Central Banking Journal
Central banking enters a new era
‘Monetary financing’ and ‘buyer of last resort’ traps lie in wait
Stress levels rising: investment funds and the Covid-19 shock
Extreme market stresses are underscoring central role non-banks play in crisis contagion
Campos Neto on reforming Brazil’s economy amid Covid-19 distress
Brazil’s governor details emergency asset purchase plans and backs extending SDR funding
The complex art of reserve management
Lockdown represents another inflection point for central banks managing $12 trillion in FX reserves
Rising to the challenge – Reserve management in an uncertain world
Amid unprecedented measures being taken by central banks and governments to combat the global Covid‑19 pandemic, BlackRock‘s Stephan Meschenmoser, Laszlo Tisler and Crystal Wan compare and contrast BlackRock’s model portfolio against its high-grade…
Book notes: Central banking before 1800, by Ulrich Bindseil
A new standard reference point for the history of central banking
The ECB, the lockdown and the monetary financing lock
Eurozone’s central bank may need to break its prohibition on monetary financing to fight pandemic
Fed set to adopt ‘elements’ of price-level targeting
Covid-19 could act as a catalyst for Yellen-backed move to adopt elements of price-level targeting
The Central Bank Digital Currency Survey 2020 – debunking some myths
Most central banks believe there are retail uses for CBDCs, but few plan to launch one in the next five years
Book notes: In the combat zone of finance, by Svein Harald Øygard
Fascinating and readable book for those charged with maintaining financial stability
Debts, deficits, central banks and inflation
What insights can history provide for central banks hit by large rises in government debt?
Libra’s Disparte on big tech’s move into digital currency
Facebook-backed consortium still has more than 3 billion customers in its sights
Book notes: Crisis spaces, by Costis Hadjimichalis
“Don’t buy this book, unless you are a dedicated Marxist”
El-Erian on Covid-19 policy risks, ‘zombie’ markets and central bank capture
Former Pimco chief says Fed has gone too far, market function rules needed and chance opens for shared policy load
Beware of capital: much ado about nothing?
Capital increases can be offset by asset valuation, provision and income recognition forbearance
Should the Fed be next to implement yield curve control?
RBA joins BoJ in effort to control longer-term rates
Some thoughts on CBDC operations in China
PBoC's Fan Yifei outlines why he favours indirect CBDC in China
The dawn of a safer and sounder European banking sector
Implementation of two pillars of banking union has led to significant improvements
Book notes: Renewing our monetary vows, by Richard Barwell and Jagjit Chadha
Open letters to the governor of the Bank of England, as new chief Andrew Bailey takes over
Central banks and banks: a changed relationship
Development of large, complex international capital markets has reshaped relationship between central and commercial banks
FedNow: the advantage of going last
The Fed is late in developing instant payments, but US can learn from others
Book notes: The art of economic catch-up, by Keun Lee
Rather than merely catch-up, book offers countries advice in making sea change in economic statuses
Inflation targets back in the spotlight
Monetary policy can do little to offset impact of Covid-19
Ghana’s Addison on banking reform, innovation and the future of the eco
Bank of Ghana governor says Ghana is unlikely to join eco anytime soon