Central Banks
Market and survey-based measures of expectations provide useful information, ECB paper says
Survey-based and market-based measures of inflation expectations provide useful information on future eurozone price increases, a European Central Bank paper argues
Changing funding patterns cut both ways for emerging markets, central bankers say
Emerging markets are moving towards greater use of capital market funding, but while this could bring benefits for monetary policy, it also throws up a host of stability risks
Cyprus must make NPLs ‘number one priority’, international agencies say
Authorities must properly implement proposed loan reforms, joint statement says
Bank of Israel smoothes way for new credit card players
Central bank moves to ease the process of entering the merchant acquiring and credit card market; aims to streamline licensing and expand ownership options
Turkish paper finds Fed staff forecasts superior to rivals
Working paper finds forecasts in the ‘Greenbook’ were consistently more accurate than their commercial equivalents between 1974 and 2009
IMF urges response to rapid credit growth in Cambodia
Staff report lays out buffet of macro-prudential tools to address factors driving the expansion, which has seen the credit-to-GDP ratio double since 2012
Statistical spin may decide severity of trading book rules
Capital increase levied by Basel Committee on Banking Supervision could depend on use of mean versus median figures
Canadian paper sees costs to leaning against the wind
Research estimates difference in policy rates between ‘lean’ and ‘clean’ central banks, while identifying costs in terms of inflation and output deviations
Macro-prudential tools an ‘essential’ part of policy toolkit, Irish deputy says
Macro-prudential policies introduced by the Irish central bank appear to be ‘functioning as intended’, Gerlach says; joint ECB-EC statement sees measures underpinning stability
BoE researchers model trend inflation with ambiguity
Researchers develop a model featuring positive trend inflation determined in part by the degree of ambiguity around central bank actions
BIS’s Borio challenges monetary orthodoxies
Claudio Borio questions current concepts of equilibrium, monetary neutrality and deflation, calling for a rethink of monetary policy frameworks – and potentially mandate changes
Visco questions sufficiency of five presidents’ report
Italian governor stresses progress ‘on the side of the political union’ should be considered sooner rather than later; broadly supports direction of roadmap
Russian corporate banking recovers despite sanctions and oil price fall, governor says
Bank of Russia ready to expand for large-scale foreign exchange operations if oil price falls
Lagarde declares support for RMB inclusion in SDR basket
IMF managing director endorses inclusion in currency basket after staff report deems Chinese currency 'freely usable'; executive board decision expected on November 30
Barbados central bank to manage ‘enhanced credit guarantee scheme’
Under the forthcoming guarantee fund there will be $70 million available; it will be used to guarantee as much as 80% of specific loans to SMEs
It is ‘OK’ if researchers challenge Bank of Canada council, Wilkins says
Senior deputy governor outlines new procedure for publishing papers independently from the governing council; advocates ‘intellectual space’ for ideas
Haldane charts impact of automation on UK economy
Up to 15 million jobs could be at risk from automation in the UK alone, the BoE’s chief economist says, adding a rate rise is unnecessary at this juncture