International
Podcast: Greg Kaplan on heterogeneous-agent models
Monetary and fiscal policy are much more closely connected than many central banks would like
Bank capital ratios fall for first time since 2011
Basel monitoring report finds declines in both risk-weighted capital and leverage ratios
Should central banks be more aggressive on climate change?
Discussion weighs up whether central banks should take more drastic action via monetary policy channels, but some warn they may overreach
Local currency debt not enough to escape US dollar influence – BIS paper
Emerging markets borrowing in domestic currency are still affected by the US dollar exchange rate
Should central banks be more active in managing integrity risks?
Antti Heinonen says banknote procurement faces the threat of corruption, but central banks can take steps to mitigate the risks
Canada’s Wilkins calls for non-bank stress testing
Portfolio flows are now the dominant source of capital movements, but asset management risks are not well understood, says deputy governor
Regulators might not allow cash to circulate were it invented today – panellists
Anonymity of cash poses risks for the financial system, some central bankers say
BIS to launch ‘innovation hub’ – Carstens
New medium-term strategy focuses on technology and other innovations
Developed world needs fiscal boost – Romanian deputy governor
Once wages recover pre-crisis level, inflation will rise fast, research finds
Book notes: Finance and philosophy, by Alex J Pollock
A readable and useful book that provides much food for thought, and should be read widely by economists and policy-makers
Central Banking Awards 2019 – as it happened
Live blog of events at this year’s Central Banking Awards
Summers and Rachel set out fresh evidence on secular stagnation
Policy-makers may need to rethink their approach in a world of ultra-low real rates, authors say
Basel Committee clarifies ‘expectations’ on crypto
Banks must meet certain minimum standards if they want to trade crypto assets; more details on prudential expectations to follow
Experts debate regulatory support for energy-hungry technology
Blockchain requires a vast amount of energy, which could become detrimental for the planet should the technology be adopted more quickly
Non-financial firms finance the economy – BIS paper
Authors find non-financial firms act as important intermediators and take on forex risks
US corporate debt could amplify economic downturn, Kaplan says
Dallas Fed president warns about “historically high” corporate debt levels in economic letter
People: EBRD appoints new chief economist
Slovakia and Sweden reappoint board members; Spain names new director-general of services
Spanish governor de Cos now leads Basel Committee
Stefan Ingves steps down as chairman after nearly eight years in the role
EMEs have limited policy independence if open to capital flows, researchers find
Alternative policy tools can be deployed to overcome the dilemma, the authors say
Technology in reserve management: Outlook for 2019
Reserve managers look to cloud for solutions, but security issues remain
Markets still in thrall to central banks – BIS
But some apparent anomalies may be signs of healthier market function, says Claudio Borio
Central bank digital currencies need bigger incentive to succeed, researchers find
IMF paper estimates the potential demand for central bank digital currencies
BIS book outlines macro-financial policy framework
“Integrated inflation targeting” would combine policies for maximum effect, authors say
Lagarde warns against easing regulations
Further efforts are needed to address too-big-to-fail and leveraged lending, Lagarde says