Central Banks
Target2 'filled in' balance of payments gaps during euro crisis, NY Fed paper finds
Federal Reserve Bank of New York study finds adjustment to the pullback of private capital during the euro crisis made less harsh by Target2
BoE could act as lender-of-last-resort for Scottish banks
Bank of England's Mark Carney refers to European Union's discretionary approach during euro crisis; suggests independent Scotland would need to increase foreign reserves
Dombret calls for cap on bank loans to sovereigns
Deutsche Bundesbank board member advocates a cap on the amount banks can lend to an individual sovereign, as they should never ‘put all their eggs in one basket’
BoJ holds rates as tax hike looms
Bank of Japan policy board holds QQE steady and maintains economic assessments in its last meeting before consumption tax hike comes into effect
Bank of Zambia tries to talk down forex market ‘panic'
Bank of Zambia aims to arrest ‘panic' in foreign exchange market amid reversal of portfolio flows; hiked reserve ratio requirement on Monday in attempt to strengthen currency
ECB sets out second phase of asset quality review
The European Central Bank reveals the methodology of its asset quality review and provides guidance for national authorities tasked with executing the inspection
BIS economists give forward guidance mixed review
Research in quarterly review says forward guidance has shaped market expectations but warns it could ‘encourage excessive risk-taking’ in the markets
Demetriades resigns as Cyprus governor
Resignation brings an end to the long conflict between the Cypriot governor and the president; Demetriades will leave in April after less than two years in the role
Bank of Israel cut rates despite 'rapid' increase in house prices
Four out of five members of the Bank of Israel's MPC backed last month's 25 basis point rate cut to 0.75% following weaker performance across range of indicators
ECB paper studies imbalances in major eurozone countries
Use of a new multi-country model demonstrates stimulus effects on aggregate demand from changes in interest rates at ECB-level 'are present but not overly large'
Czech paper deconstructs exchange rate variability in advanced economies
Researchers find that economic fundamentals are only responsible for a third of the medium-term exchange rate variability, although this increases when the euro is involved
Bank of Canada revamps website
The Canadian central bank has sought to simplify the design of its website and make it easier for users to locate information across a variety of devices
RBA takes next step in opening up payments market
Shake-up of access regimes aims to give more room for competition in the Australian payments market; proposed changes still need amendments to legislation to go ahead
Fed not to blame for recent emerging market sell-off, says BIS
Recent rush of capital out of emerging markets was due to country-specific factors, not tapering by the Fed; Borio reiterates call for better policies, lamenting a ‘disappointing element of déjà vu’
Hämäläinen returns to ECB in latest SSM board appointments
Central bank fills three of its four slots for representatives on the SSM’s supervisory board, with former board member Hämäläinen joined by Canadian supervisor Julie Dickson, and the ECB's own Ignazio Angeloni
International perspective helps resolve domestic economic puzzles, says Canada deputy
Bank of Canada deputy governor John Murray underscores the importance of looking beyond borders when setting monetary policy
Banks switch strategies way ahead of new regulation, paper finds
ECB working paper studying a set of Finnish banks finds they anticipated Basel II by up to seven years, shifting their credit portfolios in preparation for the new regulatory environment
FOMC members discuss international spillovers of Fed monetary policy
Charles Plosser and Richard Fisher sound off on accommodating policies' impact on other countries, but make no promises of international considerations on FOMC
IMF minutes to go public after three years, not five
IMF plumps for greater transparency for the majority of its board meetings, but those used to discuss allocation of fund resources will stay secret for five years
Swiss upper house rejects initiative that would force SNB to double gold holdings
Proposal that would require central bank to hold at least 20% of total assets in gold is slated for referendum but political establishment is strongly opposed
Nature of shock explains linkages between monetary and macro-pru policies
Riksbank article studies linkages in a dynamic general equilibrium model, where macro-prudential policy is exemplified by a countercyclical capital buffer
Stevens dismisses concerns over Australia’s higher inflation target
RBA governor and deputies grilled over appropriateness of higher inflation target than most advanced economies; questions also raised on credit growth, competitiveness and the move away from mining