Central Banking
ECB paper examines pre-Volcker monetary policy
Working paper sets out dynamic general equilibrium model to analyse Federal Reserve monetary policy; finds Fed policy pre-Volcker was more effective than widely thought
Bank of Italy paper analyses impact of organised crime
Working paper estimates counterfactual economic performance in the absence of organised crime; finds mafia presence lowers Italian growth path
Norges Bank assesses payments system
Annual Report on Payment Systems 2011 finds speed of payment transactions to be lacking; system in general is nonetheless efficient says deputy governor
New members admitted to BoE Court
Queen of England approves government recommendations; Bradley Fried, Tim Frost and Dave Prentis become non-executive directors of the Bank of England
Basel III may kill trade finance in Asia, says StanChart banker
Asian banks providing trade finance services will struggle to meet Basel III rules on leverage ratios, senior Standard Chartered banker tells Asean Risk 2012 conference
Central bankers need to address problem of ‘groupthink’, says Shiller
Members of central bank committees need to dig deep to assert their ‘moral commitment’ and actively avoid falling into the trap of ‘groupthink’ when making decisions, says economist Robert Shiller
IMF appears to back Ukraine involvement in Vienna Initiative
European mission head at IMF said to offer support for National Bank of Ukraine participation in Vienna Initiative
Central banks urged to increase monitoring of retail payment innovation
Central banks may need to improve their data collection and research efforts to ensure they are monitoring the latest developments in retail payments, according to new CPSS report
Ingves says Europe not ready for common regulatory capital rules
Basel Committee chairman Stefan Ingves says Europe lacks necessary common legal powers and mechanisms to standardise regulatory capital treatment; advises Europe against introducing a Tobin tax
Latvia governor assesses state of domestic economy
Bank of Latvia governor discusses developments in the Latvian economy as central bank leaves interest rates unchanged
BoE’s Broadbent examines rising cost of capital
External member of the Bank of England’s Monetary Policy Committee considers causes of rising capital costs; suggests fear among investors of ‘extreme outcomes’ in eurozone
Ireland central bank proposes changes to regulatory reporting
Central Bank of Ireland publishes consultation paper on regulatory reporting; proposes move to a new online reporting system
IMF paper relates fiscal consolidation and growth
Paper discusses relationship between fiscal consolidation and short- and long-run growth; warns that rapid consolidation can be harmful
BoE paper investigates banks’ implicit subsidies
Paper discusses models for attempting to quantify implicit subsidy available to banks via government bailout; estimates range from £30 billion to £120 billion
RBA governor criticises ‘dated’ payments systems
Glenn Stevens warns Australia has fallen behind other countries by not offering real-time electronic transfers; notes task the central bank faces in matching improved global regulatory environment
Americas’ regional FSB group discusses vulnerability and regional financial stability
Financial Stability Board Regional Consultative Group for the Americas discusses developments in global economy and methods of assessing vulnerability in fast-growing economies
Estonian governor awarded termination payment
Andres Lipstok will receive a full year’s salary when he leaves the Bank of Estonia next month; payment awarded in recognition of contribution to successful management of the central bank
IMF paper assesses welfare effects of monetary integration
Paper considers welfare effect of monetary union in Africa; finds significant benefits due to policy credibility and macroeconomic stability
BoJ minutes show unanimous support for further asset purchases
Minutes of Bank of Japan monetary policy meeting released; members vote unanimously to extend asset purchase programme
New York Fed article proposes capital regulation framework
Article suggests new framework for regulating capital; attempts to limit risk-taking while preserving creditors’ disciplining incentives
Bangladesh Bank governor praises strong export market
Governor of Bangladesh Bank highlights strong export market in Bangladesh; praises market’s resilience during financial crisis
Central Bank of Nigeria to build 'world-class' convention centre
Contractors invited to express their interest in submitting a tender to build a new 1,500-seat conference centre in Abuja; central bank wants “world-class” facility
Kansas Fed president supports bankers on boards of directors
Esther George says there is a place for bankers on Federal Reserve Bank boards of directors; but if they contravene the code of conduct, they should resign
Greek governor highlights importance of decisions made in Athens
Georgios Provopoulos tells president recovery is linked to decisions made in Athens not Brussels; again stresses importance of faster progress with reforms in the country