Opinion/Central Banks
Inflation targeting three decades on
Former RBNZ governor Don Brash reflects on whether New Zealand’s experiment with inflation targeting has worked
Tackling the ‘human agency’ problem
Central banks are readying their communication strategies to mitigate a populist backlash against their post-crisis policies
How Venezuela can stop hyperinflation – now
Redenominating the currency will only prolong the pain, says Steve Hanke. More drastic measures are needed
Basel action needed before ‘regulatory cycle’ turns
Failure to reach a deal raises the risk of more entrenched protectionist positions
Ending speculation on the Czech forex cap: quo vadis, CNB?
David Vavra suggests a method the Czech National Bank could use to free itself from the mounting pressure on its exchange rate peg, avoiding a “Swiss-style” exit
Why the EU needs an asset management company
The European Banking Authority’s Piers Haben and Mario Quagliariello argue a well-designed asset management company should be a major part of efforts to clean up the European banking sector
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
Hans Tietmeyer and his ‘mission’ for euro stability
Otmar Issing on how the former Bundesbank president helped to drive Germany’s social market economy and was instrumental in the stable introduction of the euro
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?
The data deluge
Big data can help economists overcome weak theories and improve our knowledge, but it also comes with with larger pitfalls
Last stand for central bank independence?
Political attacks on Janet Yellen and Mark Carney appear to be just the start of a sustained assault on central bank independence. It’s a battle the central bankers may lose
Carney’s decision is bigger than one man’s career
Politicians in the UK have already harmed perceptions of the Bank of England’s independence through a sustained attack on its governor, Mark Carney. His decision to stay or go will have wide ramifications
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
Time to focus on green finance as Paris Agreement set to enter into force
Central bankers meeting at the IMF next week will discuss mechanisms to unleash private capital for green finance ahead of a Paris climate deal that could enter into force before 2017
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
UK must ensure there is no Mark Carney exit
Calls for Bank of England governor to step down must be resisted – Mark Carney represents a vital source of stability at a time of heightened uncertainty for the UK
Reasons to be optimistic after Brexit
Both the UK and Europe can turn Brexit to their advantage, despite all the negative media reports