Archive for March 15th, 2018

Did UK monetary policy spillovers to US during first age of financial globalisation (1880-1913)?

March 15, 2018

Food for thought post by Georgina Green of Bank of England (full paper here).

She questions the conventional wisdom that UK monetary policy led to monetary spillovers to US in the first age if globalisation. We think of it other way round in second age of globalisation. What is interesting is how she uses the archival material with econometrics:


When a cryptocurrency platform proposes to use the logo of the central bank…

March 15, 2018

Interesting battle brewed between Central Bank of Malaysia and Coinzer (a cryptocurrency platform).

BNM would like to state that it does not authorise or endorse the cryptocurrency platform called Coinzer. The use of BNM logo and Jata Negara on the proposed physical coin design, white paper and website are unauthorised.

Members of the public are advised to exercise caution and carefully evaluate the risks associated with investment in digital currencies.

Digital currencies are not legal tender in Malaysia. Accordingly, digital currencies are not covered by prudential and market conduct standards or arrangements that are applicable to financial institutions regulated by BNM.

Coinzer released a press statement saying they have removed the design:

Bank Negara Malaysia (BNM) has published a notice & announcement on it’s official website ( dated 11th March 2018 regarding Coinzer’s development as stated in our Whitepaper, in particular our proposed physical coin.

We want to clarify that the Coinzer physical coin’s design is based on conceptual design, which are initially intended to be used as a token of appreciation to our partners and contributors. This physical coin design proposal however has been removed from our latest edition of Whitepaper published on our official website at on the 7th of March 2018, since we realized that the proposed conceptual design uses BNM logo and Jata Negara in which should not be used without proper authorization. 

We would like to mention that the fact that Blockchain technology and cryptocurrency is such a new and mostly unregulated industry, however, regulators in many countries especially Malaysia are aware that this new technology and financial innovation will not only enhance productivity of economic activities, but also make financial intermediation more seamless. Coinzer is working closely with the Malaysian Government and the relevant authorities to acknowledge and approve our operation in Malaysia as well as to help them better understand both Coinzer and the industry more broadly: how cryptocurrency platforms like Coinzer work, how Coinzer will help build a better economy for Malaysia and how other countries are proposing regulation.

We are also in the midst of updating our official website with a new design and a new explainer video for the latest update on our development. For any inquiries, questions or updates, please contact us at  or refer to our official website.

Interesting bit…

RBI Governor hits back at critics and absolves the central bank….

March 15, 2018

It is rare to hear speeches by the current RBI Governor and even rarer to see him hit back at critics of RBI’s role in the recent bank fraud.

In a hard hitting speech, he takes on several issues surrounding the bank fraud. The key part of the speech is that RBI does not have powers to regulate the Public Sector Banks as much as it has for private sector banks. In other words, the banking regulatory powers should be ownership neutral:


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