International
‘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
A 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 about how to strengthen the global safety net, vulnerabilities in emerging markets and the challenges and opportunities posed by fintech
Fund structures are ‘a big issue’ for monetary system – Carney
Immediate redemptions risk amplifying capital flow volatility
The IMF should adopt a ‘real SDR’
The creation of a vibrant market in SDR linked to commodity prices could create a powerful new monetary anchor, argues Warren Coats
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, but reserves may still be too big
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
Local currency debt not enough to escape US dollar influence – BIS paper
Emerging markets borrowing in domestic currency are still affected by the US dollar exchange rate
Markets still in thrall to central banks – BIS
But some apparent anomalies may be signs of healthier market function, says Claudio Borio
Riksbank’s normalisation faces darker global outlook
Looser stance in the US and eurozone may hamper new hikes in Sweden
‘Key currencies’ affect patterns of global imbalances – BIS paper
Authors say it is important to think about a “dollar zone” not just the dollar