Central Banks
Rajan unveils rate hike - and cut - as QE lingers on
RBI raises repo rate but cuts MSF rate as focus shifts from defending the rupee to keeping inflation in check; Rajan warns Fed taper ‘only postponed'
ECB paper says regional macro-prudential tools would mitigate eurozone imbalances
Macro-prudential tools such as loan-to-value limits could help prevent imbalances between the eurozone core and periphery if applied on a regional basis, according to ECB research
Emerging market volatility not a sign of crisis, says Malaysian supervisor
Emerging markets are much better prepared to deal with foreign investment outflows than in the past, says Securities Commission Malaysia chairman
BoJ's Kuroda reports ‘steady progress' on QQE
Year-on-year rate of change in Japan's consumer price index accelerated to 0.7% in July, after having turned positive to 0.4% in June; survey evidence indicates rising inflation expectations
US fiscal stance is creating inflation, says Riksbank paper
Researchers show the existing unsustainable levels of US federal debt are generating inflationary pressures, but these are difficult to spot as they are being dwarfed by Fed policy and economic slack
IMF's Lagarde backs Fed over asset purchases
The IMF’s managing director believes the Fed should take a 'gradual' approach to reversing its asset purchases and rate cuts; stresses the importance of unemployment figures
Bank of Finland deputy urges banks to meet mobile and internet payments demand
Pentti Hakkarainen says banking sector has not met Finnish population’s demand for mobile, internet or real-time payments; says banks risks losing their data advantage over other institutions
Euro crisis will leave Greece stronger, says Herbert Grubel
Membership of a currency union initially failed to force Greece to reform its economy but the country is now set to emerge from the crisis unshackled from former vested interests; the case of Greece may offer lessons for other democracies
RBNZ closing loan valuation loopholes
Reserve Bank of New Zealand proposes stricter rules on how banks value housing loans and residential properties to prevent them undermining new macro-prudential policy
Rosengren paper tackles role of banks in monetary transmission
Boston Fed president presents evidence on the effectiveness of the bank lending channel and provides observations about likely consequences of changes associated with the financial crisis
Australian sovereign bond market infrastructure developments analysed
Reserve Bank of Australia article provides an overview of the CBS market and assesses recent changes in the market infrastructure
SNB reiterates commitment to franc price ceiling and zero interest rate
Swiss National Bank is ready to buy unlimited quantities of foreign exchange and take other measures if required to hold the franc down; inflation should turn positive next year, it says
Scandinavians open macro-pru toolbox to cool overheated housing markets
Rising property prices, increasing household debt and towering banking sectors are pushing Norway, Sweden, and Denmark to consider unconventional measures to pre-empt a crash
Canadian economy rowing to safety, says Poloz
Stephen Poloz says central bank's job is to fill the crater left by the burst bubble with liquidity - but when the economy has rowed itself to safety, the bank can reduce the injections
Bernanke defends Fed communication after QE surprise
Ben Bernanke says FOMC communication in June was justified as Fed shocks markets by ploughing on with asset purchases; economists question why markets were focused on September meeting
Carney new vice-chair of ESRB as King joins Fischer at CFR
Mark Carney takes over from Mervyn King as deputy to European Systemic Risk Board chairman Mario Draghi; King joins US think-tank Council on Foreign Relations as a distinguished fellow
BIS papers probe LatAm currency interventions
Working papers written by economists from each of five Latin American central banks and published by the BIS investigate the efficacy of various currency intervention strategies
Panellists hit out at Fed’s forward guidance in CBP debate
Federal Reserve gets mixed scorecard for its extraordinary monetary policy and communication performance, according to panellists in Central Banking On Air debate
ECB seeks women to fill four senior economics vacancies
Re-organisation in the ECB's directorate general for economics creates four vacancies for head of division; new targets means bank will want to hire women to the male-dominated department
IMF greenlights new wave of funds for ‘resolute' Cyprus
New IMF report says most conditions have been met with a ‘comfortable margin' but warns that the banking crisis' impact on households and corporates could be larger than anticipated
ECB to relax CCBM collateral deposit rules from May 2014
Benoît Cœuré says the rule change will pave the way for support of cross-border, tri-party collateral management services from September next year; warns Sepa deadline looks tight for many