Capital
Lkhagvasuren Byadran on geopolitics, gold and 100 years of central banking on the steppe
Bank of Mongolia governor Lkhagvasuren Byadran speaks about monetary and financial reform, embracing AI and fintech, and Mongolia’s new SWF
Risks facing central banks: action and inaction
Unlike Fed policy in the 1990s, central bank actions this century do not appear overly accommodative, given poor policy decisions elsewhere, writes Andrew Smithers
Getting Chiang Mai right
Asia’s emergency infrastructure is on the right track, but there is still room for improvement
Fed green lights more capital relief trades
Five US banks authorised to issue repeat credit-linked notes backed by financial guarantees
Riksbank’s Thedéen to be next Basel Committee chair
Current chair Hernández de Cos stepping down as Bank of Spain governor in June
BIS’s Zhang Tao on why Asian central banks favour a broader policy mix
The BIS’s Asia chief speaks with Christopher Jeffery and Jimmy Choi about supporting liquidity, financial stability and innovation in the Asia-Pacific region
Supervisors grapple with the smaller bank dilemma
How are the guardians of stability moving to address risks linked to smaller banks in the aftermath of SVB’s collapse?
Few central banks have recapitalisation deals – BoE paper
Survey of 70 jurisdictions argues institutions need “robust framework” to repair capital shortfalls
Riksbank asks government for recapitalisation
Governor called for stronger self-financing capacity in January
Hernández de Cos attacks ‘flimsy’ criticisms of Basel III
Committee chair says delays to implementation will divert resources from new risks
Book notes: The ruble: a political history, by Ekaterina Pravilova
Indispensable reading for anyone interested in Russia and comparative, long-term historical accounts of monetary ideologies and practice
Escaping the structural liquidity trap
Investment needs to be subsidised not taxed if developed countries want to avoid inflation and financial crises, writes Andrew Smithers
The BoJ’s possible path to positive rates
Are market expectations about a spring shift from negative Japanese rates credible, asks Sayuri Shirai
Central banks, FMIs and the ‘green’ agenda
Collective efforts are needed to transform the environmental footprint of payment networks, writes Biagio Bossone
Governance and diversity at the Federal Reserve
Could changes in governance practices have contributed to poor performance in 2021–22? asks Jeffrey Lacker
The risks facing the Chinese economy
China isn’t at risk of a financial meltdown, but it does face a slow puncture, writes Michael Taylor
Indian financial sector is resilient despite lower capital ratios – RBI
Banks pass stress tests, but RBI warns of decline in capital ratios and problems at some non-banks
IMF members approve 50% increase in quotas
Decision was not unanimous and leaves voting shares unchanged
Credit lines can amplify stress – NBER paper
Study finds junk-grade firms draw more credit, and drawdowns can worsen liquidity shocks
Ghana’s Ernest Addison on the chain of events that led to a loss of $5 billion
The Bank of Ghana governor speaks with Christopher Jeffery about what necessitated monetary financing, the boundaries of ‘independence’ and the results of offline tests of the e-cedi
Basel Committee to consult on stablecoin capital requirements
Feedback also sought on interest rate risks and G-Sib “window dressing”
RBI replaces bank’s management over governance concerns
Supervisors intervene over “poor governance standards” but allow lender to continue operating
The ECCB’s Timothy Antoine on currency union, cooperation and DCash 2.0
The ECCB governor speaks with Christopher Jeffery about maintaining a currency zone, addressing climate and cyber risks, the decline in correspondence banking and lessons learned from issuing a retail CBDC
Defending the basis
Benefits of additional Treasury liquidity may outweigh potential intervention costs during a hypothetical panic, writes Joseph Wang