Feature
Deflation holds no terrors for Hong Kong
In the first of a three-part feature, Tony Latter, former deputy chief executive at the HKMA, cites Hong Kong's experience to argue that mild deflation may not be too injurious.
Why deflation is different
The consequences of deflation are much worse than mere inflation in reverse, argue Thomas Cargill and Elliot Parker.
Why inflation is still the real danger
Policymakers should not be swayed by recent fears of deflationary spirals and policy impotence. History demonstrates that with fiat currencies, inflation will always be the real concern.
Mr Greenspan's record: where do we go from here?
The recent boom showed that policymakers should be wary of apparent economic "paradigm shifts". Now dealing with the inevitable asset price bust they should not ignore the inflation threat.
Towards a better SDDS
The IMF's SDDS is a good idea, but poorly executed argue Steve Hanke and Matt Sekerke. The authors suggest an alternative accounting standard for central banks.
How to bring about a "robust exit" for an insolvent bank
Regulators often need to act fast in order to preserve a bank's value, punish poor management and avoid GDP-sapping bailouts argues David Hayes.
Why central banks need capital
While in theory central banks do not need capital, in practice they do. But there is no agreement yet on how to target or access their capital requirements. Robert Pringle reports.
How Bulgaria is destroying its "currency board"
A transfer of government funds threatens Bulgaria's monetary framework argue Steve Hanke and Matt Sekerke.
Will Asia play the gold card?
If Asian countries decide to sell their dollars and buy gold, the impact on the global financial system could be as dramatic as the collapse of the Bretton Woods fixed exchange rate system in 1971.
Insiders and outsiders at the Bank of England
The voting behaviour of members of the Bank of England's monetary policy committee is popularly portrayed as just a "hawks versus doves" dichotomy. The reality is complex reveals Petra Gerlach-Kristen.
Hitting the target
Target2 presents an opportunity to rationalise and modernise the euro clearing and settlement process. The ECB needs to look beyond RTGS argues Mike Evans.
Building inflation credibility
Jannie Rossouw, of the South African Reserve Bank, presents his method for determining the credibility of a central bank’s inflation targets.
No honeymoon for Fukui
The world is looking for fresh, decisive policies from the new central bank governor. What can he do? Tomohiko Taniguchi reports from Tokyo.
How Fukui should deal with deflation
In the first of a two-part feature on Japan, Andrew Smithers discusses the economic solutions and political obstructions to reviving the stagnant economy.
Why finance gives the West a bad name
Robert Pringle, editor of Central Banking, finds much to ponder over in the latest books on money and globalisation.
The Fund and Bank: learning the right lessons?
Recent vitriolic attacks on the Bretton Woods twins go too far. But some changes are urgently needed. Frank Cassell calls for less G7 dominance and more executive board independence.
Central banks in transition
– Kazakhstan, Georgia and Turkey –
The Georgian era at the Bank of England
Elizabeth Hennessy describes the far-reaching changes at the Bank over the last ten years and admires the result – a stylish, independent-minded, determined, independent and slimmer Old Lady.
A spring-cleaning for the Eurosystem
As the Eurosystem prepares for the arrival of new members, it has first to attend to some housekeeping. A report by Nick Carver
The stability and growth pact: next steps
A flexible and cyclical assessment of euro countries’ finances will mean earlier warnings from Brussels. Has the pact bounced back? William M. Clarke reports.
A BIS embarrassed
Defeat for the BIS by minor shareholders was embarrassing and it has consequences for central banks with private shareholders, reports William Hall.
Why price stability is not enough
The current fashion for inflation targetting ignores the perils of asset bubbles, and cannot react adequately to the fallout. A much longer view is needed, contends Stephen King.
Further problems of inflation targets
For inflation targets to work the public must have faith in official statistics. The trouble is they often don’t.
Central role for ECCB
Michael Imeson looks at the economic problems facing the Organisation of Eastern Caribbean States, and what the Eastern Caribbean Central Bank is doing to help stimulate development.