Central Banking Journal - Volume XXIV Number 2
Articles in this issue
Central bankers face tough monetary policy dilemmas
Central bankers around the world need to rethink their approaches to monetary policy
OECD’s William White fears global economic system is still highly unstable
William White tells Christopher Jeffery he is wary of placing too much reliance on the ‘science’ of monetary or regulatory policy. He also believes the world economic system is still out of balance
Monetary policy is the incorrect tool to curb asset bubbles
There is no evidence the use of monetary policy in Sweden to keep household debt in check actually works. Such a policy only undermines employment and results in the Riksbank breaching its mandate
Has the global financial crisis dented central bank independence?
Grace Koshie looks at the post-crisis role of central banks, examining issues of fiscal dominance and weaker policy freedom in an increasingly inter-connected world demanding ever-greater transparency
Turning forward guidance into 20:20 vision
The Bank of England’s vision of forward guidance is incomplete and could shake confidence in the central bank’s policy framework.
Rajan faces daunting challenges as he takes over as RBI governor
Raghuram Rajan faces a raft of monetary policy, governance and financial stability challenges when he takes over as governor of the Reserve Bank of India next week, writes Hugh Sandeman
New central bank mandates raise operational challenges
Central bankers face a raft of policy and operational challenges as their institutions take on new mandates and expanded responsibilities. By Martina Horáková, Tristan Carlyle and Arvid Ahlund
Kazakhstan’s integration of alternative assets into its reserves management
Resource-rich Kazakhstan has embraced alternatives through the creation of a new fund to drive returns and improve diversification of its foreign reserves. Yeszhan Birtanov reports
A turning point for Greece and the euro
The seeds of Greece’s financial crisis are also present in many other modern democracies, writes Herbert Grubel. Currency union offers a politically expedient way to prevent such crises
Developing countries focused on financial inclusion are reshaping central banking
Efforts in developing and emerging economies to promote financial inclusion for the world’s 2.5 billion unbanked population offer lessons to their developed world peers