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Greenspan: Economy has hit 'soft patch'
US - Federal Reserve Chairman Alan Greenspan said on Wednesday the U.S. economy was weighed down by worry over possible war and falling stock prices but not by dangerous imbalances that tended to herald recession.
China beats USA as Korea's largest export market
SOUTH KOREA - China has surpassed the United States in terms of its share of South Korea's export market in the first nine months of this year, the Bank of Korea said Wednesday.
Risk-profile onus falls on India's banks
INDIA - The RBI has rolled out Risk Based Supervision (RBS) for banks. The central bank has sent a template of prudential norms to all banks to independently measure their prudential status.
Banks face tough test ahead on international stage
JAPAN - Japan's banks, soon to face unprecedented pressure to clean up their massive bad loan mess, already have a lot on their plate. But their job now looks set to get even harder, thanks to new capital accounting standards the Bank for International…
Bienvenidos Sr Greenspan
ARTICLE - Ever so briefly yesterday, the capital of the world financial system moved to Mexico City. Alan Greenspan, Andrew Crockett, Wim Duisenberg and a bevy of other central bankers were all in town for a seminar on macroeconomic stability organised…
Economists' expectation of UK euro entry falls
UK - Financial markets indicate expectations of Britain joining the euro are receding as a result of the lack of any movement in the opinion polls, according to economists at HSBC.
Webster quits as accounts watchdog
US - William Webster on Tuesday quit as head of the US's new accountancy regulator, a casualty of a debacle that has already forced out Harvey Pitt, chairman of the Securities and Exchange Commission.
Bank of England Inflation Report, November 2002
REPORT - The Bank of England published its quarterly Inflation Report for November 2002 on Wednesday. In the report the bank recognises the fragility of the world economy and continued stock market volatility. The report reveals that inflation is…
European Central Bank Working Paper No 192
RESEARCH - ECB Working Paper, "Is the European Central Bank (and the United States Federal Reserve) predictable?", by Gabriel Perez-Quiros and Jorge Sicilia, November 2002. This paper examines the predictability of the monetary policy decisions of the…
European Central Bank Working Paper No 194
RESEARCH - ECB Working Paper, "Sensitivity analysis of volatility: a new tool for risk management" by Simone Manganelli, Vladimiro Ceci and Walter Vecchiato, November 2002.
Britain would be mad to join the euro
ARTICLE - Britain's European policies rest on two misapprehensions. Taken together, they lead us into all kinds of danger, yet still we do not abandon them. Perhaps the parlous state of Europe may open even our apologetic eyes and change the way we…
Greenspan's fight
ARTICLE - Last week, the Federal Reserve decided to blow, once again, into the flapping sails of the US economy. The puncturing of the bubble economy continues to create fierce headwinds. Further interest rate cuts - perhaps more unorthodox measures -…
Greenspan on The Wealth of Nations Revisited
SPEECH - In the speech 'The Wealth of Nations Revisited' made on 12 November, Alan Greenspan of the Federal Reserve said Adam Smith's idea of the 'invisible hand' whereby economic decisions that benefit an individual benefit society as a whole indirectly…
Macfarlane - Monetary Policy in an Uncertain World
SPEECH - In the speech 'Monetary Policy in an Uncertain World' made on 13 November, Ian Macfarlane of the Reserve Bank of Australia said when we look around us at the challenges facing central banks in other countries, we are reminded that decisions are…
FRBSF Economic Letter - Stock Market Volatility
RESEARCH - In this Economic Letter from the Federal Reserve Bank of San Francisco the author surveys the academic literature on the properties and causes of stock market volatility, focusing on the debate on whether the stock market varies excessively,…
ECB Press Release
PRESS RELEASE - Announcement of a conference on "Prices, Productivity and Growth" organised by the European Central Bank, the Banco de Espaa and the Centre for Economic Policy Research, 8 November 2002.
Bank of Canada Review, Autumn 2002
REPORT - The Bank of Canada published its Review for Autumn 2002 on 12 November. The review contains articles titled, Is Canada Dollarized?, CLS Bank: Managing Foreign Exchange Settlement Risk and Purchasing-Power Parity: Definition, Measurement, and…
Ferguson on recent experience and economic outlook
SPEECH - In the speech 'Recent Experience and Economic Outlook' made on 12 November, Roger Ferguson of the Federal Reserve said the most recent recession was relatively mild and the current recovery has proved to be fairly weak compared with previous…
Ukraine premier wants National Bank chief removed
UKRAINE - Ukrainian Prime Minister Anatoliy Kinakh has asked President Leonid Kuchma to dismiss the chairman of the National Bank, Volodymyr Stelmakh for poor cooperation between the National Bank and the government, the official web site of the Cabinet…
Yugoslavia trying 'to impose' dinar on Montenegro
YUGOSLAVIA - Ljubisa Krgovic, the chairman of the Montenegrin Central Bank Council, said Monday that the dinar cannot be the only means of payment between Serbia and Montenegro.
MP says Malta central bankers comments 'offensive'
MALTA - Malta's Labour Party has slammed Central Bank governor Michael C Bonello after he claimed that Malta would benefit economically from European Union membership.
CBR's 5 priorities in modernising banking system
RUSSIA - The Central Bank of Russia has determined five priorities that it will follow in modernizing the banking system, Andrei Kozlov, the bank's first deputy chairman, said at a round-table meeting on banking reforms Monday.
Nigerian banks need code of operations, CBN chief
NIGERIA - Worried about recent experience in the global financial sector where corporate scandals have become the order of the day, governor of the Central Bank, Chief Joseph Sanusi, has asked banks to draw up a national code guiding operations of…