Central Banks
Emoney and central banking- International Finance
The academic journal International Finance edited by Benn Steil has a special feature about whether information technology and electronic money will mean the end of central banking. Authors include Charles Goodhart and Michael Woodford. Also in the issue…
Impact of macro news announcements on exch rates
Andrew Clare and Roger Courtenay from the Bank of England have written an interesting paper titled "Assessing the impact of macroeconomic news announcements on securities prices under different monetary policy regimes". The study investigates whether the…
Bank of Canada cuts key rate to 5.25 pct from 5.75
The Bank of Canada on Mar 6, 2001 cut the bellwether bank rate to 5.25 percent from 5.75 percent,and the overnight rate to 5.0 percent from 5.5 percent, saying weakening confidence could delay the economy's recovery in the United States and damage Canada…
S.Africa still unaware of new MPC policy-Mboweni
South African markets are still not fully aware of the fact that the central bank has introduced a new monetary policy regime which focuses on inflation targetting, central bank governor Tito Mboweni said.
Kazakh cbank says lower taxes boon for economy
Kazakhstan's central bank on Mar 6, 2001 welcomed an order by the president to cut key taxes and said this was likely to slash inflation, boost bank loans to the economy and help sustain the Central Asian state's growth.
CNB Board members backed Feb 22 rate cut by 6-1
Six members of the CNB Board voted in favour of the cut in the two-week repo rate by 0.25 percentage points to 5 pct, and one member was in favour of leaving rates at their current level, according to the minutes of the CNB Board meeting held on Feb 22…
Dollar-Korean won spot rates swayed by forwards
The dollar's movement against the won in the Seoul currency market is being increasingly affected by dollar-won trading on overseas non-deliverable forward (NDF) markets, the Bank of Korea said.
Central Bank of Iceland Q1 monetary bulletin
The Central Bank of Iceland published it quarterly Monetary Bulletin on Mar 6, 2001. There is an overview of economic developments in Iceland and the measures taken to slow the economy. There is also an article by chief economist Mar Gudmundsson on…
BI vows to prevent rupiah breaking 10000 level
Bank Indonesia will take action to protect the rupiah from breaking through the Rp 10,000 level against the U.S. dollar, the central bank's governor Sjahril Sabirin said on Mar 6.
Contribution of IT to productivity growth-BoJ
Yoshihito Saito from the Bank of Japan International Department has written a paper "The Contribution of Information Technology to Productivity Growth-International Comparison". This paper examines the following: (1) the contribution of IT to labor…
Argentina pins hopes on tough new economy minister
Argentine President Fernando de la Rua handed the nation's financial future to a hawkish new economy minister on Mar 4, 2001, vowing to honor economic pledges and keep the peso-dollar peg intact.
Bank of France denies euro printing problems
The Bank of France on Mar 5, 2001 denied a senior politician's claim that France might not print its full quota of euro banknotes by the time the single currency goes into circulation on January 1, 2002.
BOJ minutes-board votes 8-1 to keep policy-Jan 19
The Bank of Japan policy board members voted 8-1 to keep monetary policy unchanged at their Jan. 19 meeting, but a majority of the members said risks posed to Japan's economy from developments in overseas economies and domestic and foreign capital…
Duisenberg says euro zone not hit by U.S. slowdown
European Central Bank President Wim Duisenberg said on Mar 5, 2001 there were no firm signs that the U.S. economic slowdown was spilling over to the euro zone and that there was little likelihood of a near term change in interest rates.
Currency boards: More than a quick fix?-journal
In the latest issue of the journal Economic Policy, Atish R. Ghosh and Anne-Marie Gulde from the International Monetary Fund, and Holger C. Wolf of George Washington University and NBER have written a paper "Currency boards: More than a quick fix?" This…
Central bank independence in transition economies
In the latest issue of the journal The Economics of Transition Wojciech S. Maliszewski from the London School of Economics has written a paper about "Central bank independence in transition economies". The paper discusses recent changes in central bank…
ECB mulls voting change due to EU enlargement
European Central Bank President Wim Duisenberg admitted for the first time on Mar 5, 2001 that European Union expansion could blunt the effectiveness of ECB policy-making and the bank's structure may need to adapt.
Fed governor Roger Ferguson reappointed until 2014
Roger Ferguson, the Federal Reserve vice-chair whose future has been put on ice by Capitol Hill Republicans since 1999, received a major vote of confidence from the Bush administration on Mar 5, 2001.
Canada gold sale said part of established program
Canada's sale of 20,000 ounces of gold in Feb 2001 was made as part of an established program to sell all of the precious metal held by the central bank, a finance ministry official said on Mar 5, 2001.
Information technology and central banking-papers
Bank of Japan and EMEAP held a high-level workshop on development of information technology and central banking from October 2-3, 2000. As well as looking at the impact of IT on the economy as a whole, the executive director of the Bank of Japan,…
Singapore's Exchange Rate Policy - paper
This paper examines Singapore's experience with the exchange-rate based monetary policy system since its adoption in the early 1980s. It discusses the movements in the Singapore dollar exchange rate over the past two decades, and considers how the system…
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,…
The EMS crisis in retrospect-Eichengreen
This Centre for Economic and Policy Research discussion paper by Barry Eichengreen reconsiders the 1992/3 crisis in the European Monetary System in light of its emerging market successors. That episode was a predecessor of the Mexican and Asian crises in…