International
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
IMF has no back-up plan to Fed swap lines
Financial counsellor says no plans in the works for emergency dollar funding backstop
The IMF should adopt a ‘real SDR’
The creation of a vibrant market in SDR linked to commodity prices could create a powerful new monetary anchor, argues Warren Coats
IMF sets up new monetary policy modelling unit
Fund responds to criticism from IEO report
IMF’s Adrian on the big tech threat and why a ‘non-system’ works
The IMF’s financial counsellor speaks about risks from big tech’s move into fintech, the fund’s efforts to craft well-targeted policy guidance and why the current international monetary ‘non-system’ works
Malaysia takes action against 17 Goldman bankers over 1MDB
Custodial sentences and criminal fines sought in relation to alleged misappropriated funds
Government assets are just as important as deficits – IMF research
Borrowing costs are determined by structure of public assets
Book notes: After Piketty, by Heather Boushey, Bradford Delong & Marshall Steinbaum
The book leaves you with a deeper and nuanced understanding of Piketty's work
An inside story on the central bank gold agreement
Robert Pringle reveals details of Mbeki’s appeal to central bankers
The future of balance sheet policies
Central banks are expected to resort to a range of balance sheet activities to fight the next downturn. William Towning investigates what tactics they may deploy
IMF extends deadline to implement increase in quotas
Executive board allows members to consent to and increase their contributions until December 27, 2019
The great wave: global liquidity in a turbulent world
Global imbalances are growing, and it is unclear whether the world’s institutions have enough firepower to respond to a crisis, writes Daniel Hinge
Non-banks attracting more global liquidity than banks for first time
In Q1, more liquidity flowed to non-banks than banks for the first time in 40 years of BIS data
Two-thirds of countries failing to meet global standards on inflation – IMF paper
More than half the world has not updated CPI weighting in the last five years, researchers find
IMF must do better in policing currency manipulation – RBI’s Das
Governor says shortcomings in IMF surveillance have led to US pressure on alleged manipulators
The tricky business of electing a new IMF managing director
New leadership will face overrepresentation of advanced economies and possibility of dwindling resources
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