Feature
Monetary policy to support growth
With inflation driven out of the system, Mongolia’s monetary-policy makers can look to bolster economic growth.
Highlights of transition
This article recalls Mongolia’s achievements since 1990, and sets out what the country must strive for in the future.
Convergence report
Wayward deficits in the larger economies have forced a retreat from earlier dates for joining the euro. Analysis of central bank strategies, speeches and statistics suggest that Slovenia, Cyprus and the Baltic states will vie to be the first in.
Substance and semantics in ERM II
In the February issue, Peter Kenen and Ellen Meade discussed the Maastricht treaty's convergence criteria and their application to the accession countries. Here, they look more closely at the key role of the exchange rate criterion.
A toolkit for financial stability
Monetary union does not insulate against financial crisis, says Max Watson. Accession countries must continue to watch - and - report - imbalances in the economy.
Seven rules of foreign exchange
Economic fundamentals hold in the long run, but what drives currency markets in the short run? In this personal view, Avinash Persaud finds clues in watching what central banks say, and what they do.
A Bretton Woods that never was
Richard Roberts recalls the last official effort to create a coherent design for an international monetary system.
The central bank's "no" to Annan
Robert Pringle reports on why the Central Bank of Cyprus came out against the UN plan for monetary union in Cyprus.
New light on the Fed's history
Allan Meltzer finds the Fed at fault for the Great Depression, but he may not have the complete picture contends Tim Congdon.
Why has Brown ditched his prudence?
Howard Flight analyses the transformation of Gordon Brown's Treasury from fiscal forbearance to public sector profligacy.
Iraq's botched currency reform
Prescriptions by the official sector institutions for Iraq ignore political realities and their own findings argue Steve Hanke and Matt Sekerke.
The SDR: an international reserve liability
The SDR is central to the work of the International Monetary Fund, but it remains a deeply ambiguous unit.
Challenges for central banks in the new member states
Max Watson assesses the task facing accession countries in safeguarding financial stability. He starts by recognising the big strides already taken, and then considers the risks that lie ahead.
Making markets work - the central banker's role
For financial markets in transition countries to develop effectively, a broad policy overview is needed. Central bankers have an important role to play in this, argues John Chown, and so they should not confine themselves only to their core functions.
Launching the Asian bond
Despite huge demands for bonds, Asia's debt markets remain nationally focused. Anthony Rowley reports from Tokyo on central-bank led initiatives to launch two Asian bond funds.
Reinventing euro-area central banks
Central banks of the euro area have the challenge of redefining their national roles. Maxwell Watson suggests approaches that build on their existing authority and expertise.
Why central banks need financial strength
What are the tell tale signs of a weak central bank? Peter Stella peers into the murky world of central bank balance sheets to find out.
The looming crisis in international payments
Central bank holders of dollar balances face the prospect of massive further losses as the United States adjusts its external payments through a necessary fall in the dollar.
The Duisenberg years
Is the ECB's reputation in the markets for poor communication of a poor strategy justified? Charles Wyplosz reflects on Wim Duisenberg's time as president.
How will Trichet speak?
Staff writer Benedict Mander contemplates the outlook for Jean-Claude Trichet's eight-year term as president of the ECB from the point of view of the public relations challenges he faces.
Can central banks be efficient?
Inflation targeting has focused policymakers' minds on central banks' performance. But can all central bank tasks be assessed? Neil Courtis investigates value for money in central banking.
What next for the G20?
The G20's breadth of membership is starting to give it a voice in official discussions of international monetary issues, says Marc Uzan.
Investment portfolio techniques at a central bank
Etienne Lavigne discusses the appropriate reserve management framework and mix of portfolio techniques for a central bank.