Central Banking Journal
Banknotes: July to September 2022
A round-up of news and salient issues that have affected central bankers during the past three months
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions raise questions about the US dollar’s central role
Bank of Mexico’s battle to restore price stability
Despite presidential attacks, former officials say a solid institutional framework preserves central bank autonomy – likely a key asset in the battle against inflation
Tactical and strategic ETF use in reserves
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Opportunities to diversify with ETFs now and looking forward
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How to run a world-class economics department
Central banks have myriad ways of organising their economists
Book notes: The money minders, by Jagjit S Chadha
This book acts as an invaluable primer on money-credit-fiscal theory and practice
Gontareva on Ukraine’s funding, NBU policy and reconstruction
Ex-NBU governor talks about fund shortfalls, finstab challenges, the CBR and post-conflict rebuilding
Book notes: Can’t we just print more money?, by Rupal Patel and Jack Meaning
A genuinely readable but non-neutral introduction to economics
Taking a cue from the top: governor turnover and independence
Central bank governors tend to have long tenures, but what that means can vary. High turnover remains a worrisome signal
Book notes: The Fed unbound, by Lev Menand
This book highlights need for charter-like oversight of shadow banking sector
Is money growth really the main inflation culprit?
A closer look at inflation in the eurozone and Switzerland
The PBoC, real estate debt and financial stability in China
Officials have restricted policy space due to efforts to contain property risks amid slowing growth
Ukraine’s wartime economy faces possible crisis
Foreign donors must increase financing of Ukrainian government, former NBU governor Gontareva argues
How central bank mistakes after 2019 led to inflation
There is a need to acknowledge errors and take concrete action to restore confidence in policy-making
The case for restoring the role of monetary aggregates
Surge in money supply in response to Covid-19 triggered rampant inflation
BoJ unlikely to move policy to counter yen weakness
Bank wary of raising rates or increasing its yield control target, writes Sayuri Shirai
Rethinking regulation of the modern financial system
Rules need to address uncertainty in addition to risks, and should not be too complex
Book notes: Harry White and the American creed, by James Boughton
This book offers a deeper understanding of the IMF founder, but fails to resolve espionage charges
(Un)stablecoins and central banks
Time to tackle stablecoin structures and support mechanisms
Legal certainty: the Achilles’ heel for CBDCs?
Many central banks lack legal certainty when it comes to issuing digital currencies. Isn’t it time to get the lawyers involved?
Filipe Dinis on Bank of Canada’s cyber strategy and tackling cyber risks
The Canadian central bank’s chief operating officer calls for heightened vigilance, more collaboration, info sharing and tabletop exercises, and less reliance on similar, siloed systems
Banknotes: April to June 2022
A round-up of news and salient issues that have affected central bankers in the past three months
People: April to June 2022
A round-up of central bankers in the news and on the move during the past three months