CB In Depth
Overcoming deflation: Japan’s experience and challenges ahead
Bank of Japan governor Haruhiko Kuroda explains how Japan’s long battle against deflation may offer insights for the future conduct of monetary policy at other central banks
Latin America’s escape from hyperinflation
Adoption of inflation targeting, flexible exchange rates and prudent fiscal policies in Brazil, Chile, Colombia, Mexico and Peru ended decades of runaway inflation
Mark Carney on joined-up policy-making, forward guidance and Brexit
BoE governor rules out negative rates and change to inflation targets, offers update on too-big-to-fail and use of CCyBs, highlights challenges of an asymmetric monetary system, hits out at cumbersome payments and warns Facebook’s libra cannot ‘learn as…
Central banking’s 30-year cycle
Central banking has hit another crossroads, writes Central Banking founder Robert Pringle
The IMF should adopt a ‘real SDR’
The creation of a vibrant market in SDR linked to commodity prices could create a powerful new monetary anchor, argues Warren Coats
IMF’s Adrian on the big tech threat and why a ‘non-system’ works
The IMF’s financial counsellor speaks about risks from big tech’s move into fintech, the fund’s efforts to craft well-targeted policy guidance and why the current international monetary ‘non-system’ works
Book notes: After Piketty, by Heather Boushey, Bradford Delong & Marshall Steinbaum
The book leaves you with a deeper and nuanced understanding of Piketty's work
The future of balance sheet policies
Central banks are expected to resort to a range of balance sheet activities to fight the next downturn. William Towning investigates what tactics they may deploy
The great wave: global liquidity in a turbulent world
Global imbalances are growing, and it is unclear whether the world’s institutions have enough firepower to respond to a crisis, writes Daniel Hinge
Book notes: Shadow networks, by Francisco Louçã and Michael Ash
While not all central bankers will read this book, the problems it presents should not be left to politicians to solve
Do stablecoins like libra differ from other crypto assets?
Sayuri Shirai assesses the implications of stablecoins for stability, monetary policy and regulation
Book notes: Humanomics, by Vernon L Smith and Bart J Wilson
While being authored by world-class Adam Smith specialists means this is a must-read, the value-added of the book “remains a bit vague”
The twilight of banking supervision
Supervision of banks in Europe has deteriorated, rather than improved, since the advent of the eurozone crisis
Book notes: Why not default?, by Jerome Roos
A thought-provoking book that will repay the investment of any reader with an interest in sovereign debt
Call to arms on climate change
Following Mark Carney’s “breaking the tragedy of the horizon” speech in 2015, it became apparent central banks and regulators needed to sit up and take responsibility for risks emerging as a result of climate change.
Romania’s Mugur Isarescu on independence in a ‘post-truth’ world
National Bank of Romania veteran governor speaks to Christopher Jeffery about the country’s shift to a market economy, challenges in the eurozone and independence in a ‘post-truth’ world
Climate change – Where can central banks contribute?
Climate change is becoming increasingly important to central banks thanks to its implications for financial stability. In a forum sponsored by Amundi, Central Banking convened a panel of experts to discuss the latest innovations, regulations and…
Can central bankers turn finance green?
The Network for Greening the Financial System aims to bring about fundamental change. The central bankers who created it made a strong start but face serious challenges.
A powerful new force – Central banks and climate-related risks
Increasing global concern about climate change is causing central banks to take notice of the issue and its potential implications. Frédéric Samama, head of institutional client coverage at Amundi, examines the findings of Central Banking’s survey on…
The calm before the storm – The climate change 2019 survey
As climate-related risks to the financial sector become increasingly understood, central banks are demonstrating their willingness to develop capabilities to analyse the impact and modify their policies. A new survey indicates a watershed for central…
Why two degrees matters to central banks
Ulrich Volz explores why strong leadership is required from central banks and supervisors to ensure the financial sector will be in a position to weather climate risks.
Book notes: Currency, credit and crisis, by Patrick Honohan
Honohan brings an analytical eye to the measures taken to avert a deep crisis in Ireland
Book notes: The third pillar, by Raghuram Rajan
Rajan sets out an ambitious – but deliberately non-radical – manifesto for reform at the local level
How Singapore manages its reserves
MAS managing director Ravi Menon explains Singapore’s total approach to reserve management, which includes the use of customised fixed income benchmarks and tapping into external investment expertise