Research
Banks are reallocating risk, not reducing it – NY Fed study
Under Basel III, banks’ parent companies have made NBFI subsidiaries more fragile, authors say
Regulators face trade-off when it comes to bitcoin – BdF paper
Rules can reduce price disparities but leave local markets vulnerable to potential shocks
Nine out of 10 Japanese people see prices rising
BoJ survey shows around half of respondents expect economic slowdown in a year’s time
More repatriated income does not always stabilise FX – BoK study
Paper recommends improved monitoring of foreign currency supply and demand
Race for investment could turn AI boom into bust – BIS study
Paper warns of fragility through overcommitment and circular financing
NY Fed study points to more tariff-related inflation in US
Survey shows many firms plan to pass on further costs to customers over coming months
Policy transmission weaker in poorer countries – paper
Authors say disconnect may reflect limited financial inclusion and prevalence of informal credit
Perception is reality when it comes to comms – BoE paper
Study finds central bank messaging rarely reaches public, though it shapes media narratives
Some G-Sibs’ capital exceeds Basel III provisions – BIS study
Certain jurisdictions demand higher-quality capital than is required under post-GFC rules
Move to inflation targeting could boost resilience – IMF paper
Countries in Middle East and central Asia should make exchange rates more flexible, authors say
AI adoption not a race, BoK and World Bank tell public investors
Sovereign investors should approach AI as structural rather than tech change, paper says
BoE paper builds ‘house price-at-risk’ framework
Quantile regression method can shed light on tail risks at regional level, author says
Financial repression delivers stopgap funding without inflation risk – paper
NBER paper argues recent macro-prudential mandates are effectively forms of repression
Pooled reserves could improve global financial safety net – paper
‘Synthetic reserve deposit’ could cut costs and improve performance, authors say
Cheap Chinese imports keep eurozone goods inflation down
Paper says prices may stay low because of excess capacity, weak Chinese demand and yuan
Governors move markets as much as ECB board members – paper
Presidents' speeches have greatest influence, followed by those given by heads of national central banks
Number of US jobs at risk of AI substitution is falling – ECB study
New technology yet to have an impact on wage growth, research finds
UK still paying EU ‘divorce bill’– National Bank of Belgium blog
Research shows cumulative cost of Brexit amounts to six to eight percentage points of GDP
Nigeria should allow stablecoin innovation but manage risk – IMF
Institution sets out four steps to manage surging adoption of assets
More than $1.4tn of daily FX trades face Herstatt risk – BIS study
Only around a third of transactions fully eliminate settlement risk by using PvP
Markets react more to macro news in uncertain times – study
Monetary policy uncertainty amplifies bond yields’ response to data releases, BIS paper says
Dollar’s reserve currency status worth $33 trillion – paper
Loss of exorbitant privilege would lead to dollar depreciation and rise in real interest rates
Time saved by AI does not increase output – BoK study
Paper says technology has reached efficiency stage but not productivity stage
Credit Suisse’s AT1 loss hurt regulatory credibility – paper
Declining bail-in spreads show markets doubt regulators will enforce resolution, BIS study argues