Spillovers
Lessons from the banking turmoil of 2023
Guardrails on capital, liquidity, deposit insurance, resolution, digitalisation and disintermediation need a rethink. By Gavin Bingham, Paul Fisher and Andrew Large
ECB paper analyses impact of Chinese financial shocks
“China shocks” affect global commodities and equities, but less than US equivalents, researchers find
RBI’s Shaktikanta Das on financial sector reform, sticking to inflation targets and the e-rupee
The Reserve Bank of India governor speaks about developing credible self-insurance and sizeable FX reserves, inter-dependence with government, non-bank and bank regulatory reforms, demonetisation, rupee internationalisation and daily UPI payments hitting…
Spillovers more widespread than previously thought – Boston Fed
Many central banks cause spillovers besides the Federal Reserve, researcher says
IMF’s Adrian on the systemic threat posed by a ‘weak tail’ of financial institutions
The IMF’s financial counsellor speaks to Christopher Jeffery about bank runs and emergency interventions, market and oversight failings, and the need for action on run rate assumptions, interest rate risk, deposit insurance, crypto regulation and a ‘weak…
FSB outlines crypto and defi risks to financial stability
Future work will map “oracles”, “bridges” and other links with traditional finance
Chile’s Costa on tackling inflation, forex interventions and nowcasting
The Central Bank of Chile governor speaks about stubbornly high prices, Fed policy spillovers, reserve buffers, retail CBDC and the need to address unconscious bias
African governors face multiple financial ‘floods’
Kenyan governor says a “doubling, tripling” of access to IMF resources is needed
Economy’s ‘first responders’ now in the line of fire
Forceful but late interventions to combat inflation raise the risk of central bank overreactions
How to run a world-class economics department
Benchmarking data shows central banks have myriad ways of organising their economists. So how do some of the world’s top research organisations do it?
Labour supply key to understanding inflation, Shin tells G20
Understanding labour market is critical task for policy-makers, BIS head of research says
BoE’s Mann says UK needs to respond to higher rates abroad
Exposure to global spillovers likely making UK inflation worse, says MPC member
Tackling private-sector debt in the wake of the pandemic
Navigating Covid-19 debt is more of a challenge amid gathered storms of inflation and war, write Roong Mallikamas and Benjamin Weigert
The international effort to manage NBFI risks: where do we stand?
The Covid-19 shock demonstrated more needs to be done to address stability risks posed by the NBFI sector. Maurizio Trapanese details progress made during the Italian G20 presidency as well as outstanding macro-prudential issues
PBoC focusing on grain and energy to stem inflation
Price stability in grain production and energy supply key to growth, says governor
Reciprocity can curb macro-prudential ‘leakages’ – BIS paper
But gains can be small, which may explain limited use of reciprocity to date, authors say
Fed's monetary policy ‘spillbacks’ have significant effects – ECB paper
Researchers estimate how impact of Fed policy on foreign economies in turn affects US
China’s financial market at risk of ‘distress’, RBA report warns
Authorities may have to choose between market discipline and intervention to save Evergrande
Fixing market-based finance: duct tape or deep reform?
Central banks are increasingly having to act as market-makers of last resort. But deeper reforms may be needed to avoid stretching their balance sheets to breaking point
Rising spillover risks from macro-prudential policies
Tools used to restrict credit in specific sectors can increase the riskiness of credit in other areas, creating challenges in the use of household-specific and corporate credit-calming measures, write Lucyna Górnicka and Apoorv Bhargava
RBI faces dilemma from US policy spillovers – BIS paper
Authors highlight evidence of “contractionary devaluation” when US monetary policy tightens