International
IMF warns central banks not to keep policy ‘too tight for too long’
Chief economist calls for “triple pivot” as global economic outlook shifts
API standards would open up payment possibilities, says BIS
Bank also highlights financial and operational risks of linking systems across borders
Global soft landing could ameliorate US inflation – research
Study by San Francisco Fed finds rising prices of domestic goods are tied to international factors
Why Bank Negara avoided ‘a confrontational approach’ on 1MDB fraud
Veteran governor says being more outspoken would have damaged the central bank
BIS aims for open data across borders with Project Aperta
Innovation Hub’s latest project seeks to link up national open-finance schemes
CBDC design key to maintaining financial stability – IMF paper
Macro-prudential tools unlikely to be enough to offset risks from issuance of digital currencies
Demand for cash: a global update
Antti Heinonen explores recent data on banknote demand and analyses its impact on cash infrastructure
IMF cuts fees amid high rates and record borrowing
Fund judges its capital to be strong enough to allow more generous approach
Acemoglu, Johnson and Robinson win Nobel prize in economics
Trio given award for work on role of colonial institutions in shaping long-term prosperity
Malaysia’s Zeti on the key skills needed to be a successful central banker
The Bank Negara veteran speaks about leadership skills, lessons from the AFC and 1MDB crises, her scepticism of inflation targeting, and how the Asia School of Business' masters synthesises theory with practical realities
Trade credit can expose firms to FX risk – BIS paper
Currency borrowers partially insulate their partners from shocks, but still pass them along supply chains
Reserve Benchmarks 2024 – model banks analysis
New breakdowns reveal differences in central bank reserves management by size and economic group
Climate stress tests are cold comfort for banks
Flaws in regulators’ methodology for gauging financial impact of climate change undermine transition efforts, argues modelling expert
Swift to conduct live digital asset transaction trials from 2025
Network’s head of innovation says functionality will meet increasing demand for digital transactions
Basel III endgame adoption more than doubles
Annual monitoring exercise shows progress, but US and some emerging markets lag behind
Risk management ‘key’ to monetary policy – IMF’s Kammer
Fund’s Europe chief urges central banks to rely less on forecasts when inflation is high
Machine learning can improve inflation forecasts – IMF paper
Model for Japan is “easily interpretable” and overcomes some drawbacks of standard models
Nuclear industry says World Bank should resume financing
Industry bodies say Institution should allow nuclear projects to fall under “green bond” taxonomy
One in 10 central banks uses FX swaps to defend currency
Interventions were relatively common in past year, suggesting greater activity in spot market
Crypto assets not fit for reserve purposes – World Bank study
Economists say central banks are unlikely to move into non-CBDC digital currencies “any time soon”
People: IMF appoints general counsel
Bank of Russia names new monetary policy head; Rob Brand becomes DNB’s chief investment officer
BIS warns of growing offshore reinsurance risk
Deals by private equity-backed life firms could mask risk in $25 trillion industry, report says
Book notes: The monetarists: the making of the Chicago monetary tradition, 1927-1960, by George S Tavlas
A fascinating, scholarly and sympathetic account of the Chicago monetary tradition
NBER paper reviews ‘state of the art’ climate modelling
Recent breakthroughs have increased accuracy and computational efficiency of IAMs