Bank for International Settlements (BIS)
Do CBDCs make sense for Latin America?
Steven Kamin says CBDCs may be particularly beneficial to emerging market economies
People: Macklem to chair Basel Committee oversight board
China names policy-makers; BoJ reappoints key monetary policy official; Kazakhstan replaces deputy
Carstens: world may be on ‘cusp of a new inflationary era’
BIS chief warns new inflationary forces “have emerged with a vengeance”
Project Ellipse: real-time data and the ‘art of the possible’
BIS’s Andrew McCormack and MAS’s Kenneth Gay talk about phase two of the suptech project, which combines real-time news with regulatory data
Project Dunbar raises ‘more questions than answers’
BIS’s multi-CBDC project focused on qualitative benefits and trialled small-scale cross-border transfers
Global markets: HSBC
The bank’s long-term commitment to clients and its wide range of expertise shone in 2021 as central banks navigated the aftermath of the Covid-19 shock
Rich countries’ central banks less likely to manage sovereign debt
Practice is more common among middle and lower income countries, and in Africa and the Americas
Central bankers see ‘potential’ in stablecoins
But John Williams, Cecilia Skingsley and Perry Warjiyo warn such systems must be better regulated
IMF approves $1.4 billion Ukraine aid and BIS suspends Russia
Georgieva praises Ukrainian authorities’ emergency measures after invasion
RBA deputy governor resigns
Guy Debelle leaves to join green energy company less than a year into second term
BIS paper finds benefits from ‘deconstructing’ ESG scores
“Best-in-class” strategy can overcome problems with other approaches, authors say
Reciprocity can curb macro-prudential ‘leakages’ – BIS paper
But gains can be small, which may explain limited use of reciprocity to date, authors say
Markus Brunnermeier on the need for CBDCs
The Princeton academic co-authored a paper for the European Parliament exploring the potential pitfalls of CBDCs. But they are still needed, he says
Emerging economies ‘remarkably’ resilient to Fed tightening, BIS says
Many EME currencies have appreciated, but Turkish lira and Russian ruble are notable exceptions
Some Eurosystem central banks hold Bank of Russia assets, ECB says
Holdings could become significant if further sanctions directly target Russian central bank
BIS paper estimates slack in Mexico’s informal labour market
Calculating Nairu is challenging given large unregulated sector, authors say
BIS targets green bond growth with launch of Asian fund
“We expect a fast-growing market for green bonds,” says BIS banking head Peter Zöllner
Banks still falling short of final Basel III requirements
Basel Committee says some metrics seem to have been impacted by Covid-19
BIS paper finds real links matter for asset price co-movement
Real economic integration may be more important than previously thought, authors say
Efficient data reporting is main suptech driver
Resource constraints are the biggest challenge in developing a suptech strategy
Change at the Bundesbank: from Weidmann to Nagel?
Joachim Nagel’s appointment highlights the importance of politics at the apex of German central banking. Veteran central bank watcher Klaus C Engelen looks at the media reaction and asks if Buba/ECB discord is set to continue
Emerging market stock returns impacted by dollar – BIS paper
US dollar can drive local financial conditions in equities as well as other markets, authors say
Navigating the digital transformation at Deutsche Bundesbank – an update
Joachim Wuermeling explains how the Covid-19 pandemic and other developments have affected the German central bank’s digital transformation during the past two years
BIS paper highlights money markets’ impact on real economy
Central bank liquidity interventions can prevent large drops in output, authors find