International
Central banks should explain why losses are necessary – BIS paper
Policy goals sometimes necessitate losses but they need to be accompanied by clear communications
Pandemic fiscal support had rapid inflationary impact – NBER paper
Inflationary impact of support to consumers was “quick to ensue, but moderate”, authors find
Risk Management Benchmarks 2023 report – shifting priorities
Central banks are increasingly focused on cyber security risk, while market risk and human resources are rising concerns
Cash demand solid despite digitalisation, CPMI finds
Latest ‘red book’ statistics show rapid growth in cashless payments, but demand for cash still resilient
IMF says global economy may be at ‘turning point’
China and India expected to drive half of global growth this year, but other economies are lagging
Global liquidity driven higher by derivatives and euro lending
BIS statistics show contraction in dollar lending to emerging and developing economies
Stefan Ingves on leadership, prudential oversight and transparency
Riksbank veteran talks about Basel III, policy lessons and CBDCs
‘Neglect’ of money growth may have harmed forecasts – paper
Study finds forecasters make larger errors when money growth is highest
BIS paper proposes new capital flow management tool
Offsetting capital flows rather than blocking them could be the optimal choice, authors say
Eight key elements to managing a central bank
Peter Nicholl describes critical lessons he learned while developing governance and capacity at the CBBH
‘Funding for lending’ may suffer side effects – BIS committee
Survey finds lending schemes tend to be effective, but firms may become dependent
FSB finds implementation of non-bank reforms still ‘incomplete’
Banks are well insulated but more progress needed on liquidity management and securities financing
‘Geo-economic fragmentation’ could cut GDP by 12%, says IMF
Georgieva says world faces “new Cold War”, putting global financial stability at risk
Currency Benchmarks 2022 – presentation
Currency specialist Ben Margulies discusses cash volumes and use, currency production and design, and cash and the climate
BoE paper finds non-banks act as global stabilisers
Non-bank firms help dampen the impact of US monetary policy spillovers, authors find
The always imminent demise of the global dollar
Creating effective alternatives will remain long and arduous despite China’s development of Cips, the mCBDC bridge and any oil-price redenomination, writes Barry Eichengreen
IMF’s Gopinath rewrites classic open-economy model
Mundell-Fleming model’s assumptions make it less useful for modern policy-making, economist says
Fewer central banks have a centralised risk unit
Share of institutions deploying this structure falls from 66% to 48.5%
There’s work to be done on RTGS contingencies
Central bankers from Canada, Thailand, Singapore and Brazil discuss RTGS backup planning
Rethinking the CCyB
As central banks rush to replenish bank capital reserves, the countercyclical buffer may need some fine-tuning
2022: The year in review
The invasion of Ukraine left central banks facing yet another exceptional set of challenges this year
Book notes: Global discord, by Paul Tucker
A curious mix of a book, which attempts to think through how democracies should deal with the rise of Communist China
The rise of non-SDR currency reserves
New Cofer data release may show an overall fall in FX reserves, writes Gary Smith
Non-bank growth pushes global financial assets to new peak
Riskiest forms of shadow banking are growing faster than other areas of finance, FSB data shows