Central Banks
China cuts reserve requirement ratio for banks
Change to ratio will release funds for banks to help hard-hit industries, says the PBoC
PBoC pushes big techs to hand over user data, report says
Some tech firms are resisting order to supply information to PBoC-led credit-scoring firms
Research economists devote more working time to own projects
On average, own research works consume 25% of policy economists’ working time
Book notes: Zero interest rate policy and the new abnormal, by Michael Beenstock
Author's contention that asset purchases caused the low neutral rate of interest is entertaining and infuriating in equal measure
Turkish central bank cuts rates drastically despite soaring inflation
MPC’s 150bp cut comes as some economists say inflation may be much higher than 85% official figure
Balance sheet policy needs rethink, economists say
BoE chief economist says central banks should focus more on risks of assets they buy
Riksbank slows down normalisation with 75bp rise
Ingves chairs last policy decision as Riksbank predicts higher inflation and lower growth
BoE’s Ramsden says forecasts now less reliable
High uncertainty means policy-makers cannot rely heavily on forecasts, deputy says
BoJ to test CBDC next year, reports say
Two-year pilot project will examine whether digital currency can work without internet access
Bank of Korea raises rates to highest level since 2012
Governor says board expects to continue increasing rates “for some time”
Advanced economy institutions tend to produce more papers
Emerging market researchers averaged five papers a year in peer-reviewed journals
UK Treasury makes first payment to BoE to offset QE losses
Indemnity was “integral” to QE but “day of reckoning” had to come, economist says
Bank of Israel slows down policy normalisation
Central bank increases rates by 50bp to 3.25%, as inflation stood at 5.1% in October
New York Fed advances two digital asset exchange projects
Regional Fed to test cross-border payments with MAS and explore “regulated liability network”
ECB paper presents new corporate default prediction method
Authors say their “distance to insolvency” measure outperforms other forecasting methods
PBoC eases rules to lure foreign bond investors
New rules include allowing foreign investors to conduct FX trades with more financial institutions
RBNZ delivers record 75bp rate rise to curb inflation
Central bank now expects policy rate to peak at 5.5% next year, up from previous estimate of 4.1%
Research agenda determined across multiple levels
Governors and deputy governors give final sign-off on most research publications
BIS paper finds reserves scarcity even during QE era
Banks still relied heavily on incoming payments to replenish funds, researchers find
Lebanese governor promises devaluation as crisis deepens
Judge investigating Salameh over corruption allegation resigns
Das outlines RBI’s post-Covid research reforms
Central bank has adopted “full information” system to capture economic dynamics
Ilan Goldfajn wins race for IDB presidency
Former Brazilian central bank governor takes helm at scandal-hit institution