International
Crises are non-linear, beware high debt levels – research
IMF paper warns against complacency on high debt levels
Rates have been falling for eight centuries – BoE research
Study casts doubt on major theories, including secular stagnation; author warns rates could “soon enter permanently negative territory”
Central bank research may be too focused on narrow topics – paper
Network analysis finds many central banks are limited in the scope of their research
ECB paper offers tiering solution to CBDC structural concerns
Separating CBDC functions between tiers could disincentivise use during crisis periods, but disintermediation of the banking sector still a risk, author warns
2020: fintech and beyond
At the turn of the decade, central bankers share their thoughts on financial technology – past, present and future
Macroeconomics is not broken
The discipline has moved beyond the neoclassical synthesis. Critics should too
Are we sleepwalking into a cashless society?
Cash could be crowded out of the payment landscape if current trends continue, but should central banks be responsible for ensuring its survival?
Yngve Slyngstad: contrarian person, brilliant investor
Knut Kjær reflects on the character of the man that has led Norway’s $1.1 trillion sovereign wealth fund and contemplates the complex governance challenges ahead
2019: The year in review
The past year was marked by a persistent weakening of the global economy, and some radical financial innovations
Negative rates demonstrate shortcomings of currency
Many central banks have rates in negative territory. The distortionary effects of these policies raise broader questions on the design of money itself, writes Barry Topf
Tighter regulation may be working – MIT economist
Kristin Forbes says banks may be more resilient but warns risk could be shifting to shadow sector
Central banks need to avoid dependence on markets, officials say
ECB and Fed officials reflect on relation between bond market expectations and their policy decisions, in farewell conference for Benoît Cœuré
Claudio Borio says central bank independence is tied to globalisation
Both are underpinned by the same “economic and political zeitgeist”, the BIS economist says
In search of a better definition of digital money
Dave Birch tries to cut through the noise on cryptocurrencies, blockchains and everything in between
IADI highlights move to strengthen deposit insurance
Survey of 113 schemes finds they are becoming more generous and faster to pay out
‘Consolidated’ Basel framework finalised
New version is somewhat simpler and easier to navigate, Basel Committee says
CBDC has been “over-hyped” – former RBI deputy
Focus on retail CBDCs is a potential distraction from core central banking functions, says Sinha
Basel Committee proposes illustrative prudential framework for crypto assets
Holdings of crypto assets would be split between banking book and trading book depending on exposure risks
Podcast: Central Banking launches Tech Talk series
In the inaugural episode, Rachael King and Adam Csabay cast a critical eye over some of the biggest fintech developments of 2019
BIS paper examines economic impact of macro-pru
Shocks are similar to monetary policy but transmission differs, researchers say
People: BIS picks Lamfalussy fellow; Iceland appoints research director
BIS names 2020 fellow; Icelandic central bank promotes economist; Jekaterina Govina becomes director of supervision in Lithuania
Tribute to a great man
Peter Bakstansky highlights Paul Volcker’s legacy of probity and integrity
Forex market growing, but more risky – BIS review
Reduced reliance on PvP and heightened fragmentation threaten market resilience
BoE climate stress tests results to be shared with NGFS
Carney says tests will highlight firms that are not implementing appropriate policies