Feature
The case for nominal GDP targeting by central banks
Central banks have experimented with new monetary policy approaches, with nominal GDP targeting the latest idea to be put forward. Richard Werner looks at the empirical data supporting such a policy
China’s new financial and regulatory architects
Keeping Zhou Xiaochuan as governor of the People’s Bank of China will provide policy stability in the world’s second largest economy. But there are plenty of changes elsewhere
Bank Negara Malaysia’s approach to developing a financial inclusion index
Malaysia’s index of financial inclusion was created as a first step to increasing the depth of financial participation in the country, but more data is needed, says Zarina Abd Rahman
Bretton Woods Transcripts reveal insights into IMF quotas and governance
In the second of a three-part series, Andrew Rosenberg writes about how the negotiators at the Bretton Woods conference in 1944 spent much of their time deliberating quotas and governance for the IMF
Fed ‘stimulus’ chokes indirect finance to SMEs
Low interest rates in the US are crowding out indirect finance to SMEs and distorting financial markets generally. The Fed needs to act by raising rates to 2%, argues Ronald McKinnon
Stockton’s Bank of England review offers forecasting lessons for central banks
The Stockton review of the Monetary Policy Committee at the Bank of England offers valuable lessons for central bankers and economists around the world.
Deutsche Bundesbank’s losing struggle in European integration battle
The Deutsche Bundesbank was once the cornerstone of European monetary stability but has become little more than a bargaining chip for politicians negotiating European integration.
Renminbi internationalisation to get boost from 60m overseas Chinese
Use of the renminbi by the 60-million strong Chinese diaspora will accelerate the currency’s use in global trade and reserves management. By Gary Smith.
Central banks need to define clear role for operational risk
Despite crossing management and business lines, operational risk must be defined within the wider risk management framework at central banks. By Rudy Wytenburg.
Bretton Woods transcripts reveal global discord that still resonates today
In the first of three articles, Andrew Rosenberg discusses the issues that arose at the 1944 conference that continue to echo down through the years.
State Bank of Vietnam needs a single mandate not independence
Lessons from South Korea, Japan and the US indicate a single mandate would benefit the State Bank of Vietnam more than an IMF call for legal independence.
Collateral problems in the euro area
The euro area sovereign debt crisis has caused remarkable growth in the operations of the Eurosystem. It also led to diminished collateral availability.
Solid financial accounts can help central banks meet their mandates – CBP roundtable
The manner that central banks manage and present their financial accounts is becoming critical to them achieving their mandates, according to a CBP working group.
The next ‘Mr RMB’
Five leading candidates have emerged as the likely successor to Zhou Xiaochuan, governor of the People’s Bank of China. Hui Feng assesses their relative strengths and weaknesses
Governing the central bank governors
Central banks face multiple challenges in the current market environment. But they still need to press towards better governance to build institutions that are fit for purpose
The ghost at the IMF’s Tokyo feast
Robert Pringle looks back at the main themes of the IMF’s annual meeting, which was held in October in Tokyo, and forward to prospects for 2013
The Bretton Woods transcripts
Bretton Woods was one of the world’s most important financial conferences, but one that was little known about until now
Striving for a strategic role for risk management
Risk management needs to be split from control functions to provide boards with a holistic view of qualitative and quantitative risks
Banking union divides Europe
The European Central Bank is set to gain responsibility for the supervision of the continent’s banks in a move unlikely to restore trust with an already sceptical German public
Taming the finance monster
The best way to resolve global financial instability is for the owners of capital to assert themselves, with sovereign funds well positioned to take the lead, say Paul Woolley and Dimitri Vayanos
The future of bank capital
Prudential regulators are relying on the Modigliani-Miller theorem to hold true as banks are required to hold substantially more capital. But could their faith in the theorem be misplaced?
Where the BIS falls short
Robert Pringle compares the analysis and policy recommendations offered by the BIS in its latest annual report with those in his new book, The Money Trap
The beginning of the end for renminbi internationalisation?
The People’s Bank of China has surprised market watchers by taking critical steps to liberalise the renminbi and interest rate policy in the country
Central bank's crucial role in Myanmar's new economic reform
The Central Bank of Myanmar is on the verge of securing operational independence and a budget that will enable it to double its headcount to help it oversee rapid economic reform