Central Banks
BoJ paper harnesses census data to improve industry surveys
Researchers aim to make the Bank of Japan’s Tankan survey more accurate from a smaller sample, based on Japan’s economic census
RBNZ floats idea of bank regulatory dashboard
Bringing regulatory disclosures together in one place could impose market discipline and allow more straightforward comparison of risks, central bank says
Crane invests $100 million in new banknote plant
New banknote facility in Malta to add to existing operations in Sweden and the US, employing 200 people
Yemen’s president sacks governor and announces new central bank in Aden
Move may increase humanitarian crisis as former central bank head managed to prevent worst outcome in “dire” circumstances, expert says
New model shows eurozone output gap remains large, researchers argue
Other models fail to capture interplay of inflation and output, paper says
ECB officials and Borio disagree on falling real rates
Vítor Constâncio and François Villeroy de Galhau emphasise importance of saving-investment mismatch, while Claudio Borio stresses financial cycle, but speakers find some points of agreement
Distributed ledgers ‘too much of a moving target’ to write business standards, says Swift
Paper addresses questions about how DLT automation can run smoothly in multi-party network environment; Swift recognises full-scale standardisation of distributed ledger use is premature
Carney: green finance could help reverse long-run rate decline
Bank of England governor says green finance has the potential to send capital where it is most needed, and help advanced economies escape the problem of falling equilibrium interest rates
Stress tests should consider wider range of resilience metrics – BoE article
Metrics including liquidity and funding resilience should be considered as stress tests become an important part of a central bank’s regulatory toolkit; current liquidity and funding stress scenarios are “less advanced”
Bank of Israel moves to eight-meeting policy cycle
Cut in number of meetings reflects stability of economic indicators and will allow for more detailed analysis at each meeting, central bank says, though one member criticises loss of flexibility
Central Bank of Barbados launches biannual economic magazine
Barbados launches financial magazine after “ironing out” issues; central bank’s latest venture “demystifies” economics for the general public
ESRB publishes guide to OTC derivatives database
Draghi repeats pledge to extend central clearing regulation to all forms of derivatives; ESRB paper sheds light on “opaque” markets
Sarb governor fends off political criticism
Central bank would co-operate should inquiry into supervision powers be launched; monetary policy committee leaves rate on hold with the prospect of an end to the hiking cycle nearing
IMF warns over problems in Belarusian banking system, but central bank disagrees
Systemic liquidity risks are “elevated” because of dollarisation, fund says; central bank claims country’s first asset quality review shows banking system is sound overall
Dutch banks’ cross-border lending data 'supports case for reciprocation'
Large Dutch banks boost lending in response to tighter regulations, paper says; behaviour is likely to undermine effectiveness of macro-prudential policy
BoE’s Forbes studies generation of ‘global tsunamis’
External MPC member asks why some global shocks have major consequences and others do not, seeking answers in countries’ financial linkages, common shocks and contagion
RBA’s Lowe: we are not ‘inflation nutters’
Philip Lowe underscores central bank’s “balanced” approach to controlling inflation in his first public appearance as RBA governor, and highlights other initiatives
Swift unveils software to help users detect fraud
Financial messaging service hopes new software will allow users to independently detect unusual activity; software to be launched in December this year
Fed holds but two more dissenters call for hike
Case for hike is building, says Janet Yellen, but economy has “a little longer to run”; two more FOMC members join Esther George in voting for hike
Eurozone employment-to-GDP-growth ratio has recovered strongly – ECB
Employment growth concentrated in Spain and Germany; productivity remains “stagnant at pre-crisis levels”
Central Bank of Kenya cuts rates despite new credit legislation
Commercial banks to amend lending rates again following a cut in interest rates; bank launches 50th birthday initiatives including new website
IMF lauds renminbi SDR launch, but some see momentum stalling
Fund officials praise China’s proactive approach to meeting SDR goals, but others warn progress on renminbi internationalisation may be slowing
RBA’s Heath highlights changing nature of Australian workforce
Automation, ageing population and decline of industry are reshaping the labour market’s demand for skills, head of economic analysis says, with lessons for central bank recruiting
Declining inflation reduces pass-through effects for emerging markets – BIS paper
Central banks should be less fearful of floating their exchange rates; emerging markets should take note exchange rate channel could be “less effective” in affecting inflation