Capital flows
Central bank assets enjoy ‘99%’ immunity
Why central bank assets possess legal immunity – but not from sanctions
African governors face multiple financial ‘floods’
Kenyan governor says a “doubling, tripling” of access to IMF resources is needed
World has ‘very little space’ for policy, says Georgieva
Carney, Georgieva, Donohoe and El-Erian agree room is limited and mistakes are punished harshly
Senior BIS official highlights risks to Asian economies
Chief Asia-Pacific representative warns of increased debt levels in Asia
Bank of Mexico’s battle to restore price stability
Despite presidential attacks, former officials say a solid institutional framework preserves central bank autonomy – likely a key asset in the battle against inflation
Colombian study estimates policy impact on capital flows
Meta-analysis using web scraping finds central banks have more control over some flows than others
Argentine central bank struggles to meet reserves targets
IMF signs preliminary agreement for loan payment but reports say BCRA cannot meet reserve target
Rise of fintech strengthens case for capital controls, IMF says
Countries may have to throw “sand in the gears” to protect monetary sovereignty, says Georgieva
NBU restricts crypto purchases to stem capital outflows
Ukraine continues to accept bitcoin, ethereum and tether for war effort
Global spillovers not unique to US monetary policy – BoE paper
Fed and ECB both create spillovers through macroeconomic and financial channels
African central banks face serious challenges, says IMF
Report suggests short-term measures, but says central banks also need structural reforms
Lifetime achievement: Stanley Fischer
Fischer has had a profound impact on monetary economics and central banking during his prolific career
Economics in central banking: Wenxin Du
Du’s work clarifies the dollar’s role as a barometer of global markets, and explores the myriad implications for financial stability
Abu Dhabi wealth fund to “pause” Russia investments
Mubadala CEO calls Ukraine war “a travesty”, but fund has small Russia exposure
Central banking in occupied Ukraine: what might happen?
How Russian authorities might deal with banking and currency in occupied Ukraine
IMF urges Peru to tighten monetary policy
Fund also says FX intervention may be needed short term
Outsider arts: how Russia might adapt to sanctions
The history of the USSR and actions by other sanctioned countries may give clues to Russia’s next moves
Global markets show signs of strain as Russia sanctions bite
Flight to safe havens is starting to create tensions in dollar funding markets
BIS paper finds real links matter for asset price co-movement
Real economic integration may be more important than previously thought, authors say
Diego Labat on policy normalisation, capital flows and tech challenges
Uruguay governor speaks about financialisation, flexible rates vs controls, payment upgrades and CBDCs
Lesotho raises rates and increases reserves
Central bank increases policy rate 25bp in bid to defend peg and fight inflation
Book notes: The cost of free money, by Paola Subacchi
A book worth reading, as it facilitates further discussion on substantial issues, but doesn’t fully address some of the problems it takes aim at
Brazilian Senate passes new FX law
Central bank will regulate foreign currency accounts under law now on president’s desk
BdF paper looks at use of capital controls and foreign reserves
Many countries combine both to moderate effects of international capital flows