International
Global economic problems beyond scope of central banks – Hubbard
Economist calls for government-led structural reforms in Chicago Fed discussion
Central banks face obstacles to going green – panellists
Immaturity of bond market makes it harder for central banks to tackle climate risk; panellists discuss whether mandates should change
Interview: Seth Carpenter on the US outlook, trade and a ‘disingenuous’ Fed
UBS chief US economist and former Fed director of monetary affairs sees a gloomy outlook for first half of 2020
New IMF data sheds light on interwar instability
Instrument-level data highlights how the network structure of debts contributed to collapse
IMF paper tracks Asian authorities’ responses to volatile capital flows
Monetary policy typically responds to several variables in pursuit of greater stability, analysis finds
Cross-border claims growing at fastest rate since crisis – BIS
Non-banks continue to see the fastest growth, latest international banking data shows
Facebook not trying to replace central banks, claims Zuckerberg
Facebook chief plays down economic impact and says libra can help fight financial crime
Stronger micro-prudential oversight needed on climate change – Mexican deputy
Financial firms should incorporate environmental scenario analysis into their decision-making process
Fed paper looks at US spillovers to foreign government debt yields
Fed has “economically large” impact on some dollar-denominated bond yields, researchers find
Economics is a hostile environment for women, conference hears
AEA survey found most US women economists feel disrespected by their colleagues
King calls for radical shake-up to escape ‘low-growth trap’
Central bank models fail to appreciate demand-side secular stagnation; IMF could help to drive country-specific policies to reallocate resources
‘Hegemonic digital currency’ could help fix global system – Carney
Using CBDC to facilitate online sales could bring about more rapid change, governor says
Bank of Spain paper looks at supply chains’ impact on investment
Greater value chain integration has strong impact on foreign and domestic investment, paper finds
G7 group warns of stablecoin risks as FSB sets out plans
Group’s final report says global stablecoins could generate “significant adverse effects”; FSB outlines plan for review of stablecoin regulation
Tackling ‘dead-end’ monetary policy
A shift to lower inflation targets would help central banks escape forever-loose monetary policy, writes former IMF chief Jacques de Larosière
Strong global forces pushing some central banks to buy gold – analysts
Poland’s move and others pushed by negative rates, political uncertainty and changing monetary system, experts say
Strong dollar can be bad for trade – BIS paper
Textbook theory does not always hold due to the effect of global value chains, authors say
FSB calls out ‘uneven’ regulation as vulnerabilities evolve
Board cautions against complacency; Basel Committee says members are still missing deadlines
IMF: loose monetary policy is fostering greater risk-taking
A crisis half as strong as in 2008 could send “corporate debt at risk” to $19 trillion, says the fund
IMF warns of ‘synchronised slowdown’ as it cuts forecasts
Fund revises down growth prospects for 2019–20 and calls for action on financial vulnerabilities
FSB raises pressure on stablecoins as firms abandon libra
Several major payment firms have distanced themselves from the project amid intense regulatory scrutiny
Financial cycle useful for forecasting recessions – BIS paper
Measures of the financial cycle may be better predictors of recession than standard metrics
The future of cash: an update
Antti Heinonen looks at the latest trends in cash use, including a surprising turnaround for the Swedish krona
Global banks vulnerable to dollar funding shocks, IMF stability report shows
There has been a “resurgence” of US dollar liabilities relative to assets in non-US banks, IMF warns