Feature
Beijing’s second thought
Hui Feng examines the political calculus behind increasing international flows of China’s currency.
Tracking China’s currency
Ren Kangyu looks at how China’s currency has extended its reach beyond the mainland in the short space of seven years.
The G-20 and the dollar: what’s new?
Reform of the international monetary system is overdue but the pace of change is too slow, says Ousmène Jacques Mandeng.
The end of a monetary phenomenon
A gold-backed currency is the only viable alternative to failing fiat money, argues Kevin Dowd.
In gold we trust
Judy Shelton makes the case for the US government to issue bullion-backed bonds.
The case for a real SDR currency board
An enhanced special drawing right, backed by a basket of goods, would provide the global currency the global economy craves, argues Warren Coats.
Towards a global monetary policy
US monetary policy must change as the dollar’s dominance wanes, writes Allan H. Meltzer
The fractured global monetary system
Robert Pringle reflects on the 40th anniversary of Bretton Woods
Would Spain be better off out of the euro?
Domingo Cavallo compares the economic performances of the UK and Spain during the crisis to see if being ‘out’ is better than being ‘in’
Conflicts of interest in central banking
The crisis has highlighted how interests can diverge in the monetary policy-making bodies of federal central banks, writes Daniel Gros
History in the making
Robert Aliber is inspired by Allan Meltzer’s monumental history of the Federal Reserve to look again at US monetary policy in the latter half of the 20th century
A two-pillar strategy for macroprudential policy
Dirk Schoenmaker and Peter Wierts propose a way to formulate financial stability policy to tackle cyclical and structural risks
Central banking in an era of QE
The reserve currency centres must urgently restore fiscal and monetary discipline. If not, then inflation and the flight into gold will continue, warns Andrew Sheng
Nigeria banking gets back on its feet
Deputy governor Kingsley Chiedu Moghalu explains how the Central Bank of Nigeria has restructured the country’s banking sector and regulatory architecture since the financial crisis
More data, not theory
The crisis has shown the dangers of placing models at the heart of policymaking. An empirical approach is the answer, says Kevin Gardiner
Opposing fronts
Martina Horáková reports on two conflicting views of US regulatory reforms
Will the new monetary policy consensus work for a small, open economy?
A new consensus is emerging for how monetary policy should be conducted. However, using the Czech experience as an example, Jan Frait, Zlatuše Komárková and Luboš Komárek argue that it may be difficult to apply in small, open economies
The case for symmetrical monetary policy and its role in the new financial architecture
Central banks should adopt a more symmetrical approach to monetary policy in supporting financial stability. Bernd Braasch discusses how such an approach can best be implemented amid the jumble of policy strands competing for officials’ attention
Avoiding group think and conflicts of interest: widening the circle of central bank advice
Central banks may better serve the public by calling on a broader group of economists for advice, Gerald Epstein and Jessica Carrick-Hagenbarth believe
Reform of the international monetary system: a modest proposal
Richard N. Cooper presents an idea to enhance the stability of the international monetary regime
Reforming financial regulation and the international monetary system
The regime we have is far from perfect. But regulatory oversight can go some way towards countering its flaws, Jacques de Larosière believes
The whys and hows of CoCo issuance
There is much support for contingent capital, or CoCos, among regulators and economists. However, officials, bankers and investors alike are unsure what should serve as the trigger to turn debt into equity. Here, Charles Calomiris and Richard Herring…
The three-trillion-dollar question
Keen to assert its monetary autonomy, the People’s Bank of China is locked in a tussle with the finance ministry to determine how the country’s excess reserves are managed
Ganbaro Nippon!
Robert Pringle reports from Tokyo on the Bank of Japan’s response to the Great East Japan Earthquake