International
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
Middle income countries recall highest volume of worn banknotes
High income jurisdictions remove notes with the highest average value
Costa highlights economic costs of gender inequality
Chilean governor says women’s marginalisation reduces growth and innovation
UK financial institutions are ‘global public good’, says Bailey
BoE governor warns against fragmentation, criticises Brexit and discounts rate cuts
IMF’s Adrian says world needs $5 trillion annual climate funding by 2030
Multilateral banks working to ‘crowd in’ private finance to meet need
Corridor, floor, other: are operating frameworks fit for the future?
Central banks are becoming uncomfortably aware that monetary operations have ramifications well beyond setting short-term rates
IMF proposes 50% increase in quotas but no voting reform
Proposal likely to be acceptable to US but would not boost emerging markets’ representation
Covid-era fiscal policy helped fuel inflation, researchers say
Robert Barro and Francesco Bianchi say their evidence supports fiscal theory of the price level
Covid-19 impact on cash demand minimal in past year
Majority of currency departments relax pandemic countermeasures
Data sharing as a policy intervention
Increasing access to data represents another policy lever regulators can pull to achieve their objectives, writes David Bholat
US fiscal stimulus decreases output in rest of world – research
A helicopter drop policy could be the most effective co-ordinated effort
AI could trigger explosive growth – and crush labour’s share
Past research may underestimate AI’s ‘transformative’ potential, economists say
People: New governor in Sierra Leone
Brazilian president nominates two new central bank directors; new head of statistics at ECB; and more
Claudio Borio on financial cycles, operating frameworks and non-bank reform
The BIS veteran highlights a ‘unique constellation’ of challenges as central banks travel the ‘last mile’ in bringing down inflation – and says there are many more miles to go on non-bank reform
Bénédicte Nolens on the latest mBridge developments
The head of the Bank for International Settlements’ Hong Kong Centre speaks about cross-border CBDC governance, ongoing FX challenges and evolving technology
Book notes: The economic government of the world 1933–2023, by Martin Daunton
A deep dive into the politics, personalities, trade theory and trade practice of the era, but missing a crucial element: the collapse in the US stock of money
‘Digital pound’ needed as cash successor, says BoE’s Cunliffe
Departing deputy governor says CBDC could be necessary by decade’s end
The predicament of bloated central bank balance sheets
Swollen balance sheets carry significant risks for combating inflation, ensuring financial stability and preserving central bank credibility, independence and effectiveness. How can central banks reduce them?
Firms’ pricing power was driver of generalised inflation, paper finds
Supply shocks gave firms cover to raise prices without losing sales, authors find
Stablecoins more vulnerable to runs, say Fed researchers
Authors point out similarities with MMFs and warn about financial instability risks
People: South Africa deputy governor plans to resign
BCIE presidential race; Chile general manager leaving; and more