Feature
A retail ring-fence for the UK
Robert Pringle and Hugh Sandeman analyse the Independent Commission on Banking’s interim report
William Clarke: 1922–2011
William Clarke CBE, a co-founder of Central Banking, has died at the age of 88. This appreciation was written by George Bull, another of the founding directors of Central Banking. Bull died in 2001
Were the ‘bloody bankers’ to blame?
J.R. Sargent assesses whether the public scorn poured on bankers is justified
Central bank capital levels: do they matter and what can be done?
The crisis has undoubtedly intensified the debate on negative capital. Martina Horáková investigates
The value of active management for central banks
Central bank portfolio managers should not avoid risk but rather have a disciplined approach to managing it, Elisa Vilorio believes
Questions that an audit committee should ask
Joanna Grochalska discusses how central banks can get the most out of their audit committees
The collateral squeeze of 2008
William Allen and Richhild Moessner analyse data from US commercial banks and Morgan Stanley in the months surrounding Lehman Brothers’ collapse
The inflation targeting debate: a case study in FOMC deliberation
Discussions among Federal Open Market Committee members in the mid1990s highlight two important lessons for central bankers, Marvin Goodfriend shows
Applying liquidity rules to sharia banking
Brandon Davies looks to history for an idea on how regulators can develop liquidity rules that will work for Islamic and conventional finance
Issues in regulating Islamic finance
The regulation of Islamic finance suffers from several seemingly entrenched problems. Mushtak Parker highlights the barriers to better regulation, while noting some grounds for optimism
Regulating Islamic finance: a primer
Claire Jones outlines how and by whom Islamic finance is regulated
Financial reform, Fed independence and the political economy of monetary policy
The 2010 Financial Reform Act will weaken the independence of the Federal Reserve. Looking at the central bank’s history and its political economy allows us to appreciate why, Thomas F. Cargill argues
Off with their Fed
The past six months have witnessed the Federal Reserve come under attack on issues ranging from its mandate to its discharge of its duties. Ramya Jaidev reports
The dangers of relying on point in time
With Basel III, regulators have a chance to improve models used by banks to manage risk. However, they risk repeating past mistakes, says Patricia Jackson
Liquidity regulation and its consequences
The Basel Committee’s proposals for liquidity buffers could have some dangerous side effects, William Allen warns
The People’s Bank of China’s battle on two fronts
Events both at home and abroad have kept China’s central bank busy in recent months. Hui Feng reports.
Forrest Capie’s Bank anecdotes
William M. Clarke and Robert Pringle select some amusing excerpts from a new history of the Bank of England.
Explaining the crisis and informing the future
Frank Vibert examines how analyses of the fundamental causes of the financial crisis are shaping the policy debate
The euro funding gap and its consequences
The crisis has highlighted that the euro is far from a true reserve currency. That has worrying implications, argue Annina Kaltenbrunner, Duncan Lindo, Juan Pablo Painceira and Alexis Stenfors
Data and the crisis: gaps, initiatives and challenges
The crisis has highlighted a number of holes in financial data. Much has already done to plug them, writes Alfredo Leone.
Underpinning systemic stability - the case for standards
Measures designed to make the financial system safer may not achieve their aim. There is a better way, Sir Andrew Large and Sir David Walker argue
The StabFund: a look at the inner workings of a 'bad bank'
Marcel Zimmermann and Zoltan Szelyes explain how the Swiss National Bank managed to strengthen the country’s largest financial institution at the height of the crisis by creating a bad bank.
Communicating macroprudential policy
A sound communications strategy can enhance the impact of macroprudential policy actions and build the political support needed for such steps, Tim Ng writes
The unintended consequences of the new prudential framework
The new regulatory code could have some dangerous side effects, Jacques de Larosière writes