Central Banks
Cash holdings lessen chance of ‘forced sales’ by mutual funds, paper says
Researchers use data on Italian open-ended mutual funds
ECB paper looks at PSPP’s ‘flow effects’ on sovereign bond yields
“Flow effects” have limited but real impact, researchers find
BoJ should provide ‘more realistic’ projections – former policy board member
Claims constant overestimation of inflation expectations undermines credibility
UK report sets out steps to unify payment services operators
Move would help drive “innovation and competition”, working group chairman says
Esma calls for tougher regulation of credit ratings agencies
European laws mentioning credit ratings should be revised, regulator says
All aboard the blockchain
The underpinning architecture of bitcoin and other crypto-currencies – distributed ledger technology – has the potential to revolutionise digital payments, with some central banks working out how to harness ‘the blockchain’
Zimbabwe central bank actions like ‘putting lipstick on a frog’
Economic crisis is reminiscent of meltdown preceding dollarisation in 2008, but authorities have fewer options this time
Olsen highlights the importance of responsible investment
New ethics rules saw numerous companies excluded from the GPFG last year
UK’s Royal Mint challenges coin-note boundary
Director for circulating coin claims new feature will allow the new £1 coin to challenge low-denomination banknotes in terms of security
ECB says EC must look at regulation of non-bank finance
Central bank calls for “careful balance” on securitisation proposals
ECB paper studies impact of Fed surprises on other countries
Researchers find similar effects on real economy but differences in financial impacts
Worst could be yet to come, warns Sarb
Further credit downgrades could result in further outflows of investment in South Africa, threatening the strength of the rand and overall financial stability; governor Kganyago says central bank will work to avoid more volatility
BoJ’s Kuroda cites three channels to promote financial inclusion
Bank of Japan governor urges policymakers to enhance financial inclusion in Asia
Outgoing Ukrainian governor is confident president will choose right candidate
Valeria Gontareva tells Central Banking she faced “evil slander campaign”
People: Atlanta and Richmond Federal Reserve banks fill senior roles
New vice-presidents among other appointments at Fed banks in Atlanta and Richmond; ESM appoints deputy counsel
BoJ cuts inflation forecast at a time of falling JGB purchases
Bank of Japan reduces forecast to 1.4% as bond purchases appear to be declining
Riksbank says own inflation forecasts are among least accurate
Study compares central bank’s forecasts with those of nine other institutions
The myth of independence
The US Federal Reserve stresses independence from government as central to its ability to fulfil its dual mandate. But much of the academic evidence that independent central banks generate better policy outcomes is fundamentally flawed, argues Thomas…
Internal model review is ECB’s second-largest supervisory project, Nouy says
ECB supervisory fees to rise 10% in 2017 in part to fund internal model review