Central Banking Journal
Paul Volcker on inflation, QE exit and monetary system flaws
Paul Volcker speaks with Robert Pringle about his experiences in defeating inflation, responses to the current financial crisis, QE exit and flawed discipline in the international monetary system.
A new wave for polymer banknotes
Does the Bank of England’s move to introduce substrate banknotes represent a ‘tipping point’ for polymer currency? By Tristan Carlyle.
Finance and the Holy See: creating a central bank
The Vatican is setting up a ‘central bank’ as part of an overhaul of its finances. Isabella Bufacchi and Carlo Marroni examine the options available to the the Holy See.
ECB's Mario Draghi faces ongoing German ‘angst’
ECB president to face further German resistance on interest rates, banking union and OMTs – with Germany’s constitutional court ruling likely more problematic than some observers believe.
Central bank support for CCPs and TRs
The wider use of central counterparties and trade repositories may pose challenges for central banks. Carlos León, Clara Machado and Ricardo Mariño explain the tactics central banks are adopting.
The case for hedging reserves portfolios with futures contracts
Central banks may still be able to hedge their bond and money market portfolios against rises in interest rates. Elisa Vilorio makes a case for using interest rate futures.
Turkey’s pursuit of output-based models
The Central Bank of Turkey has shifted from using input-based approaches to output-oriented models for budgeting purposes in a bid to optimise its use of public resources. By Eyup Kahveci.
Book notes: The Map and the Territory: Risk, Human Nature and the Future of Forecasting
The Map and the Territory is an enigmatic title for a book written by a former chairman of the Federal Reserve, Alan Greenspan.
Book notes: Reflections on Global Finance: Selected Essays from SSgA’s Official Institutions Group 2002–2013
Articles and essays addressed to official sector clients of State Street Global Advisors’ official institutions group (SSgA OIG).
Book notes: Fragile by Design: The Political Origins of Banking Crises and Scarce Credit
Markets for goods and labour depend vitally on the institutions that underpin them, say Charles Calomiris and Stephen Haber
Book notes: Saving the City: The Great Financial Crisis of 1914
A fascinating, brilliant and superbly researched analysis of these events and the lessons they have for us.
Banque de France's Christian Noyer on bank runs, the euro crisis and a Fed-like ECB
Christian Noyer explains how he has restructured the Banque de France to enable it to become the Eurosystem’s ‘New York Fed’, while facing down a bank run and tackling the euro crisis
Central Bank of Oman's Hamood Sangour Al Zadjali on the dollar, financial stability and Islamic finance
The Central Bank of Oman remains committed to the dollar as it moves to improve governance, liquidity management and Islamic finance in the sultanate, its executive president tells Chris Jeffery
Independence no substitute for rules-based policy
Thomas Cargill summarises the conclusions of four papers by world-leading economists on the issue of central bank governance and finds independence is overrated
Reassessing the sovereign investor nexus
As sovereign assets continue to grow, managers look set to adopt multi-asset investment approaches that are more closely associated with defined-contribution pension plans
A new vision of the Old Lady
The strategic review at the Bank of England represents an opportunity to create an ‘Economics Directorate’, a research department and an external policy unit, writes Richard Barwell
Lifetime achievement award: Paul Volcker
Paul Volcker’s record of achievement in difficult circumstances continues to provide an inspiration to central bankers throughout the world
Central bank of the year: The People's Bank of China
The PBoC has anchored market-based reform in China by curbing excesses in the financial system while pressing ahead with interest rate and capital account reform at a time of major political change
Reserve manager of the year: Central Bank of Colombia
The Central Bank of Colombia’s dynamic reserves management strategy and impressive performance amidst turmoil in the US dollar and emerging market currencies made it stand out from the crowd
Governor of the year: Mario Draghi
Unflappable conviction and outstanding leadership has enabled ECB president Mario Draghi to decisively restore confidence in crisis-hit Europe