Central Banking
IMF paper on how to negotiate a debt restructuring
Fund study shows full creditor participation requires haircuts and probability of successfully holding out for entire repayment is not too high
US senator renews call for ‘crippling’ sanctions on Central Bank of Iran
Senator Mark Kirk wants foreign financial institutions conducting transactions through the Central Bank of Iran to see access to US financial system cut off, and their US-based assets blocked
Chicago Fed paper explores determinants of asset-price bubbles
Chicago Federal Reserve study says theoretical models that observe relative price deviations from fundamentals are effective in predicting boom-bust cycles
Barbados's Worrell calls for new approach to modelling economies
Central Bank of Barbados governor DeLisle Worrell says central banks need to build models that capture the essence of their economies
Central bank intervention in credit markets threatens independence, says Fed's Lacker
Richmond Federal Reserve president Jeffrey Lacker says intervention in credit markets diminishes central bank autonomy; CentralBanking.com poll suggests otherwise
Blanchflower blasts BoE’s forecasting record
Former Bank of England Monetary Policy Committee member David Blanchflower says central bank will continue to miss projections until outdated models are replaced
IMF’s European director Antonio Borges quits
Director of European department, Antonio Borges, steps down for personal reasons; succeeded by strategy director Reza Moghadam in shake-up at Fund
Turkey and Nigeria in talks with China about currency swaplines
Governors of relevant central banks confirm Republic of Turkey and Nigeria are both in negotiations with the People’s Bank of China regarding currency swaplines
Ingves says Basel III’s success depends on global application of rules
Basel Committee on Banking Supervision chairman Stefan Ingves says Basel III will only work if implementation of rules is internationally consistent
Quantitative easing proved effective in Japan: IMF paper
Fund study shows the Bank of Japan’s asset purchase programme helped lower bond yields and raised equity prices in the country
Organisation of Islamic Cooperation agrees to strengthen collaboration efforts
Central bank and monetary authority representatives gather in Kuala Lumpur to discuss place of Islamic finance in changing global financial system; reaffirm commitment to strengthening collaboration
Sanusi reveals ‘strategic’ decision to hold renminbi reserves
Governor of the Central Bank of Nigeria explains why he made the decision to convert some of the country’s reserves into renminbi; says Nigeria left it “too late” to buy gold
Barnier leads crackdown on credit rating agencies
European Commissioner publishes proposals that will enable credit rating agencies to be sued by investors if they break EU rules "intentionally or with gross negligence"
Australian regulator releases Basel III liquidity proposals
Australia's prudential regulator publishes discussion paper for liquidity reforms under Basel III; Reserve Bank of Australia announces further details for its committed liquidity facility
BoE revises downward UK growth forecast
Bank of England November Inflation Report expects sluggish growth in 2012 on back of weak global demand and eurozone crisis
IMF paper models systemic risk in banking sector
Fund study creates model to measure correlation between solvency and liquidity risks in banking system
BIS paper finds tightening bias in reserve requirements
Bank for International Settlements study says reserve requirements impose tax burden on Chinese banks, which is passed on to depositors and SMEs
Insurers and pension funds may retreat from long-term investments, says Praet
European Central Bank executive board member Peter Praet says new regulatory initiatives and low-yield environment is limiting scope for long-term investments
Bank of Canada launches first polymer banknote
Bank of Canada issues first new polymer C$100 banknote into circulation; governor Mark Carney says new bills are at the frontier of banknote technology
IMF calls on China to overhaul its financial system
Fund review says China’s real estate sector faces a steady build-up in vulnerabilities; believes reforms to the country’s financial system are crucial to stability in the region
Financial inclusion to figure strongly in new ten-year plan, says Zeti
Bank Negara Malaysia governor Zeti Akhtar Aziz reveals the country’s next 10-year master plan will be unveiled in December; stresses new measures that will focus on enhancing financial inclusion
Bank of Israel paper on increasing Palestinian employment
Bank of Israel study quantifies effects of an increase in work permits to the Palestinian labour force
Strong bank relationships eases lending squeeze: BIS paper
Bank for International Settlements finds that building a close relationship with a bank can help reduce lending volatility during crisis
RBI’s Chakrabarty suggests more active role for deposit insurers
Reserve Bank of India deputy governor KC Chakrabarty says more active role for deposit insurance systems will better protect stakeholders