Central Banking Journal
The shift to a multi-polar world
Extraterritorial reach of US policies could hasten the use of alternative currencies; decision on renminbi inclusion in SDR may be a tipping point for relevance of Bretton Woods institutions
Dealing with an age of turbulence in emerging markets
Nigerian deputy governor details the options available to emerging markets when reacting to changes in developed-world monetary policies and associated fund movements
BIS' William Coen on Basel III and preventing the next crisis
William Coen, the secretary-general of the Basel Committee, speaks about the banking industry’s response to Basel III, supervision versus regulation and preventing the next crisis.
The ECB's approach to central banking without data borders
Data sharing and access to confidential information – on a need-to-know basis – remain a legal, cultural, technical and organisational challenge at the ECB and elsewhere, writes Aurel Schubert
Assessing credit risk post-crisis at a central bank
Eric Wolfe explains how the Bank of Canada has developed its own credit assessment processes to avoid mechanistic reliance on credit rating agencies.
Czech currency intervention and forex reserves
Michal Skorepa and Mojmír Hampl explain how the Czech National Bank’s activities have directly and indirectly affected the value of the koruna, including the impact of direct interventions in 2013
Book notes: What Have We learned? Macroeconomic Policy After the Crisis, by George Akerlof, Olivier Blanchard, David Romer and Joseph Stiglitz
This book brings together the great and the good of the economics profession, policy-makers and academics, to assess what the dust jacket describes as the “brave new economic world"
Book notes: Finding Equilibrium, by Till Düppe & Roy Weintraub
This unusual book describes the early progress in the mathematisation of economics and, in particular, micro-economic model building
Book notes: Fortune Tellers: The Story of America’s First Economic Forecasters, by Walter Friedman
A fascinating book that crosses the traditional boundaries between the history of economic thought and cultural history
Book notes: GDP: A Brief but Affectionate History, by Diane Coyle
A whistle-stop tour of the development of GDP, a workhorse of economic modelling and analysis
The global financial architecture is broken
Central banks have taken over from Bretton Woods institutions in a multipolar world where actors are increasingly fearful of dealing in G-4 currencies, writes Andrew Sheng
The value of ETFs to central bank reserves managers
Exchange-traded funds have emerged as a means for reserve managers to gain access to new exposures and markets, but are they fit for purpose?
Bank rules and their impact on inequality
Banking regulation has a profound effect on levels of long-term financial inclusion around the world; US engaged in a failed ‘lottery ticket’ effort by the US to offer housing to the poor.
The viability of a commercial approach to central bank communication
Will the prevailing trend for central bank communications to mimic those of commercial entities and political parties stand the test of time?
New frontiers for central banking
Central banks are embracing macro-prudential policies with the same gusto as they did inflation targeting and independence in the 1990s. But they are in danger of over-relying on such approaches
Book notes: Alexandre Lamfalussy, by Christophe Lamfalussy, Ivo Maes and Sabine Peters
This is a fascinating account of the life and career of a great European
The story of Central Banking
Founder Robert Pringle recalls how after a slow start Central Banking achieved lift-off
Twenty-five defining moments
Central Banking identifies 25 of the most significant events to have shaped the official sector during the past 25 years.
The challenges for central banks
Demands are being made for central banks to consider financial stability alongside price stability, as a key component of their monetary policy. But that is nothing new for central banks
Choosing a suitable exchange rate suitable for price-takers
Flexible exchange rates can act as an asset price as well as a price for goods and services, so movements can distort the market for goods and services. Taxing capital inflows can address the matter
Can central bankers live up to their role as the guardians of finance?
Central bankers need to be the risk managers of the financial system to help mitigate the fallout from future crises. Those that engaged in the latest bouts of QE have not made a good start
Payments achitecture fit for the 21st century
Globalisation, changes in FMIs and the emergence of new payment schemes will require ever closer co-operation to ensure the safety and efficiency of the underpinnings of the financial markets
The evolving role of the Eurosystem and its national central banks
Anne Le Lorier pinpoints the challenges Eurosystem central banks will have to address in the aftermath of the global financial crisis.
Financial inclusiveness and financial stability are key to success
Bangladesh has achieved growth in excess of 6% for the past decade, aided by its focus on financial inclusion. The next step is to modernise finance, writes Atiur Rahman