Opinion
Cross-sector financial disclosure (update)
An international regulatory working group has released a set of guidelines to prompt all financial institutions to reveal more information about the risks they are running.
Optimal horizons for inflation targeting
ARTICLE - This paper investigates the problem of selecting an optimal horizon for inflation targeting in the United Kingdom. It was written by Nicoletta Batini and Edward Nelson of the Monetary Policy Committee Unit, Bank of England.
Overbidding problem in the ECB fixed rate auctions
ARTICLE - Dieter Nautz from Goethe University and Jorg Oechssler from Bonn University have written a paper "The repo auctions of the European Central Bank and the vanishing quota puzzle". The article examines the overbidding problem faced by the ECB in…
Central banks could own big chunk of US Tsys-UBSW
RESEARCH - Global central banks could own the entire supply of marketable U.S. debt by the end of 2006 as growing foreign exchange reserves force them to buy more ultra-safe U.S. government debt, according to a survey of central banks conducted by UBS…
Costs of forex intervention - evidence from Sweden
ARTICLE - Boo Sjoo and Richard Sweeney have published an article "The foreign-exchange costs of central bank intervention: evidence from Sweden" in the latest issue of Journal of International Money and Finance. The study supports the view that the…
What is wrong with Taylor Rules?
ARTICLE - Lars Svensson, professor of economics at Stockholm University, has published an article "What is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules". In the paper, Svensson says that Taylor Rules are an…
Permanent accommodation for the HKMA
ARTICLE - Joseph Yam, chief executive of the Hong Kong Monetary Authority, in his weekly column on the HKMA website, says that the strong reaction from some politicians about the planned purchase, through the Exchange Fund, of a permanent office for the…
Inflation targeting and the liquidity trap
ARTICLE - Bennett McCallum from the National Bureau of Economic Research has published an article on "Inflation Targeting and the Liquidity Trap". The paper says that 'liquidity trap' issues do not have an important bearing on the desirability of…
RBI may cut India bank rate Q2 of 01/02-JP Morgan
INDIA - India's central bank, which on Apr 19 released a monetary policy statement without any changes in rates, is expected to lower its benchmark bank rate later this year, JP Morgan Securities India said in a research report.
CLS Bank may reduce foreign exchange risk
ARTICLE - The Economist magazine reports in its Apr 14 edition on the introduction of a new financial institution later in 2001 which is designed to reduce the risk of a crisis in foreign exchange payments.
Best practice in debt management-IMF guidelines
ARTICLE - The IMF and World Bank have published a final version of their report "Guidelines for Public Debt Management". The IMF drew up the guidelines to assist governments "build capacity for managing their debt" which would consequently "reduce their…
Britain and EMU - the five economic tests
ARTICLE - GrahamBishop.com's latest publication on "Britain and Euroland" finds that the degree of divergence between Britain and key EU countries has already halved since the UK Treasury's 1997 assessment. So with a UK general election due in June 2001,…
Stock mkt performance of the Belgium central bank
ARTICLE - Lawrence Goldberg from the University of Miami and Rezaul Kabir from University of Tilburg have written an article "The Stock Market Performance of the Central Bank of Belgium". The purpose of this paper is to examine the stock market valuation…
Monetary policy for an open economy-McCallum
ARTICLE - Bennett McCallum and Edward Nelson have written an article "Monetary Policy for an Open Economy: An Alternative Framework with Optimizing Agents and Sticky Prices". The authors use an alternative approach for constructing open economy models by…
Getting to the heart of central bank indecisivenes
ARTICLE - A letter published in the Financial Times on Apr 11 comments on an article published in the FT on Apr 10 "Avoiding interest rate surprises" which gave a personal view by European member of parliament Sir Christopher Huhne.
Overhaul at Bank of Thailand
ARTICLE - In an article published in the Far Eastern Economic Review, ShawnCrispin considers the impact that Chatumongkol Sonakul has had on the Bank of Thailand since his appointment as governor.
Expanded monetary union in West Africa
ARTICLE - In an article published in the IMF's quarterly magazine, IMF economists R.D. Asante and Paul Robert Masson talk with Jacqueline Irving of the IMF's external relations department about the pros and cons of expanded monetary union in West Africa.
ECB should avoid market surprises-Chris Huhne
ARTICLE - In a guest column in the Financial Times on Apr 10, euro MP Chris Huhne says that the European Central Bank needs a clearer reporting process for its decisions on monetary policy.
BIS Stability Forum's 'to do list'
ARTICLE - The Financial Stability Fourm (FSF), following its meeting on 22/23 March in Washington DC, has released a paper revealing the progress of dozens of initiatives now underway to bolster financial system soundness.
Optimal monetary policy in a currency area
ARTICLE - Pierpaolo Benigno has written an paper "Optimal monetary policy in a currency area" for the Centre for Economic and Policy Research. The author concludes that the European Central Bank should give a higher weight to inflation in the countries…
IMF articles on reform and restructuring in Asia
ARTICLES - The International Monetary Fund has published the March issue of its quarterly magazine Finance and Development. There are six articles on reform and restructuring in Asia. Other articles on the role of capital in development, the effect of…
Is the crisis problem growing more severe?
ARTICLE - In the latest issue of journal Economic Policy, economist Barry Eichengreen et al ask whether financial crises are becoming more frequent and more disruptive. Looking back over 120 years of financial history, the authors find that there is …
IMF is 'well equipped to tackle crises'
ARTICLE - In a letter to the editor of The Straits Times, the IMF's director of external relations, Thomas Dawson, hits back at the newspaper's suggestions that the IMF's policies in Asia, Russia and now Turkey have been failures.
Central bank independence in Poland from 1924-26
ARTICLE - In an article in Public Budgeting & Finance, Gail Makinen from the Congress Library looks at the success of Poland's 1924-26 stabilisation plan. She concludes that a balanced budget may be more important to achieving price stability than…