International
Book notes: Unfinished business, by Tamim Bayoumi
Anand Sinha praises Bayoumi’s analysis of how the euro crisis and US housing crash were, in fact, intertwined
‘Low for long’ endangers stability, warns BIS committee
Some banks could face solvency issues if faced with a “snapback”, warns Philip Lowe
People: Kosovo appoints new deputy governor
Bank of Spain has a new director-general for economics; Atlanta Fed appoints senior vice-president
FSB outlines ‘cyber lexicon’
Group hopes common language will aid cross-border efforts to tackle cyber threats
People: new RBI deputy; Ingves to chair Toronto Centre
ECB appoints director general of micro-prudential supervision; HKMA has new executive director of financial infrastructure; Liberia appoints new board
Fed’s Quarles defends FSB from US critics
Supervision chief says FSB is not a threat to sovereignty and helps solve collective problems
Panellists disagree on regulatory approach to blockchain
Should regulators be allowed on the blockchain, or should the technology govern itself, panel asks
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