Feature
Conflicts of interest and systemic risk
In regulating against conflicts of interest, central bankers will have to study exactly how each major bank is making its profits in future, John Chown argues
Are CoCos from cloud cuckoo-land?
The rationale for requiring banks to hold contingent capital is right. However, the mechanics of their operation and market implications may be subject to doubt, argues Charles Goodhart.
Welcome to Twin Peaks
The decision by the British government to adopt the Twin Peaks model of financial regulation represents a significant turnaround in the Bank of England’s political fortunes, writes Michael Taylor.
Tokyo story
Robert Pringle reports from Tokyo on how the crisis has impacted Japan’s outlook.
Why monetary base control can offer stability
There is a way of replicating the big achievements of the gold standard without going back to gold, argue Brendan Brown and Robert Pringle.
Why attitudes to gold have changed
Jill Leyland investigates why the events of recent years, in particular the financial crisis, have tipped the balance away from net official sector selling towards net buying of gold.
Politics is hampering national wealth management
Poor communication and differing incentives between politicians and national wealth managers are undermining performance, argues Gary Smith.
Rethinking reserve management
The crisis demands a rethink on both the size and composition of central banks’ reserves, argues Ludek Niedermayer.
How Ireland is reforming its central bank
A change of leadership offers Ireland’s central bank an opportunity to assert its independence from the country’s much maligned political and banking elite. It is doing much to grasp it, Claire Jones finds.
Preventing system failure
A model borrowed from ecology offers new insights for policymakers in how to understand and combat systemic risk, writes Claire Jones.
When experts fail: a response and reply
Michael Taylor comments on the argument set out by Frank Vibert in the February edition of Central Banking journal, to which Vibert in turn replies
Surveying inflation credibility
Jannie Rossouw, Vishnu Padayachee and Fanie Joubert compare the methodologies of inflation credibility surveys conducted in New Zealand, South Africa and Sweden
Policy forecasts: a new frontier in communication
Jakob de Haan weighs up the pros and cons for central banks considering publishing interest rate paths
Official-sector balance sheets after the crisis
In the third of Central Banking’s web seminar series, Daniel Gros, Ken Wattret and Tim Young discussed how official sector balance sheets have changed, the new challenges policymakers face and how to overcome them
The case for reserve currency competition
A competitive market for reserve currencies would help remove global imbalances, says Ousmène Mandeng
A future for the SDR?
Richard Cooper looks at whether the SDR could substitute for the dollar as a global reserve currency
Follow the money
Monetary aggregates are set for a comeback in central banking, but as indicators of financial instability, not inflation. Claire Jones reports
Lessons from the crisis for monetary policy
As central bankers discuss the future of the monetary policy framework, Robert Pringle puts the debate in a wider context and raises some questions about the emerging new consensus
A return to complexity: economic policy after the crisis
The crisis has challenged the fundamentals of the prevailing macroeconomic orthodoxy. Policymakers must recognise this and adopt new frameworks accordingly, Sir John Gieve argues
Ten issues for regulators to consider
René Smits devises ten key issues that European financial legislators must consider when constructing the post-crisis regulatory framework
Five lessons for dealing with EU bank failures
Hugo Banziger spent two weekends trying to save a German bank from failure. Here he identifies how and where European Union rules must change so that resolutions are faster and fairer
Federal Reserve policy as shown by its history
Much of the independence won by Paul Volcker has been surrendered in the recent crisis, says Allan H. Meltzer
How China is empowering the boardroom
Sound corporate governance is essential if future financial crises are to be avoided. Liao Min and Rui Wang of the China Banking Regulatory Commission (CBRC) explain how the commission is developing guidelines to make this happen
The Volcker Rule: wrong answer or the right question?
The Volcker Rule recognises that the structure of the banking system needs to change. For that it should be supported, says Michael Taylor