Debt
Suriname central bank signs deal to end monetary financing
Accord with government will help debt-laden country secure IMF loan
The RBI’s next big question: how to normalise monetary policy?
India’s central bank needs to plan an exit from its efforts to manage the ‘impossible trinity’
Inflation, Fed policy and emerging markets: the good, the bad and the ugly
Steve Kamin explores the global implications of rising inflation and interest rates in the US
Rising spillover risks from macro-prudential policies
Tools used to restrict credit in specific sectors can increase the riskiness of credit in other areas, creating challenges in the use of household-specific and corporate credit-calming measures, write Lucyna Górnicka and Apoorv Bhargava
UK household debt has not yet amplified Covid shock – BoE paper
But the share of households reporting financial difficulties is now rising, authors note
The role of individuals in guarding against inflation
External pressure may test governors’ resolve as inflation climbs, say former officials and academics
Angola grants central bank independence
Constitutional amendment will guarantee autonomy and add financial stability to mandate
Charles Goodhart on inflation targets, financial stability and the role of money
The LSE professor says inflation targets should have been 0%, the Fed’s move to AIT is a mistake, independence is under threat from inflation, big balance sheets support liquidity, AI can help supervisors and climate stress tests are unconvincing
Norges Bank signals September rate hike
MPC says economy is rebounding sharply as officials warn of high household debt levels
RBNZ gains tool to curb house price rises
Government approves debt-to-income limits to address hot housing market
Central bank profits under pressure
The structure of a central bank’s portfolio and its relationship with shareholders can affect shock-absorbing capital and the amount of profit distributed
Ailing Suriname floats its currency
Defaulting country holds debt talks as inflation and corruption take toll
Sarb paper questions assumption that government debt is low risk
Banks may need to reduce exposure to sovereign debt instruments as fiscal risk rises
New York Fed to begin SMCCF bond sales
Federal Reserve plans to offload $13.7 billion in corporate debt bought as pandemic measure
NY Fed prepares to sell corporate bond portfolio
Holdings of $13.7 billion were bought under emergency SMCCF programme
Danish central bank may tighten house lending rules
National Bank of Denmark recommends that FSA reimpose countercyclical buffers
A return of the inflation monster?
There are fears that a shift in intellectual approach towards running economies ‘hot’ could herald a return of the money-eating inflation era
Fed’s Harker warns US higher education ‘is in peril’
Philadelphia Fed president calls for reforms, as colleges face up to $115 billion in deficits
The new era of money supply and its impact on policy
The empirical relationship between money and inflation has changed, writes Manmohan Singh, with Apoorv Bhargava and Peter Stella. To understand current policy challenges, we must first understand money creation
RBI set to launch second round of asset purchases
Indian central bank seeks to curb borrowing costs amid severe Covid-19 outbreak
IMF urges Mauritius to reform central bank
Bank of Mauritius made loan to government in 2020 and funds investment body with reserves
Central clearing of Treasuries could cut disruption – NY Fed paper
Central clearing could have avoided most settlement failures during Covid-19 crisis, authors say
China and private sector could free ride on SDR issuance – El-Erian
Economist calls for development of a new common sovereign debt restructuring framework; Vera Songwe says many countries need more debt relief
Rising rates could endanger emerging market recovery, IMF warns
“Divergent recovery” likely to create financial stability challenges, report says