Central Banking
Repo bankruptcy exemption carries ‘significant costs’ – paper
Apparent liquidity boost from US rule is undermined by greater risk of fire sales, authors say
DNB paper examines robustness of monetary policy
Policy must avoid tail risks caused by central banks’ uncertainty over output gap, researchers argue
Digital money could strain global financial safety net – IMF paper
Economies with existing vulnerabilities are more exposed to impact of digital money, authors say
Major Chinese shadow bank files for bankruptcy
Zhongzhi Enterprise Group’s $36.5 billion shortfall raises fears of contagion from property downturn
Philippines could cut rates by 100bp this year, says minister
Benjamin Diokno’s comments contrast with governor’s December assessment of future inflation
ECB paper examines largest currency areas’ policy spillovers
Researchers study how foreign monetary policy shocks affect US, eurozone and Japan
Vietnam unlikely to raise rates this year, deputy governor says
Central bank may extend debt rescheduling as government demands higher credit growth
Philippine central bank will cut FX interventions, governor says
“We’ve been intervening a bit too much”, Remolona says, as officials work on new framework
Russian and Iran central banks increase co-operation
Sanctioned countries agree to use own currencies for trade as lenders set up credit line
US monetary policy drives defi credit cycles, HKMA study finds
Automatic liquidation could amplify shocks and trigger runs, author say
Inflation rises in Germany and France
German statistical office says energy price rise partly driven by base effects from earlier subsidy
BIS paper explores interaction of macro-pru and capital controls
Macro-prudential policy can “leak” at higher levels of financial development, authors find
First woman appointed as Bosnian central bank governor
Years of deadlock end after politicians agree to Jasmina Selimović’s appointment
Leaders are key to adopting technology, RBA study finds
Australian firms use GPT better if executives have tech background or are female, research says
PBoC ramps up funding support for policy banks
Biggest monthly increase for cheap loan funding in over a year likely to target property sector
Eurozone inflation affects fiscal policy, ECB paper finds
Authors say there is evidence of “turning point” for inflation’s impact on primary fiscal balances
Belgian governor gets temporary extension to time in office
Central bank council “deeply regrets” government’s failure to agree on reappointing Wunsch
HKMA proposes strict stablecoin regime
Algorithm-based stablecoins likely to be excluded under new rules, Hong Kong authorities say
Indian financial sector is resilient despite lower capital ratios – RBI
Banks pass stress tests, but RBI warns of decline in capital ratios and problems at some non-banks
MAS fines Credit Suisse S$3.9 million over misconduct
Relationship managers made false statements to clients over bond trades, says regulator
CBDCs are unlikely to be successful
Most money is already digital, and currency has lost its central function, writes former Barbados governor DeLisle Worrell
ECB paper analyses indirect channels of interbank contagion
Eurozone’s interbank market vulnerable to sovereign debt and non-bank sector shocks, research finds
Israeli governor warns over war spending after rate cut
Government could lose economic credibility without fiscal re-think, Yaron says
Memory shapes inflation expectations, study finds
People who remember high inflation also trust the central bank less, authors say