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Tag Archives: Speech / Interviews

Should the Bank of Japan issue a Digital Currency?

Masayoshi Amamiya, Deputy Governor of the Bank of Japan, in this speech says BoJ has no such plans. However, it is studying these ideas for two reasons: Today, I have had the pleasure of sharing with you my understanding on retail payments in the digital age, focusing on the relationship between central bank money and private money. Now, I would like to give you my own answer to the question I posed at the beginning: “Why are many central banks, including the Bank of Japan, committed to...

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England and NZ: trying to be best in ODI cricket and central banking

Reflecting on my recent piece in Business Standard where I argued how England is trying to revive fortunes in One Day International Cricket and Central banking. I wrote the piece when England was struggling to make it to semi-finals having lost to Pakistan, Australia and Sri Lanka. Somehow, England figured a way out and won the next matches against India and NZ to qualify for Semifinals.They also beat their arch rivals Australia in semis, in a manner Australia will always remember. It...

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Sea change in global economic outlook

Mark Carney in this speech points how global economic outlook has gone through a sea change from optimistic to pessimistic.  He quotes from who other but Shakespeare: A sea change is a profound transformation. The term was originally coined by Shakespeare in The Tempest,of which there are five productions across Dorset this summer.These productions will mix tragedy and comedy in a play whose themes range from magic and creation to betrayal and revenge. My focus is more limited and...

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When policymakers look at sky for clues: India’s “blue skies” vs World’s “no clear skies”..

The economic policymakers are increasingly looking up to the sky for guiding economic policy. The Economic Survey for 2018-19 was all around the colour blue. The Survey points to Blue Sky thinking and even kept the colour of the survey as blue. The Preface explains: Imbued by the power of the opportunity that beckons, the team for Economic Survey 2018-19 has been guided by “blue sky thinking.” The Survey adopts an unfettered approach in thinking about the appropriate economic model for...

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Differences in Europe’s banking union and capital market union

A superb speech by Poul M. Thomsen of IMF. He points that in order to understand differences between building banking union and capital market union, we need to look at key differences between bank based and market based finance: Before getting to our concrete proposals for how to promote CMU, I want to define the issues a bit better by reminding you about some basic differences between bank-based and market-based finance. Remember that the core funding base of banks is risk-averse...

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Macroprudential policy through the lens of Sherlock Holmes

Jens Weidmann of Bundesbank says macropru policy is much like investigation of Sherlock Holmes: When Arthur Conan Doyle published his first stories about the consulting detective in Victorian times, criminal investigations usually started out from testimonies and motives. Physical evidence was sought after theories had been built. And detectives were still lacking or renouncing fundamental forensic tools. It was only in 1901 that the British police adopted fingerprinting, for example....

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Canada enters 50th consecutive year with a Floating Exchange Rate…

Lawrence L. Schembri, Deputy Governor of Bank of Canada, in this speech speaks about merits of floating exchange rate. Canada shifted to floating exchange rate in 1970 and has gained immensely from this strategy: This is my second speech in our public engagement campaign called “Toward 2021.” We call it that because 2021 is the next renewal date for our five-year inflation-control agreement with the Government of Canada, first adopted in 1991. For the renewal, we’ve committed to a...

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Financial Gerontology: An emerging new sub-field in finance..

Haruhiko Kuroda, Governor, Bank of Japan in this speech talks about Financial inclusion in aging society: As we get older, we all become physically weaker. Declining mobility means we can no longer take it for granted that we can easily visit bank branches. Deteriorating eyesight and hearing ability may impair our capacity to fill out a form or understand a face-to-face explanation. Declining cognitive ability may create difficulty in making financial decisions. Moreover, there is the...

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Non-performing loans in the euro area: How they were halved?

Nice speech by Andrea Enria, Chair of the Supervisory Board of the ECB: By 2014, non-performing loans (NPLs) amounting to almost €1 trillion had piled up on the balance sheets of large banks in the euro area. That was a big problem. Since then, this amount has almost halved, and now stands at €580 billion. In the same period, the ratio of gross NPLs to total loans dropped from around 8% to 3.8%, falling below the 5% attention threshold defined by the EBA. Still, the ratio is above...

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Twenty Years of the ECB’s monetary policy: Trial by Fire

Mario Draghi of ECB summarises the twenty years of monetary policy of ECB: The euro was introduced twenty years ago in order to insulate the Single Market from exchange-rate crises and competitive devaluations that would threaten the sustainability of open markets. It was also a political project that, relying on the success of the Single Market, would lead to the greater integration of its Member States. On both counts, the vision of our forefathers has scored relatively well. Imagine...

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