International
Rise of renminbi prompts central banks to open Asian offices
A total of nine central banks now have offices in Asia, but New York remains city of choice
French governor warns of the perils of ‘impatience’
Central banks should maintain a longer term view, even in the face of volatility and government pressure
BIS’s Borio calls on economists to take money more seriously
Money is too often explored in isolation, or ignored completely, the BIS economist says
People: Nellie Liang withdraws from Fed nomination; World Bank chief resigns
Trump nominee had played a key role in setting up the Fed’s stress tests; Kim was due to leave World Bank presidency in July 2022; further appointments in UK, Vietnam and Ghana
Price shocks worse with poorly anchored inflation expectations – IMF paper
Inflation rises less and falls quicker after shocks when expectations are well anchored, study finds
Diverging regulatory policies could spell trouble for banks, report says
Deloitte says there are obvious signs of regulatory divergence as regulators and supervise focus on national policies
2018: The year in review
The past year marked a return to instability, but also saw some innovations among central banks
The PBoC’s efforts to solve the ‘impossible trinity’
Chinese central bank intervenes to manage offshore renminbi rate; uses swaps, rather than selling reserves in latest currency interventions
‘Key currencies’ affect patterns of global imbalances – BIS paper
Authors say it is important to think about a “dollar zone” not just the dollar
Barroso laments loss of post-crisis international fraternity
Nations worked together in the aftermath of the global financial crisis at a time described by former EC president Jose Manuel Barroso as the “peak” of global collaboration
EME banks have ‘substantially’ increased global footprint – BIS research
Study finds emerging market banks have taken a greater role as their home economies have grown
China remains “committed” to globalisation, says Zhou Xiaochuan
Debt sustainability to be discussed at second Belt and Road Initiative summit next year; WTO deal still needed
Hélène Rey offers advice on achieving monetary ‘emancipation’
Authorities may have to consider capital controls to break free from global financial forces, economist says
More trouble likely after ‘bumps’ in past quarter, says BIS’s Borio
Corporate debt markets are looking overstretched and could trigger problems; term spread may not be best indicator of recession, special feature finds
Five central banks and supervisors join environmental group
Network for Greening the Financial System aims to help meet Paris agreement goals
EME central banks can counter the next downturn
Philip Turner urges central banks to consider a broad range of actions to tackle volatility stemming from currency mismatches
Basel Committee unveils ‘streamlined’ disclosure requirements
Parts of the requirements “substantially streamlined” after complaints from industry
Bahamas official criticises international rule-making
Although intentions are good, rules are often painful and unhelpful, Littrell says
Carstens warns world is not fully prepared for fresh crisis
IMF does not have the resources to act as global lender of last resort, says BIS chief
People: Kenyan and Samoan governors named to UN digital task force
Kenya’s Njoroge and Samoa’s Ainuu-Enari to investigate digital impact on financial inclusion
Podcast: How to fight the next crisis
In the last of the series, Yale’s Andrew Metrick warns we may be less prepared for crisis-fighting now than we were before 2008
Communication of monetary policy took back seat in financial crisis, researchers find
ECB press conferences transmitted non-monetary information in 65% of cases from 1990 to 2017, researchers find
People: Bank of Canada appoints new deputy governor
Paul Beaudry named deputy governor at Bank of Canada; Central Bank of Argentina appoints economic research head; and more
Podcast: Preventative measures
Many central banks currently lack a key power that could help them deal with crises, argues Yale University’s Andrew Metrick