Monetary Policy

'Comparing Financial Systems' by Allen and Gale

Most economic models focus on financial markets (organized markets for stocks, bonds, futures and options), as a means of allocating resources. Franklin Allen and Douglas Gale aim, in this book, to demonstrate how this is misplaced. By reviewing…

'The End of Finance' by Jan Toporowski

Toporowski tells us in his foreword that in a previous book (The Economics of Financial Markets and the 1987 Crash) he became so preoccupied with the crash that he 'omitted to include ... any general theory or explanation of stock market crashes in…

'Econ pol coordination in the Europe' by P Jacquet

"Economic policy co-ordination in the Euro zone: What has been achieved? What should be done?"In this pamphlet, French policy advisors Pierre Jacquet and Jean Pisani-Ferry review economic policy co-ordination since the Euro was launched and recommend…

'State of the world 2001' - Worldwatch Institute

The seventeenth annual State of the World focuses, as ever, on the big questions. The core subject is the global environment, but this is systematically linked with other major global issues. Member of the Worldwatch Institute contribute chapters on…

Swedish Riksbank keeps interest rates unchanged

Sweden's central bank, the Riksbank, pointing to the global and Swedish economic slowdown, said on Feb 2, 2001, it left key interest rates unchanged as widely expected by financial markets. The Riksbank said the repo rate, its chief monetary policy…

Konan Banny worried over political stability

The governor of the Senegal-based Central Bank of West African States, or BCEAO, has said that peace is the precondition for economic progress in Africa. "In my view, African leaders should be concerned only about the struggle for economic progress,"…

Bank of Spain says economy slowed in Q4

Spanish economic growth, among the fastest in the euro zone, slowed to an estimated 3.9 percent year-on-year in the fourth quarter of 2000 from 4.1 percent in the third quarter, the Bank of Spain said on Feb. 2, 2001. Gross domestic prorduct (GDP) growth…

Turkmenistan cbank funds Boeing aircraft purchase

Turkmenistan's central bank said on Feb. 2 it helped finance the purchase of a Boeing 757-200 aircraft for Turkmenistan Airlines valued at $70 million. Turkmenistan Airlines borrowed $48.3 million from the central bank to buy the new plane. The airliner…

Yugoslav central bank propose price liberalization

Yugoslav National Bank Governor Mladjan Dinkic said on Feb. 2, 2001, that the bank's team of experts had on Jan. 30 sent to the Serbian government a proposal for the planned liberalization of prices spread over the next three years to prevent "future…

IMF says ECB right to wait for more info on rates

The European Central Bank should wait for more information about core inflation in the euro zone and the growth outlook for the U.S. economy before cutting interest rates, the International Monetary Fund said. In a statement on euro-zone economic…

'Gatekeepers of Growth' by Sylvia Maxfield

With so many books on central banking in OECD countries, it makes a refreshing change to read a book that concerns itself with developing countries. Here, Sylvia Maxfield writes about the, causes and consequences of the independence of central banks in…

'European Central Bank' by Georg Schweiger

As befits a man with his background, Schweiger's book primarily deals with the legal and institutional framework of the European Central Bank (ECB). Although the jacket claims the book focuses on the personalities behind the bank, this is better left to…

'The Greenspan Effect' by Sicilia and Cruikshank

If Alan Greenspan is God, then this is the biblical exegesis. The latest book to delve into the Greenspan phenomenon takes the great man's words and then picks them apart in an exhaustive search for meaning. Sicilia and Cruikshank, apparently without a…

Financial Globalization and Democracy in Emerg Mkt

In this book Leslie Elliott Armijo brings together a collection of original papers on the subject of the impact of global financial flows on political developments in borrowing countries. The majority of them were presented at a 1995 conference on…

Lack of confidence shouldn't slow eurozone-Vanhala

Finland's central bank governor said on Feb. 1 he hoped "reasons of confidence and psychology" would not slow euro zone growth more than real economic conditions justify. Matti Vanhala was speaking after the European Central Bank's governing council, of…

New ECB website on introduction of euro notes, coin

The European Central Bank on Feb. 1, 2001, unveiled a new website as part of its campaign to prepare the public in the 12 euro-zone states for the introduction of notes and coins from January 1, 2002.The website, with the address www.euro.ecb.int, has…

ECB Duisenberg says Irish budget out of line

European Central Bank President Wim Duisenberg on Feb. 1 said he shared the European Commission's critical assessment of Ireland's expansionary budgetary policies. The Commission has asked EU finance ministers to issue an unprecedented formal reprimand…

CNB law amendment no obstacle to EU - Zeman

Czech Premier Milos Zeman does not believe that the amendment to the law on the central bank which says that the CNB in fixing its inflation target has to consult the government and introduces control of CNB's operating budget could pose an obstacle to…

Armenian cbank issues celebratory banknotes

Central bank of Armenia plans to put into circulation jubilee banknotes with denomination of 50,000 AMD (more than $90), said Gevorg Tumanyan, the Head of CBA Department on emission transactions and monetary reserves. The new banknotes are to celebrate…

Kuwait cuts rate 0.5 point for 2nd time in a month

Kuwait's Central Bank on Feb 1, 2001, announced a 0.5 point cut in the discount rate for the second time in less than a month, taking it down to 6.25 percent. The bank, which announced the move in a statement to the official Kuwait News Agency (KUNA),…

Taiwan cuts interest rates to record lows

Taiwan's central bank made a surprise cut in its two key interest rates by a quarter of a point on Feb 1, bringing them to record lows to boost the island's flagging economy. It cut the discount rate to 4.375 percent and the accommodation with collateral…

Philippine central bank cuts interest rates

The Central Bank of the Philippines has decided to slash its key rates by another 0.5 percentage points in a bid to maintain the differential between Philippine and foreign spreads and to prop up the economy. The move will bring down the central bank's…

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