Central Banks
Ireland working paper examines effect of ECB policy on interbank repo market
Research by economists from Central Bank of Ireland, New York Fed and Barclays Capital finds some substitution effect between official auctions and repo market activity
Bank of Albania reviews procedures after employees steal $6m in cash
Governor remains in post despite public demonstrations over the theft of more than $6 million in Albanian banknotes by central bank employees
IMF paper considers corporate governance reform in Japan
IMF researchers say corporate governance reform could help ‘unstash the cash’ held by Japanese firms and improve the economy’s growth potential
Malaysian deputy targets 'distortions’ in payments market
Muhammad bin Ibrahim says ‘more needs to be done’ to correct price distortions that he believes are holding back electronic payments in the country
People: New chief economist at ADB; BoE insurance director departs
Columbia University’s Shang-Jin Wei joins the Asian Development Bank as chief economist; Julian Adams leaves the BoE; HSBC names new point man for central banks in Asia; and more
(Too) great expectations for macro-prudential?
Macro-prudential policies are a welcome response to the financial crisis, but not necessarily in their current incarnation. BIS economics head Claudio Borio highlights their limitations
Macro-prudential policies could ‘become part of the problem’, says BIS’ Borio
Weight of expectation on macro-prudential policies to address financial system stresses may be too great, says BIS economics head Claudio Borio; stress tests ‘woefully deficient’ in predicting crises
UK government to 'explore potential of virtual currencies'
Major study will look into whether regulation is required for businesses to set up in the UK, says chancellor George Osborne, who adds virtual currencies can ‘transform lives’
Fed blasts big banks over ‘unrealistic' living wills
Eleven firms, including Goldman Sachs and JP Morgan, must take ‘immediate action to improve their resolvability', US central bank says
Bank of Israel expects 0.4% inflation for 2014
Low rates prompted by flagging domestic demand, appreciation of the shekel and low inflation environment worldwide, bank says in monetary policy report
Bank of Zambia holds interest rate as inflation stabilises
First MPC meeting of new quarterly schedule sees no change in policy; bumper maize harvest and a stabilising exchange rate credited with lowering inflation
Bundesbank economists propose indicator for price competitiveness
Working paper published by the European Central Bank develops new indicator for international price competitiveness in an attempt to provide a tool for policy analysis
Raghuram Rajan on the dangers of asset prices, policy spillovers and finance in India
Raghuram Rajan, governor of the Reserve Bank of India, speaks about the challenges facing emerging market central banks, spillovers and getting to know India’s new prime minister Narendra Modi.
RBI’s Rajan warns of possible asset price collapse; euro ‘too strong’
Financial sector imbalances could cause sudden price reversals and sharp spikes in volatility, risks many macroeconomists are still blind to, says Reserve Bank of India governor Raghuram Rajan
Japan's ageing population will have deflationary effects, IMF paper finds
Deflationary effect will hit other advanced economies too, but can be countered through monetary policy and structural reforms, IMF economists write
Shrinking BoJ balance sheet will take longer post-QQE than in 2006
Economist says unwinding the BoJ’s asset purchases will take longer when QQE finishes than it did at the end of QE in 2006, because this time it is buying bonds with longer maturities
ECB paper quantifies OMT benefits
OMT announcements depressed Italian and Spanish two-year government bond yields by roughly 200 basis points, but left their French and German equivalents ‘largely unaffected’
UK rates set to stay low, says former MPC member Wadhwani
The cost of tightening too late is far lower than that of choking the recovery, says former monetary policy-maker Sushil Wadhwani
Rajan: ‘Let’s fight the anti-inflation fight once’
Raghuram Rajan says risks to inflation target have become ‘more balanced’ in recent months, but stresses the need to remain ‘vigilant’ as RBI holds key rate at 8%
BoE appoints UBS UK head to top banking regulator
Bank of England appoints two new members to the Prudential Regulation Authority, the country’s chief micro-prudential regulator