Debt
‘Giant of the field’ Robert Mundell dies
The Nobel laureate influenced a generation of economists via the Mundell-Fleming model
A latent rise in r* could upend monetary policy
A rising natural rate could create serious challenges for policy-makers, write Jorma Schäublin and Philip Turner
Fed won’t set rates to ease debt pressure – Waller
Newest Fed board member stresses central bank autonomy in first public address
A rebuttal of Philip Turner’s criticism of the BIS ‘house view’
Robert Pringle critiques the key findings raised in Philip Turner’s occasional paper, ‘The new monetary policy revolution: advice and dissent’
IMF weighs up $650 billion SDR issuance
Figure would allow Biden administration to avoid a vote in Congress
Central bank of the year: The Federal Reserve System
Overwhelming Fed interventions in March 2020 forestalled a damaging global financial crisis, as policy overhaul prompts introspection in Europe and Japan
Advisory services: Oliver Wyman
The consultancy has built a reputation for analytical excellence and governance expertise, and counts leading central banks across the globe as its clients
Governor of the year: Alejandro Díaz de León
Díaz de León has upheld the authority, integrity and independence of the Bank of Mexico against significant external and internal pressures
Yellen backs proposal for SDR issuance
G20 calls on IMF to develop proposal for “general allocation of SDRs”
Corporate Services Benchmarks 2021 report – trends in financial reporting and administration
Insights on staffing and salaries, technological automation, data security, rule compliance, gender equality and green office spaces in accounting, audit, HR and administration
BIS paper contrasts firm financing in US and Asia
Authors argue market segmentation drives different patterns of bond and loan financing
Bolivian central bank repays ‘unconstitutional’ IMF loan
Central bank says loan was illegal and threatens legal action against officials responsible
ESRB warns governments not to withdraw stimulus prematurely
New report highlights how support measures face trade-offs between cliff effects and debt sustainability
The Covid crisis, central banks and the future
Crisis responses have had positive initial outcomes, but also exacerbated significant underlying challenges that raise concerns related to exit strategies and the future for central banks
European central bankers see room for fiscal-monetary co-operation
Pandemic showed it was “critical” for both policies to work together, say central bank governors
HKMA defers trade facility repayments again
Loans may be extended further, HKMA says, as unemployment reaches 16-year high
Draghi accepts task of leading next Italian government
Former ECB president must first secure enough parliamentary support to become prime minister
IMF grants Tonga $10 million emergency loan
Fund’s Article IV report expresses concern about banking sector; predicts GDP contraction
Final NSFR rule unlocks subsidiary funding for US banks
Technical clarification allows subsidiary capital to be assigned as funding for consolidated group
IMF staff lay ground for $1.8 billion loan to Costa Rica
Staff set terms for three-year loan as high debt and Covid-19 take toll; earlier agreement foundered amid public protests
New macroeconomic framework needed for recovery – Ghana governor
Public debt levels have breached maximum thresholds and NPLs are likely to climb, Addison says
Debt-service ratio limits have greatest welfare benefit – BoE research
Authors find macro-prudential tools can also boost the transmission of monetary policy
The changing data landscape: Part 1
Central Banking speaks to Eyal Rozen, Ramūnas Baravykas and Wanpracha Chaovalitwongse about whether there is a need to change underlying infrastructure to bolster data-driven policy-making
Atlanta Fed creates new mortgage tool to track forbearance
Dashboard will provide policy-makers with data on which regions are using forbearance in response to Covid-19