Financial crisis
Myanmar suffering slow-motion bank run, reports say
Central bank struggles to supply cash and defend currency amid post-coup turmoil
Book notes: The handbook of China’s financial system, edited by Marlene Amstad, Sun Guofeng and Xiong Wei
Important, comprehensive and informed overview of Chinese financial system’s current state
Pandemic did not harm public trust in Dutch banks – DNB survey
Central bank study says 80% of participants maintain confidence in financial sector
BIS to operate sterling liquidity facility backed by BoE
Move echoes 20th century arrangements when BIS acted as intermediary in swaps network
BoE publishes emails showing unsuccessful lobbying by former PM
David Cameron urged BoE to support Greensill Capital during pandemic, correspondence shows
Capital and liquidity rules work better together, BoE paper finds
Literature review finds having both requirements is better than just one, but “significant gaps exist”
Chief economist Haldane to leave BoE
Influential thinker on regulation and monetary policy leaves UK central bank to lead think-tank
Regulating big tech and non-bank financial services in the digital era
Experiences from China highlight potential benefits of digital-bank and holding-company approaches
Final FSB report warns ‘gaps’ remain in resolution framework
Study highlights “progress” but also shows “more can be done”, says Claudia Buch
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
A rebuttal of Philip Turner’s criticism of the BIS ‘house view’
Critiquing Philip Turner’s occasional paper, ‘The new monetary policy revolution: advice and dissent’
Riksbank to open two contingency cash offices
Offices will be opened this year and next to guard against disruptions to cash supply
Book notes: Economic philosophies, by Alessandro Roselli
Roselli’s analytical and historical exploration is especially valuable now, writes Robert Pringle
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 forestalled a damaging global financial crisis
Lifetime achievement: Charles Goodhart
LSE and BoE veteran has influenced central banking policy practices and frameworks all around the world
Transparency: National Bank of Georgia
Georgia’s central bank has improved monetary policy, financial stability and consumer protection communications
Covid-19 reveals systemic flaws – Brainard
Fed board member weighs impact of March 2020 crisis in money markets, warning some risks remain
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
Book notes: Asset management at central banks and monetary authorities, edited by Jacob Bjorheim
This excellent book fills a critical gap existing since IMF guidelines on asset management were revised
ESRB warns governments not to withdraw stimulus prematurely
Report highlights how support measures face trade-offs between cliff effects and debt sustainability
The Covid crisis, central banks and the future
Crisis responses were needed, but have exacerbated significant underlying challenges facing central banks
Book notes: The political economy of the special relationship, by Jeremy Green
Unsatisfactory story about the decline and resurgence of the UK’s importance in the global financial system
Central clearing proved resilient in ‘dash for cash’ – BoE’s Segal-Knowles
Challenge now is to “sustain and strengthen” the system, says executive director