Central Banking
‘All pieces are in place' for co-ordinated regulation of European ABS, says Mersch
The various agencies in charge of regulating ABS in the EU should be able to co-ordinate their regulation of the asset class, Yves Mersch says
People: Venezuela finance minister to sit on central bank board; and more
Venezuelan finance minister gets a seat on the central bank board; Bank of Japan London representative moves home to head up international division; and more
Provopoulos steps aside as Stournaras named new Bank of Greece governor
Yannis Stournaras, until Monday Greece's minister of finance, will be the new governor of the Bank of Greece pending cabinet approval, when Provopoulos's term expires next week
IMF paper warns low inflation will increase G-7 debt burden
Zero per cent inflation for five years would increase the average debt-to-GDP ratio by five percentage points, but researchers warn against chasing high inflation to erode debt burden
Rogoff and Ball cross swords over 4% inflation target
IMF publishes Laurence Ball paper outlining the benefits of higher inflation; Ken Rogoff says switching to an electronic currency is a more ‘elegant’ solution to the ZLB problem
Rosengren outlines exit options from ‘essential' unconventional monetary policy
Exit options could include using reverse repos to put a ‘floor' on short-term interest rates, or to raise the interest rate the Fed pays on excess reserves
Exchange rate losing significance in Asian monetary policy, BIS paper argues
Bank for International Settlements working paper argues sterilised intervention in currency markets is becoming less effective as Asia's economies trade more freely with each other
PBoC aims to galvanise lending by cutting reserve ratio for small banks
People’s Bank of China insists its monetary policy stance ‘has not changed’ as it cuts reserve requirements for smaller banks
Bank of England initiative bolsters cyber defenses
BoE joins with commercial actors in bid to shield the UK financial sector against cyber attacks; tests based on hackers' own techniques
'Intra-firm borrowing' reduces liquidity risk at 'global' US banks, say NY Fed staff
New York Fed staff report finds 'fundamental differences' between banks with and without foreign affiliates
Bank of Korea slowly tackling gender imbalance
Number of female hires at Korean central bank grew steadily throughout former governor Kim Choong Soo’s tenure; first female deputy governor appointed in July 2013
Macedonia central bank unveils three-year plan
Strategic plan through 2017 commits to improvements in human capital and corporate governance; monetary targets remain the same
Hungary central bank hails pro-growth policies as IMF urges caution
Central Bank of Hungary sticks to easing cycle in face of IMF warnings; says growth in SME lending is down to its Funding for Growth Scheme
Mexico cuts while Colombia hikes, signalling diverging growth trajectories
Both central banks are fighting above-target inflation but Mexican expectations are more firmly anchored; Colombian economy to reach full capacity this year, bank says
Emirates central bank monitoring property price growth
Central bank says financial system is 'resilient' but 'vulnerabilities exist' in annual financial stability report released this weekend
Kuroda says 'premature' end of QE damaged BoJ credibility
Haruhiko Kuroda says the ‘somewhat premature’ ending of quantitative easing in 2006 made it hard for BoJ to gain credibility as a ‘deflation fighter’
Nigeria's ousted governor makes transition to Muslim 'spiritual leader'
Sanusi Lamido Sanusi was appointed emir of Kano, a northern Nigerian state, on Sunday; influential post could make Sanusi a source of ‘frustration' for president, says analyst
Bank of Mauritius could push for new interest rate power
Bank of Mauritius task force says the central bank should be able to regulate interest rates; publishes 100 recommendations for improving terms and conditions of banking contracts
IMF agrees BoE should raise rates before tapering QE
Bank of England should raise interest rates before shrinking balance sheet, Fund says; notes ‘challenge' in communicating how monetary and macro-pru policies interlink
Goodman, Goodman, Goodman and Goodman break new ground on coauthorship
Four economists sharing the surname Goodman - including Sarena Goodman of the Federal Reserve Board - explore coauthorship by economists with the same surname
Bitcoin success won't mean death of central banks, say Haldane and Qvigstad
Bank of England chief economist and former Norges Bank deputy write paper examining evolution of central banking from inception through to a digital future
Economists worldwide find cash still used ‘extensively’
Economists from Australia, Austria, Canada, France, Germany, the Netherlands and the United States compare survey data on payments; find cash ‘has not disappeared’
People: German and Dutch central banks lose board members; Philadelphia Fed appoints research head
Longest-serving Bundesbank executive board member to step down; Netherlands Bank loses governing board member; Philadelphia Fed replaces departed Loretta Mester; more
Borio: current account is a ‘badly inadequate' measure of financial risk
BIS director says still not enough attention is paid to capital account but adds build-up of vulnerabilities also requires looking directly at balance sheets of cross-border institutions