Central Banks
Emerging markets primed for Fed rate hike, central bank panel says
Emerging market central bankers say improved communication from the Fed has helped them to prepare for future normalisation; central banks have adopted a range of policies to absorb forex shocks
Policy-makers need to be aware of the distributional impact of policies – Carstens
Hunt for growth needs to accommodate all, says Bank of Mexico governor; Carstens advocates a "three-pronged approach"
BoE paper tests agent-based model of macro-prudential policy
Researchers use agent-based model to capture diversity of behaviour between different housing market participants, pointing to risks from larger buy-to-let sector
IFRS 9 deadline looms
The successful implementation of new accounting rules for financial instruments requires urgent attention and leadership from frontline departments. It should not be left solely to the accountants
Danish governor attacks prime minister’s property tax proposals
Policy will risk further inflating the housing bubble, Rohde says
Carney dismisses claim PM attacked BoE’s independence
BoE governor dismisses claims UK prime minister Theresa May attacked bank’s independence; Eurosceptic MP calls for government to be more critical of the central bank
Learning errors slow recovery from financial crises – paper
Researchers examine information rigidity in financial markets and incorporate the learning behaviour of investors into a DSGE model
BoE investigates 6% plunge in sterling
Bank of England to investigate a 'flash crash' in sterling during overnight trading; traders believe it was not a ‘fat finger’ error
Threat of stagflation is ‘now real’, Nigerian MPC member says
Nigerian central bank publishes unusually detailed account of July rate rise decision, including personal statements by MPC members
Mexican deputy supports more currencies in global system
Calafell says monetary system with more international currencies could result in “periods of turbulence”, but would be stronger than the current system
Former Bank of Thailand governor cleared of Asian financial crisis charges
Governor cleared of wrongdoing related to central bank’s defence of baht in 1997, as Supreme Court brings 15-year court case to a close
'Institutional repositories' can boost research – Bank of Spain’s Selgas
Organising materials in an efficient manner online can support research and collaboration, says Bank of Spain’s chief librarian; system expected to launch in 2017
Paper examines effects of financial crisis on European long-term debt issuance
Bank of Spain paper uses large database on most frequent issuers of long-term debt
US FOMC has less room to respond to recession – Dudley
The US Federal Reserve would not be able to respond to a recession with a cut of the same “magnitude” as experienced in 2007, New York Fed president says; a risk management approach to policy is needed
European Commissioner cautions US on TLAC rules
Dombrovskis says foreign banks should not be mistreated by Fed internal TLAC proposal
Bank of Russia announces prototype distributed ledger networking tool
Central bank planning further DLT prototypes, deputy governor says; Russia is excluded from using prototype DLT tools used in Western countries
European commercial bond market may suffer from lack of liquidity, ESRB says
Banks complain of effect of European regulations on liquidity; reporting on European fixed income markets still has “significant information gap”
Demographics could explain entire drop in real rate – Fed paper
Authors find ageing population can explain most – or even all – of the estimated decline in the long-run real interest rate, implying low rates are here to stay
Broadbent defends BoE position amid pension criticism
BoE deputy says ultra-low interest rates are not main culprit behind rising pension deficits, though IMF says pension funds and insurers are at risk from central bank action
UK PM says she will deliver ‘change’ to monetary policy
Theresa May criticises monetary policy for punishing savers and those without assets, promising to deliver change
Ysaguirre leaves Central Bank of Belize
Former energy minister replaces central bank governor as term comes to an end; Joy Grant will take charge as economy struggles
‘Moral suasion’ and yield-seeking intensified sovereign debt crisis – ECB paper
Researchers use information on 226 eurozone banks; publicly owned, recently bailed-out and less strongly capitalised banks engaged increased sovereign bond holdings during crisis
Mohohlo to step down after 40 years at Bank of Botswana
Bank of Botswana pays tribute to longest-serving governor, highlighting her achievements in reforming the institution; president will nominate successor
Special purpose vehicles make ‘very limited’ contribution to GDP – Irish central bank study
Study permits a better analysis of "shadow banking" sector, authors say; concentrates on non-securitisation vehicles