Investment
ETFs in reserve management focus report 2022
Exchange traded funds (ETFs) have risen in popularity among investors and may be of interest to central bank reserve managers in pursuit of safety, liquidity and returns. Central bank mandates vary, but all reserve managers must navigate a new, complex…
Navigating a new, complex economic environment
In 2021, net assets in exchange-traded funds (ETFs) stood at almost $10 trillion, after inflows of more than $1 trillion
Morocco’s Jouahri on inflation, forex reform, digitalisation and sustainability
The Central Bank of Morocco governor speaks with Christopher Jeffery about Covid-19 policies, Fed tightening, BIS membership, regional co-operation and financial inclusion
People: July to September 2022
A round-up of central bankers in the news and on the move during the past three months
Joseph Stiglitz on the challenge of fixing macroeconomics
The Nobel Prize-winning economist discusses the flaws in mainstream models and how to repair them, whether central banks went wrong in 2021, and what to do – or not to do – about inflation
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions are unlikely to undermine the US dollar’s central role in reserve portfolios. But a relative decline in US economic weight and technological innovation are benefiting other currencies
The PBoC, real estate debt and financial stability in China
Central bank policy-makers are restricted in terms of capacity and space by their efforts to manage the nation’s property bubble amid declining growth
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*
The case for restoring the role of monetary aggregates
Tim Congdon argues that a surge in money supply in response to Covid-19 sparked heightened inflation and central banks need to refocus their attention on monetary aggregates
RBA hits out at further delay to new clearing system
Blockchain-based system for Australian Stock Exchange won’t be operational until at least late 2024
Rethinking regulation of the modern financial system
Bank of Italy’s Maurizio Trapanese writes that rules need to address uncertainty as well as measurable risks, entity types as well as activities, and should not be overly complex
Mismeasurement may cause ‘missing-investment puzzle’ – BoE’s Bailey
Rise in intangibles could explain apparent fall in investment despite stable returns, governor says
Central African Republic launches crypto asset
Regional central bank reaffirmed ban on cryptocurrency after CAR made bitcoin legal tender
Modelling the short-term economic impacts of climate change
Econometric models can give central banks a clearer picture of short-term climate impacts, says Stephen Millard
GFXC launches tool to spur buy-side adoption of FX code
Standard-setter aims to overcome “lukewarm” buy-side response with web-based prototype tool
Williams also expects US to avoid recession this year
Unemployment will likely rise to 4% as growth slows due to tightening process, says NY Fed head
BIS balance sheet buffeted by market turbulence
Institution still turned a profit in the year to March 2022
Banknotes: April to June 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Most central banks have oversight of non-bank payments systems
Less than half have oversight of non-bank fintech service providers
Sovereign green bonds: the reserve portfolio’s panacea?
German, Swedish, Danish and UK debt managers speak to Victor Mendez-Barreira about ‘twin bonds’ and other efforts to solve green bond liquidity concerns
Book notes: A full-value ruble, by Kristy Ironside
Soviet experience shows MMT worked, only with far more challenges and downsides than promoters envisioned
The green agenda dilemma
Central banks face a choice over whether to support national energy independence or climate goals, amid calls from some parties for higher inflation targets
Saudi sovereign wealth fund sets up national coffee company
Coffee venture is part of national diversification plann
The international effort to manage NBFI risks: where do we stand?
The Covid-19 shock demonstrated more needs to be done to address stability risks posed by the NBFI sector. Maurizio Trapanese details progress made during the Italian G20 presidency as well as outstanding macro-prudential issues