs can resist spillovers with prudential policy – BoE paper
Some prudential policies work better than others, researchers find
Expectations and term premia both drive spillovers – BIS paper
Different components have greater impacts in advanced and emerging economies, authors find
Seven threats from big tech’s libra
Can central banks avoid a ‘big tech’ monetary meltdown?
BoE paper: ‘tails’ matter when studying global financial cycle
Authors look to the tails of the distribution to understand exchange rate risk in the global cycle
A key message from Jackson Hole: policy must globalise
Setting policy in isolation is becoming untenable and spillovers must be considered more, remarks suggest
Carney: digital currency could help fix global monetary system
A “synthetic hegemonic currency” could end the destabilising dominance of the dollar, BoE chief says
Agustín Carstens on fixing the global monetary system
The BIS chief speaks on the global safety net, emerging markets’ vulnerabilities and fintech challenges
Fund structures are ‘a big issue’ for monetary system – Carney
Immediate redemptions risk amplifying capital flow volatility
The IMF should adopt a ‘real SDR’
A vibrant market in SDR linked to commodity prices could create a powerful new monetary anchor
IMF must do better in policing currency manipulation – RBI’s Das
Governor says shortcomings in IMF surveillance have led to US pressure on alleged manipulators
BIS paper highlights new channel for Mundellian ‘dilemma’
Authors weigh financial channel as explanation for why trilemma has become dilemma
Senior policy-makers differ on future of global monetary system
Trichet, Lipton and Reinhart debate whether SDR could play a bigger role in global stability
Bank of Thailand voices concerns over baht appreciation
Thai central bank says it has cut supply of short-term bonds to curb hot money inflows
IMF’s IEO outlines plan for capital flows evaluation
Some countries say the fund may now be too quick to endorse capital flow restrictions
Draghi becomes latest target of Trump’s ire
Dovish comments at ECB conference draw accusation of manipulation from US president
Carney warns of ‘global liquidity trap’
BoE governor says model of “capital flows at risk” highlights important vulnerabilities
BoE to expand scheme that sends economists to emerging markets
UK government partners with BoE to provide economic expertise to emerging markets
Carstens says EMEs are right to intervene but must be ‘rigorous’
BIS is “expending a great deal of analytical effort” in understanding the issue, he says