Opinion
Comment: ECB's strategy risks confusion
Jean-Claude Trichet's recent comments have effectively shifted the debate from whether or not the ECB will raise interest rates, to how aggressive and how persistent future rate hikes will be. The ECB's strategy raises a number of questions.
Bank of Japan
According to this recent article, the government and Liberal Democratic Party officials should not be blatantly meddling in the Bank of Japan's policy. Although the BOJ needs to stay in closer connection with the fiscal authorities, it says.
Comment: Russia's reserve management
At a time when Russia's official foreign reserves have risen sharply due largely to increased revenues from oil exports, the Central Bank of Russia (CBR) has been remarkably transparent how it manages these reserves.
Comment: ECB signals its move
ECB president Jean-Claude Trichet on Friday 18 November dropped his strongest hint yet that interest rates will be increased at the governing council meeting on December 1.
Comment: Banking in the Caspian and Central Asia
The former USSR countries in the Caspian and Central Asia have been independent for nearly 15 years, but economic setbacks in the 1990s have meant that significant growth and development are fairly recent phenomena. We take a look at central banking and…
Comment: Monetary system 'fundamentally stable'
A clear division of opinion and sentiment about the prospects for the world economy came to the surface at a conference on Global Government Bonds that took place this week in Hong Kong.
Koizumi vs Fukui trumps Bush vs Greenspan
This article published on Wednesday 16 November says that with each passing day, disagreements with the government over when the Bank of Japan should stop flooding the economy with cash seem to intensify.
Is cb independence all it's cracked up to be?
The article "Is central bank independence all it's cracked up to be?" written by Joseph Stiglitz and published on Tuesday 15 November says as Alan Greenspan departs, he leaves behind a heavily burdened US economy that is already contributing to global…
Comment: Bold plan for FX reserves
Sometimes unique policy dilemmas require unorthodox policy responses. A recent IMF discussion paper offers a bold suggestion for central banks facing increasingly sharp trade-offs related to the management of their foreign exchange reserves.
Comment: Bernanke hits the ground running
While arguing that he will take his time in building the case for an inflation-targetting Fed, Ben Bernanke's remarks during his confirmation hearing yesterday before the US Senate Banking Committee made clear that he remains a proponent of the framework.
Comment: Japanese spat threatens recovery
Japanese policymakers face enormous challenges over the coming months as the country's economy edges towards normality. One of the key issues is how to coordinate the need for both fiscal and monetary tightening. Judging by recent developments, the…
Modernising central banks
Many central banks around the world are in the process of reviewing their roles and functions. However most of these modernisation programmes are undertaken discreetly. Not all though. CentralBankNet lists some key resources for central bank modernisers.
Why statistics matter
More care should be taken in presenting important statistics, says Steve Hanke, editorial adviser to Central Banking.
Comment: Activism the ECB way
Yesterday, 9 November, Jean-Claude Trichet explained how the ECB's decision to leave interest rates unchanged for more than two years should not be equated to non-activist monetary policy.
Bank of Japan's course might renew deflation
This article published on Friday 4 November says that while caution may be a good trait for central bankers when it comes to inflation, in the case of Japan, it's totally misplaced.
Comment: Who's to blame for global imbalances?
The issue of the global economic imbalances has become a very political one. Does the current system of largely floating exchange rates allow for a resolution based on careful economic analysis or are we destined for a prolonged series of political…
Fed may be on road to neutral monetary policy
The Federal Open Market Committee will make the 13th consecutive rate increase at its next meeting on 13 December, as it continues on its way to the so-called neutral level, according to this article published on Wednesday 2 November.
King seeks vengeance for 12-year siege
The governor of the Bank of England, Mervyn King, left no one in any doubt that he wanted vengeance against those who had pursued the Bank and 22 of its staff for 12 years, this article published Thursday 3 November notes.
Comment: Greenspan's parting shot
Alan Greenspan yesterday delivered his final Congressional testimony. Apart from an unsurprising, cautiously optimistic message on the short-run prospects for the U.S. economy, his parting shot came in the form of a stern warning to Congress that it…
The myth of the all-powerful Fed
Despite the outsized attention that any utterance from the Fed chair typically gets, the economic world isn't controlled by one person, or even one institution, this article published on Tuesday 1 November notes.
Comment: The Old Lady prevails
Deloitte, the liquidators of the Bank of Credit and Commerce International (BCCI), yesterday unconditionally withdrew all allegations of malfeasance on the part of the Bank of England and 22 of its present and former staff members related to the BCCI's…
Chairman nominee may bring new openness to the Fed
If Ben Bernanke has his way, the Federal Reserve is likely to become more open, according to this article published on Tuesday 1 November. His approach could lead to big changes in how the Fed communicates, it says.
Comment: Inflation jitters discounted
Bond yields have been rising rapidly as a result of jitters that rising oil prices will lead to higher inflation than previously expected. Stephen Roach, chief economist at Morgan Stanley, argues that the bond market has got it wrong - the global economy…