Financial crisis
Paper looks at pro-cyclical consumption in Spain
Households reacted strongly to fears of job losses during economic crisis, Bank of Spain says
RBNZ to impose 18% capital ratio on big banks
Central bank finalises plans for substantial increase in minimum capital requirements
Book notes: The Japanese central banking system compared with its European and American counterparts, by Yoshiharu Oritani
Book has “no equal” in reviewing new microeconomic theory for central banking
Canada’s fiscal stimulus worth 100bp of rate cuts – Poloz
Infrastructure investment has also helped to reduce financial vulnerabilities
Will the Fed pass its year-end funding test?
An unprecedented rate spike in September prompted the Fed to inject billions into funding markets
Canada’s Poloz on monetary policy limits, transparency and cyber recovery
Speaks about stagflation risks from trade wars, the value of market signals and Canada’s CBDC plans
The challenges facing Christine Lagarde
New ECB chief needs to lead a successful review of the ECB’s monetary and communications policy
Book notes: The Bank of England and the government debt, by William Allen
Required reading for Treasury, Debt Management Office and Bank of England staff
Was Draghi one of the great central bankers?
A look back at how the ECB chief confronted existential concerns about the euro
ECB paper sets out stress tests for investment funds
Depletion in assets under management could reach 24% for equity funds and 5% for bond funds
Norway’s SWF chief to step down after 12 years
Yngve Slyngstad presided over international diversification and the adoption of real estate, while total assets multiplied by four
BoE’s Tenreyro comes to the defence of flexible exchange rates
Policy-maker challenges conventional wisdom in several areas of economics
Cross-border claims growing at fastest rate since crisis – BIS
Non-banks continue to see the fastest growth, latest international banking data shows
King calls for radical shake-up to escape ‘low-growth trap’
Central bank models fail to appreciate demand-side secular stagnation
‘Hegemonic digital currency’ could help fix global system – Carney
Using CBDC to facilitate online sales could bring about more rapid change, governor says
FSB calls out ‘uneven’ regulation as vulnerabilities evolve
Board cautions against complacency; Basel Committee says members are still missing deadlines
IMF warns of ‘synchronised slowdown’ as it cuts forecasts
Fund revises down growth prospects for 2019–20 and calls for action on financial vulnerabilities
DNB paper looks at how regulation affects systemic risk
Restrictions on entry increased systemic risk before financial crisis, researchers say
Draghi defends ECB policy
ECB president welcomes debate but insists crisis-fighting policies saved eurozone
Brainard attacks Fed plan to soften regulations
Governor warns regulatory cutbacks risk weakening “core safeguards” put in place post-2008
BoE FPC: Markets may ‘jump to illiquidity’ if stressed
Debt and “structural illiquidity” could amplify global shocks, warns committee
Big tech: a threat to banks?
The explosive growth of big tech companies in China offers important lessons
‘Wrong’ to say Fed is out of policy space, Bernanke argues
Former chair estimates unconventional policy adds 3% to Fed’s room for manoeuvre
Protracted low rates demand solid macro-prudential frameworks – Claudia Buch
Bundesbank vice-president says nature of monetary union demands strict surveillance