Central Banks
Rate pass-through 'weaker and slower' in Mongolia – paper
Reforms at the Bank of Mongolia have improved the transmission mechanism, authors say, but there is plenty more work to do
Deal on output floors and op risk approach likely – Ingves
Revised standardised approach to credit risk will be “capital neutral” and more compatible with IRB
Eurozone must urgently raise productivity, Draghi warns
ECB policy provides governments with "window of opportunity" for reform, ECB president says
Unreported assets worth $6–7 trillion, Italian researchers say
“Areas of opacity” remain, despite recent anti-evasion initiatives, authors say; paper estimates the global levels of personal tax evasion and undeclared assets held overseas
MAS warns of risks surrounding households
Prudent financial and debt management is crucial, the regulator says, to entrench the gains made through macro-prudential measures implemented earlier
New Zealand central bank asks for more macro-prudential powers
Capital’s housing prices "among the highest in the world", report says; heightened debt levels among farmers leave sector "vulnerable to future shocks"
Austrian central bank gives award to two young economists
Papers study responses to shocks in structural funds and effects of trade on business cycle
Bank of Zambia closes fourth bank this quarter
Commercial bank deemed insolvent by the regulator; Bank of Zambia takes over control of the institution to “safeguard” depositors
RBS falls short in latest Bank of England stress tests
Three banks show signs of “capital inadequacies” in the latest round of tests, with RBS forced to review its capital plan; Carney says global and domestic risk remains “elevated”, prompting the FPC to leave its buffer unchanged
People: Tobias Adrian to replace Viñals at IMF
New York Fed economist to take over IMF’s monetary and capital markets department; Malaysia appoints new financial stability board; vice-chair picked for FinCoNet
‘Significant’ housing market risks in eight EU states – ESRB
UK outlook “highly uncertain”, while regulatory mandate in Sweden is “not clear”
Dealers urge further clarity on rules for ailing CCPs
New European rules stop short of defining resolution triggers
Poloz urges economists to create new economic models
The rise of the service sector has changed the way productivity and output can be calculated, the Canadian governor says, musing on whether the relationship between inflation and growth could change over time
Seychelles issues first full banknote series in 18 years
The central bank spends around $2.6 million producing new series; SCR10 note transformed into coin in the new series, while the SCR500 note gets a facelift
Bundesbank unveils blockchain settlement system
Prototype system able to transfer digital coins or securities as well as settling “basic corporate actions”; Deutsche Bundesbank to continue working on project to create a test concept
BoE’s Vlieghe dismisses neo-Fisherian idea that low rates cause low inflation
MPC member says “small minority” of academics who suggest lower rates may cause low inflation do not present particularly compelling arguments
Central banks may be partly to blame for low real rates, says BIS’s Borio
Ever-bolder attempts to raise inflation could push down on real rates, generating little inflation but worsening the risk of instability, Claudio Borio says
Praet calls for European ‘fiscal backstop’ and deposit insurance scheme
Limited banking union leaves Europe more open to country-specific shocks, ECB economist says
Impact of interest rate cap still unclear – Kenyan governor
There is not enough data on interest caps to influence the MPC’s decision, says Njoroge; interest rates remain on hold at 10%
Cœuré spells out ECB’s stance on Greek reforms
The Greek government must reform the legal process and status of banks, senior ECB figure says
Banks have still not fixed ‘poisonous mix’ of problems – BIS’s Borio
Claudio Borio warns that in some respects, banks have still not solved the problems revealed by the 2008 crisis, which leaves them vulnerable
OECD expects growth boost from Trump infrastructure plans
Organisation says “well targeted” public spending could help economies escape slow growth, though it warns protectionism might undo the benefits