Central Banking
NY Fed misrepresented French AIG position: Tarp overseer
Tarp overseer Neil Barofsky says Commission Bancaire would have helped secure haircuts from French counterparties of American International Group; comments contradict earlier claim by New York Fed
Labour shifts and productivity analysed
Bank of Canada paper finds that while overall labour reallocation has picked up, movement between jobs in the same industry, which causes increases in productivity, has declined
Geithner passes buck on AIG
Treasury Secretary says he did not make the decision to pay American International Group’s biggest counterparties 100 cents on the dollar
IIF sees sharp rise in emerging-market capital flows
Significant about-turn sees anticipated flows leap above 2008 figures; pick-up most marked in emerging Europe
IMF warns against Japanese complacency
International Monetary Fund report says Japan will face a harder task in convincing markets it can manage high debt levels in future
Turkey warns of risk from higher commodity prices
The Central Bank of Turkey flags dangers presented by rise in commodity prices
Obama’s proposals – the only game in town
President Obama’s radical proposals recognise that the financial lobby can no longer hold society to hostage. They should be welcomed as a result, Robert Pringle, the chairman of Central Banking Publications, writes.
Iceland cuts by 50 bp as króna stands ground
Unexpected reduction leaves borrowing costs at 9.5%, central bank notes Icesave debacle failed to impact króna
Denmark names professor new economics head
University of Copenhagen’s Peter Birch Sørensen to move to the National Bank of Denmark in April
Keep the Fed away from politics: Dallas’s Fisher
Dallas Fed president Richard Fisher says allowing Congress to audit the Fed would be comparable to the governance crises of Weimar Germany and pre-Péron Argentina
Bank of Canada – Business Outlook Survey (winter 09/10)
Canadian firms expected both their costs and the prices they charged to increase over this year, signalling an end to the slump in demand
IMF more upbeat on growth
Global economy now set to expand by 3.9% this year, according to World Economic Outlook Update
BoJ more optimistic on growth, deflation
Bank of Japan lifts economic projections in sign it sees policy as sufficient
Ex-governors and prominent academics in new forum
Former Argentine central bank governor Mario Blejer, former Bundesbank president Ernst Welteke and a slew of prominent academics will participate in a new forum
SARB split over rate hold
Majority opt to hold rates at 7%, governor discusses inflation-targeting review
S&P places Japan on negative watch
Rating agency argues fiscal leverage has diminished; decision comes after central bank opts not to extend quantitative easing
Schapiro seeks tighter reins on hedge-funds
US Securities and Exchange Commission’s Mary Schapiro eyes more stringent controls for hedge funds and credit rating agencies
Big fiscal spending hurts post-crisis recovery: IMF
International Monetary Fund looks at whether there is a trade-off between committing large fiscal resources and a quick recovery
Redrado barred from central bank by police
The fall out between Argentine central bank head Martín Redrado and President Cristina Fernández escalates as police are posted outside the central bank to prevent him entering
Zimbabwe’s central bank ‘technically insolvent’: reports
Local media sources report that Zimbabwe’s central bank is bankrupt after high court judge orders that its property be attached to unpaid debts
Croatia to take caution in 2010: Rohatinski
Croatian National Bank’s Željko Rohatinski expects growth lull, shift in spending attitudes
BoE statistics show broad money contraction
Data released by the Bank of England last week showed M4 growth was negative, although lending increased very slightly
BuBa’s Fabritius: monetary policy can’t stop bubbles
Bundesbank’s Hans Fabritius says monetary policy has limited capability to target asset bubbles
Former Bank governor dies
Ex-Bank of England chief Lord Richardson passes away