Central Banking
Bank of Canada’s C$460m refurbishment on time and on budget – Poloz
Construction workers have spent past three years gutting old head office and renewing interior to meet modern standards; annual report sheds light on costs
SEC nominee flip-flops on Dodd-Frank rollback
Rules mandated by statute must be adopted by regulators, Clayton concedes
Women on policy boards support prudent decision-making – research
Paper examines the impact of women on monetary policy decision making; authors’ results reveal the presence of women tends to lead to more “hawkish” decisions
Finnish paper presents two explanations for eurozone weakness
Paper looks at fall in natural interest rate and output rate shocks
CEPR report ‘cautiously optimistic’ on bail-in
Thomas Philippon and Aude Salord find range of issues with European bail-in rules, but say they can probably be fixed; Cyprus bail-in “terribly” executed but still worked
EC consults on twin peaks model for supervisory authorities
Document asks stakeholders for suggestions on funding and governance reform
Exporters’ ‘sweet spot’ unlikely to be enjoyed for long, says BoE’s Broadbent
BoE deputy investigates cause of sterling’s Brexit depreciation, examining potential impact of market speculation
London financial sector likely to ‘lose prominence’ following Brexit, says Sarb bulletin
South Africa to watch developments in London closely following Brexit vote, as domestic banks decrease exposures to the UK
Build-up of public debt causes longer recessions for EMs – paper
“Less supportive” fiscal policy makes emerging markets more prone to problems associated with accumulation of public debt; authors highlight the importance of fiscal buffers
Positive shock could still trip up advanced economies – Blanchard
Former IMF chief economist warns high debt levels could interact with positive shocks to cause problems; backs Rogoff’s plan for a cashless society
Central Banking Awards 2017 – as it happened
Live blog of events at this year's Central Banking Awards
ECB may accept Brexit banks using UK models – Lautenschläger
Supervisor says a “hard Brexit” could see banks accepted on the basis of PRA-approved models
BoJ minutes highlight hopeful signs for Japanese economy
Members highlight “more solid” recovery supported by a pick-up in exports and production, although inflation is still sluggish
Ukrainian central bank says rail blockade will cut growth
Improved export prices should offset embargo’s effects, NBU says
New forex code will not be a set of rules – Debelle
New code of conduct will force participants to think about their actions, Debelle says; rules are easier to “arbitrage” than principles
PBoC appoints two to monetary policy committee
Guo Shuqing and Ding Xuedong join policymaking panel in reshuffle of senior officials
Time to shrink Fed’s $4.5 trillion balance sheet, say presidents
Cleveland Fed president is “comfortable” changing reinvestment programme this year; balance sheet plan should be published as soon as possible, says Kashkari
French paper examines impact of ECB’s PSPP on bond yields
Researchers use data from the French market to examine bond shocks
G20 should create central bank blockchain group – think tank
Policy brief stresses the need for the G20 to be a leading figure in the blockchain debate; new consortium to discuss implications for monetary and fiscal policy
Don’t tighten SFT regulations without more data – ESMA paper
Move before 2018 could increase chance of “unintended consequences”
Hysteresis can explain eurozone peculiarities – Eichengreen and Bayoumi
Eurozone has not responded to shocks in the way economic theory would normally imply, with the German economy tied surprisingly closely to those of ‘peripheral’ countries
HK researchers ask how much markets affect RMB fixing
Researchers test China’s assertion the exchange rate is now determined more by markets, finding mixed evidence
Carney: no double standards on conduct at BoE
Governor says central bank held itself to even higher standards than it expects of regulated firms in dealing with Charlotte Hogg’s disclosure mistake
MAS’s Menon stresses importance of fintech regulation timing
Fintech needs regulation, but it should not “front-run” innovation, says Menon; regulation should “kick in” only when fintech risk “crosses a certain threshold”