Debt
Firms in Italy keep mafia closer when credit is tight – paper
Economic shocks make it harder for businesses to refuse cosa nostra’s offers, says central bank report
The SDR as an alternative to the dollar
The weaponisation of the dollar by US authorities represents an opportunity to reconfigure usage of the SDR, argues Warren Coats
Book notes: Crisis cycle, by John H Cochrane, Luis Garicano and Klaus Masuch
This book ought to be read by anyone with an interest in or influence on the future development of the Emu
IMF paper draws lessons from Sri Lanka’s debt restructuring
Country sought to negotiate simultaneously with array of creditors, while executing reform plan
Fiscal dominance: are central banks about to be Trumped?
Jagjit Chadha highlights the danger of an ‘upper bound’ on interest rates as fiscal strains grow
Book notes: Private finance, public power, Peter Conti-Brown and Sean H Vanatta
A detailed history of bank supervision in the United States from 1789 to 1980
Options for realising gold revaluations
Is monetary gold a special case in central bank revaluations accounting?
IMF model links banks’ liquidity and capital adequacy rules
Lenders balance liquidity and solvency risk, paper says
Lagarde says US-EU deal lowered uncertainty ‘considerably’
ECB president voices concern over Fed independence, French debt
Sri Lankan inflation back in positive territory
Central bank says prices are rising for first time since it changed policy framework last November
Belize clarifies moneylender annual fees cap at 144%
Central bank says it is striving to reduce overall fees, improve transparency and cut predatory lending
National debt will push up US interest rates – Dallas Fed research
Long-term rates could rise more than 1.5 percentage points over next 30 years, say authors
BoE’s Benjamin on market resilience, non-bank liquidity and the modern financial system
The UK central bank’s executive director for financial stability strategy and risk speaks about leverage in the gilt repo market, minimum haircuts and central clearing, and securing liquidity to where it’s needed
BoT cuts policy rate and forecasts tariff-induced slowdown
Thai central bank cuts by 25bp at final meeting before dovish Vitai becomes governor
Cambodia tells lenders to offer relief for borrowers
Central bank’s instructions relate to soldiers and people displaced by fighting along Thai border
Thai central bank issues debt-relief measures for conflict zone
BoT says hostilities may make repayments even harder in country with high household debt levels
HKMA dismisses reports it will establish ‘bad bank’
Monetary authority says lenders’ balance sheets are healthy and their credit risks well managed
The battle for the future of central banks
Inflation-targeting institutions must not simply defend against overt interference, they must also resist a sly erosion of their authority, writes Biagio Bossone
Tobias Adrian on the integrated policy framework amid tariff shocks
The IMF’s financial counsellor speaks about policy reaction functions to supply and demand shocks, scenario-based analyses, Treasury market dynamics and emerging market resilience
Boris Vujčić on Croatia’s economic journey, the digital euro and the Governing Council
The Croatian National Bank (HNB) governor speaks with Christopher Jeffery about managing financial risks, the pros and cons of euro adoption, payment system reform and the use of real-time data
Book notes: The young Fed, by Mark Carlson
A thoughtful book on an important topic and a less widely studied period of US financial history from which every central bank economist could learn
Geopolitical ructions and the role of the dollar
Implications of the new US administration’s policies for the international monetary system and central banks
Book notes: Our dollar, your problem, by Kenneth Rogoff
An excellent overview of the evolution of the world economy during the last seven decades, and a warning against complacency
The future of money
Central banks may require more flexible inflation targets and facilitate wider payments interoperability to maintain trust and the ‘singleness’ of money. By Sethaput Suthiwartnarueput