International
Book notes: Imagining the Fed, by Nicolas Thompson
A worthwhile perspective on the evolution of such an important institution, but a shame that it isn’t a longer and broader examination
IMF paper finds falling r* should eventually reverse
Authors say several policies could be used to push natural rate back up
FSB warns of rising crypto asset risks
Sector could harm global financial stability if it carries on growing at current rate, FSB says
Change at the Bundesbank: from Weidmann to Nagel?
Joachim Nagel’s appointment highlights the importance of politics at the apex of German central banking. Veteran central bank watcher Klaus C Engelen looks at the media reaction and asks if Buba/ECB discord is set to continue
US Treasury opposes ending IMF surcharges
Biden administration rejects initiative championed by Democratic progressives
Podcast: fixing the gaps in fintech laws
Fintech is reshaping the nature of contracts and even financial firms themselves, but laws are not adapting so fast, say IMF lawyers José Garrido and Juan Sebastián Viancha Trujillo
Emerging market stock returns impacted by dollar – BIS paper
US dollar can drive local financial conditions in equities as well as other markets, authors say
Picking up the pieces: how to tackle the next phase of the Covid crisis
The global economy is heading into dangerous territory, writes Jagjit Chadha. Central banks must honour their commitments to price stability
Weidmann to chair IMF governance review panel
Executive board ordered a review after allegations against Kristalina Georgieva
BIS’s Borio: inflation not yet ‘endemic’ but could become so
There is not yet a deeper shift in the “inflation regime” but it remains a long-term risk, BIS official says
How Afghanistan’s central bank can help prevent famine
Rules could be devised to allow the New York Fed to ease the acute US dollar banknotes shortage, writes Warren Coats
Facebook-backed stablecoin project to wind down, report says
Project formerly known as Libra had struggled to gain regulatory approval
IMF pares back forecasts as world faces ‘multiple challenges’
Omicron variant, supply disruptions and inflation threaten to hold back recovery, says Gita Gopinath
‘Flood’ of reserves may not boost liquidity, say Acharya and Rajan
Central bank balance sheet expansion could harm liquidity in some cases, former RBI officials find
BIS unveils 2022 programmes for innovation hubs
Focus is on CBDC, payments, DeFi, green finance, and first projects in London and Stockholm
Fed keeps investors guessing on speed and endpoint of tightening
Investors generally agree the Fed will tighten policy, but how much and when are unclear
Monetary policy impacts financial stability – BIS paper
“Leaning against” booms may be better goal than strict inflation targeting, say researchers
Currency Benchmarks 2021 – presentation
Central Banking’s currency subject matter specialist Rachael King speaks with Chris Jeffery about circulation, impact of Covid-19, forecasting, costs and resourcing, security and design, sustainability, and more
Banks can exploit imperfectly informed investors – BIS paper
Some banks gain additional funding from investors who underestimate their credit risk, analysts find
Visa and ConsenSys launch plan to bridge CBDCs and traditional payments
Payments giant and fintech firm to develop “on-ramp” to link up existing and new systems
Central banks essential to preserve trust in money – Carstens
Companies may fragment monetary system through competing stablecoins, warns BIS chief
People: BIS names chair; IMF appoints chief economist
De Galhau to chair BIS top governance body; international macroeconomist to lead IMF research; Bank Negara Malaysia appoints MPC member
BIS paper calls for action on big tech dominance
“Digital platforms” can boost inclusion but may undermine other central bank objectives, authors say
Bitcoin’s carbon footprint rises with prices – DNB research
Total carbon emissions produced by crypto assets rose by 25% in 2020, study finds