International
BNM’s Ibrahim urges Asia to “re-engineer” global monetary system
Countries should promote a “multi-currency market” within Asean, says Muhammad bin Ibrahim
IMF expands access to disaster funds
Economies are offered more generous thresholds for funding in the face of severe natural disasters
Extended monetary easing in US has larger impact abroad – paper
IMF paper examines the impact of periods of prolonged monetary easing on risk-taking behaviour
HK researchers ask how much markets affect RMB fixing
Researchers test China’s assertion exchange rate is now determined more by markets
Politics now driving markets more than central banks – BIS review
“Precipitous decline” in correlations implies markets no longer in thrall to central bank policy
BIS paper tracks US and eurozone QE spillovers
US QE spilled across borders more strongly
Cross-border claims shifting in favour of non-banks
Claims on banks fell in third quarter of 2016
Book notes: The International Monetary Fund: Distinguishing Reality from Rhetoric, by Graham Bird and Dane Rowlands
Strong analysis is undermined by data that looks somewhat outdated
Turkish central bank acts to support lira as inflation jumps
Central bank launches fresh measures to counter “unhealthy price formations”
New data sheds light on policy spillover channels – BIS paper
US dollar, euro and yen affect global funding conditions
BIS: markets less beholden to central bank action
Political shocks appear to have jolted markets into a more healthy state
Dombret paints gloomy picture of low rates’ impact on banks
Bundesbank board member spells out risks associated with low interest rate environment
Emerging markets hit harder by US rate hikes than domestic policy – Bank of Korea paper
Economies with higher inflation tend to be affected more, paper finds
US affected by spillovers as well as causing them – Fed’s Fischer
Foreign developments can be a “substantial headwind”, says vice-chair
Central banks respond as markets roiled by Trump victory
Mexico hit by large capital outflows, while Swiss and Japanese central banks face large inflows
No ‘insidious’ German plan for EMU competitive advantage, says Issing
Germany didn’t even have 'the economic intelligence’ to design such a plan
Euro architect says ECB has ‘destroyed’ market discipline in Europe
All the elements in place to bring “disaster” to the monetary union, says Otmar Issing
US spillovers stronger for some countries than others – IMF paper
Paper assesses how US normalisation will spill across borders
ECB officials and Borio disagree on falling real rates
Vítor Constâncio and Claudio Borio offer differing interpretations
Carney: green finance could help reverse long-run rate decline
Bank of England governor says green finance has the potential to send capital where it is most needed
The Chinese G20 presidency may mark a turning point
Mark Uzan defends the oft-criticised G20 communiqué
Japanese researchers model success and failure of international cooperation
Incentive to renege on an agreement can be overcome, economists say
BIS paper digs into complex spillovers from US rates
Transmission at longer maturities and via bond markets is high
A year of progress for Chinese reforms, but there is much still to do
PBoC deputy Pan on China’s growth prospects, RMB reform and stock market volatility