Feature/Financial Stability
The transmission of liquidity shocks during the crisis
The latest research suggests the emergence of new channels through which liquidity shocks were transmitted
Towards a new financial system
Dino Kos identifies the likely changes to the global financial system in light of the credit crunch
Bagehot revisited
The credit crisis has underlined the limited effectiveness of central banks’ lender-of-last-resort function, argues Bruce White
Why the American economy needs fiscal assistance
For all its activism, the Fed cannot address the persistent imbalances in the American economy on its own, says John Balder
Getting the policy mix right
Policymakers should pay greater attention to the links between liquidity and capital, says Glenn Hubbard
Light in Gaza
Jihad Alwazir, the governor of the Palestine Monetary Authority, tells Claire Jones how the central bank is reforming the state’s banking sector and why the institution needs to be a “jack of all trades”
Avoiding the deflation trap: three lessons from Japan
The Fed appears to have learned from Japanese monetary-policy mistakes of the early 1990s. But it could still find itself overwhelmed by events, argues Takeo Hoshi
Getting back on track
Jacques de Larosière analyses the problems with the originate-and-distribute model and what regulatory response is required
Early lessons from the crunch
A report on of the current debates around the credit crisis and what it could mean for the future of central banking. Edited by Robert Pringle
Credit crunch – phase two
The credit crisis that started in August last year has moved into a destabilising second phase, with equity markets and the real economy looking increasingly shaky. This section analyses central banks’ response to the long-running crisis
Who signs the banknotes?
Most banknotes bear signatures, but who are the signatories? Åke Lönnberg explains
Lessons of Northern Rock
British lawmakers are divided over how to fix a broken regulatory framework
News analysis: Forced into action
Claire Jones, the editor of Central Bank News, analyses how uncertainty threatened to cripple the interbank market and called for a unique response from the central banks
Bollard confounds his critics
Mansoor Mohi-uddin suggests the Reserve Bank of New Zealand’s controversial intervention in the foreign exchange market earlier this year has paid off
Risky business
Avinash Persaud argues that the crisis was largely caused by the risk-transfer models championed by the investment banks, credit rating agencies and regulators
Information crunch: a 21st century crisis
Central banks have in general conducted themselves well in the current crisis, but should have acted earlier. Now they have to help overcome the prevailing “information crunch”, says Marco Annunziata
Prospects for an inflation-targeting Fed
John H. Wood argues that legislative hurdles make a move to inflation targeting by the Fed unlikely. But, he says, the issue is a red herring
The emerging Bernanke Fed
Central bankers earn their keep in times of crisis, and the recent credit turmoil has revealed much about how the emerging Bernanke Fed operates when it matters most, argues assistant editor Malan Rietveld
Clipping central bankers’ wings
Willem Buiter argues that central banks should “stick to their knitting” and become minimalist monetary authorities
Japan’s normalisation strategy in jeopardy
Hisashi Harui suggests that the Bank of Japan is still unable to get its message across clearly to the markets
The numbers game
New legislation will have a profound impact on the compilation of official statistics in Britain. Jill Leyland considers the possible impact on the Bank of England
New Zealand breaks with the Brash era
Going for growth will come back to haunt the Reserve Bank and its governor, writes Rodney Dickens
A crisis of identity
The loss of its managing director could not have come at a worse time for an IMF looking to remodel itself. Klaus Engelen reports