Central Banking
Buba: German household investments strengthen
Bundesbank financial accounts showed households’ financial assets gained for fourth consecutive quarter while debt declined
BIS: cross-border flows shaped by global and country specific factors
Bank for International Settlements study shows global and country specific risk factors explain cross-border bank flow patterns
RBI drastically cuts deputy governor Chakrabarty’s role
Reserve Bank of India removes five of deputy governor Kamalesh Chakrabarty’s nine portfolios; move linked to Chakrabarty’s out-of-turn comments on monetary policy
Pakistan set to appoint new governor in coming weeks
State Bank of Pakistan says new governor must be in place by beginning of September, but no frontrunners yet
Singapore slaps biggest bank with extra capital requirements after technical glitch
Monetary Authority of Singapore censures DBS and imposes additional capital requirements after technical failure caused bank’s services to shut down in July; fault pinned on poor risk oversight
Bair’s senior adviser leaves FDIC
Senior adviser to markets Joseph Jiampietro departs FDIC after less than 18 months
NY Fed: Funding liquidity explains investor hedging behaviour
New York Federal Reserve study finds funding liquidity risk plays important role in stock returns
NY Fed to start second set of reverse repo tests
New York Federal Reserve will conduct further tests of reverse repurchase operations tool in preparation for eventual exit from monetary support; tests will involve agency MBS, unlike previous trial
Dallas Fed: Oil shocks driven by supply and demand factors
Dallas Federal Reserve study links variations in oil prices and US growth patterns over past four decades to endogenous shocks
Bernanke on why states face fiscal shortfalls
Federal Reserve chairman Ben Bernanke pins shortfalls on recession, legislation and pensions
Philippines’ Tetangco launches book on CB law
Central Bank of the Philippines governor Amando Tetangco praises in-house legal team
Bank Indonesia plans rupiah redenomination: reports
Bank Indonesia acting governor Darmin Nasution says redenomination of the currency should be inflation neutral
South Africa in fresh attempt to curb rand volatility
Ruling African National Congress will consider short-term capital inflows tax to curb rand volatility, currency’s strength; party questions merits of Sarb’s hard-won inflation targeting regime
PBoC announces plans to deregulate gold market
People’s Bank of China says it will provide more commercial banks with access to global gold markets to address growing demand
Bank’s macro model takes a bruising
Former Bank of England economist says model misjudges trade-off between growth and inflation
Northern Rock’s bad bank posts first profit
Northern Rock Asset Management shows $267m profit for first half of year as split with so-called “good bank” lowers costs of funding; FSA slaps RBS with $9m fine for screening failures
China now world’s second-largest economy, says PBoC’s Yi
People’s Bank of China vice governor Yi Gang says China has overtaken Japan
Greece’s fiscal situation far worse than US: Atlanta Fed
Atlanta Federal Reserve study says Greece’s fiscal debts more worrisome than the United States’s
IMF: European debt measurements misleading policies
Fund study says European Union spending cuts neglect impact of policies on future
IMF: democracies outpace autocracies following commodity boom
Fund study shows following an international commodity boom, growth tends to increase in emerging market democracies, but decrease in autocracies
National Bank of Slovakia – Financial Stability Report (2009)
National Bank of Slovakia’s Financial Stability Report for last year says risks to economy largely in household sector
Ex-deputy Muto endorses Bank of Japan’s anti-inflation targeting stance
Former Bank of Japan deputy governor Toshiro Muto says introducing inflation targets, as government wishes, will not cure deflation; analysts agree
Bear bailout vehicle turns first paper profit
Federal Reserve balance sheet data shows Bear Stearns’ assets held in Maiden Lane vehicle made a paper profit for first time since its inception
Argentina dips into central bank profit to finance expenditure
Central Bank of Argentina transfers $760m from last year’s profits to government to find expenditure; government unwilling to tap bond markets until yields come down sufficiently