Central Banking
Tabaković says Serbia’s macro-prudential policy is on a par with developed countries
National Bank of Serbia governor says central bank is keeping up with its developed economy peers during first press conference on financial stability report
People: Board changes at PRA; Rodriguez to lead Fed’s ‘faster payments’
Four new board directors to start at PRA, Fed gives Sean Rodriguez lead role for ‘faster payments’, CNB names new head of communications and more.
Bundesbank research warns of risks from rising intraday interest rates
Discussion paper finds intraday rate rose from zero to around 60 basis points after 2008 and sovereign debt crises; researchers suggest it is reflecting a liquidity premium
BIS paper models optimal response to unconventional shocks
Authors examine how macro-prudential policy ought to respond to news shocks and regime changes in global liquidity, finding ‘significant variation’ in optimal policy reactions to shocks
FSB holds fire on non-bank G-Sifi designation amid backlash
Organisation to delay decision on whether asset managers should be included in designation of systemic ‘non-bank non-insurers’ after consultation attracted widespread criticism
China market turmoil shouldn't affect SDR decision, Lagarde says
IMF chief defends Chinese government efforts to prop up stock market, praises reform tempo at first-ever virtual press conference
SNB losses climb to $52bn after abandoning franc ceiling
Central bank suffers heavy losses on its holdings of foreign exchange, with overall losses for the year to date rising to Sfr50 billion
BoE unveils plans for enhanced data gathering
Central bank hopes improved data gathering will allow it to produce more accurate interest rate benchmarks, and inform financial and monetary policy work
Greek swaps contract drama continues
Ongoing controls mean some end-user payments are more than a month overdue
BoE’s Gracie describes unique dangers of cyber attack
Unprepared firms could find themselves up against attacks by fraudsters or unscrupulous states, and the damage could be difficult to detect
Bundesbank research tracks changing financial cycle
Discussion paper seeks to establish the ‘empirical regularities’ of the financial cycle using an econometric model, finding the cycle has grown longer and more severe over time
BoJ paper finds emerging markets struggled to protect themselves from QE
Foreign exchange interventions and capital flow policies did little to shield emerging markets from the spillovers caused by quantitative easing in the US
MAS enlists financial leaders to 'co-create' industry policies
Advisory panel comprising 26 industry leaders will provide "insights and experience" to central bank efforts aimed at making Singapore's financial sector more competitive
Fed leaves door open for rate hike
FOMC statement offers hints that the US labour market is reaching a position where a hike could be possible, indicating interest rates are still expected to rise this year
IMF laments lack of progress on global imbalances
Fund calls on both surplus and deficit economies to redress imbalances, arguing this would support global demand management and growth
ECB article examines lack of real convergence in eurozone
Article in latest bulletin points to three factors behind the lack of sustainable real convergence among the countries in eurozone since the creation of the monetary union
Setting risk appetite key foundation for risk culture, speakers at OpRisk Asia say
Efforts to change risk culture should focus on a few 'risk champions' in each department, the OpRisk Asia conference in Singapore hears today
Williams sheds light on Yellen's managerial style at San Francisco Fed
John Williams says Fed chair Janet Yellen taught him ‘many, many things’ during her time at the Federal Reserve Bank of San Francisco, highlighting her focus on the process of making decisions
EBA data shines light on systemic banks
Latest figures on European systemic banks highlight the many different ways in which institutions can have a systemic impact
Riksbank launches app as drive to publicise new notes and coins accelerates
Central bank’s first smartphone app helps public identify counterfeit banknotes and features voice-over by Stefan Ingves; part of communications push ahead of new banknote and coin series
BoE’s Cunliffe warns of risks to loosening ‘regulatory straitjacket’
Regulators may need to ‘fine-tune’ the complex web of rules established since the crisis, but they should not be fooled into thinking the key to growth lies in light-touch regulation
Wheeler aims to get NZ inflation back to target within a year
RBNZ governor looks to return inflation to around 2% within 12 months; reiterates further easing is likely
Bank of Korea research tots up damage from capital flows
Researchers attempt to measure the impact of foreign financial flows on the real economy, finding the type of flow matters for growth, but all types increase volatility
BoJ paper builds model of secular stagnation
Authors find scrapping the idea of a single representative household allows New Keynesian models to portray secular stagnation – and a high inflation target fixes the problem