International
Book notes: Economists in the cold war, by Alan Bollard
A geographically balanced review of key economists that shaped the world economy
CPMI pushes for harmonised cross-border payments data
Launch of minimum standards aims to tackle risk of inconsistent ISO 20022 messaging
Reserve Benchmarks 2023 – model banks analysis
Benchmarking data sheds light on key differences in reserves management strategies in advanced, emerging and developing economies
IMF hits PRGT milestone but quota deal remains elusive
US wants to maintain voting shares as China continues to press for more proportional allocation
Rate hikes: too much, too late – and now too dangerous
Why monetary tightening risks a global credit crunch
Cross-border CBDC challenging to deliver, officials warn
But digital currency could tackle “extremely high” remittance costs, says IMF’s Tobias Adrian
Somalia’s Abdullahi on the challenges of re-integration with the international system
The Central Bank of Somalia governor speaks about capacity building, reintroducing the shilling, securing donor support and climate change
Inflation set to remain high into 2025, IMF warns
Soft landing looks more likely but growth is “limping along”, says Pierre-Olivier Gourinchas
BIS Innovation Hub takes aim at cross-border compliance
Project Mandala will explore ‘compliance by design’ to boost efficiency of cross-border transactions
BIS project maps ‘vast and complex’ global crypto network
Project Atlas uses diverse data to allow central banks to track cross-border flows
Policy ‘pivot’ can deliver soft landing, says NBER paper
Authors aim for more realistic model of expectations through “level-k thinking”
BIS wraps up cross-border CBDC trial
Project Mariana explored FX settlement using ‘automated market-makers’
Over 15% of reserve managers plan diversification changes
Close to 14% of participants will increase diversification, while 17.2% are discussing changes
Joachim Nagel on the ECB’s terminal rate, fiscal policy, model relevance and the digital euro
The Deutsche Bundesbank president speaks about compromise on the Governing Council, rolling back PEPP, the need to implement Basel III and the chances of a revised Stability and Growth Pact
Carstens says lack of legal clarity on CBDC ‘unacceptable’
BIS chief warns widespread uncertainty over legal status of digital currency could impact trust
Basel III capital shortfall narrows but liquidity ratios fall
Average capital ratios returned to pre-pandemic level in December 2022, Basel Committee says
Will the use of CBDCs improve cross-border payments?
International trials using CBDCs highlight significant architectural and practical challenges, writes Warren Coats
OECD says interest rates should stay high ‘until well into 2024’
Report says monetary policy needs to stay tight until underlying inflationary pressures are lowered
IMF members will meet SDR interest payments, says paper
Fund publication notes interest rates on SDR rose sharply in last two years
Inflation behaves differently across income levels – BIS paper
Study finds various channels are behind uneven responsiveness of inflation to monetary policy
People: Former MAS managing director Hu dies
New chair for Kenya central bank’s board; new member of BoE court; and more
FSB proposes global standard to tackle failed CCPs
Report warns authorities not to rely on any single tool but adopt a “toolbox approach”
Critic urges UK to leave China-based lender
Treasury says UK will stay in AIIB as ex-official calls some employees “useful idiots”
IMF and World Bank to go ahead with Marrakech meetings
Leaders say they wish to stand by Morocco after earthquake killed nearly 3,000