Emerging markets
Securities lending prevalent in European central banks
Monetary policy, market maturity and currency variation may limit adoption in other regions
National income not only determinant of reserve management staff numbers
Salaries ranged between $11,968–$138,768 among benchmark participants
Emerging nations turned to FX interventions during pandemic
Central banks in emerging nations twice as likely to implement FX interventions than peers in advanced economies
IMF: growth prospects dim as pandemic lingers
Fund revises down growth forecasts, warning of inflation, disruption and divergence
Covid-19, crypto and climate weigh on global economy – GFSR
“Intertemporal trade-offs” a challenge as some nations will not regain pre-Covid growth for “many years”, says IMF’s Adrian
Crypto asset transactions hit ‘macro critical levels’ – IMF GFSR
Crypto valuations “already systemic” in “many countries”, says IMF’s Adrian
Cubero calls for expanded IMF role
Costa Rica governor endorses Resilience and Stability Trust proposal
BIS paper outlines model of managed floats
Framework captures financial frictions while being simpler than other models, authors say
Pandemic is top stability concern for benchmark respondents
House prices, cyber crime and crypto assets are also major worries for central banks
Larry Summers on stagflation risks, lessons from Delphi and never-ending ‘punch’
Ex-US Treasury head speaks about fiscal ‘overexpansion’, Fed/Treasury debt discord and ‘unknown unknowns’
Emerging market central banks regulate more sectors
A higher proportion are the sole banking, non-bank and micro-finance sector regulators
Emerging European countries’ asset purchases worked – IMF paper
Emerging market central banks in Europe bought assets without triggering instability, authors find
Emerging nations favour different macro-prudential tools
Respondents from richer countries use counter-cyclical buffers more than emerging market peers
Many central banks are sole macro-pru agency
Two-thirds of respondents say central bank alone can impose macro-pru restrictions
Agustín Carstens on BIS strategic priorities, innovation and central bank policy
BIS chief speaks about policy trade-offs at a critical time, tech collaboration, tackling NBFIs and the dearth of ‘green’ assets
Monetary Policy Benchmarks 2021 report – executive summary
Insights into the staff that work on monetary policy, decision-making, tools, transparency and market operations
Majority of central banks have power to issue debt for monetary purposes
Central banks pointed to draining liquidity as a reason for issuing debt
People: New York names state financial services regulator
New president at development bank; Chile names manager for financial markets
FX market intervention key tool for emerging market economies
Central bank markets departments perform a wide range of different roles
Asset purchase programmes prevalent among advanced economies
But just 17% of emerging market economies said they operate a purchase programme
Some philosophical questions about the future of central banking
Kenneth Rogoff weighs up the many challenges facing central banks in the years ahead
Majority of retail payment systems lack real-time processing and settlement
Over half of RPSs in emerging market economies were owned by central banks
OECD flags early signs of ‘moderating’ growth
Slowdown is widespread in advanced economies, but emerging markets see greater divergence
Central banks’ payments operations staffed more than oversight function
Advanced economies tend to have higher staff numbers in both functions