Research
Greek monetary policy report stresses convergence
REPORT: Competitiveness and productivity are key to Greece's economic convergence with the rest of the eurozone, according to the latest report on monetary policy from the Bank of Greece, submitted to parliament yesterday.
IMF data quality framework
RESEARCH - New IMF working paper considers standards for data quality.
Moral Hazard Issues in Banking-BoF conference
SEMINAR - The Bank of Finland and the Centre for Economic and Policy Research are holding a conference on "Moral Hazard Issues in Banking" from Mar 15-16, 2001. A number of distinguished economists and central bankers are presenting papers. The programme…
Bank of England Quarterly Bulletin - Spring 2001
RESEARCH PAPER - The Bank of England has published the spring 2001 issue of the Quarterly Bulletin, the first issue to be published to a new timetable separated from the quarterly Inflation Report. There are four key articles, mainly dealing with the UK…
UK banks at fault over Abacha money laundering-FSA
RESEARCH REPORT - The UK Financial Servicies Authority has concluded an investigation into UKbanks' financial dealings with the deposed Nigerian leader, General SaniAbacha. The report is strongly critical of control failures at 15 UK bankswhich laundered…
Effects of measurement error on the output gap-BoJ
RESEARCH PAPER - A new working paper "Effects of Measurement Error on the Output Gap in Japan" by Koichiro Kamada and Kazuto Masuda from the research department of the Bank of Japan discusses theoretically how measurement errors and quality changes in…
Euro & Talous - Bank of Finland quarterly
RESEARCH PAPER - It would be wrong to think that the positive developments in central government finances in Finland in 2000 have opened the way for a permanent increase in government spending, since the growth of tax revenue is likely to slow…
Financial Innovation and Monetary Transmission
SEMINAR - The Federal Reserve Bank of New York is hosting a conference titled "Financial Innovation and Monetary Transmission" from Apr 5-6, 2001. This seminar will offer insight into how the enormous changes that are going on in the financial sector…
Effect of booming economy on US trade deficit
RESEARCH PAPER - The robust growth of the U.S. economy between 1996 and 1999 spurred U.S. demand for foreign goods and contributed to a surge in the U.S. trade deficit. An analysis by the New York Fed of the effects of the expansion on the trade balance…
Currency crisis in emerging markets - predictable?
RESEARCH PAPER - Brazil and Argentina are among the countries most vulnerable to a currency crisis, according to a new model developed by a Dutch central bank economist which had been flashing warning signals about Turkey back in December 2000.
Currency crises and foreign reserves-IMF paper
RESEARCH PAPER - In a new IMF working paper, economist Piti Disyatat asks how far a government will run down its currency reserves in defence of a fixed exchange rate. He also uses an optimizing model of currency crisis to determine whether or not a…
On the Long and Short of Central Bank Independence
This paper by Alberto Musalem of the International Monetary Fund finds that higher central bank independence increases fiscal discipline and results in lower inflation. However, it finds that higher central bank independence does not necessarily lead to…
Central banks use GSE debt to adjust portfolio-BIS
Central banks appear to be increasingly using agency securities in lieu of Treasurys to make necessary adjustments to their portfolios, the Bank for International Settlements said in a report released on Mar 5, 2001.
Financial crises in emerging markets-NY Fed paper
Terrence J. Checki and Ernest Stern from the New York Fed have written a paper "Financial Crises in the Emerging Markets: The Roles of the Public and Private Sectors" in Current Issues in Economics and Finance. This article examines some of the key…
Impact of macro news announcements on exch rates
Andrew Clare and Roger Courtenay from the Bank of England have written an interesting paper titled "Assessing the impact of macroeconomic news announcements on securities prices under different monetary policy regimes". The study investigates whether the…
Contribution of IT to productivity growth-BoJ
Yoshihito Saito from the Bank of Japan International Department has written a paper "The Contribution of Information Technology to Productivity Growth-International Comparison". This paper examines the following: (1) the contribution of IT to labor…
Determinants of problem banks in Indonesia-paper
Dr. Wimboh Santoso, senior researcher at directorate of banking research and regulations at Bank Indonesia, has conducted an empirical study on the "Determinants of Problem Banks in Indonesia". The main aim of this paper is to provide general information…
Currency boards: More than a quick fix?-journal
In the latest issue of the journal Economic Policy, Atish R. Ghosh and Anne-Marie Gulde from the International Monetary Fund, and Holger C. Wolf of George Washington University and NBER have written a paper "Currency boards: More than a quick fix?" This…
Central bank independence in transition economies
In the latest issue of the journal The Economics of Transition Wojciech S. Maliszewski from the London School of Economics has written a paper about "Central bank independence in transition economies". The paper discusses recent changes in central bank…
Information technology and central banking-papers
Bank of Japan and EMEAP held a high-level workshop on development of information technology and central banking from October 2-3, 2000. As well as looking at the impact of IT on the economy as a whole, the executive director of the Bank of Japan,…
Singapore's Exchange Rate Policy - paper
This paper examines Singapore's experience with the exchange-rate based monetary policy system since its adoption in the early 1980s. It discusses the movements in the Singapore dollar exchange rate over the past two decades, and considers how the system…
Using credit risk models for regulatory capital
The Federal Reserve Bank of New York has a highly topical article in its forthcoming Economic Policy Review called "Using Credit Risk Models for Regulatory Capital: Issues and Options," by Beverly J. Hirtle, Mark Levonian, Marc Saidenberg, Stefan Walter,…
The EMS crisis in retrospect-Eichengreen
This Centre for Economic and Policy Research discussion paper by Barry Eichengreen reconsiders the 1992/3 crisis in the European Monetary System in light of its emerging market successors. That episode was a predecessor of the Mexican and Asian crises in…
Fiscal Federalism & European Integration-Gramlich
US Federal Reserve governor Edward M. Gramlich and Fed economist Paul R. Wood write the latest International Finance Discussion Paper titled "Fiscal Federalism and European Integration: Implications for Fiscal and Monetary Policies".