Asset bubble
Stefan Ingves on central bank failings on inflation and financial stability
Riksbank veteran speaks about liquidity, interest rate and non-bank regulatory reforms, and the need for explicit legal definitions for digital money
Masaaki Shirakawa on lessons from crisis and how to reform central banks
Former governor reflects on a turbulent 40 years at the Bank of Japan
Fed warns of China debt risks
Financial Stability Report mainly optimistic about systemic health, including housing market
RBNZ to tighten housing loan limits in November
“House prices remained unsustainable” despite earlier action, New Zealand governor Bascand says
RBA will not raise rates to cool housing market – Lowe
Governor says central bank is not responsible for fixing structural issues in the housing market
Fed may taper asset purchases this year, say FOMC minutes
Federal Reserve staff warn US financial system has “notable” vulnerabilities
The distant cry of hawks? Fed begins tightening talk
Richard Clarida gives a date for hiking interest rates, as debate on taper timing continues
Iran’s government orders central bank to bolster stock market
Central bank ordered to sell off $200 million in assets and lift restrictions on investing
Hélène Rey on macro-financial distortions and ‘phase 2’ of Covid-19
Economist speaks about policy distortions, debt and AI ‘early-warning’ models
Fed’s safety nets are ‘fundamentally unsustainable’
New safety nets will allow “zombie companies” to thrive and drag down productivity, experts say
Fed paper examines drivers of US leverage
Economic growth can be major influence even without loose monetary policy, researchers say
Canadian mortgage tweaks may add to housing imbalances – economists
Government’s policy change likely to lower qualifying hurdle for mortgages in the near term
Do low rates spur investment?
Former IMF head writes there is little hard evidence that low interest rates spur investment
FOMC discusses communication ‘escape clauses’
Fed might need “leeway” to deal with financial instability, some FOMC members say
Better IT protected banks during financial crisis – IMF paper
NPLs were 10% lower in banks with stronger IT infrastructure, research shows
Tackling ‘dead-end’ monetary policy
Shift to lower inflation targets would help central banks escape forever-loose monetary policy, writes former IMF chief Jacques de Larosière
Asset bubbles play role in macro-prudential policy – IMF research
Their size may determine optimal tax levels to address credit imbalances
Overcoming deflation: Japan’s experience and challenges ahead
Haruhiko Kuroda explains how Japan’s long battle against deflation may offer insights for others
Low interest rates adding to high global stability risks – IMF
Monetary policy-makers must look at both short- and medium-term stability risks, says Tobias Adrian
IMF puts new macro-prudential database to work
Fund uses new data to test effectiveness of LTV ratios
Five digital currency questions for central banks
Central bankers need to take a view on the ongoing disruption to monetary systems, argues Adam Csabay