Central Banks
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 '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".
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…
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…
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…
Economic Review from the Kansas City Fed Bank
PUBLICATION - The Federal Reserve Bank of Kansas City has published the Third Quarter 2002 edition of its Economic Review. The Economic Review is a quarterly research publication with articles by Economic Research Staff on issues of relevance to the…
Bank of Canada Press Release
PRESS RELEASE - Bank of Canada keeps target for the overnight rate at 2 3/4 per cent, 16 October.
George on the current state of the UK economy
SPEECH - In a speech made on 15 October, Sir Edward George of the Bank of England said internationally and in the UK the monetary policy debate has shifted back to the possible need for monetary stimulus. He said There had been a "nervous breakdown" in…
Russian c bank - For ex reserves growth too fast
RUSSIA - Russian Central Bank President Sergey Ignatyev has said that the country's gold and foreign exchange reserves are now close to a level that meets all conceivable criteria. He was speaking at a full-scale meeting of the State Duma (lower house)…
Setting the Record Straight: By Kenneth Rogoff
LETTER - Letter from Kenneth Rogoff, Economic Counsellor and Director of the Research Department, International Monetary Fund. Submitted to Le Monde but not published, 4 October 2002.
The Exchange Rate and Inflation in the UK
RESEARCH - External MPC Unit Discussion Paper No.11, The Exchange Rate and Inflation in the UK by Amit Kara and Edward Nelson. The paper looks at the evidence from the UK on inflation behaviour and examines the propositions from several theoretical…
A hard test for Britain's euro advocates
ARTICLE - The euro is not just about our economy but our destiny. We should only join the euro if the economic tests are met. That is clear. But if the tests are passed, we go for it." Thus did Tony Blair state his goal and the constraint upon it in his…
Anne Krueger on supporting globalization
SPEECH - In the speech titled 'Supporting Globalization' Anne Krueger, First Deputy Managing Director, International Monetary Fund said that the prospects were good for continued economic growth and globalization in the 21st century.
Bank defends its position on interest rates
UK - Members of the Bank of England's rate-setting body on Monday defended it against criticism that it has not done enough to prevent escalating house prices in Britain.
Brazil central bank raises interest rates to 21%
BRAZIL - Brazil's central bank yesterday sought to stave off a growing financial crisis by raising overnight interest rates by 3 percentage points to 21 per cent. The increase followed renewed pressure on the Real, the country's currency, before a likely…
Britain will pay the price of exclusion
ARTICLE - Does a single market really require a single currency? Europhiles say yes, Eurosceptics no. Until recently it was not easy to prove who was right. But now we know for sure. Professor Richard Layard puts the case for the UK's entry to the euro.
CSME no further behind than other trading blocs
BARBADOS - Prime Minister of Barbados Owen Arthur, in delivering the feature address at the opening of the Implementation Unit at the Central Bank on Monday, said CARICOM's Single Market and Economy (CSME) was now at the same point as Europe in 1985 when…
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.
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.
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.
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…
Bank of England News Release
NEWS RELEASE - Monetary Policy - A Perpetual Dilemma?, 14 October 2002.
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…
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.