International
Deflation tends to de-anchor expectations – BIS paper
Deflationary episodes seem to render expectations lower and more backward-looking
Interest rate risk could be seed of next crisis – economists
Financial markets may have underestimated the persistence of low rates, and regulations have amplified the threat, say Srichander Ramaswamy and Philip Turner
Globalisation may reduce surpluses’ negative effects – paper
Nations recording surpluses do not necessarily create imbalances abroad, argues analysis
A dangerous unknown: interest rate risk in the financial system
Urgent action is needed to tackle the little-understood build-up of interest rate risk in the global financial system; macro-pru tools still inadequate to tackle the issue
BIS’s Carstens calls for cryptocurrency clampdown
Bitcoin has become “a combination of a bubble, a Ponzi scheme and an environmental disaster”
Lower growth follows credit booms with high-yield lending – paper
Lending standards in bond markets track banks’ credit standards
Banks not necessarily more opaque than other firms – BIS paper
Study compares stock returns of those with insider knowledge against the wider market
Misinterpreting commodity price swings can be damaging – BIS paper
Whether movements are down to supply shocks or changes in global demand matters for policy, and mistakes can be procyclical when central banks act together
People: Vlieghe gets second term at BoE; ECB appoints directors
Group of central banks promoting the goals of the Paris agreement on climate change appoints first chairman; and more
Carstens: regulators should not forget the non-banks
Banking standards may be largely complete but there is still work to do on non-banks and fintech, the new BIS chief says
Global custodian of the year: BNY Mellon
The US asset specialist has made strong progress in its effort to offer a seamless overlay of its disparate legacy systems, while also providing improved training to official institutions
Focus on implementing Basel III, central bankers say
Stefan Ingves stresses need for full and timely implementation, while Andreas Dombret says the time for lobbying is over
Global influence on local financial conditions is stable, research finds
Share of financial fluctuations caused by global factors has not markedly risen in last two decades
Central Banking Awards: Ireland recognised for transparency
Central Bank of Ireland, Bank of Lithuania and BlackRock win awards
Asset manager of the year: BlackRock
BlackRock delivered some innovative new products and a highly regarded training scheme to build on its already strong foundation in reserve management services
Spain’s de Guindos moves closer to ECB vice-presidency
Spain enjoys good relations with Germany, and lacks a top position in the EU
Central bankers assess markets’ reactions to policy changes
Benoît Cœuré warns of complacency among investors as central banks move to normalise
People: US Senate confirms Powell as new Fed chair
PBoC’s Zhou Xiaochuan not included in key advisory body; Buhari set to appoint new deputy governor at CBN
Better data needed amid rise of non-banks – BIS study
Survey of post-crisis banking structure finds sturdier core banking system, but risks shifting to periphery, raising the need for better surveillance
Central Banking Awards: Bank of Canada is central bank of the year
Awards go to the Bank of Canada, PriceStats, Perago and De La Rue
Liberalising services trade could tackle imbalances – BoE paper
Finding ways of reducing barriers to services trade could substantially cut imbalances
Economics in central banking: Alberto Cavallo and Roberto Rigobon – Billion Prices Project/PriceStats
Through a vast and ongoing data-collecting exercise, PriceStats has helped central banks overcome many of the drawbacks inherent in traditional inflation series
Consultancy and advisory provider of the year (currency management): De La Rue
The UK-based company is helping central banks monitor the lifespan of banknotes in a bid to improve stock management and cost-effectiveness of currency operations
Higher liquidity levels can reduce banks’ funding costs, research finds
Doubling the liquid asset ratio is found to reduce the costs of insurance against default by 24.4%