International
Monetary policy’s potency may wane over time – BIS paper
Low rates might cause aggregate demand to become less sensitive to monetary stimulus, authors say
How Turkey’s president created chaos in economic policy-making
Observers allege presidential domination of the central bank, unauthorised FX transactions and untrustworthy statistics
Podcast: central banks’ data models going granular
Vizor Software’s chief technology officer, Ryan Flood, provides an update on changes to central banks’ regulatory data models
Central bank independence helps build reserves – researcher
Latin American central banks given independence built up strong FX reserves, paper finds
House prices rising at fastest rate since global crisis – BIS stats
Advanced economies see sharpest average increase, but India records largest cumulative rise
JP Morgan becomes world’s most systemically important bank
A handful of banks climb the rankings in this year’s updated FSB G-Sib list
Mervyn King attacks central bank theories of inflation
Expectations are “too fragile” to serve as an anchor for inflation, former BoE governor says
Financial crises can radicalise voters – BIS paper
German banking crisis in 1931 contributed to the rise of the Nazi party, researchers find
People: Knot to assume FSB chairmanship
New board members appointed at central banks in Brazil and Peru
CPMI proposes ‘global settlement window’
BIS committee says window could work as focal point for aligning payment systems worldwide
OECD’s total GDP surpasses pre-pandemic level
Organisation says many countries’ GDP still lags behind, and growth is now slowing
Basel Committee launches principles for climate supervision
Basel framework can accommodate climate risks, but supervisors need guidance, committee says
A future-proof RTGS blueprint
Operating hours, access and data standards should all be considered by central banks contemplating an RTGS overhaul
BIS statistics: OTC derivatives market value back to 2019 levels
Gross market values have fallen about a fifth since second half of 2020
‘Bullwhip effects’ worsening supply problems – BIS bulletin
Direct inflationary impact likely to be limited, but “sustained pressures” are possible, economists say
People: Georgieva nominates new IMF deputy managing director
BoE’s PRA names new executive directors; Dallas Fed renews terms for two board members
Brazilian governor outlines climate reporting rules
Campos Neto says Brazil’s banks must file climate risk reports from June 2023
BIS paper flags ‘notable gaps’ in CBDC research
Policy work on cross-border CBDCs is “marching beyond the research frontier”, say economists
EU should demand banks set climate transition plans – Elderson
Officials acknowledge climate risk has become central topic, but say most institutions fail to meet supervisory requirements
Central bank signals could be impacting natural rate – BIS paper
“Learning process” could explain decline in interest rates without drop in productivity, authors say
BIS board reappoints Carstens as general manager
Luiz Pereira da Silva gets new term as deputy, and Stefan Ingves becomes vice-chair
NGFS’s climate stress tests bolstered by new macroeconomic modelling
NiGem model will help central banks better understand economic transmission channels
Global CBDC network could save multinationals nearly $100bn
Payments system could eliminate delays and need for multiple correspondent banks