Central Banking
Former HKMA chief Yam calls on PBoC to shift to policy rate
Founding chief executive of the Hong Kong Monetary Authority publishes a paper calling for interest rate and money base liberalisation on the mainland
Central Bank of Turkey expected to avoid drama with rate hold tomorrow
The bank, which hiked rates by 425 basis points in an emergency meeting on January 29, is widely expected to stay on current path; has continued to sell dollars in February to prop up lira
Noyer paints picture of ‘European Federal Reserve System’
Banque de France governor sets out vision of the ECB operating in a similar style to the Fed – with France taking the place of New York
'Coupling' of domestic bonds to foreign markets increases in turbulent times
Chilean corporate bond returns are affected by long-term government bond returns and by foreign macroeconomic shocks in the eurozone and the US
New face for FOMC as Cleveland Fed pick Pianalto replacement
Mester, head of research at Philadelphia Fed, will take over on June 1; will contribute insights on financial stability effects of monetary policy to FOMC, says Don Kohn
Norwegian governor backs SWF rotation into higher-yielding equities and real estate
Øystein Olsen says it is ‘natural' for the country's pension fund to invest in different types of real assets; talks up the possibility of an above-average market return
'Cornered' Argentina introduces new inflation index
New inflation index announced by the government yesterday is a step in the right direction, according to analysts, who nevertheless remain concerned about how data is collected
Italian paper finds difficulties in risk weighting sovereign debt
Researchers at the Bank of Italy warn that applying higher risk weights to sovereign debt could be detrimental to banks’ funding conditions
Sarb hits out at ‘blatant misrepresentation’ ahead of South Africa elections
Central bank refutes claims by Democratic Alliance that Sarb models indicate support for the party’s economic policies; central bank calls for nominations to three non-executive directorships
Debelle and Fisher to head up FSB FX benchmarks review
RBA deputy governor and Bank of England head of markets will lead a review at the FSB, and present findings to G-20 Brisbane conference in November
Kenyan High Court blocks charges against Ndung’u
Njuguna Ndung’u granted temporary reprieve from corruption charges after High Court intervenes, but possibility of arrest fuels fears of turbulence in the vulnerable economy
IMF paper finds highly indebted nations can still grow fast
Results of a new study contradict findings of Reinhart and Rogoff, who argued that growth declines at debt of more than 90% of GDP
Public opinion of BoJ policy continues to dive
Bank of Japan survey shows majority of Japanese people now think interest rates are too low, while a growing proportion believe the economy will worsen over the next year
Cœuré defends Troika to European Parliament
ECB’s top negotiator with European Parliament defends the adjustment programmes shaped by the Troika and tells politicians not to ‘blame the fire brigade for the fire damage’
UK government rules out 'sterling zone' with independent Scotland
Scotland will face significant challenges in setting up its own currency, establishing a currency board or joining the euro as an alternative to sterling
Countercyclical prudential policies have ‘important implications' for monetary policy
Using a countercyclical macro-prudential instrument in addition to manipulating interest rates improves welfare, IMF paper finds
IMF mission to Iran urges monetary tightening to ‘entrench' recent disinflation
Article IV statement calls for simplified central bank mandate and greater focus on price stability; says new authorities are ‘well aware of challenges and need to advance reforms'
Nigerian interest rates have 'weak effect' on real economy, CBN working paper finds
Paper examines the process by which Nigerian interest rate policy affects the structure of interest rates, credit, aggregate demand and output production
Kyrgyzstan, Ukraine central banks play down currency fears
In the wake of Kazakhstan’s devaluation, the central banks in Kyrgyzstan and Ukraine are forced to issue public statements backing the value of their currencies
Orthodox Banxico policies ‘paying off' amid emerging market volatility
Loose monetary policy in Mexico has been made possible by progress on inflation anchoring, according to bank's quarterly report
National Bank of Belgium sells iconic Antwerp building
Belgium’s central bank has closed its Antwerp branch as part of its ongoing consolidation process, and will now sell the distinctive triangular building
Rajan looks to mobile banking for financial inclusion
Reserve Bank of India governor says that India is not ‘where it should be’ on mobile payments and calls on telecom firms to help drive the proliferation of cheap and safe payments
One in five in UK 'aware of forward guidance'
Policy may indirectly affect households' interest rate expectations and spending through media reports and effects on business spending, according to report
Banking union can create sustainable financial integration in eurozone, Draghi says
Speaking at the 20th anniversary of the establishment of the European Monetary Institute, the forerunner to the ECB, Mario Draghi says banking union can strengthen financial integration