Economics
Book notes: The road to freedom: economics and the good society, Joseph E Stiglitz
A stimulating amalgamation of previous ideas presenting the kind of economic system most conducive to decent society
IDB announces organisational restructure
Bank creates new VP role and divisions, and elevates chief economist
PBoC cuts loan prime rates
Reductions in benchmark lending rates follow recent stimulus measures
Acemoglu, Johnson and Robinson win Nobel prize in economics
Trio given award for work on role of colonial institutions in shaping long-term prosperity
Malaysia’s Zeti on the key skills needed to be a successful central banker
The Bank Negara veteran speaks about leadership skills, lessons from the AFC and 1MDB crises, her scepticism of inflation targeting, and how the Asia School of Business' masters synthesises theory with practical realities
Eurozone policy transmission ‘more pronounced’ in 2022–23 – study
Banks’ increased risk perceptions underpinned swifter pass-through, says Bank of Italy research
Reserve Bank of New Zealand cuts policy rate by 50bp
Inflation is converging towards 2%, policy-makers say
Lessons learned on macro-pru policies
Macro-prudential tools are proving their worth although use cases vary by country; integration into over-arching policy frameworks remains a challenge
Supply shocks may become more frequent – BIS’s Maechler
Central banks should re-examine their policy approaches, says deputy general manager
High Russian growth ‘extremely unlikely’ – Bank of Finland study
Reports shows labour shortages, capacity constraints are beginning to bite
US auto loan delinquencies focused in new lending – study
Lower credit standards and higher payments, not interest rates, are key contributing factors
Shared EU debt not ‘essential’ for competitiveness boost – Draghi
Former ECB chief also says his proposal for €750bn of extra annual investment is “conservative”
People’s Bank of China cuts RRRs and key rates
Bank starts to implement slew of stimulus measures
Bank of Japan holds policy rate
Decision comes as core inflation accelerates for fourth consecutive month
FOMC initiates rate cutting with 50bp reduction
Experts say Fed’s credibility is not on the line, but Powell remains under significant pressure
Book notes: The monetarists: the making of the Chicago monetary tradition, 1927-1960, by George S Tavlas
A fascinating, scholarly and sympathetic account of the Chicago monetary tradition
BoT governor calls for new growth model for Thailand
Sethaput advocates stronger focus on local development and quality of life
Alpana Killawala on communications under six governors at the RBI
The former RBI comms chief speaks about the importance of strategic communications, courting the media, open mouth operations and altering a governor’s ‘rock star’ image
Hungary has been ‘off course’ since 2021 – MNB governor
Matolcsy tears into government’s economic policy
Bank of Thailand holds rates at 2.5%
Change of government poses uncertainty over major cash handout plan
How to increase the impact of financial literacy initiatives
As surveys show financial literacy outcomes falling short, Pedro Duarte Neves distils key lessons