Central Banking Journal
Material world: the enduring appeal of paper banknotes
Central banks have used space-age polymers to make banknotes for decades. So why does paper remain predominant in banknote production?
Book notes: The cost of free money, by Paola Subacchi
A book worth reading, as it facilitates further discussion on substantial issues, but doesn’t fully address some of the problems it takes aim at
Masaaki Shirakawa on lessons from crisis and how to reform central banks
Former governor reflects on a turbulent 40 years at the Bank of Japan
Book notes: Shades of sovereignty, by Paul Wilson
An essential and stimulating read for central bankers thinking about the monetary history of their state in relation to its historical perspective and broad international trends
Tackling surging inflation
Central banks around the world are grappling with rapid price rises, with some taking very different routes to others
Book notes: Empire of silver, by Jin Xu
A useful introduction to China’s monetary history, focusing on the last 1,000 years, but not the easiest of reads throughout
How Turkey’s president created chaos in economic policy-making
Observers allege presidential domination of the central bank, unauthorised FX transactions and untrustworthy statistics
Book notes: Monetary policy in times of crisis, by Massimo Rostagno et al
Mass of intellectual effort gives rare insights into ECB’s inner working
Protecting international standard-setting despite the resurgence of politics
Andreas Dombret, global senior adviser, and Oliver Wünsch, partner, at Oliver Wyman, describe the importance of international standard-setting amid increasing political interference.
Final frontier? Japan after the Kuroda experiment
The Bank of Japan has pushed monetary easing close to its limit, yet inflation is barely above zero. What happens now?
Digitisation: transforming the role of central banks
With the rapid pace of technological change in global financial markets, central banks are increasingly recognising that many legacy tools, methods and manual processes are inadequate, writes Sachin Somani
ESG for central banking focus report 2021
The report flags challenges for central banks themselves – as guardians of the financial system, they have a duty to lead by example. But the lack of liquidity within ESG-compliant assets is proving a problem for many
Should ESG reporting be made mandatory?
As concern around the impact of climate change on businesses grows, many regulators have announced their intentions to include ESG requirements in reporting frameworks
How to #GreentheCBs
Invesco‘s Claudia Castro and Wim Vandenhoeck explore how central banks can strike a balance between innovation and disruption with their sustainability agendas.
Finding room for ESG
Central Banking speaks to four policy-makers for their thoughts on ESG principles, their respective institutions’ approaches, potential restrictions and an update on integration.
A future-proof RTGS blueprint
Operating hours, access and data standards should all be considered by central banks contemplating an RTGS overhaul
BCB independence and Brazil’s inflation battle
Formal autonomy should help shield central bank from political pressure linked to 2022 elections, but challenges remain
ESG reserves adoption challenged by reliance on sovereign bonds
Higher issuance of government-compliant bonds is insufficient to offer investable alternatives to central banks.
Approaching green central bank balance sheets
Climate-friendly balance sheets come at a ‘greenium’, panellists argue at a roundtable at Central Banking’s Summer Meetings, in collaboration with Invesco.
Central bank communications ‘after’ Covid
Covid-19 forced central bank comms teams to innovate fast. How much of it will stick?
James Bullard on Fed policy, action and governance
St Louis president calls for tapering, quantifies AIT and details Congress’s role in Fed ethics
Covid-19 has accelerated paradoxical developments in cash usage
Antti Heinonen explores the unusual patterns in banknote demand in 2020
Larry Summers on stagflation risks, lessons from Delphi and never-ending ‘punch’
Ex-US Treasury head speaks about fiscal ‘overexpansion’, Fed/Treasury debt discord and ‘unknown unknowns’