Capital flows
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
BIS calls for systemic approach to non-banks
“It is essential to reduce the need for emergency central bank support,” says report
How Turkey’s president created chaos in economic policy-making
Observers allege presidential domination of the central bank, unauthorised FX transactions and untrustworthy statistics
BIS statistics: OTC derivatives market value back to 2019 levels
Gross market values have fallen about a fifth since second half of 2020
BSP sees no signs of capital outflow as Fed taper begins
Central Bank of the Philippines now mulling exit from its own purchase programme
Covid-19, crypto and climate weigh on global economy – GFSR
“Intertemporal trade-offs” a challenge as some nations will not regain pre-Covid growth for “many years”, says IMF’s Adrian
MAS and RBI to link up payment systems
New linkage will allow for automation of capital controls, say authorities