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Deutsche Bundesbank Monthly Report, September 2002
REPORT - Germany's central bank, on 16 October published its Monthly Report for September 2002. The report shows a further increase in real gross domestic product (GDP) in the second quarter of this year, although the rise on the first quarter remained…
Philadelphia Fed Business Review, 3rd Quarter 2002
REPORT - The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Third Quarter 2002. How does a decentralized central bank work? The events of September 11 put the Federal Reserve System, the central bank of the United…
Tokyo urged to improve corporate governance
JAPAN - Japan's banks will never recover their health unless they undergo a drastic improvement in corporate governance similar to that imposed on South Korean financial institutions after the 1997 financial crisis, according to a Standard & Poor's…
Fed 'lacks knowledge and tools' to burst bubbles
US - The Federal Reserve lacks the knowledge, foresight or precision tools it would need to pre-empt a stock market bubble, a senior Fed official said yesterday, and any attempt to do so would risk "severe collateral damage to the economy".
US interest rate level not a problem - Fed's Guynn
US - Atlanta Federal Reserve Bank President Jack Guynn said on Tuesday U.S. interest rate levels were not hindering business or consumer spending, suggesting he sees little need for lower rates.
Fed's Stern sees steady growth for near term
US - Gary Stern, president of the Federal Reserve Bank of Minneapolis, sees the economy growing at a relatively firm rate in coming months before growth accelerates in the second half of 2003.
BOT chief downplays concern over weakening of baht
THAILAND - Bank of Thailand's Governor Pridiyathorn Devakula has downplayed mounting concern over the weakening of the baht against the US dollar, saying it would be a temporary phenomenon.
GCC seeks EU help in monetary union
SAUDI ARABIA - The GCC states have finally acknowledged difficulties besetting their most ambitious plan to merge their currencies and decided to resort to their main economic partner - the European Union - to guide them through the minefield towards the…
CBN chief speaks on ways to support WAMZ
NIGERIA - As part of plans towards the establishment of a common currency in the Economic Community of West African States (ECOWAS) sub-region under one central bank next year, the director of research at the Central Bank of Nigeria (CBN), Dr. O.J…
Inflation target an option but not now - Hayami
JAPAN - Bank of Japan Governor Masaru Hayami said on Wednesday that the central bank may consider an inflation-targeting policy in the future but not at the moment as Japanese prices continue to fall.
Ben Bernanke on asset price bubbles
SPEECH - In the speech 'Asset-Price "Bubbles" and Monetary Policy' made on 15 October Ben Bernanke of the Federal Reserve said the Fed lacked the knowledge, foresight or precision tools to pre-empt a stock market bubble, "and even if it could identify…
Wim Duisenberg on the prospects for EU enlargement
SPEECH - In the speech 'Perspectives on EU enlargement' made on 14 October Wim Duisenberg of the ECB said the prospect of EU accession has triggered reform in these countries with macroeconomic stability achieved through structural reforms. However,…
Economists get the idea
ARTICLE - Two Nobel prizewinners have worked out why people do not always think rationally. John is interested in politics, he likes to participate in debates and is eager to appear in the media. Is John a salesman or is he a member of parliament?
Ignore the ghost of deflation past
ARTICLE - Financial market crystal ball gazers are focusing on the danger of a double-dip world recession.
QIS 3 Frequently Asked Questions
REPORT - Supervisors and banks have raised the following issues since the distribution of the Basel Committee's Quantitative Impact Study 3 (QIS 3), 11 October.
BIS Press Release
PRESS RELEASE - Asia/Pacific nations declare that quick disposal of non-performing loans is vital for strengthening financial systems, 14 October 2002.
Federal Reserve Board Press Release
PRESS RELEASE - The Federal Reserve Board on Friday announced the appointment of chairmen and deputy chairmen of the twelve Federal Reserve Banks for 2003, 11 October.
Zambian central bank to introduce high value notes
ZAMBIA - The Bank of Zambia said Saturday it has embarked on a national currency restructuring program that will ultimately result in the launching of high value notes in 50,000kwacha (US$10.99)and 20,000kwacha denominations.
Kate Barker on monetary policy and asset prices
SPEECH - In the speech 'Monetary Policy - A Perpetual Dilemma?' made on 14 October Kate Barker of the Bank of England questioned whether it was the role of monetary policy to protect individuals from the risks asset price bubbles pose and whether such…
Bank of England News Release
NEWS RELEASE - Monetary Policy - A Perpetual Dilemma?, 14 October 2002.
Iran sees large inflow of gold and capital
IRAN - Iran has experienced a net inflow of capital and gold bullion for the first time since the 1979 Islamic revolution. It has been drawn by domestic investment opportunities and driven by financial insecurity outside the country following the…
Venezuela cen bank to keep rate regime unchanged
VENEZUELA - Venezuela's central bank BCV has no plans to change its foreign exchange policy, a source close to the bank told BNamericas, in response to a local report.
Hayami says BOJ has more policy options
JAPAN - Bank of Japan Governor Masaru Hayami said on Tuesday the BOJ had more policy options up its sleeve to fight deflation, suggesting more unconventional steps are being considered to dig the economy out of its rut.
ECB rate cut not ruled out: Belgian board
BELGIUM - Belgian national bank chief Guy Quaden, a member of the European Central Bank board, declined Tuesday to rule out an ECB interest rate cut.