International
Modernising currency management
Central banks continue to strive to optimise currency operations at a time when the relative importance of cash is falling, but usage continues to grow. William Towning looks back at the last 30 years
The Deutsche Bundesbank’s digital transformation
The German central bank’s new digital agenda includes major re-engineering of legacy analytics, processes, innovation management and digital competency
Asset bubbles play role in macro-prudential policy – IMF research
Their size may determine optimal tax levels to address credit imbalances
Fintech and risk: what does the future hold?
Five key areas where regulators need to make judgements on fintech risks
A key message from Jackson Hole: policy must globalise
Setting policy in isolation is becoming untenable and spillovers must be considered more, remarks suggest
BIS paper studies spread of global currency trading
Authors examine “patterns of diffusion” to understand rise of the renminbi
Carstens warns of ‘serious consequences’ from retail CBDC
BIS chief envisages system with wholesale digital currency alongside private retail payment systems
Market competition fuels volatility in frail regulatory environments – Bank of Spain research
Increased instability associated with higher default rate triggers a 3.3% loss of output
Economists publish ‘crash course’ on euro crisis
Brunnermeier and Reis say framework is designed to help students grasp the macro-financial roots of recent crises
Carney: digital currency could help fix global monetary system
A “synthetic hegemonic currency” could end the destabilising dominance of the dollar, BoE chief says
Summers and Stansbury warn of ‘black hole’ as central bankers debate solutions
Economists say they hope for revolutionary thinking at Jackson Hole conference – “but we are not holding our breath”
Central banks face loss of independence – Central Banking survey
A new survey of Central Banking’s Editorial Advisory Board points to central banks facing existential challenges with little change in their frameworks or toolkits
AI can help predict consumer defaults – NBER paper
Researchers say “deep learning” could be useful in designing macro-prudential policies
IMF executives vote to clear way for Georgieva
Removing age limit would open path to IMF top job for current World Bank chief executive
Overcoming deflation: Japan’s experience and challenges ahead
Bank of Japan governor Haruhiko Kuroda explains how Japan’s long battle against deflation may offer insights for the future conduct of monetary policy at other central banks
Fund structures are ‘a big issue’ for monetary system – Carney
Immediate redemptions risk amplifying capital flow volatility
People: Central Bank of Ireland appoints chief information officer
Central bank picks CIO and insurance director; BIS seeks innovation hub chief; Vocalink gains new CEO
Fischer and Hildebrand call for emergency policy tools
Former central bank chiefs say existing monetary tools are “almost exhausted”
The roots of the new gold fever
The end of the Central Bank Gold Agreement could herald the return of gold as a key reserve asset
Market-based metrics are best signal for bank distress – IMF paper
Researcher finds vulnerabilities in large eurozone banks, while North America is least distressed region
Mark Carney on joined-up policy-making, forward guidance and Brexit
BoE governor rules out negative rates and change to inflation targets, offers update on too-big-to-fail and use of CCyBs, highlights challenges of an asymmetric monetary system, hits out at cumbersome payments and warns Facebook’s libra cannot ‘learn as…
Central banking’s 30-year cycle
Central banking has hit another crossroads, writes Central Banking founder Robert Pringle
Central banks should use direct lending in shocks – BIS paper
Lending to firms directly could reduce welfare loss during financial shocks, researchers say
People: Brazilian government nominates World Bank official for deputy governor role
Sri Lanka names monetary policy board member; Bank of Ghana governor appointed to FSB role