Feature
Big data in central banks: 2017 survey
As an active area for new projects, big data is becoming a fixture in policymaking, with an increasing number of central banks carving out a budget for data handling, writes Emma Glass.
A new era for the BIS
As Basel III inches towards closure and a new BIS general manager prepares to move into his post, Jaime Caruana talks to Daniel Hinge about his eight years at the helm
Teaching machines to do monetary policy
Machine learning may not yet be at the stage where central bankers are being replaced with robots, but the field is bringing powerful tools to bear on big economic questions
The optimal size for central bank balance sheets
As the Fed seeks to reduce the assets on its balance sheets, Charles Goodhart examines the role between monetary and fiscal policy, central bank and debt office, and the optimal size of a central bank’s balance sheet
Kenya’s digital transformation
The use of innovative digital financial services has transformed financial inclusion in Kenya, writes the chairman of the Central Bank of Kenya
The candidates knocking at Yellen’s door
Leading academics and economists weigh the competency of the top candidates for the Fed job – and how likely they are to win Trump’s favour
Japan’s ineffective efforts at monetary easing
A study of the natural rate of interest indicates the Bank of Japan’s QQE may not have been as accommodative as claimed, Sayuri Shirai argues. The failings appear to be related to effectiveness, rather than scale
Financial regulation, the PBoC and Zhou’s legacy
Zhou Xiaochuan failed to secure a new ‘super-regulator’ under the PBoC, but has ensured the central bank has a strong voice on China’s new apex stability committee at a time of increased regulatory scrutiny
Where have all the women gone?
The number of women working at central banks has increased substantially, but a glass ceiling appears to remain for those reaching for senior management positions
The changing composition of central bank balance sheets
Quantitative easing may have been necessary, but it has created worrying distortions and has probably discouraged structural change, while deflecting attention away from ever-greater levels of debt leverage
Piecing together a financial theory of stagnation
Ideas presented at recent BIS annual meetings reveal an emerging framework that explains how the financial system may be dragging down the real economy; Hélène Rey was the latest to contribute
Addressing the eurozone’s ‘lemons’ problem for NPLs
State-supported securitisation of the riskiest tranches of eurozone bank NPLs could tackle information asymmetries between buyers and sellers, and restore market function
The BoJ’s exit policy and balance sheet risks
The Bank of Japan will need to follow a meticulous sequencing of events as its ‘normalises’ monetary policy, making current concerns about negative equity appear premature
The BoJ’s risky yield curve control experiment
The Bank of Japan’s experiment with yield curve control could work if appropriate targets and communication strategies were applied. But its current policy objectives are muddled
All aboard the blockchain
The underpinning architecture of bitcoin and other crypto-currencies – distributed ledger technology – has the potential to revolutionise digital payments, with some central banks working out how to harness ‘the blockchain’
The myth of independence
The US Federal Reserve stresses independence from government as central to its ability to fulfil its dual mandate. But much of the academic evidence that independent central banks generate better policy outcomes is fundamentally flawed, argues Thomas…
Should more attention be paid to house prices?
The Czech National Bank’s experiences offer insights into using a broader inflation measure with a greater weight on housing to address both monetary and macro-prudential policy requirements
A CCP is a CCP is a CCP
The challenge of establishing standards for CCP risk management and resilience is even more difficult when policymakers view CCPs through the lens of banking regulation
Lifetime achievement award: Donald Kohn
Donald Kohn’s objectivity, intelligence, humour, tireless energy and iron determination to get the job done epitomise the role of a dedicated public servant. He serves as an inspiration to others
Kazakhstan’s long path to inflation targeting
After a slow start, the National Bank of Kazakhstan’s implementation of inflation forecast targeting is beginning to mature. By Warren Coats
PBoC’s hike signals policy management shift
The decision by China’s central bank to raise a suite of interest rates around Chinese New Year marks a shift towards market-based tightening, argues Hui Feng
New deposits backed by central bank money could solve public mistrust
New deposits backed by central bank reserves could address public fears about bank safety following the use of bail-in tools in the resolution of regional banks, argues Alessandro Roselli
Central bank of the year: Bank of England
The BoE has undergone a major restructuring that has reshaped its organisational framework, research and public interaction – leaving it well positioned to meet the challenges ahead after a tough year
Risk manager of the year: Bank of Ghana
The central bank has built a dedicated risk function, instilling a strong risk management culture into business operations and protecting itself from emerging threats