Financial crisis
Quantitative tightening: missed opportunities
Treasuries and central banks must think harder about balance sheet policies, says Philip Turner
Rate rises reveal defi weaknesses – Powell
Regulating algorithms highlighted as key crypto challenge at Banque de France conference
Inflation: what went wrong, and why?
Three theories on the causes of high inflation and their implications for policy responses
Book notes: 21st century monetary policy, by Ben S Bernanke
Bernanke’s great book offers important insights for today’s policy-makers, writes Stephen Poloz
Economy’s ‘first responders’ now in the line of fire
Forceful but late interventions to combat inflation raise the risk of central bank overreactions
IMF paper offers ‘fear-based theory’ of economy
Central banks risk distorting the economy if they don’t move interest rates to offset “fear cycle”
Financial Stability Benchmarks 2022 report – executive summary
Data sheds light on how central banks are dealing with risks to stability
Joseph Stiglitz on the challenge of fixing macroeconomics
Nobel Prize-winner discusses if central banks went wrong in 2021 and what to do about inflation
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions raise questions about the US dollar’s central role
Book notes: The money minders, by Jagjit S Chadha
This book acts as an invaluable primer on money-credit-fiscal theory and practice
Gontareva on Ukraine’s funding, NBU policy and reconstruction
Ex-NBU governor talks about fund shortfalls, finstab challenges, the CBR and post-conflict rebuilding
Book notes: The Fed unbound, By Lev Menand
This book highlights need for charter-like oversight of shadow banking sector
Fed paper explores information problems in financial panics
Tight liquidity can cause investors’ beliefs to become “systematically divorced from fundamentals”
The PBoC, real estate debt and financial stability in China
Officials have restricted policy space due to efforts to contain property risks amid slowing growth
How central bank mistakes after 2019 led to inflation
There is a need to acknowledge errors and take concrete action to restore confidence in policy-making
Inflation offers route to unconventional policy exit
Asset purchases and negative rates can be reversed, but Fed/ECB policy divergence raises major risks
Labour supply key to understanding inflation, Shin tells G20
Understanding labour market is critical task for policy-makers, BIS head of research says
Rethinking regulation of the modern financial system
Rules need to address uncertainty in addition to risks, and should not be too complex
BoE’s Saporta floats idea of countercyclical liquidity buffer
Design of Basel III rules may be causing banks to hoard capital and liquidity, official says
Chinese authorities step in amid banking crisis in Henan
Promise to repay depositors follows violent clashes between account-holders and local security officials
Asian central banks deploy FX reserves to prop up currencies
Analysts remain confident in Asia’s financial stability, but recession risks are building
IMF paper proposes ‘policy space index’
Authors try to quantify countries’ room to respond to a “black swan” event
FSB and IMF wrap up post-crisis data gaps initiative
Some issues remain despite “significant progress” since 2009, report finds
BoE finds ‘shortcomings’ in three UK banks’ resolution plans
But central bank’s first resolvability assessment concludes banks can now fail “safely”