Central Banking
BoJ target leaves Japan inflation swap market unmoved
Doubling Japan's inflation target has had a limited impact on the domestic inflation market
Rating agency warns of knock-on effect of Fed’s foreign bank rules
Fitch says tighter rules for foreign banks operating in the US are likely to make other countries raise standards as well, putting a squeeze on the growth of global banks
Barnier still examining ‘where to draw the line' on bank ring-fencing
Commission spokesman admits tension between maintaining competitive banks that can still finance economic growth and eliminating risks remaining in the European banking system
Reserve Bank of Zimbabwe backs mandatory bank takeovers
Governor Gideon Gono says foreign banks must observe ‘indigenisation' laws, which force them to hand majority ownership to local people; foreign direct investment flight continues
Inflation unexpectedly plummets in Turkey
Year-on-year inflation falls from 9.2% to 6.2% between September and December last year; central bank ready to tighten rates if inflationary pressures are restored
Pakistan says Nato pull-back worsened rupee depreciation
State Bank of Pakistan annual report finds closure of Nato supply lines to Afghanistan contributed to a 9.1% depreciation of the rupee against the dollar in fiscal 2011–12
IMF research lends support to exchange rate liberalisation
Working paper concludes exchange rate liberalisation in sub-Saharan Africa ended a prolonged crisis and prompted a ‘strong and ongoing’ economic expansion
NZ governor wants ‘stand out’ policy
Graeme Wheeler says New Zealand’s economic growth is dependent on its ability to introduce internationally attractive policy
Malawi at risk in wake of currency devaluation
Financial stability report reveals inflation doubled after Malawian government floated exchange rate and devalued currency by 50%
Riksbank at odds with proposals to limit capital, analysts say
Proposals released that would halve the size of the Riksbank’s balance sheet; analysts say they clash with central bank policy and are unlikely to be adopted
IMF board split on quota reform options
Disagreement among IMF executive board members over whether more emphasis on emerging markets is needed, with ‘considerable support’ for increasing weight of GDP in quota formula
Efta court's Icesave ruling leaves European deposit insurance in tatters
Efta court move to dismiss deposit insurance claims on Iceland is a ‘Pyrrhic victory’ that throws the participation of small countries in the single banking market into doubt, argues Tim Young
Fed holds rates and maintains asset purchases in first vote since membership shake-up
Esther George, president of the Federal Reserve Bank of Kansas City, votes against QE in her first meeting
Stanley Fischer hints at successor as candidates emerge
Fischer says Bank of Israel deputy governor Karnit Flug was chosen on the basis she would be able to ‘function as governor’ when necessary; other potential candidates speak to CentralBanking.com
Basel report proposes curbs on bank modelling choices
Basel Committee report finds ‘considerable variation’ in risk-weighted assets for bank trading books; says policy-makers should consider limiting modelling options and improving disclosure
Canadian study links financial development and income volatility
Working paper finds financial development can dampen the impact of technological shocks on the economy
New paper finds Colombia could be in the midst of a housing bubble
'New-fangled method' of detecting bubbles finds Colombian housing could be in a bubble right now, though findings may not be robust
Jwala Rambarran laments Caribbean futility over public debt
The Trinidad and Tobago governor says the fiscal adjustments needed in Caribbean countries are not practicable; questions success of present international initiatives
Central Bank of Ireland drops growth forecast for 2013
Irish central bank lowers growth expectations in 2013 in response to weaker global demand; targets increased productivity in domestic economy
The contenders to succeed Zhou as governor at PBoC
China is set to name the successor to Zhou Xiaochuan as governor of the country's central bank, according to a Central Banking Journal article that weighs up the chances of the leading candidates
Shirakawa warns US and Europe have more to learn from Japan's experience
BoJ governor gives his view on the role of central banks and monetary policy in a speech covering reactions to Lehman, the European debt crisis and the earthquake of 2011
RBA paper investigates post-crisis leap in currency demand
Despite government deposit guarantee, demand for Australian banknotes increased by 12% following Lehman Brothers collapse
Hungary defies IMF to cut rates again
Central bank cuts rates in six consecutive meetings, despite IMF warning that inflation is not well contained and looser policy will do little to boost the economy
UK parliamentary commission attacks regulators’ ability to hold bankers to account
FSA enforcement head defends authority’s integrity; BoE chief legal adviser confident the central bank’s new supervisory divisions are up to the job