Central Banks
A shroud of secrecy
A new survey by Steve Hanke and Matt Sekerke suggests that while central banks pay lip service to transparency, many of them do not practice it.
Accounting for reserves
John Nugée highlights the disparities in alternative accounting treatment of external reserves. Portfolio management decisions increasingly have to take these into account, with unforeseen consequences for markets.
The Polish conflict
Stanislaw Gomulka surveys the institutional causes and economic consequences of the bitter dispute between the government and central bank in Poland. The inexperience of both suggests a European solution.
Behind the scenes in Basel
Neil Courtis ventures into the BIS in Basel and finds an institution in the process of redefining its role.
The Euro 50 Group Roundtable: Challenges of accession: Estonia
Märten Ross, a deputy governor at the Bank of Estonia, considers alternative scenarios for joining the euro. After ten years’ experience of a currency board, Estonia is more than prepared to join.
The Euro 50 Group Roundtable: Monetary implications of accession
Hanna Gronkiewicz-Waltz discusses challenges to monetary policy that central banks in candidate countries will face. Governments should be wary of too early an entry.
The Euro 50 Group Roundtable: The pact's performance and prospects
Pedro Solbes, a member of the European Commission, discusses the performance of, and prospects for, the stability and growth pact.
The Euro 50 Group Roundtable: The monetary dimension of European enlargement
Introduction by Edmond Alphandéry, former French finance minister and chairman of the Euro 50 group1.
Why Britain should not join the euro
Janet Bush rejects the economic benefits of monetary union and argues that there is insurmountable opposition to the necessary complementary institution, a European government.
Establishing the credibility of inflation targets
Jannie Rossouw argues that inflation targetting alone is insufficient. Belief in the credibility of the inflation measure itself is essential for a successful policy.
Sovereign bankruptcy: an opinion Jean-Jacques Rey
Jean-Jacques Rey welcomes Anne Krueger’s proposals for a sovereign debt restructuring mechanism. But is it a dead-end or promising avenue?
Interview: Mario Blejer
In January 2002 former IMF economist Mario Blejer became governor of the Banco Central de la Repœblica Argentina with the job of preventing Argentina from descending into financial anarchy. Two weeks after his resignation in late June he spoke to Central…
Interview: Milton Friedman
Milton Friedman assesses the monetarist legacy and the recent performance of central banks. In conversation with Robert Pringle, the Nobel laureate offers his advice for those thinking of joining the euro, or trying to deal with deflation.
Bank of Japan Monetary Policy Meeting
PRESS RELEASE - Monetary Policy Decision from the Bank of Japan, 9 August. The Bank unanimously decided to maintain its current stance but was ready to react with increased liquidity if the stability of financial markets was at risk.
RBA Statement on Monetary Policy, August 2002
REPORT - Reserve Bank of Australia, Statement on Monetary Policy, August 2002. The statement struck a cautiously optimistic note with the Reserve Bank saying 'the most plausible scenario' was that global markets would stabilise and Australian economic…
Electronic Payment Usage Grows- Chicago Fed Letter
PUBLICATION - The August 2002 issue of Chicago Fed Letter explores the recent growth of online person-to person payments, the problems and opportunities faced by payment providers and future opportunities for these payments.
Chicago Fed Letter - September Special Issue 2002
PUBLICATION - The household balance sheet-Too much debt? By Francois Velde, senior economist, September (Special Issue) 2002. Are U.S. households carrying too much debt? Debt levels have grown recently to unprecedented levels. But that is nothing new, as…
MAS Press Briefing on Annual Report release
PRESS BRIEFING - Press Briefing for Monetary Authority of Singapore Annual Report 2001-2002. Opening remarks by Mr Koh Yong Guan, Managing Director, MAS, 2 August.
MAS - Annual Report 2001-2002
ANNUAL REPORT - The Monetary Authority of Singapore has published its Annual Report for the year ended 2001-2002.
Jamaican central banker honoured
JAMAICA - Central bank governor Derick Latibeaudiere has been awarded the Order of Jamaica for his "significant contribution to central banking and finance".
Japan's central bank ignores IMF plea on deflation
JAPAN - The Bank of Japan ignored a call from the International Monetary Fund to act against deflation plaguing the nation's economy on Friday, keeping its ultra-loose monetary policy unchanged.
Kuwait reports use of bank notes decreasing
ARTICLE - Over the past few years the demand for charge cards provided by Kuwaiti banks has increased, and has coincided with an enhancement of knowledge surrounding " plastic money", in an attempt to convert Kuwait into a society that depends largely on…
Bank of Spain to close 30 branches
SPAIN - On 8 August unions and management of the Bank of Spain agreed to close 30 of the central bank's branches, and not 31 as previously planned.