Research
Swiss mon policy during 1970s-lessons for Japan
CENTRAL BANK RESEARCH - Peter Kugler from Basel University and Georg Rich from the Swiss National Bank have published a paper "Monetary Policy Under Low Interest Rates: The Experience of Switzerland in the late 1970s". Using evidence from Switzerland's…
Financial innovation and monetary transmission
CENTRAL BANK RESEARCH - On April 5-6, the Federal Reserve Bank of New York organized the conference "Financial Innovation and Monetary Transmission." The twelve papers presented at the conference cover many topics including the "announcement effect",…
HKMA - Fiscal Reserves and the Exchange Fund
ARTICLE - Joseph Yam, chief executive of the Hong Kong Monetary Authority, in his weekly column on the HKMA website explains how the exchange fund and the government's fiscal reserves are managed and invested together, while emphasising that they are two…
International Finance
BOOK - A new two-volume book on "International Finance" edited by Robert Aliber, Professor of International Economics at the University of Chicago has just been published.It collects together a number of significant papers by leading scholars in the…
New Basel Accord reduces power of bank regulators
CENTRAL BANK RESEARCH - Wimboh Santoso from Bank Indonesia has published a paper "Capital adequacy assessment with respect to market risk". He concludes that the adoption of VaR in the banking industry will reduce the power of regulators to control banks…
Managing public expenditure-transition economies
BOOK - The OECD has published a book "Managing Public Expenditure: A Reference Book for Transition Countries". It presents a comprehensive and in-depth analysis of all aspects of public expenditure management from the preparation of the budget to the…
ECB's anti-fraud committee-annual report
REPORT - The ECB has published the annual report of its anti-fraud committee, which is chaired by Mr. Justice John Murray. The committee concludes "it has not found any cause for concern with the functioning of the established internal control structure…
Capital inflows and central bank's policy response
CENTRAL BANK RESEARCH - Melike Altinkemer from the research department at the Central Bank of Turkey has written a paper "Capital inflows and the central bank's response". In this paper, capital inflow episode after the liberalization of capital account…
Best practice-monitoring financial stability risks
CENTRAL BANK RESEARCH - The Bank for International Settlements has published a new book "Marrying the macro- and microprudential dimensions of financial stability" which is contributed to by senior central bankers from all round the world and looks at…
Low inflation: Implications for the FSA
RESEARCH - Ed Harley and Stephen Davies from the UK's Financial Services Authority have written a paper which considers the risks to the FSA's objectives arising from the move to the current low inflation environment in the UK. The authors conclude that…
Euro-area banking at the crossroads-IMF paper
RESEARCH - This IMF working paper by the European I department looks at the institutional arrangements for euro-area banking supervision. The authors endorse stronger cross-border coordination among supervisory authorities but notes that more formal…
The Adequacy of Hong Kong's Foreign Reserves
HONG KONG - Experience suggests that Hong Kong needs considerably more in foreign reserves than the bare theoretical minimum to maintain currency stability, says Joseph Yam, chief exexcutive of the Hong Kong Monetary Authority in his weekly viewpoint…
Bank of England interest rate option study
CENTRAL BANK RESEARCH - In the first of a series of research papers published by the Centre for Central Banking Studies at the Bank of England, Richhild Moessner provides a survey of the structure and use of the over the counter options market focussing…
Danmarks Nationalbank Monetary Review
DENMARK - The Danmarks Nationalbank has released its quarterly Monetary Review, which includes a number of interesting articles written by the central bank's staff. There are two articles on risk management: one about managing interest rate risk in a…
Financial stability, deflation, & monetary policy
CENTRAL BANK RESEARCH - This working paper by Federal Reserve Bank of Richmond economist Marvin Goodfriend explores the relationship between financial stability, deflation, and monetary policy.He says that monetary policy is a fundamental source of…
ECB MoU on payment systems and supervision
CENTRAL BANK REPORT - The European Central Bank issued a Memorandum of Understanding (MoU) on Apr 2, 2001 describing the specific arrangements for co-operation and information sharing between EU payment system overseers and banking supervisors in…
Measurement of price indices-ECB seminar Nov 01
CENTRAL BANK SEMINAR - The ECB/CEPR are hosting a joint seminar on "Issues in the Measurement of Price Indices" in November/December 2001. It is being organised by MIT's Ernst Berndt, ECB head of research Vitor Gaspar and Dietmar Harhoff from Munich…
Macroeconomic Instability and Coordination
BOOK - Axel Leijonhufvud, Professor of Economics at the University of California, has published a book "Macroeconomic Instability and Coordination", a collection of selected essays. There is a press release by the publishers Edward Elgar and a list of…
When is US bank lending to emerging mkts volatile?
CENTRAL BANK RESEARCH - In a New York Fed staff report, Linda S. Goldberg, finds out what causes fluctuations in lending by US banks to emerging markets. Goldberg finds the most important influence is the state of the US economy - when US growth is…
Financial mkt implications of the US debt paydown
CENTRAL BANK RESEARCH - The dwindling supply of US treasuries is worrying not only the financial markets but also Federal Reserve chairman Alan Greenpsan, one of the reasons he has given his support for Bush's $1.6 trillion tax cuts. In a New York Fed…
New measure of core inflation in the UK-BoE paper
CENTRAL BANK RESEARCH - The Bank of England's monetary policy committee research unit has published a paper which addresses the usefulness of measures of core inflation. The paper, commissioned by external MPC member DeAnne Julius, uses an 'improved'…
G10 payment systems 1999 statistics-BIS report
BIS REPORT - The Committee on Payment and Settlement Systems at the Bank for International Settlements has published "Statistics on Payment Systems in the Group of Ten Countries: Figures for 1999". This is an annual publication that provides data on…
ECB working papers for March 2001
CENTRAL BANK RESEARCH - The European Central Bank has published four refereed working papers in March, subjects ranging from financial market integration in the Eurozone, deposit insurance and the effects on moral hazard, to modelling the term structure…
Operational risk measurement- BOJ papers
CENTRAL BANK RESEARCH - The Bank of Japan's financial and payment system office has published a series of working papers on operational risk that have now been revised and improved following comments from readers.