International
Proposal to axe Phillips curve triggers controversy
“One cannot just ignore an equation,” retorts Olivier Blanchard
Gold accumulation after WWII driven by governors’ habits – research
Bretton Woods never worked as intended due in part to persistence of gold standard practices
Do stablecoins like libra differ from other crypto assets?
Sayuri Shirai assesses the implications of stablecoins for stability, monetary policy and regulation
BIS paper highlights new channel for Mundellian ‘dilemma’
Authors weigh financial channel as explanation for why trilemma has become dilemma
RBA’s Lowe defends inflation target’s effectiveness
Alternative frameworks would be difficult to implement and harder to explain – Australian governor
Climate change will hit US growth hard – Dallas Fed study
US growth could fare worse than China’s with projected temperature rises, researchers find
Surge in cross-border credit led by non-banks
Cross-border claims rise at fastest rate since the global crisis, BIS figures show
St Louis Fed’s Bullard warns about rise of multicurrency systems
Crypto assets may hamper monetary policy transmission and increase exchange rate volatility
BIS paper proposes network model of global contagion
Authors create a network of CDS linkages to assess contagion risk in the financial system
Venezuelan opposition nominates ad hoc central bank board
Legislature aims to prevent Maduro’s regime from accessing gold and foreign currency reserves
Senior policy-makers differ on future of global monetary system
Trichet, Lipton and Reinhart debate whether SDR could play a bigger role in global stability
Lagarde resigns as IMF managing director
Selection process to find successor will start “promptly”, IMF says
NBER paper outlines ‘four-equation model’
Authors expand the textbook three-equation model to account for unconventional monetary policy; extra policy tool is necessary to overcome credit shocks
Five reasons why Mark Carney should head the IMF
The outgoing Bank of England governor has all the requisite skills
BIS paper looks at low returns on safe assets
Changing risk perceptions explain growing wedge between safe and risky assets, authors say
Are central bank digital currencies inevitable?
Launching a CBDC could protect the pre-eminence of public money, a new report argues
UK to consider curbs on funds’ daily liquidity
Mark Carney says BoE officials are “disappointed” by limited global progress on issue
Trade tensions set to harm long-term US growth – IMF paper
Output would decline even if China voluntarily limits its exports to the US
Sovereigns increase fixed-income allocations amid volatility
Central banks intend to increase renminbi allocations and adopt ESG, survey finds
‘Fintech shadow banks’ shaping global credit – Amit Seru
Regulators need to pay more attention to shadow banks, Stanford professor says
Next IMF chief could be non-European
Carney and Carstens among possible candidates as institution seeks successor to Lagarde
IMF: some central banks ‘on the verge’ of piloting CBDCs
IMF survey also highlights need for greater co-operation on fintech regulation
Sovereign debt restructuring does not hamper returns long-term – IMF paper
Investors who sell during crises fare much worse than those who buy and hold
BIS says theory behind EME policy must catch up with ‘reality’
Situation is similar to the adoption of inflation targeting in the early 1990s, says BIS annual report