Liquidity
BoE’s Benjamin on market resilience, non-bank liquidity and the modern financial system
The UK central bank’s executive director for financial stability strategy and risk speaks about leverage in the gilt repo market, minimum haircuts and central clearing, and securing liquidity to where it’s needed
The cost of inaction on wholesale CBDCs
A gap exists between demand in capital markets and most central banks’ research priorities as evolving risks accrue
Is this time different for Argentina?
Reserve shortage and overvalued currency cast a pall over an otherwise successful stabilisation campaign
Only 5% of central banks reveal individual bank stress-test results
Respondents share details of how stress scenarios are developed
The foundations of sovereign finance are quietly evolving
Digital settlement infrastructure is taking shape. Now SSA issuers must decide how, not whether, to participate, argues Domenico Nardelli
Elizabeth McCaul on supervision, new macro-dynamics and investing in suptech
Former ECB Supervisory Board member speaks about Covid-19 and Credit Suisse shocks, regulation debates, the rise of non-banks and what makes tech projects succeed
Supervision Benchmarks 2025 – executive summary
Data reveals focus on digitalisation and widespread use of suptech tools
Book notes: Making money work, by Matt Sekerke and Steve H Hanke
This book provides a critique of the post-crisis monetary and financial system, proposing changes that deserve to be broadly read
Wholesale bank funding boosts policy transmission – paper
NBER study highlights trade-offs between reducing systemic risk and facilitating credit flow
More NBFI liquidity data could aid financial stability – ECB study
Research recommends active margin call monitoring for non-banks
Hong Kong’s FX interventions came at right time, say economists
Experts believe the resulting fall in interest rates has provided welcome stimulus
Former OCC chief on the sting of peeling the Basel III ‘onion’
Michael Hsu warns successors not to cut bank capital or neglect rate risks that destroyed SVB
Tobias Adrian on the integrated policy framework amid tariff shocks
The IMF’s financial counsellor speaks about policy reaction functions to supply and demand shocks, scenario-based analyses, Treasury market dynamics and emerging market resilience
Central banks explore migration to quantum-proof financial system
BIS partners with monetary authorities in initiative aimed at protecting data and transactions
Most supervisors monitor banks’ exposure to non-banks
But majority do not apply Pillar 2 requirements specific to non-bank exposures
Boris Vujčić on Croatia’s economic journey, the digital euro and the Governing Council
The Croatian National Bank (HNB) governor speaks with Christopher Jeffery about managing financial risks, the pros and cons of euro adoption, payment system reform and the use of real-time data
Book notes: The young Fed, by Mark Carlson
A thoughtful book on an important topic and a less widely studied period of US financial history from which every central bank economist could learn
Geopolitical ructions and the role of the dollar
Implications of the new US administration’s policies for the international monetary system and central banks
Finland’s Välimäki on the ECB’s monetary policy framework review
Bank of Finland board member Tuomas Välimäki discusses the benefits of a ‘hybrid’ balance sheet model to provide dependable structural liquidity without distorting markets
Ex-OCC chief Michael Hsu on the impact of an America-first agenda
The former acting comptroller of the currency speaks with Christopher Jeffery about the future of the US Treasury market, Fed independence, financial de-regulation, the Genius Act and international co-operation
FSB warns of liquidity stress in CRE markets
Opaque valuation and high leverage among vulnerabilities in $12 trillion property sector
Should the Fed mandate collateral pre-positioning at the discount window?
Supervisor wants lenders to be ready to access central bank facilities, but formalising pre-positioning has some drawbacks
Credit lines help firms absorb tariff shocks – BIS bulletin
Banks can stabilise economy during crises by offering on-demand liquidity, researchers say
High profits to cushion against bank losses – Danish central bank
Lenders in good position to deal with tariff turmoil, says National Bank of Denmark