Emerging markets
Quarterly forecast updates predominate
Frequency of forecasts varies more widely in emerging markets
Brazilian MPC tightens rates again despite sluggish growth
MPC “foresees another adjustment of the same magnitude” at next meeting
Pandemic spurred use of alternative data
Advanced and emerging market economies prioritise different applications
Unemployment forecast by minority of emerging market economy nations
Data highlights differences based on local economic circumstances
Currency Benchmarks 2021 report – executive summary
Perspectives on staffing, circulation, forecasting, note security and composition, outsourcing and more
BIS calls for systemic approach to non-banks
“It is essential to reduce the need for emergency central bank support,” says report
Tackling surging inflation
Central banks around the world are grappling with rapid price rises, with some taking very different routes to one another
One in five central bank economists have a PhD
Central banks in Africa lag behind peers in sponsoring PhD programmes
Covid-19 causes bigger growth forecast errors
But central banks perform better at forecasting inflation
How Turkey’s president created chaos in economic policy-making
Observers allege presidential domination of the central bank, unauthorised FX transactions and untrustworthy statistics
Policy economists outnumber research economists
Central banks with their own pure research departments tend to employ more policy economists
Economists tend to perform both policy and research duties
Only around a quarter of economics departments have a pure research function
House prices rising at fastest rate since global crisis – BIS stats
Advanced economies see sharpest average increase, but India records largest cumulative rise
Protecting international standard-setting despite the resurgence of politics
Andreas Dombret, global senior adviser, and Oliver Wünsch, partner, at Oliver Wyman, describe the importance of international standard-setting amid increasing political interference.
State Bank of Pakistan hikes interest rate by 150 basis points
IMF reached “staff-level” agreement with Pakistan for long-awaited loan two days after the hike
Digitisation: transforming the role of central banks
With the rapid pace of technological change in global financial markets, central banks are increasingly recognising that many legacy tools, methods and manual processes are inadequate, writes Sachin Somani
Asset sell-off biggest threat to Chile’s financial stability – Marcel
Governor reiterates warning against further pension withdrawals
Emerging economies more likely to employ access-to-cash policies
Central banks split on access-to-cash policies
Monetary Policy Benchmarks 2021 – presentation
Central Banking’s monetary policy subject specialist Daniel Hinge speaks with Christopher Jeffery about the governance of the policy function, forecast processes, transparency and more
Transactional cash usage ebbs and flows in response to Covid-19
The proportion of payments made in cash ranged from 3% to 88%
Securities lending prevalent in European central banks
Monetary policy, market maturity and currency variation may limit adoption in other regions
National income not only determinant of reserve management staff numbers
Salaries ranged between $11,968–$138,768 among benchmark participants
Emerging nations turned to FX interventions during pandemic
Central banks in emerging nations were twice as likely to implement FX interventions than their peers in advanced economies
IMF: growth prospects dim as pandemic lingers
Fund revises down growth forecasts, warning of inflation, disruption and divergence