Macro-prudential policy
RBI’s Das warns banks to avoid ‘exuberance’ as credit surges
Indian central bank tightens macro-prudential policy on consumer credit
People: Philadelphia Fed hires new number two
Indian and UK central banks make senior appointments; and more
Bank of England launches system-wide stress-test scenario
Exercise is first-of-its-kind look at macro-prudential impact of shocks to banks and non-banks
Fed’s Cook is concerned about non-banks and real estate prices
Hedge funds could rapidly pull out of Treasury cash futures market
UK financial institutions are ‘global public good’, says Bailey
BoE governor warns against fragmentation, criticises Brexit and discounts rate cuts
ECB raises concerns over Italian macro-pru committee
Decree should give a casting vote to governor and remove members’ vetoes, ECB says
BoE to conduct ‘desk-based stress test’ for 2024
Financial policy committee warns of some risks in UK corporate and household finance
Financial Stability Benchmarks 2023 – executive summary
Key findings of the 2023 benchmark, including resources, regulation, macro-pru, crime and future risk
Financial Stability Benchmarks 2023 report – how central banks confront risk
Central banks discuss resources, regulating banks and non-banks, macro-pru, crime and future risk
Macro-pru tools can cut risk of credit bust – IMF paper
Authors explore whether building buffers can increase resilience over the medium term
BoE paper analyses banks’ forecasting accuracy
Banks with better governance, including more senior women, make better predictions, authors find
ECB paper models ‘state-dependent’ impact of capital ratios
Model simulates ratio changes’ effects on credit supply in different macro-financial conditions
US banks question stress-test discrepancies
Bank of America and Citigroup open talks with Fed about differing results
Liquidity buffers had mixed impact during Covid-19, ECB paper finds
Higher buffers for funds slowed initial fire sales but had less impact during “peak phase”
Borrower-based measures show value as macro-pru tools
Central Banking Summer Meetings: Central bankers resist pressure to ease buffers at first sign of downturn
IMF economist takes on vexed question of macro-pru calibration
Housing markets are “at a turning point”, says Laura Valderrama, and policy faces tough trade-offs
Sarb sounds alarm on sanctions risk
Central bank says country could face financial isolation if US thinks it arms Russia
Central Bank of Chile sets first counter-cyclical buffer
BCC also warns government could face financing problems
Macro-pru helps dampen global shocks – BIS paper
Authors find capital controls are less effective than prudential tools at offsetting shocks
ECB paper looks at borrower-based macro-pru limits
Households’ resilience and banks’ capital ratios improved by caps on borrowing
Global economy will be ‘anaemic’ – IMF
Inflation falling, but central banks will only reach targets over 2024 and 2025
Olli Rehn selected as ESRB’s first vice-chair
Bank of Finland governor replaces former Sveriges Riksbank governor Stefan Ingves
Israel political crisis sparks fears for economy
Bank of Israel governor reportedly convened financial stability committee last week
Macro-pru tightening can cause ‘risk leakages’, ECB paper finds
Policy-makers should tighten household limits early in the credit cycle, researchers say