Central Banks
BOJ's Takenaka says economic outlook unchanged
The Japanese government said its view of the economy remains unaltered following the publication of the Bank of Japan's Tankan survey which showed confidence among large manufacturers unexpectedly fell for a second quarter.
IMF chief warns on world economy risks
Speaking on Friday 1 April in Spain, IMF chief Rodrigo Rato said large US current account deficits posed a risk to the world economy and warned that a sharp fall in inflows into US bond markets might have serious consequences for markets.
US says no need to sell off IMF's gold
There is no need for the International Monetary Fund to sell some of its gold stocks to fund debt relief for poor countries, a US treasury spokesperson said Thursday.
Changes to New Zealand's 'silver' coins
The Reserve Bank of New Zealand announced on Thursday 31 March its decisions to modernise New Zealand's silver-coloured coins.
Fed's Bernanke on implementing monetary policy
In a speech on 'Implementing monetary policy' given on 30 March, Ben Bernanke of the Federal Reserve said it is in the Federal Reserve's best interest to communicate effectively with financial markets.
BIS's Knight on an effective central bank
In a speech on 'Features of an effective central bank: some lessons of the past decade' given on 30 March, Malcolm Knight of the BIS said maintaining and furthering Brazil's achievements in the area of central bank independence and transparency would do…
Dodge on Canada's competitiveness
In a speech on 'Canada's competitiveness: The importance of investing in skills' given on 30 March, David Dodge of the Bank of Canada said that Canada must do a much better job of improving productivity to keep up with competition from rising economic…
ECB reveals gold sales; no more planned before Sep
The European Central Bank has completed a programme of gold sales amounting to 47 tons of gold, it said on Thursday 31 March.
BOK records 150 billion won loss
The Bank of Korea revealed on Thursday 31 March that it made a loss in 2004 for the first time in 10 years due to large interest payments on bonds sold to adjust the nation's money supply.
Gold sale plan would not hit market says IMF
Part of the International Monetary Fund's gold reserves could be sold to pay for its share of debt relief to poor countries without destabilising the market, according to Rodrigo Rato.
Fukui sees return to growth for Japan soon
Bank of Japan governor Toshihiko Fukui told parliament that the nation's economy should return to sustained growth soon.
SARB's Quarterly Bulletin, March 2005
The South African Reserve Bank released its March 2005 Quarterly Bulletin on 30 March. In the Bulletin the SARB said higher oil prices and buoyant domestic demand are likely to put a floor under South African inflation in the near-term, but other factors…
The real effect of banking crises
This IMF Working Paper says banking crises are usually followed by a decline in credit and growth. It asks whether this is because crises tend to take place during economic downturns, or if banking sector problems have independent negative effects on the…
Before & after the Bank of England's independence
This Working Paper investigates how the increase in transparency brought about by the Bank of England's operational independence has changed the way in which markets react immediately after economic announcements.
Bank of England Inflation Attitudes Survey, Mar 05
The Bank of England's February/March 2005 Inflation Attitudes Survey asked about the future path of interest rates, with 56% expecting rates to rise in the next 12 months, only slightly down from the 57% recorded in November.
Transparency, disclosure and the Federal Reserve
This ECB Working Paper published on Wednesday 30 March assesses the change in Federal Reserve policy introduced in 1999, with the publication of statements about the outlook for monetary policy (and later about the balance of risks) immediately after…
Fed's Geithner says central bank independence key
Timothy Geithner, president of the Federal Reserve Bank of New York said in a speech on Wednesday 30 March that central bank independence is a necessary condition for effective and credible monetary policy but it is not sufficient.
Hackers steal Russian central bank transactions
Russian hackers have stolen the database of central bank transactions from April 2003 to September 2004, the Vedomosti newspaper reported on Wednesday 30 March .
IMF says Canada's economy strongest among G7
The International Monetary Fund praised Canada for its economic performance during the past decade on Tuesday 29 March, saying its economic outlook seems solid.
EU backs Wolfowitz nomination to World Bank
European leaders cautiously endorsed Paul Wolfowitz, the US nominee to head the World Bank, on Wednesday 30 March after promising to keep the institution "truly multinational."
Malaysia says reserves well-diversified
Malaysia's international reserves are well-balanced and not excessive in US dollar holdings, Bernama news agency reported, quoting Bank Negara Malaysia (BNM) Deputy Governor Ooi Sang Kuang.
IMF paper on the Stability and Growth Pact
This IMF Working Paper, Implementing the Stability & Growth Pact, analyses some key policy trade-offs involved in the implementation of the Stability and Growth Pact. Greater "procedural" flexibility in the Pact's implementation may improve welfare, it…
The politics of central bank independence
The authors of this New York Fed Staff Report propose a theory to explain why, and under what circumstances, a politician endogenously gives up rent and delegates policy tasks to an independent agency, in this case the central bank.
The ECB faces a fiscal fight with its governments
There hasn't been much evidence of stability in the Stability and Growth Pact, according to this article, and now it isn't even a pact any more. Expect to see a damaging fight between the ECB and its member states, which the whole European economy will…