International
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
Book notes: Where economics went wrong, by David Colander and Craig Freedman
Chicago economics’ gladiatorial debating style has cost the discipline dearly, the authors argue
IMF paper sets out growth-at-risk framework
Tool for assessing macro-financial conditions likely to enhance surveillance, authors say
Regulators must not be too strict in a crisis – BIS paper
Cyclical capital requirements should account for downturns as well, author argues
FSB seeks feedback on reforms’ impact on SME finance
Roundtable participants note considerable differences in how SMEs are treated across jurisdictions
Most financial stability committees lack policy tools, researchers say
Many committees lack good internal processes and ability to implement policies, authors say
Fed must account for spillovers of monetary policy – Yellen
Janet Yellen reflects on Fed monetary policy and “treacherous” currency manipulation in Brookings podcast
Central banks disagree over cash regulation
The BoE has issued legislation demanding banks supply certain denominations, but other regulators remain on the fence about how they should manage the future of cash
Lack of accurate data poses challenges for cash forecasting
Anonymity of cash makes it hard to track as a payment instrument, panel agrees
GDP needs to be supplemented with welfare measure – economist
Daniel Sichel defends GDP as a measure of production, but says it is not enough on its own
UN report questions value of fintech sandboxes
Regulators are “unprepared” for the level of effort and resources needed to launch a sandbox, but complementary policies and thematic sandboxes could be the answer
The answers to the 2018 Central Banking Christmas quiz
We reveal the answers to the Christmas quiz, and the winner
IMF prepares to overhaul its financial surveillance
Fund agrees with IEO report that there is much room for improvement, but budget remains an issue
Big tech companies poised to disrupt financial services – FSB
New report claims fintech hasn’t affected competition in financial sector, but big tech firms could pose stability risk
Renminbi reserves are still relatively small
Renminbi investments still account for a much smaller fraction of global forex reserves than China’s significance in the world economy would merit
Central Banking expands fintech bandwidth
New fintech category; newsletter to offer insights into related opportunities and threats
Five digital currency questions for central banks
Central bankers need to take a view on the ongoing disruption to monetary systems, rather than simply expecting the issue will go away, argues Adam Csabay