International
BIS paper outlines lower-bound risk model
Model estimates probability of hitting ELB, helping to guide policy
Swift aims to have all members using GPI system by late 2020
Corrected: Network wants to integrate all 10,000 banks into the cross-border payment system
Carstens pushes for greater transparency from BIS
New general manager says greater transparency will improve dialogue with central banks
BIS sees ‘narrow’ path to safety as global risks build
BIS softens message on tighter monetary policy, but calls for concerted action as global debt reaches fresh highs
Fed policy’s global effects differ in booms and busts – BIS paper
Monetary policy appears to impact global bank lending differently depending on the “regime”
Leading governors analyse evolving inflation-employment relationship
Powell, Draghi, Lowe and Kuroda assess causes keeping wage growth low across the world
People: US Senate committee approves two Fed governors
Philippines appoints monetary board member; Cleveland Fed appoints director at Pittsburgh branch
Central banks need a consistent approach to accounting for monetary gold
Kenneth Sullivan presents a case study highlighting the challenges for central banks in consistently accounting for monetary gold
Minneapolis Fed paper examines DNA of crypto assets
Cryptography can identify modifications in transaction records without a central structure
BIS authors document ‘significant’ shifts in CDS risks
Credit default swaps market has changed “markedly” since 2008, authors say
People: Thailand appoints new deputy governor
The Central Bank of Chile appoints two division managers; RBNZ communications chief resigns
Federico Sturzenegger on Argentina’s efforts to create a credible central bank
The Central Bank of Argentina governor, in his last interview before leaving office, speaks about panic in emerging markets, the IMF bailout, and bringing to an end high inflation and monetary financing
Powell says central banks cannot take independence for granted
Leading governors reflect on the future of central banking at Riksbank’s 350th anniversary
Higher interest rates prove a challenge for reserve managers
Argentina has lost 14.3% of its reserves since late April trying to defend the peso; central banks can employ accounting methods to handle turbulence, expert says
Technology can support comprehensive credit risk management – panellists
The expansion of balance sheets since the crisis has created new challenges for central banks
Argentina rescue advances as emerging markets suffer outflows
IMF backs Argentinian reform process as it prepares to supply emergency funding; emerging market central banks intervene to stem currency slide
ZLB increases equities-oil correlation – St Louis Fed research
The assets were uncorrelated until late 2008, when Fed took federal funds rate to zero
People: Weidmann re-elected as chair of BIS board
Korea appoints deputies; new Malaysian prime minister appoints team of economic advisers; new vice presidents in Richmond and Atlanta
IMF releases world’s most comprehensive debt database
Data covers 190 countries and a wide range of instruments; Kenneth Rogoff calls the new database “really stunning”
The toxicology of post-crisis shadow banking
Mark Carney tempted fate in 2017 when he declared the most toxic forms of shadow banking “no longer represent a global stability risk”. Did he speak too soon?
ECB stresses protectionist risks in economic bulletin
US administration announced plans to impose tariffs on steel and aluminium in March
Dollar may soon give breathing space to emerging economies
Global growth, higher US debts and a tighter ECB policy could weigh on the currency
CPMI puts forward strategy to tackle wholesale payments fraud
The Federal Reserve and the ECB welcome the proposal
US ‘normalisation’ should be manageable for emerging economies – Powell
Turkey and Argentina grapple with weaker currencies as US Treasury yields rise