Opinion
Future of cash: what we can learn from the history of money
Central banks must take a broad view of efficiency if they are to preserve the benefits of cash, says Antti Heinonen
The untapped potential of transaction data
Covid-19 has highlighted the need for central banks to have more timely information, questioning whether high-frequency indicators are being used to their full potential.
The Bank of Japan must adjust its monetary policy
Sayuri Shirai says the central bank needs to make its policy more sustainable. The BoJ is running out of ways to generate further monetary stimulus
Measuring the exceptional speed and scope of Covid-19 monetary policy
Policy actions during the first wave of the pandemic were extraordinary for their intensity, scope and speed. Other patterns also emerge on closer inspection
A digital opportunity to transform financial reporting
The Covid-19 pandemic raises the urgency of digitising supervision, say David Hardoon and Viswanathan Namasivayam
Central banks must mobilise their FX reserves
The pandemic and climate crises call for bold action, write Gary Smith and John Nugée
Fed faces longer-term challenges under new policy strategy
Steve Kamin warns central bank may not have paid enough attention to why r* has fallen
Whither the age of ‘magic money’?
EME central banks are more exposed to changes in geopolitics, climate, demography, technology and inflation at a time when monetary theory is running well behind central bank practice
New Isda ‘fallbacks’ critical to making Libor transition a ‘non-event’
New protocol and supplement offer a transition away from Libor rates in 2021, despite CFTC saying 2,400 companies still exposed and Fed extending some US libor contracts until mid-2023
The dawn of average inflation targeting
The Fed has failed to explain how it will calculate the ‘average’ for its new AIT framework, raising new risks that central bankers would do well to reflect on
Monetary-fiscal policy co-operation and the ‘slippery slope’
Barry Eichengreen assesses the risks central banks face from their closer links to fiscal policy
Is there a path between the Covid abyss and chasm of financial risk?
Macro-prudential policies are being used to prevent economies from falling into the Covid abyss while also ensuring that a correction in ever-higher asset prices do not crush the economy. Are both objectives achievable?
Public policy lines blur: implications for reserve managers
Crisis-fighting has pushed central banks into new forms of risk-taking, and this is now spilling into reserve management, says Jennifer Johnson-Calari
Global banknote developments before and after Covid-19
Antti Heinonen looks at how the pandemic triggered sharp changes in demand for cash
An end to the loveless marriage with the US dollar?
Covid-19 represents an unexpected shock that could cause further US dollar decoupling, which could show up in next week’s Cofer data release, writes Gary Smith
Estimating the cost of a pandemic grant for the world’s poorest economies
The cost of support measures for vulnerable economies is manageable, says Steve Kamin, but political leadership may be lacking
Central Banking’s strategic changes for a new era
New institute, benchmarks, virtual training and online event weeks launched
A new research agenda for the Bank of England
To manage the risks and opportunities of rapid financial innovation, policy-makers must look to cutting-edge research, writes Andrew Bailey
Japan’s economy needs bolder policies
PM Abe announces decision to step down with many goals still unachieved
Covid-19: a watershed moment for China’s BRI?
China faces a delicate balancing act when it comes to forgiving and restructuring Belt and Road Initiative debt while preserving the soundness of its financial institutions
How will Covid-19 hit central banks’ financial results?
The Covid-19 crisis has affected central bank incomes from seigniorage and other sources. But by how much, ask Zbigniew Polański and Mikołaj Szadkowski
How vulnerable are EMEs to renewed Covid-19 turbulence?
Emerging markets face twin pressures from the health crisis and global financial forces, says Steve Kamin