International
GDP needs to be supplemented with welfare measure – economist
Daniel Sichel defends GDP as a measure of production, but says it is not enough on its own
UN report questions value of fintech sandboxes
Regulators are “unprepared” for the level of effort and resources needed to launch a sandbox
The answers to the 2018 Central Banking Christmas quiz
We reveal the answers to the Christmas quiz, and the winner
IMF prepares to overhaul its financial surveillance
Fund agrees with IEO report that there is much room for improvement, but budget is an issue
Big tech companies poised to disrupt financial services – FSB
New report claims fintech hasn’t had an impact on competition in financial sector
Renminbi reserves are still relatively small
Renminbi investments still account for much smaller fraction of global forex reserves than China’s significance in world economy would merit
Central Banking expands fintech bandwidth
New fintech category; newsletter to offer insights into related opportunities and threats
Five digital currency questions for central banks
Central bankers need to take a view on the ongoing disruption to monetary systems, argues Adam Csabay
For-profit CCPs may not hold socially optimal capital – BIS paper
“For-profit CCPs have incentives that are misaligned with financial stability,” author says
FSB publishes annual work programme for first time
Priority is to address new vulnerabilities, while finalising, implementing and evaluating reforms
The winners of the 2019 Central Banking Awards
MAS wins central bank of the year, Karnit Flug awarded governor of the year and Zhou Xiaochuan recognised for lifetime achievement; 23 other awards announced
Lifetime achievement: Zhou Xiaochuan
Former PBoC governor stands out for his high levels of integrity, intellectual rigour and bold reforms
People: Ghana’s Addison to chair Ecowas governors
Thailand appoints assistant governor; Vietnam announces deputy payments director
Low rates can harm productivity, say Liu, Mian and Sufi
Low rates may end up discouraging investment across the economy, authors say
A dual-currency system would make negative rates work – IMF research
Proposal would free monetary policy from lower zero bound when dealing with a recession
Data overhaul needed to enhance insolvency frameworks – IMF
Paper highlights the importance of data in analysing efficiency of current resolution policies
Kristin Forbes urges academics to focus on macro-prudential policy
Our understanding of the tools and ability to spot new risks remain limited, professor says
Non-banks continue rise as banks lose market share
Non-bank financial firms hit a record high, at nearly half of global financial assets, FSB finds
‘Global inflation gap’ points to slack across advanced economies – paper
Authors find no evidence that inflation is “on the brink of surging ahead”
Adverse environment forces banknote firm Arjowiggins Security to close
Paper specialist forced to liquidate UK and French holdings despite restructuring
Countries must counter money-laundering through fintech – IMF official
IMF’s Adrian calls for regional co-operation and consultation on new payment systems
Central bank gold purchases soar to highest level since 1971
Russia, Turkey and Kazakhstan accumulated the most gold in 2018
People: Mexico appoints two new deputy governors
Federal Reserve appoints new research director and IADB makes Chilean official chief economist
Professional services initiative: World Gold Council
Trade body developed guidance to bring greater consistency to monetary gold accounting practices