International
Economics Benchmarks 2023 – model banks analysis
Data reveals differences in research, forecasting and data use across central banks
Monetary policy helped curb inflation expectations – research
Higher rates could achieve a “soft landing” if the expectations channel is strong enough, authors say
IMF extends higher loan caps for low-income countries
PRGT will be able to hand out bigger credits through end of 2024
IMF members approve 50% increase in quotas
Decision was not unanimous and leaves voting shares unchanged
Credit lines can amplify stress – NBER paper
Study finds junk-grade firms draw more credit, and drawdowns can worsen liquidity shocks
Economics Benchmarks 2023 report – tentative steps on AI
The benchmarks show some small steps to increase AI use, and shed light on broader reforms to modelling, governance and more
Ghana’s Ernest Addison on the chain of events that led to a loss of $5 billion
The Bank of Ghana governor speaks with Christopher Jeffery about what necessitated monetary financing, the boundaries of ‘independence’ and the results of offline tests of the e-cedi
CGFS draws lessons from 168 years of macro-pru policy
Controlling housing market risks can force authorities into difficult political economy terrain
Higher rates will push up firms’ debt costs gradually, says research
Authors warn that financial vulnerability could stem from higher for longer rates
Obstfeld argues central banks’ rate models are ‘conceptually flawed’
Former IMF chief economist says rates could soon return to the effective lower bound
BIS weighs possible shift in global liquidity conditions
Nervy markets struggle to digest rates outlook, as BIS research finds deeper shift may be underway
Policy-making amid war in Gaza
Bank of Israel has implemented a textbook crisis response, but uncertainty remains
BIS says CBDC can be monitored without personal information
Project Tourbillon dashboard allows aggregate-level monitoring
Basel Committee mulls mandatory climate disclosures
Proposals envisage ‘iterative process‘ of adding climate risks to Basel framework
FSB warns of spillovers from ‘multifunction’ crypto firms
High risks and poor governance in crypto sector could impact traditional finance, report says
The ECCB’s Timothy Antoine on currency union, cooperation and DCash 2.0
The ECCB governor speaks with Christopher Jeffery about maintaining a currency zone, addressing climate and cyber risks, the decline in correspondence banking and lessons learned from issuing a retail CBDC
Cyprus central bank defends supervision after sanctions-busting claims
Prime minister pledges report after media investigation says Russians used local firms to dodge sanctions
Carstens says ‘quantum leap’ needed to overcome legacy systems
BIS chief says tokenisation, CBDC and unified ledgers could ‘democratise’ finance
Currency Benchmarks 2023 – model banks analysis
Data reveals how advanced and emerging market central banks structure their currency operations
Strong dollar harms EME bond market liquidity – BIS paper
Dealer intermediation vulnerable to both “original sin” and “original sin redux”
Currency Benchmarks 2023 report – steady as they go
Data hints cash is slowly changing from payment method to store of value
Supervisors face reputational risk from fraud, Basel Committee says
Surveys shows some forms of digital fraud are rising, but data gaps are “significant”, paper warns
BIS names top journals for central bank research
Not all of the top five general economics journals make the list, and finance journals miss top spots
CBDCs could challenge foundations of monetary economics, says Tombini
BIS Americas chief thinks digital currencies could co-exist with other rapid payment systems