Central Banking Journal
Assessing the value of financial stability reports
More than 90 central banks now produce financial stability reports. Emrah Uslu and Eyup Kahveci look at the various approaches they take as well as appraising their usefulness.
Book notes: Monetary policy and financial repression in Britain 1951–1959, by William A Allen
A fascinating and coherent account of British monetary policy in the 1950s
Book notes: Smart Money, by Andrew Palmer
An important attempt to show how financial innovation is “reshaping our world for the better” all the more important
Book notes: The media and financial crises, by Steve Schifferes and Richard Roberts
A fascinating book, which gives a very different perspective on the financial crisis and its predecessors
Book notes: Hall of mirrors, by Barry Eichengreen
A scholarly, but readable narrative that interleaves an account of the build-up to and course of the Great Depression with the similar course of events in the Global Financial Crisis
The RMB and the SDR review 2015
Yide Qiao and Jiafei Ge present a case for the renminbi joining the ranks of the US dollar, euro, sterling and yen in the IMF’s SDR basket, when the constituents are reviewed later this year
Central banks are on the losing side of government pacts
Quantitative easing by the ECB and the Bank of Japan brought market cheer. But, absent meaningful structural reform, is miring central banks deeper into an ever-more dangerous policy cycle.
Justin Lin on China, economic growth and the international monetary system
Former World Bank chief economist on why a multiple currency system could increase monetary instability, China should be wary of full capital reform and infrastructure investment will boost growth
Reviving the faltering euro economy
There are three options to address Europe’s core problem: real differences in production costs. None of them involve asset purchases by the European Central Bank, writes Allan Meltzer
Evaluating the IMF’s performance in the financial crisis
The results of the IMF’s Independent Evaluation Office investigation into the Fund’s handling of the global financial crisis are deeply flawed.
Will new reforms lift the veil of secrecy at the Bank of England?
The Bank of England has unveiled a broad package of reforms to its transparency. Daniel Hinge speaks with transparency experts to assess the changes
Three strikes against the Federal Reserve
If you want to know why US economic recovery has been so sluggish, look no further than the policies of the Federal Reserve, argues Allan Meltzer
Are central banks the ‘Figaro’ of the financial markets?
Central banks continue to play a vital position in the functioning of markets. While this raises significant concerns about moral hazard it is not an unfamiliar role from an historical perspective
Book notes: Don’t start from here, by David Shirreff
A pointed, passionate plea for a simpler banking system that deserves to be taken seriously
Book notes: Emerging Africa, by Kingsley Moghalu
Sub-Saharan Africa is no basket case, but neither is it poised to follow China and India on their meteoric economic rise, Kingsley Moghalu argues in his forthright book
Book notes: European Spring, by Philippe Legrain
Ambitious and accessible, this book's take on events is provocative and its alternative insights warrant reflection
Book notes: Sovereign debt management, by Rosa María Lastra and Lee Buchheit
An immensely valuable compilation of contributions by lawyers and several economists on sovereign debt. This book is eminently readable, in spite of its difficult subject matter
Governor of the year: Raghuram Rajan
Sharp analytical skills, decisive policy action, powerful communication and impressive leadership skills have enabled RBI governor Raghuram Rajan to lead the Indian economy onto firmer ground
Central bank of the year: Reserve Bank of New Zealand
A joined-up approach to monetary and macro-prudential policy, excellence in communication and governance, updated risk management, improved supervision and security made the RBNZ the standout central bank
Lifetime achievement award: Jacques de Larosière
Jacques de Larosière has earned a reputation as the great French international public servant, central banker and scholar of his generation
Economics in Central Banking: Claudio Borio
The Bank for International Settlements’ economics head secures win for his work applying the concept of ‘excess financial elasticity’ to the international monetary and financial system
Transparency award: Czech National Bank
After speeding up its communications procedures, expanding into social media and creating an online blog for senior policy-makers, the Czech National Bank has taken transparency to a new level
Reserve manager of the year: South African Reserve Bank
Adapting its management of growing reserves using innovative approaches that do not compromise on long-standing values has enabled sub-Saharan Africa’s biggest reserve manager to enter the top ranks
Website of the year: Bank of Canada
The central bank has not only successfully increased its online presence in 2014, but it has also actively passed on its expertise to the central banking community