Investment
Low rates can harm productivity, say Liu, Mian and Sufi
Low rates may end up discouraging investment across the economy, authors say
Central bank of the year: Monetary Authority of Singapore
Singapore’s central bank stands out for its pioneering fintech efforts combined with its consistency of performance in monetary policy, financial stability and supervision
Central Bank of Nigeria funds post-graduate economics centre at university
President praises CBN’s “huge investments” in economy as rival pledges change of governor
Risk manager: Saudi Arabian Monetary Authority
A multi-year overhaul of the Saudi central bank’s risk architecture has come to fruition, resulting in radical changes in behaviour
Professional services initiative: World Gold Council
Having identified seven different ways of accounting for monetary gold among 70 central banks, the WGC developed guidance to bring greater consistency to accounting practices
Innovation prompts firms to hold more cash – IMF paper
Firms must hold enough liquidity to insure against risky research and development
Custody initiative of the year: Citi
The US financial group used its global presence and technological edge in 2018 to deepen existing relations and obtain new mandates
Norges Bank excludes three companies from SWF
Central bank sanctions firms due to human rights and environmental violations
Low rates can encourage risk-taking – BoE paper
Author models the risk-taking channel of monetary policy alongside a “bankruptcy channel”
The PBoC’s efforts to solve the ‘impossible trinity’
Chinese central bank intervenes to manage offshore renminbi rate; uses swaps, rather than selling reserves in latest currency interventions
The ‘great fintech wall of China’?
Deploying fintech wrappers could help to solve part of the People’s Bank of China’s capital control dilemma; trials possible in Greater Bay Area
Trade tensions may reflect international system design flaws
Former PBoC governor Zhou says global system faces “grave challenges” while former EC president Barroso says current framework “is not working”
China remains “committed” to globalisation, says Zhou Xiaochuan
Debt sustainability to be discussed at second Belt and Road Initiative summit next year; WTO deal still needed
Sponsored interview: Henri Fouda, Wellington Management
Central Banking met with Henri Fouda, portfolio manager at Wellington Management at the National Asset-Liability Management Africa 2018 conference to discuss the current outlook for fixed income investment on a global and regional basis. Fouda shares his…
Brexit vote has hurt UK investment – IMF paper
Researcher presents proxy term for UK firms’ exposure to Brexit costs
Information can substitute for collateral, BoE paper finds
Strong lending relationships can insulate a firm during booms and busts
Singapore central bank to put $5 billion into venture capital sector
Move will complement “curated deal-making programme” for Asean investment, says senior official
Fed holds rates steady
FOMC points to slowdown in pace of fixed investment
Kganyago highlights the dangers of ‘state capture’
Sarb governor says country still suffering from twin deficits
Book notes: The bank that lived a little, by Philip Augar
History of British commercial bank Barclays fails to address key questions, writes Michael Taylor
Turkey reinforces monetary tightening with fiscal caution
New economic plan considered appropriate by analysts, but currency instability remains
Market power, intangibles and risk premia behind low risk-free rates – paper
Brookings paper questions savings glut and technological slowdown hypotheses
IMF warns low-income countries about higher debt risks
Increased exposure to non-traditional lenders could increase rates and shorten maturities
An informed approach to banknote security and durability
De La Rue explains how its data consultancy service, DLR Analytics, allows central banks to ensure notes in circulation are secure and durable, and offers value for money in spite of increasingly prominent alternative payment solutions. By facilitating…