Central Banks
BoE paper offers framework for exploring impact of regulation on interbank lending
Central banks could benefit from studying the impact of regulation on the levels of overnight interbank interest rates
Bank of England chief economist hosts Twitter session
Andrew Haldane calls for debate on future of banking regulation ahead of central bank’s ‘Open Forum’
Liikanen discusses logic behind publishing ‘accounts’
Bank of Finland governor says it is important central banks exhibit a ‘high degree’ of transparency, noting the ECB decided to begin publishing accounts as policy became more unconventional
BIS research finds US policy spillovers ‘significant’
Article examines the spillovers from short-term, long-term and policy rates in the US on a host of emerging and advanced economies; impact is economically and statistically significant
Synthetic financial cycle model allows crisis predictions, paper argues
A model of a synthetic financial cycle performs better than the credit-to-GDP gap in predicting financial crises, a European Central Bank working paper argues
BIS reveals new data output in review
Bank for International Settlements expands data around international banking, government debt and private debt service ratios; launches new bulletin and online exploration tool
PBoC makes reserve requirement ratio more flexible
China's central bank will change method for calculating banks' reserve requirement ratios tomorrow in a move one analyst says could free up $200 billion
BoE’s Forbes calls for rethink of exchange rate pass-through
MPC member outlines new, more nuanced approach to measuring the exchange rate’s impact on inflation, noting this implies rates could need to be tightened sooner than older models suggest
SGX 'ahead of the curve' on CCP capital, argues director
Singapore Exchange puts up 25% of the capital in its default waterfall, while European and US CCPs contribute 2.6% on average
Norges Bank memo presents indicator of systemic stress
Staff memo outlines ‘composite indicator of systemic stress’ to help with decision on when to lower the countercyclical capital buffer
Danièle Nouy targets greater regulatory harmonisation
Supervisory board chair highlights efforts taken to harmonise regulatory framework in Europe but stresses more must be done; says SSM is ‘working very well’ as it approaches first anniversary
European supervisors flag rising liquidity risks
Supervisors raise concerns over growing market liquidity risks, warning of the combined impact of technology, regulation and competition; asset managers a potential source of contagion
Bundesbank's Buch pinpoints importance of impact studies for macro-pru policy
Claudia Buch emphasises the usefulness of impact studies for macro-prudential policy, arguing data is an insufficient stand-alone indicator
Flaws in banking laws common across countries, working paper finds
IMF working paper examines the weaknesses in specific banking laws, concluding they are not country specific; seeks to provide a blueprint for ways to improve
Cœuré warns ‘serious data gaps’ still exist
ECB executive board member says serious gaps, inconsistencies and inefficiencies still exist in many areas important for monetary policy and financial supervision
CPMI and World Bank say transaction accounts are key to financial inclusion
Joint CPMI-World Bank report stresses importance of transaction accounts in promoting financial inclusion, and offers policy advice for countries looking to improve access to financial services
Gaza blockade adds to leap in Palestinian inflation
Low oil prices are not fully offsetting a fuel crisis in the Gaza Strip as a continued blockade causes rapid price rises in certain goods, a Palestine Monetary Authority inflation report finds
Kocherlakota considers impact of public debt on long-run interest rate
Minneapolis Fed president says an increase in public debt could help increase long-run neutral rate, allowing the FOMC to raise rates quicker, but it would come with costs
RBNZ cuts OCR again in face of ‘softening’
Graeme Wheeler reiterates ‘some further easing in the OCR seems likely’ as he reveals the third consecutive rate cut; RBNZ notes importance of Chinese demand to commodity prices
Bank of England wary of China risks but UK outlook steady
The MPC’s view is not materially affected by recent volatility in the financial markets as it keeps policy on hold; domestically, an increase in wage growth is offset by higher productivity