MAS liberalises SGD swap rules for offshore banks

Following its recent decision to liberalise trading in Singapore dollar swaps, the Monetary Authority of Singapore said Mar 13, 2001 that effective March 1 it has allowed offshore banks to enter into currency swaps of any amount with non-banks.

Korea foreign currency transactions surged in 2000

Foreign exchange transactions by domestic financial institutions, including spot and futures markets, increased sharply in 2000 to $8.9 billion a day, up from $6.9 billion in 1999, the Bank of Korea said on Mar 11, 2001.

Currency crisis in emerging markets - predictable?

RESEARCH PAPER - Brazil and Argentina are among the countries most vulnerable to a currency crisis, according to a new model developed by a Dutch central bank economist which had been flashing warning signals about Turkey back in December 2000.

Norway government petroleum fund 2000 return 2.5%

Norway's government petroleum fund had a return on capital last year of 2.5%, when measured in terms of a currency basket that corresponds with the Fund's benchmark portfolio, the Norwegian central bank reported on Mar 9.

Asian currency swap idea 'acceptable'-Manila c.bnk

The Philippines is basically happy with the concept of an Asian web of currency swaps aimed at fending off future financial crises and is forging ahead with discussions on terms, deputy central bank governor Amando Tetangco said on Mar 9, 2001.

Currency crises and foreign reserves-IMF paper

RESEARCH PAPER - In a new IMF working paper, economist Piti Disyatat asks how far a government will run down its currency reserves in defence of a fixed exchange rate. He also uses an optimizing model of currency crisis to determine whether or not a…

Banking supervision-Alan Greenspan speech

Alan Greenspan said on Mar 7 it was not surprising that a weaker economy was making bankers wary about lending, but he urged them not to go overboard. "Lenders and their supervisors should be mindful that in their zeal to make up for past excesses they…

No plan to drive yen lower, Hayami says

Bank of Japan Governor Masaru Hayami said on Mar 8, 2001 he was alert to the risk of a vicious deflationary cycle but firmly denied that he wanted to push the yen lower to induce inflation.

Interview: Walter Shipley

Walter Shipley, recently retired chairman of Chase Manhattan/J.P Morgan, has justchaired a working group on public disclosure aimed at investigating howdisclosure by large US banks and securities firms could be improved. He spoketo Central Banking's…

Russia cbank says too soon to ease forex sale rule

Russian Central Bank Chairman Viktor Gerashchenko said in an interview published on Mar 7, 2001 that it was too early to reduce the percentage of foreign currency receipts that Russian exporters are required to sell in exchange for roubles.

Central banks use GSE debt to adjust portfolio-BIS

Central banks appear to be increasingly using agency securities in lieu of Treasurys to make necessary adjustments to their portfolios, the Bank for International Settlements said in a report released on Mar 5, 2001.

Using credit risk models for regulatory capital

The Federal Reserve Bank of New York has a highly topical article in its forthcoming Economic Policy Review called "Using Credit Risk Models for Regulatory Capital: Issues and Options," by Beverly J. Hirtle, Mark Levonian, Marc Saidenberg, Stefan Walter,…

Int'l Liquidity Illusion: Risks of Sterilization

Ricardo J. Caballero and Arvind Krishnamurthy from the National Bureau of Economic Research have written a paper "International Liquidity Illusion: On the Risks of Sterilization". This paper argues that sterlisation of capital inflows is ineffective when…

Did the Malaysian Capital Controls Work?-Kaplan

Ethan Kaplan and Dani Rodrik from the National Bureau of Economic Research have written an article "Did the Malaysian Capital Controls Work?" Compared to IMF programs, the authors find that the Malaysian policies produced faster economic recovery,…

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