Viewpoint
‘Back to the future’ for FX reserve management
Rise in bond yields changes the dynamics of ‘security, liquidity and return’, writes Gary Smith
Nigeria’s central bank is in the eye of the storm
The Central Bank of Nigeria’s flawed foreign exchange policies worsened a recession in 2016. It now needs to rebuild its credibility, argues former CBN deputy governor Kingsley Moghalu
Should banks hold cocos or other kinds of buffers?
Richard Heckinger examines the merits of contingent convertible bonds vs other instruments for meeting regulatory requirements
Institutional undercurrents at the PBoC
Hui Feng asks what is next for China's regulatory framework – and who will succeed Zhou Xiaochuan at the PBoC?
What else can central banks do?
Geneva Report’s plea for central banks to use more negative rates, additional QE and helicopter drops appears misguided
Independence, liquidity and a level playing field – yet another impossible trinity?
Jesper Berg warns it will likely be impossible to balance the demands of monetary policy independence, liquidity standards and achieving fairness for all banks
The Chinese G20 presidency may mark a turning point
Mark Uzan defends the oft-criticised G20 communiqué, arguing the Chinese presidency of the global group has created genuine progress
Central banks must better manage tensions over their autonomy
Kingsley Moghalu says emerging market central banks need to strike a difficult balance between autonomy and legitimacy – but the government must play a role as well
Credit, liquidity and collateral versus more intermediation
Richard Heckinger examines the costs and benefits of complex financial market infrastructure regulations, including the impact of new layers of intermediation
Prepare to fail
Jesper Berg offers advice to those looking to build financial stability frameworks, and says failure has to be part of the package
State money and bank money: lifting the fog around QE
Steve Hanke says economists are missing important details by focusing on interest rates, rather than the money supply
Now banks face bail-in, should we rethink deposit insurance?
David Mayes argues deposit insurance schemes forged during crisis may impose unnecessary costs in more normal times
Trilemma, dilemma, and the PBoC's primer for the 'new normal'
Hui Feng argues the PBoC faces a dilemma not a trilemma – but the effort of balancing the two goals is painful all the same