Central Banks
MAS charges two investors with orchestrating ‘massive fraud’
The two individuals are accused of largest market manipulation in Singapore’s history, as well as deceiving financial institutions into extending credit
RBA paper asks why companies fail
Researchers find specific features of Australian companies make them more likely to fail
Central Bank of Ireland eases burden on first-time buyers
Abolition of LTV caps means first-time buyers are now able to borrow up to 90% of the whole value of a property, the central bank says, while restrictions placed on banks’ loan book are squeezed tighter
Israel’s red tape is bad for business – Flug
The Bank of Israel governor says cutting back on bureaucratic regulations could help the economy grow faster with little budgetary impact
Gulf central banks should act to boost liquidity – IMF report
Improved liquidity assistance frameworks, better forecasting and deeper Islamic liquidity markets would help ease conditions
Swiss paper shows macro impacts on two safe-haven currencies
Authors surprised to find no significant impact on franc or yen stemming from euro crisis; foreign macroeconomic data has asymmetric impact
Turkish central bank hikes as Trump election hits lira
Turkish lira has been targeted in emerging market currency sell-off; rate hike ignores the latest call for more cuts from Turkish president
People: RBA names two new assistant governors; Barbadian deputy governor retires
Luci Ellis and Lindsay Boulton appointed assistant governors at the Reserve Bank of Australia amid reshuffle; Harold Codrington departs Barbadian central bank after 37 years of service; and more
Eurozone banks vulnerable to global risk repricing, ECB warns
US elections have “aggravated” risk of global repricing, which could trigger contagion in eurozone financial system, Vítor Constâncio says
Serbia is ready for lower inflation target – Tabaković
Monetary policy and fiscal discipline has allowed Serbia to “join the ranks” of low-inflation countries; projections for growth revised up
Central Bank of Argentina makes third cut in three weeks
Central bank cuts rate on its 35-day Lebac bonds to 25.25%, with analysts expecting further cuts to come as the institution begins transition to new monetary policy instrument
Australasia has avoided stagnation trend – RBNZ’s Bascand
Different household behaviour in Australia and New Zealand appears to have contributed to higher growth and investment
Hong Kong proposes safeguards for contracts during resolution
Rules seek to protect some critical financial contracts during resolution without overly constraining resolution authorities
Financial markets should not write off uncertainty, says BoE’s Forbes
Bank of England deputy says the effects of uncertainty around Brexit could still materialise; uncertainty measures could “quickly shift”, says Forbes
Central Bank of Honduras legislation needs to be ‘fast tracked’, says IMF
Implementation of inflation targeting regime hinges on legislative change, IMF says in latest report; Honduran authorities to submit legislative reform on central bank mandate by March 2017
Central Bank of Aruba to establish payments department
Central Bank of Aruba governor outlines aspects of its five-year strategic plan with payments at the forefront of development
Demands on central banks have created critical juncture – El-Erian
Economist says burden placed on central banks has created economic and political instability across the globe, and something must soon give
BoJ paper designs new measure of trend inflation
Author’s measure reflects the weighted average of an adaptive component and a forward-looking component
Colombian paper models non-linearity in sovereign risk
Model of real exchange rates seeks to capture the non-linear effects of sovereign risk for Latin American countries
Big data could create divisions in society – FCA’s Bailey
UK FCA chief says in some ways more accurate modelling of behaviour is a good thing, but it could also be damaging in terms of access to insurance for some groups
Philippine president plans to amend law to hand Tetangco third term
Duterte plans to ask Amando Tetangco to stay for third term; finance minister confirms government intends to amend law specifying a two-term limit
Bailouts more likely in unequal democracies – research
Accountable governments face pressure to preserve banks
Fed toughens rules on officials moving to private sector
Tighter rules prevent a larger number of senior supervisors from taking jobs at the institutions they have recently been overseeing
Eurozone reform projects are not delivering, French governor says
“Investment crunch” is biggest problem, not savings glut, Villeroy de Galhau says