International
Podcast: fintech predictions for 2020
Will cloud technology become mainstream? Is artificial intelligence the future of regulation? Rachael King and Adam Csabay make their fintech predictions for 2020 in the second episode of Tech Talk
Risky markets had a ‘spectacular’ 2019, IMF officials warn
Largest combined number of rate cuts since 2008 drove financial vulnerabilities, senior officials say
Better IT protected banks during financial crisis – IMF paper
NPLs were 10% lower in banks with stronger IT infrastructure, research shows
Debt securities still key in capital flows to EMEs – BIS
Latest global liquidity statistics show ongoing growth in euro and dollar liquidity
Bad banks work, but not in isolation – BIS paper
Researchers study what factors lead to successful “asset segregation” schemes
ETFs are exposing EMEs to global capital flows – Fed paper
Sensitivity of ETF flows to global financial conditions is 2.5 times higher than mutual fund flows, researchers find
Stablecoins present threat to monetary sovereignty – WEF panel
Panellists discuss the delicate balance needed between the private and public sector with regard to digital money
Emerging market central banks keener to issue CBDCs – BIS
BIS survey shows central banks shifting emphasis from wholesale to retail CBDCs
Book notes: The long journey of central bank communication, by Otmar Issing
This book is a “masterly exposition on central bank communication, its evolution and continuing challenges”, writes Anand Sinha
Global cross-border lending growth at highest rate since 2008
Bank claims continued to grow “rapidly” in Q3 2019, latest BIS figures show
Carney defends financial sector’s record on climate action
Finance ready to flow to green projects if politicians take lead, BoE governor says, but other speakers on WEF panel argue firms are not doing enough
Cœuré and Cunliffe to lead research group on CBDCs
Six central banks and the BIS will explore use cases and share knowledge
Brookings paper examines impact of governance structures on use of CCyBs
Countries with strong governance mechanisms are more likely to use the macro-prudential tool, researchers find
Remittances can cause volatility if concentrated – IMF paper
Flows of remittances are broadly stabilising for the receiving country, but not if they are too concentrated, paper finds
Non-bank growth slowed in 2018, says FSB
Riskiest forms of non-banks still growing, but overall assets went into reverse in 2018
IMF cuts forecast again, but says slowdown may be ending
Fresh downward revision to growth outlook set against “tentative stabilisation”, says Gita Gopinath
Climate risk models not up to scratch, warns BIS report
New research highlights models’ inability to accurately anticipate climate risk; says central banks must not become “climate rescuers of last resort”
Paper models monetary policy in a ‘Hank’ framework
Authors combine micro and macro “moments”, finding investment is “crucial” to policy transmission
People: Trump nominates Shelton and Waller to Fed posts
Judy Shelton and Christopher Waller nominated as Fed governors; Kingsley Obiora in line to be Central Bank of Nigeria deputy; Jill Forde named BIS head of communications
Central banks must learn lessons of BoJ’s inflation target rise – Fed paper
Failure to hit old targets and disagreement among policy-makers will harm credibility, paper argues
Cyber security suffers from inconsistent approaches, says IMF’s Lipton
Emerging markets struggle to implement international recommendations, expert adds
BIS statistics committee to focus on fintech and big data in 2020
Irving Fisher Committee plans to complete its fintech work and update a 2015 survey
People: Modi’s government appoints new RBI deputy governor
Michael Patra takes position left by Viral Acharya in June 2019; EBA names new executive director; UK Payment Systems Regulator appoints a new head of policy
BIS adds members and boosts EME voices on committees
Emerging markets now better represented on key governance bodies