Central Banking
Bernanke on inflationary impact of global commodity boom
Federal Reserve chairman Ben Bernanke says rise in global commodity prices may lead to temporary spell of inflation
Consumer behaviour influences financial distress: ECB paper
European Central Bank study shows individuals’ behavioural traits may contribute to level of financial distress experienced by consumers
ECB reports €171 million profit
European Central Bank experiences sharp fall in profits for 2010 due to €1.16 billion transfer of income to risk provision fund
Investment grade status provides premium: IMF paper
Fund study shows upgrade to investment grade status leads to sharp decline in sovereign spreads
Inflation targeting a successful framework: Central Bank of Chile paper
Central Bank of Chile study says sharp movements of inflation in Chile were consistent with inflation targeting framework
Austerity measures provide long-term benefits: Bank of Portugal paper
Bank of Portugal says fiscal consolidation is welfare improving in the long term, but not the short term
Employment the missing component of US recovery: NY Fed’s Dudley
New York Federal Reserve president William Dudley says employment growth only missing piece in puzzle
Map of global banking network shows climb in contagion since late 1980s
Bank of England paper uses BIS banking stats to show potential for cross-border contagion has been rising for past two decades, reaching its apogee at the time of the Lehman Brothers’ collapse
Williams succeeds Yellen at helm of SF Fed
Head of research named new head of San Francisco Federal Reserve
SNB to close Geneva office as cash distribution services are outsourced
Swiss National Bank says Geneva office will close next year as cash distribution services to be carried out by private firms; fifteen staff affected by closure
Nobel Laureate Yunus dismissed from microlender by central bank
Bangladesh’s central bank removes Nobel Peace prize winner and founder of Grameen Bank Muhammad Yunus from helm of microlender
Efficient markets’ failure hamstrung central banks: CentralBanking.com panel
Reliance on efficient markets hypothesis to develop policy frameworks must be reversed, LSE’s Brandon Davies and Fathom director Danny Gabay argue
National Bank of Hungary – Lending survey (Q4 2010)
National Bank of Hungary’s fourth quarter of 2010 lending survey shows unexpected tightening of credit conditions in Hungary
Fed’s Yellen: managing market expectations key to QE
Federal Reserve vice-chair Janet Yellen stresses importance of market expectations to success of asset purchase programme
Bank’s Sentance lists reasons for rate hike
Bank of England external Monetary Policy Committee member Andrew Sentance stresses importance of gradual rise in interest rates
Loan-to-value ratios effective macroprudential tool: HKMA paper
Hong Kong Monetary Authority study finds evidence in support of loan-to-value ratios as a macroprudential tool
King warns of delay in switch to new regulatory regime
Bank of England governor Mervyn King says correct implementation of regulatory reforms takes precedence over achieving deadlines
Draft Irish law sketches resolution fund, living wills
Draft legislation from Irish government sets out rules on resolution fund that all banks must pay into, living wills; law includes strict penalties for failure
Bank won’t hike rates as gesture to market: King
Bank of England governor Mervyn King says use of interest rate to signal Bank’s intention to curb inflation would be self-defeating
Commentators split on Bank justification for high inflation
CentralBanking.com web panellists divided on whether Bank of England is acting within remit in accommodating persistently above target price pressures
Bailout renegotiation looms following Irish election
Ireland’s new prime minister-elect expected to press for renegotiation of EU-IMF bailout deal; scheduled to meet European Commission head José Manuel Barroso on Friday
Kenya’s Ndung’u reappointed for second term
Kenyan President Mwai Kibaki appoints Central Bank of Kenya governer Njuguna Ndung’u for second four-year term
Iosco draws systemic risk roadmap for securities regulators
International Organisation of Securities Commissions sets out ways in which securities authorities can help control systemic risk
BoE forecasts at odds with public view: BIS paper
Bank for International Settlements study finds substantial disagreement among UK consumers and Bank of England over inflation forecasts