Advanced economies
Motivations and prospects for central bank digital currency
Sayuri Shirai surveys the many forces driving increased interest in CBDC
The IFF China Report 2019: Redesigning the international trading and monetary system
Reform of the financial system that brought about the 2007–08 financial crisis has not gone far enough and advanced and emerging market economies must find a more co-operative way forward to ensure globalisation can continue.
The turmoil test for emerging and advanced economies
Greater integration between advanced and emerging market economies during globalisation has made both more susceptible to risk of spillover – financial contagion and volatility. As the US continues to normalise its monetary policy, deputy governor of…
An international system for all
Reform of the system that brought about the financial crisis in 2007–08 has not gone far enough, writes Zhu Xian, IFF vice-chairman and vice-president of the New Development Bank. Developing countries are demanding greater influence in global economic…
IMF cuts growth forecasts for most economies
Japan and China are the only two to receive a more optimistic outlook from the IMF
Philippines joins local currency settlement network
Malaysia, Indonesia and Thailand created system in 2017 to ease reliance on US dollar
Borio questions Larry Summers on ‘secular stagnation’
Two teams of economists present fresh evidence for divergent views of low real rates
‘Global inflation gap’ points to slack across advanced economies – paper
Authors find no evidence that inflation is “on the brink of surging ahead”
2018: The year in review
The past year marked a return to instability, but also saw some innovations among central banks
EME banks have ‘substantially’ increased global footprint – BIS research
Study finds emerging market banks have taken a greater role as their home economies have grown
More trouble likely after ‘bumps’ in past quarter, says BIS’s Borio
Corporate debt markets are looking overstretched and could trigger problems
Policy-makers need to tackle ‘liquidity illusion’ – Carstens
BIS chief warns asset managers may contribute to sudden withdrawals of liquidity
Advanced economies suffer greater spillovers – BIS research
Study examines extent to which various central banks cause and suffer policy spillovers
Household debt is main risk for New Zealand – RBNZ’s Bascand
Deputy also notes country is more reliant than most on overseas funding
Review into New Zealand bank conduct reveals failings
RBNZ urges government to grant regulators sufficient powers to address conduct risk
IMF cuts global growth forecasts
Likelihood of further negative shocks has risen, warns Maurice Obstfeld
Global output gap matters for inflation – BIS paper
Authors find domestic and global output gaps both important, but effects differ across economies
IMF paper explores interaction of capital controls and macro-pru
Capital controls do not “consistently” mitigate potential increases in cross-border flows
Italy’s expansionary budget increases pressure on debt
Draghi warns government plans have tightened financial conditions for households and businesses
US growth remains solid in Q3 – Atlanta Fed
Real-time GDP estimation signals 4.4% growth in current quarter
Riksbank says it will increase rates in December or February
Two board members call for earlier rate hike
The perilous road to normality
Many central banks are starting to tighten policy, but their room for error is limited
Europe needs banking union to counter slower growth - Danish governor
Ageing population may slow GDP growth by 0.5% annually in coming years, Rohde says
Have central banks created a ‘debt trap’? No, but ...
Tougher regulation has helped ensure extraordinary monetary policy has not caused dangerous rise in private debt