Credit aggregates
PBoC overhauls monetary policy framework
Central bank aims for clearer policy rate, bigger role for bond trading and use of “structural” tools
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*
Nepal hikes rates and constricts credit
Himalayan country confronts rising inflation and strained reserves
Sri Lanka central bank sees signs of ‘strong recovery’
Signs of bounce-back in the economy but recent surge in virus cases could cause problems
Stress test results affect consumer credit – Philadelphia Fed paper
Banks reduce credit supply after worse-than-expected stress test results, researchers find
BIS paper studies early form of macro-pru policy
Dutch controls on credit from 1960s to 1990s helped promote stability, authors find
BoE paper explores global financial cycles since 1880
Cycles in credit and housing have become more pronounced, but only for some economies
US mutual funds' liquidity risk on the rise – Boston Fed paper
Ratio of illiquid assets to net assets increased from 2009 to 2019, researchers find
Central Bank of Kenya cuts rates again
Policy-makers look to offset fiscal tightening and push economy back to potential
BIS paper examines economic impact of macro-pru
Shocks are similar to monetary policy but transmission differs, researchers say
Cleveland Fed paper examines stress tests’ impact on lending
Some banks cut back on business lending, but community banks take up the slack, paper finds
Uzbekistan boosts transparency with new central bank law
New law strengthens inflation targeting as country wrestles with ambitious reforms
Global credit to non-banks growing faster in Q2 – BIS figures
Latest global liquidity figures show rapid growth in lending to the non-bank sector
The great wave: global liquidity in a turbulent world
Global imbalances are growing, and it is unclear whether the world’s institutions have enough firepower to respond to a crisis, writes Daniel Hinge
Surge in cross-border credit led by non-banks
Cross-border claims rise at fastest rate since the global crisis, BIS figures show
China’s new loans rebound as PBoC focuses on growth
PBoC maintains focus on growth but possibility of reserve ratio cut in April has eased
NGDP target can create ‘divine coincidence’ – Bullard and Singh
Nominal GDP targeting can “repair” distortions from credit market frictions, authors find
Yi Gang makes People’s Congress debut as dilemmas grow
Governor says he sees smaller room for cutting reserve requirement ratios in 2019 but does not rule out the possibility
China calls a halt to deleveraging
Banking watchdog says deleveraging campaign has achieved its goals
Chinese lending hits all-time high in January
Total social financing reached roughly 240% of China’s GDP at end of month
BIS paper defends credit gap measure
Use of Hodrick-Prescott filter is controversial but the gap still outperforms others, authors find