Central Banking
Riksbank’s deputy argues for changes to monetary policy regime
Mulled changes would remove distortions, analysts say
ECB criticises government of Cyprus over new central banking legislation
Collection of information on individual debtors is a “government task”, ECB says
Opaque money markets work well, Nobel laureate says
Bengt Holmström says policymakers should not try to make money markets more transparent
BoE economist argues against benefits of cryptocurrencies
Cryptocurrencies have “failed” to compete with fiat currencies as an alternative store of value
Sarb deputy says current ‘implicit’ deposit protection is ‘risky’
South Africa’s resolution framework one step closer to revamp; deputy governor says current ‘implicit’ deposit protection not sufficient
Public spending shocks work better when households are confident- paper
Government spending stimulus reduces household confidence as it confirms pessimism regarding the economy, paper argues
QE has positive spillovers into south-eastern Europe, ECB paper says
Some countries experience stronger inflationary effects than eurozone - researchers
QE has not increased eurozone inequality - ECB’s Constâncio
Low-income households benefit most from stimulus, ECB vice-president says
Finnish paper investigates key factors in financial development
Data points to rule of law and economic development are key factors, paper argues
Indonesian central bank cuts interest rates despite slight inflation rise
Inflation is expected to remain within target, Bank Indonesia says
People: Trio of deputies appointed at Sri Lankan, Korean and Bahaman central banks
Veteran central bankers appointed at Sri Lankan and Korean institutions; Bank of Bahamas also gets new second in command
Malawi central bank bolsters anti-counterfeiting with MoU
Governor says new framework will strengthen policy co-ordination between institutions
Sarb gains greater regulatory oversight
President Zuma signs ‘twin peaks model’ into law, granting central bank powers to mitigate risk and shore up financial stability
European yield curve calculation regulations should change, ESRB says
Last liquid point, ultimate forward rate and convergence point should all change, report argues
Fintech can give emerging markets an edge – PNG governor
Loi Bakani says the central bank is supportive of attempts to develop financial technology, though it present regulators with a “massive challenge”
SNB analyses monetary policy role in containing external inflationary factors
Research finds independent monetary policy protects Switzerland against international spillovers
Svensson launches fresh attack on leaning against the wind
Lars Svensson outlines “simple and transparent framework” he hopes will guide debate, as other papers challenge his results
Norway’s pension fund grows on rising equities
The world’s largest sovereign wealth fund grows, thanks to European equities, but low rates and oil prices remain long-term challenges
New NY Fed dataset shows weakening labour market
New York Fed unveils new, more granular labour market data; results so far indicate wage growth is still elusive
Malaysian central bank slams Ice and SGX over ringgit futures
Making them available offshore goes against foreign exchange rules, says Bank Negara Malaysia
Spanish paper looks at sectoral comovement and monetary policy
Monetary policy shocks have greater effects when industries experience comovement - researchers say
European insurance resolution needs major reform – ESRB
Insurance sector’s contribution to systemic risk has increased but current tools are insufficient, report says
RBI closes in on ‘endgame’ in bank clean-up
Governor Urjit Patel says the central bank’s new powers have allowed it to overcome “severe” moral hazard problems; state-owned banks will need recapitalisation, he says
Global liquidity matters for pass-through – CBRT research
Access to external sources of liquidity affects pass-through of monetary policy, researchers find