Contents

Special Column on Recent Developments in RMB Internationalization

       New Geopolitical Environment and Internationalization of RMB by Herbert Poenisch

       Internationalization of the Renminbi Offers an Opportunity for an Alternative Payment Mechanism by Jaya Josie

Global Economy

       A Story of Tailwinds and Headwinds: Aggregate Supply and Macroeconomic Stabilisation by Agustin Carstens

       Global Recession is not Inevitable Despite Looming Risks by Ben May

       Inflation and the Path to a Soft Landing by Hyun Song Shin

       Parity Pains by Ni Shuhui and Xiong Aizong

       Yen Spillout by Zhang Ming and Chen Yinmo

Asia

        In Search of a Development Plan for Asia by Andrew Sheng and Xiao Geng

       Enhancing East Asia's Regional Financial Safety Net by Chang Yong Rhee

       Hainan to Boost China-ASEAN Exchanges by Chi Fulin

Monetary Policy

       Inflation Expectations, Inflation Persistence, and Monetary Policy Strategy by Catherine L. Mann

       Monetary Policy: Past, Present and Future by Claudio Borio

       A New Era for Money by Eswar Prasad

       Adieu to Modern Monetary Theory – Ending Illusory Unlimited Government Q.E. Power Takes Skill

       and Luck by Henry Chan

       Policy Mix of the Future: the Role of Monetary, Fiscal and Macroprudential Policies by Luis de Guindos

Financial Regulation

       Making the Financial System Safer and Fairer by Michael Barr

       Large Bank Supervision and Regulation by Michelle Bowman

       Trust, Digitalisation and Banking: from My Word is My Bond to My Code is My Bond by Pablo Hernandez de Cos

Digital Economy

       Crypto-Assets and Decentralized Finance through a Financial Stability Lens by Lael Brainard

Green Finance

       Remarks at the Sina Finance 2022 ESG Global Leaders’ Summit by David Malpass

       Doing What's Possible – How the Central Bank and Credit Institutions can Support the Necessary

       Transition Towards a Carbon-neutral Economy by Joachim Nagel

       What Does it Take to Get to Net Zero by Ravi Menon

Working Paper

       Does Lending Relationship Help or Alleviate the Transmission of Liquidity shocks? Evidence from a

       liquidity crunch in China by Bai Yiyi, Tri Vi Dang, He Qing and Lu Liping

       Risk Sharing and Industrial Specialization in China by Du Julan, He Qing and Zhang Ce