Central Banks
Central banks must use “unconstrained” negative rates, Rogoff tells ECB
Policy-makers must ensure cash depreciates against electronic money, or face failure, Rogoff says
IMF chief sends strong warning on trade in first speech
US-China trade war could cost global economy the GDP equivalent of Switzerland, Kristalina Georgieva warns
BoE governor appointment ‘on track’
UK finance minister indicates Mark Carney won’t be asked to extend his term again
Bank of Uganda implements 100bp rate cut
Rate setters think below-target inflation offers opportunity to support economic growth
BSP governor rules out Philippines involvement in Asian currency war
Rate cuts by Central Bank of the Philippines due to ‘domestic factors’
HKMA dismisses cash limit rumours as tensions escalate
Emergency laws will not affect cash withdrawal or capital flows, HKMA says
BIS studies highlight limits to unconventional policy
Policies seen as broadly effective, but reports warn of spillovers and other unintended effects if the policies are used too much and for too long
Minneapolis Fed president calls for more cuts
Kashkari says cuts would support the economy, but he is unsure how low rates needs to go
ECB paper takes new approach to modelling lower bound
Model uses regime-switching approach to look at returns on short-term bond yields
Eurozone supervisors voice concerns over AML regime
Fintech creates opportunities for both authorities and money-launderers, agencies warn
Japan’s public debt financing strategy may be unsustainable – research
Public sector financing of its own borrowing hit by losses at public companies and volatility
Bank of Israel holds rate in divided policy meeting
Central bank willing to cut rates in future to boost below-target inflation
Borio and co-authors attack concept of natural interest rate
BIS paper sets out a model in which “monetary policy hysteresis” can do lasting damage to the economy
‘Wrong’ to say Fed is out of policy space, Bernanke argues
Former chair estimates unconventional policy adds 3% to Fed’s room for manoeuvre
Central bankers without clothes and clout
The focus on the latest actions by central banks is disproportional to their impact on the economy. Without normalisation, central bankers may be revealed to have no clout, writes Jesper Berg
BSP’s Diokno on forward guidance and cutting reserves
The Central Bank of the Philippines governor speaks to Christopher Jeffery and Alice Shen about fintech, efforts to wean Asia off the US dollar, and why he wants to cut policy and reserve requirement rates
Schlesinger and Issing lead attack on ECB policies
Six senior former policy-makers call for tighter eurozone policy as Draghi’s term nears its end
ECB and Fed unite on global currency standard
The two central banks want to create the ‘USB of currency processing’
RBA flags low profitability of life insurance industry
Australia’s financial industry faces long-term challenges in managing climate change risks
Machine learning can help spot bank distress – BoE paper
Use of confidential data helps catch distress early, and ML can cope with complexity, authors say
Palestine’s Shawwa unveils microfinance initiative
Sector is a “central pillar” of Palestine’s financial and social stability, PMA governor says