Sweden
Negative rates working as planned, says Riksbank’s Cecilia Skingsley
Transmission of negative rates is working well and there is room to ease further, deputy governor says, despite the possibility of unwanted side effects; changing inflation target a ‘bad idea’
Swedish regulators press government for clearer powers
Heads of Riksbank, FSA and National Debt Office call for government to speed up implementation of new legislation on macro-prudential powers, but minister says it could take until next year
Swedish deputy wants macro-pru tools for non-banks
Policy-makers must develop new macro-prudential tools for addressing risk in the non-banking sector, warns Sveriges Riksbank’s Cecilia Skingsley
Riksbank launches app as drive to publicise new notes and coins accelerates
Central bank’s first smartphone app helps public identify counterfeit banknotes and features voice-over by Stefan Ingves; part of communications push ahead of new banknote and coin series
Riksbank minutes reveal concerns over negative rates
Deputy governor voted against rate cut amid fears of unintended consequences, and others admitted the cut would send the Swedish economy deeper into uncharted territory
Swedish authorities pin down structural factors driving growth in household debt
The rise in home ownership and a favourable tax system are probably contributing to the growth in household indebtedness, report finds, as Riksbank continues to urge action
Riksbank cuts key rate and expands QE to curb krona risks
Swedish central bank cuts repo rate to -0.35% and will buy additional 45 billion krona worth of government bonds to prevent stronger currency or Greek collapse from derailing inflation
IMF paper says ‘one size does not fit all’ with macro-prudential frameworks
Working paper examines use of macro-prudential policy in Hong Kong, the Netherlands, New Zealand, Singapore and Sweden
Riksbank paper measures impact of debt-to-income limits
Report weighs the costs and benefits of debt-to-income limits, finding they can be effective in tackling debt and are likely to have a ‘relatively small’ macroeconomic effect
Assessing risks from household debt is a complex task, Riksbank study finds
Economic commentary says risks in household sector seem high, but assessing them properly depends on a host of factors that keep changing and data that may not be available
Riksbank launches streamlined financial stability report
Shorter, more focused report aims to send clearer message to readers; follows close on the heels of a redesigned monetary policy report
Riksbank risk survey flags concern over easing impact
Respondents warn of a slight deterioration in the outlook for financial stability after launch of further monetary easing, including higher levels of risk and lower liquidity
Riksbank deputy debates inflation target change
Cecilia Skingsley weighs up case for both lowering and increasing target; notes it would be easier to change target if several central banks did it at the same time
CPI not ideal for comparing inflation rates, research finds
Economist at Sveriges Riksbank says CPI is a good measure of inflation but is ‘not well suited’ to making international comparisons of inflation rates
Legal questions force Swedish FSA to scrap amortisation rule
Financial Supervisory Authority suspends its plan to force households to pay down their mortgages over time in response to doubts over its mandate; Ingves says policy still needed
People: New deputy in Pakistan; BoE’s Cornish leaves PRA
State Bank of Pakistan promotes chief economic adviser; founding board member of the Prudential Regulation Authority steps down; Uruguayan governor and deputy confirmed; and more
Riksbank’s new approach to nowcasting reviewed
Article in Economic Review evaluates the forecasting performance of a dynamic factor model adopted by Sweden's central bank, finding it a useful addition to its suite of tools
Ingves lays out toolbox at Riksbank’s disposal
Swedish central bank governor says he ‘will do more if necessary’ to fight deflation, arguing ‘there are several ways to make monetary policy more expansionary’
Riksbank research gives alternative finance a cautious welcome
Greater diversity of funding sources stands to bring major benefits to the real sector, but financial stability could be at risk if new products are not well understood
Riksbank board uncertain about negative rate limits
Minutes from executive board meeting that led to negative rates and quantitative easing reveal uncertainty about where floor for repo rate might be
Riksbank goes negative and launches QE
Swedish central bank announces unprecedented measures to ‘safeguard' inflation expectations; rates ‘far from lower bound' says Ingves
Riksbank: Economic activity in Sweden ‘at a standstill'
Central bank survey shows companies still being hampered by the slow recovery in Europe, leading them to try cutting costs to increase margins
Average debt ratio for Swedes with mortgages rose to 315% in 2014
New data from the Riksbank shows Swedish households, especially wealthier ones, increased their debt burden between July 2013 and July 2014
Riksbank profits safeguard independence, first deputy says
Kerstin af Jochnick says low interest rates will hurt profits in coming five years but adds central bank has buffers to guarantee its ability to perform vital tasks