Financial crisis
Reforms cut risk-taking by G-Sibs – ECB paper
Researchers say reforms may have at least partly resolved “too big to fail” problem for largest banks
Book notes: Money, by Geoffrey Ingham
The incompatible theories of money: Ingham reveals the fundamental clash of ideas that shape the environment in which all central banks operate
IEO calls for IMF to rethink house view on capital controls
Independent review says 2012 reform was helpful but still suffers from shortcomings
World faces systemic debt crisis, IMF warns
IMF calls for urgent reforms and Japanese finance minister criticises China over debt agreement
BoK launches facility to guard against dollar liquidity squeeze
South Korean central bank creates new facility to cut risk of dollar liquidity crisis, after extending Fed swap line
Reserve Benchmarks 2020 report – charting new data frontiers
Perspectives on staffing and salaries, reserve coverage, portfolio construction, benchmarking, use of external parties and risk management
BIS paper models credit booms and busts
Authors outline heterogeneous-agent framework that could support macro-prudential policy
Deeper EU capital markets will improve risk sharing - BdF paper
Researchers present new methodology to estimate cross-border financial risk sharing in the EU
EM reserves ‘crucial’ in mitigating Covid-19 outflows, says Mauritius governor
Foreign exchange buffers helped to mitigate volatility in financial markets
Deposit insurance schemes must be credible – Bank of Portugal paper
Cypriot and Portuguese insurance schemes failed to stop bank runs due to low credibility, researchers say
James Bullard on the Fed’s policy review, FSOC and forecasting jobs data
St Louis Fed president discusses his support for average inflation targeting, his concerns about US Treasuries market function, non-bank regulatory weakness and negative rates, as well as the unexpected success in using Homebase data to predict highly…
Experiment finds bonus caps can reduce risk-taking
BoE paper says bonus caps can work, in contrast to earlier work by the central bank and comments by senior officials
Covid-19 policy-making and the need for high-speed data
High-frequency data holds the promise of speed and adaptability, but the rush to find alternative economic indicators has the potential to create problems
Weak banks undermined first round of QE – BoE paper
Undercapitalised banks took defensive measures rather than boosting lending, research finds
IMF supports Riksbank’s criticism of proposed central bank law
Swedish lawmakers propose separating monetary and financial stability measures
Claudia Buch: ‘We need higher transparency’ on resolution
Bundesbank vice-president discusses progress towards ending ‘too big to fail’, evidence of fragmentation and how to fill information gaps
How vulnerable are EMEs to renewed Covid-19 turbulence?
Emerging markets face twin pressures from the health crisis and global financial forces, says Steve Kamin
Dealer capacity tightened significantly in March – Fed research
US primary dealers’ capacity to absorb Treasuries fell by 17% in March, economist finds
Lebanese central bank faces audit as crisis deepens
Inflation is spiralling and IMF talks have yet to result in a bailout package
Yellen and Bernanke call for Treasury market reform
March's market gyrations demand close look at infrastructure and regulatory framework, former Fed chairs say
Q&A: New York Fed’s Stiroh on climate change and Covid
Co-chair of Basel task force discusses possible supervisory approaches to climate risk
IMF suspends country assessments until April 2021
Resumption of assessments will need to be “gradual” and undertaken flexibly, says fund
The evolving role of central bank money in payments
The line between commercial and central bank money continues to blur, but the multiple-issuer/one-currency paradigm underpinning the current monetary system is set to remain in a CBDC world, write Ulrich Bindseil and Ignacio Terol
After social distancing: prepare for national distancing
If the Covid-19 pandemic triggers a desire to onshore production, international capital flows will come under a new spotlight