Central Banks
RBI shakes up management roles as deputy departs
Duties of Reserve Bank of India governing board reshuffled as deputy governor Subir Gokarn’s term expires; new executive director appointed
Boston Fed paper lauds survey data over rational assumptions for macro models
Research published by Federal Reserve Bank of Boston finds the performance of DSGE models is enhanced by introducing survey data on inflation, unemployment and interest rates
Korea research appraises exchange rate volatility
Working paper published by Bank of Korea finds both high and low exchange rate volatility impacts the country’s credit inflows and can carry negative consequences
Fed research asserts ‘potency’ of quantitative easing
Working paper finds large-scale asset purchases by the Federal Reserve equivalent to a cut in the Federal funds rate of more than 3%; estimates are higher than previous studies
Bank of Russia increases inflation target for 2013
Guidelines for monetary policy in Russia over the next three years include revised inflation goal for 2013; inflation overshoots target band in 2012
Robert Pringle’s Viewpoint: Can banking recover its lost reputation?
The UK’s Parliamentary Commission on Banking Standards issued a thoughtful paper in December offering clarity on some of the flaws present in current banking reform
Central Bank of Ecuador governor resigns
Pedro Delgado resigns after admitting he does not hold a degree in economics, according to local media reports
Paper: Competition, Innovation, and Implications in Retail Payments
A new paper from the Dutch central bank looks at the key determinants that affect asset pricing, competition and innovation
Central banks downsize in 2012
Number of central bankers falls by 1,500 to 471,000 in 2012; continues five-year trend of shrinking staff
Asmussen stresses importance of institutions for EMU
Member of the Executive Board Jörg Asmussen says genuine financial union and a stronger economic union are key priorities for 2013
Bank Indonesia stepped up stability efforts in 2011
Annual report shows central bank went to greater lengths to ensure exchange rate stability and promote resilience in the banking sector
Irish research measures domestic and imported inflation
Paper studies balance of internal and external factors behind sharp deflation during financial crisis; finds domestic economy is important determinant
PMA gains new authority over payments systems
Decree law gives Palestine Monetary Authority green light to promote ‘modern e-banking services’; Jihad Alwazir says new systems will increase efficiency while reducing risks
BoJ boosts easing amid mounting political pressure
Policy board votes to increase asset purchases by ¥10 trillion ($119 billion); close proximity to election raises questions of political influence in decision
IMF fears Ireland could still lose access to markets
Eighth review of extended fund facility says Ireland’s newly regained market access is ‘fragile’ and could be lost if European commitments to ESM funding and OMTs are not followed through
Central Bank of Nigeria denies Sanusi arrest warrant rumours
Central bank says no arrest warrant for Sanusi Lamido Sanusi issued – contrary to local media reports – but admits governor has defied parliamentary summons
Buba’s Weidmann on the virtues of sound finances
Bundesbank president stresses the need for fiscal rectitude in monetary union
World Bank weighs impact of QE on capital flows
East Asia and Pacific economic update notes large capital inflows into some countries following easing by Fed, ECB and BoJ; Thailand and Indonesia experience most significant flows
Fed’s Stein highlights transatlantic risks
Jeremy Stein discusses situations that may lead to a spike in dollar funding costs for European banks operating in the US; says renewed swap lines and new regulation will help
RBNZ bulletin reports growth in currency, fall in counterfeits
Amount of currency in circulation rises 5% in the year to June 2012 as counterfeits fall to one part per million
Carney salary doubles to $1m with BoE move
Mark Carney will receive total remuneration worth over $1 million a year when he joins the Bank of England next year, making him one of the highest paid central bankers in the world
BBA delays phase-out of some Libor rates after complaints
Less-used rates will be produced until May 2013