International
Japanese researchers model success and failure of international cooperation
Various factors can lead to cheating on global monetary policy cooperation, paper published by the BoJ finds – but careful design can help the agreement hold up
BIS paper digs into complex spillovers from US rates
Authors find short-run US rates have little impact on long-term rates elsewhere, but transmission at longer maturities and via bond markets is high
A year of progress for Chinese reforms, but there is much still to do
Pan Gongsheng, deputy governor of the People’s Bank of China, writes about China’s growth prospects, RMB exchange rate reform and the past years’ stock market fluctuations
Mexican deputy calls for reinforced ‘global financial safety net’
Javier Guzmán Calafell sees IMF as key player in maintaining global financial stability, but says it needs more resources, tools and legitimacy
Establishing rules of the game for the international monetary system
A traffic-light system for monetary policies could be adopted to prevent a ‘race to the bottom' spate of tit-for-tat measures adopted to address international spillover effects, argues Prachi Mishra
The renminbi and the international monetary system
Zhou Yueqiu, director of the Urban Finance Research Institute of the Industrial and Commercial Bank of China, offers some perspectives on the future role for the renminbi post-SDR inclusion
Lin Jianhai: The state of the global economy
Secretary general of the IMF Lin Jianhai offers his views on global challenges and China’s economic transition
Han Seung-soo: financial opening and the renminbi
former prime minister of the Republic of Korea Han Seung-soo explains why the time is right for a rethink on the current international financial system as well as China’s role in a proposed new system
Stanford's John Taylor on the global monetary system and central bank co-operation
The Stanford University professor talks to Daniel Hinge about how central banks can co-ordinate policy to break free from a downward spiral in interest rates
John Taylor offers way out of downward interest rate spiral
Stanford University professor says a return to more “rule-like” policy-making could help bring easing cycle to an end, with the Fed playing a key role
Towards a more stable monetary world order
A global network of independent central banks could act as a manager of expectations for asset and foreign exchange prices to reduce the burden of future crises, argues David Harrison
Latin American countries may be especially exposed to US monetary policy, paper finds
These economies may be more vulnerable than most emerging markets to the normalisation of US monetary policy, claims a Bank of Spain paper
Rajan and Mishra lay down rules of the monetary game
Authors warn current models may display the policy biases of those who built them, calling for better dialogue and analysis of monetary policy spillovers
Fed QE drives portfolio rebalancing towards foreign assets, Brazil paper finds
Research analyses ‘comprehensive’ dataset for Brazilian capital flows and a smaller one for other EM economies
Currency networks shape global spillovers, BIS authors find
Authors make use of recently enhanced BIS data sets to map currency networks, studying how these affected the risk-taking channel of monetary policy during the ‘taper tantrum’
Rajan offers solution to global policy spillovers
RBI governor sketches rating system designed to hold central banks to account; frank discussion may be enough, he says, but tougher rules in the style of Bretton Woods are also an option
RBI paper questions impact of global spillovers
Authors find money and credit markets in India are largely unaffected by spillovers, although there is an impact via debt markets and the indirect effects of global growth and inflation