Central Banking Journal
Book notes: The challenge of economic rebalancing in Europe, perspectives for CESEE countries, edited by Ewald Nowotny et al
A useful book on the failure of the European economy to recover from the 2008 recession, and the slowing down of the convergence of central and eastern European economies with the core of the EU
Book notes: Banking Reform in Nigeria, by Yomi Makanjuola
A gripping read, starting with Sanusi Lamido Sanusi's leadership of the Central Bank of Nigeria in 2009
CNB’s Miroslav Singer on transparency, China and Basel III
The governor of the Czech National Bank speaks to Christopher Jeffery about transparency challenges, lifting exchange controls, China's slowdown and flaws in Basel III.
Japan lashed by the Fed
The Abe government is using a questionable reading of history to justify policies that are increasing rather than reducing the gloom over Japan’s prospects
Fed comes under renewed fire as governance structure challenged
An under-staffed board, embarrassing leaks and outspoken regional presidents pose challenges to the Fed as it seeks to exit loose monetary policies. Is it a good time to review its governance structure?
Can inflation derivatives help the ECB hit its inflation target?
The ECB could reinforce its pursuit of price stability by using inflation derivatives should current tools prove insufficient or the implementation of QE encounter technical difficulties
Nobel economist Sims on fiscal stimulus, Eurozone loss sharing and role of central banks
The Nobel laureate speaks with Christopher Jeffery about his scepticism regarding secular stagnation, the eurozone’s failings and the need for inflationary fiscal stimulus at the zero lower bound
BIS’s Shin on international co-operation, inflation targeting and integrating finance into economics
BIS head of research talks to Daniel Hinge about opportunities for international co-operation, integrating finance and macroeconomics, and whether anyone is listening to the institution’s advice.
Managing financial stability, monetary systems and the economic order
If policy-makers fail to address the challenges presented by strong feedback loops between the economic and monetary systems, the next crisis could seriously damage faith in market-based economies
The Fed’s impact on emerging market sovereign wealth investors
With central bank reserves seeing their biggest drop in more than a decade during the second quarter of 2015, Arvid Ahlund asks if tighter US policy will make matters better or worse
Book notes: The Great Divide, by Joseph E Stiglitz
Stiglitz’s new book argues that deregulation was an important cause of the recent banking crisis
Book notes: Efficiently Inefficient: How Smart Money Invests and Market Prices are Determined, by Lasse Heje Pedersen
A book that offers a condensed picture of hedge funds’ operations and strategies, written by a person with considerable academic and practical experience
Book notes: The Lion Wakes: A Modern History of HSBC, by Richard Roberts and David Kynaston
A weighty tome, commissioned by HSBC to commemorate its 150th anniversary
Book notes: Money and Trade Wars in Interwar Europe, by Alessandro Roselli
Alessandro Roselli’s book on interwar Europe should be compulsory reading for all those who are handling or interested in the current crisis in the euro area
Questions of credibility in the Eurozone and China
The ECB's credibility was once more called into question over the handling of Greek debt negotiations; positive signs from China amid equity market chaos
Greek lessons for central banks acting as lenders of last resort
Is it appropriate for a central bank that also acts as lead financial supervisor to act as a lender of last resort at a time when its actions are becoming quasi-fiscal in nature? By Ludek Niedermayer
Radical rethink of central banking is still possible
Bank of Canada governor Stephen Poloz's call for central banking to be "reinvented" is a timely reminder that others need to heed
Jacques de Larosière on the international monetary system and the euro
Christopher Jeffery speaks to former IMF managing director Jacques de Larosière about continuing efforts to restore the global financial system and where the future now lies for Europe
Andrew Sheng: The new politics of central banking
Extraordinary policy actions by the world’s leading central banks have left them politicised and entangled in an increasingly awkward operating environment
Former IMF chief weighs up benefits and costs of QE
Quantitative easing is having a profound effect on markets and banking. Jacques de Larosière weighs up some of the benefits and costs of QE
Five problems with floating rate exchange regimes
Robert Aliber bemoans the dangers of sharp moves in major currencies that are the result of floating rate currency regimes, and answers five rhetorical questions related to monetary stability
Shadow banking risks ebbing in China
China has the world’s third-largest shadow-banking sector, but the risks it poses to the overall financial system are overstated, especially following moves by the State Council
Devising effective data strategies to help inform policy decisions
The publication of the Irving Fisher Committee’s report on good data practices offers the potential for powerful data sharing, but more work needs to be done at the tactical and practical levels
Central banks face weight of expectations in sub-Saharan Africa
The art of central banking has changed dramatically in frontier markets. Monetary policy, financial regulation, capital flows and exchange rate are now centre stage, writes Louis Kasekende