Research
Information flows during Asian crisis-BIS paper
In a BIS working paper "Information flows during the Asian crisis: Evidence from closed-end funds" Benjamin H Cohen and Eli M Remolona look at the collapse of Asian stock markets that took place over several months in 1997 and ask what information was…
Case for Eurozone monetary indicators? - Svensson
In a Bank for International Settlements working paper "Money and inflation in the Euro Area: A case for monetary indicators?" Stefan Gerlach and Lars E O Svensson find that the "real money gap" (the gap between current real balances and long-run…
Int'l Liquidity Illusion: Risks of Sterilization
Ricardo J. Caballero and Arvind Krishnamurthy from the National Bureau of Economic Research have written a paper "International Liquidity Illusion: On the Risks of Sterilization". This paper argues that sterlisation of capital inflows is ineffective when…
Did the Malaysian Capital Controls Work?-Kaplan
Ethan Kaplan and Dani Rodrik from the National Bureau of Economic Research have written an article "Did the Malaysian Capital Controls Work?" Compared to IMF programs, the authors find that the Malaysian policies produced faster economic recovery,…
'Banking Crises in Emerging Markets'-Eichengreen
Barry Eichengreen and Carlos Arteta from the University of California have written an article "Banking Crises in Emerging Markets: Presumptions and Evidence". Using a large sample of data, the authors find that robust causes of emerging-market banking…
Central Bank Seigniorage: Czech Republic 1993-1997
Jacek Cukrowski from the CERGE-EI and Emil Stavrev from the Czech National Bank have written an article "Central Bank Seigniorage: Czech Republic 1993-1997". The authors present a new comprehensive framework for measuring total gross seigniorage and its…
EMU and Enlargement: A Review of Policy Issues
Lucio Vinhas de Souza (Erasmus University Rotterdam), Holger van Eden (NEI), Albert de Groot (NEI), Gerbert Romijn (NEI) and Elisabeth Ledrut (Dutch Central Bank) have co-authored a report "EMU and Enlargement: A Review of Policy Issues". This report is…
Card-based payment systems in US and Japan-IMES
Ronald J. Mann, a visiting scholar at the Bank of Japan, has written a paper entitled "Card-based payment systems in the United States and Japan". He explains why credit and debit cards have so far proved unsuccessful in Japan compared to the US, and…
Technological Innovation and Banking Industry-BoJ
The Institute for Monetary and Economic Studies at the Bank of Japan has published a final report based on a forum the bank held in Dec 1997 on "Technological Innovation and Banking Industry/Monetary Policy". The report looks at the development of…
Selected IMF working papers published
The IMF has recently published a number of working papers on subjects ranging from inflation targeting, central bank independence, to endogenous growth. Links to the papers are given.
Oxford Review of Economic Policy, Vol. 16, No. 4
The following is the contents including abstracts of the latest issue of the Oxford Review of Economic Policy, Volume 16, Issue 4: Winter 2000. Authors include Stanford University's John Taylor and Princeton's Paul Krugman.
'Inflation, Financial Development'-Peter Rousseau
Peter L. Rousseau from Vanderbilt University and Paul Wachtel from the Stern School of Business, New York University have published an article called "Inflation, Financial Development and Growth". The last decade saw an explosion in research interest on…
Time Inconsistency Problem in Monetary Policy?
A paper by Stefania Albanesi, V.V. Chari and Lawrence J. Christiano titled "How Severe is the Time Inconsistency Problem in Monetary Policy?"
'Why adopt transparency? Publishing forecasts'-ECB
A new ECB working paper by Petra Geraats has been published called "Why adopt transparency? The publication of central bank forecasts". It provides an explanation for the puzzling fact why several central banks have recently abandoned the usual secrecy…
'Risk Management in Diversified Banks'-Fed Cumming
In the latest issue of the New York Fed "Economic and Policy Review" there is a article on "The Challenges of Risk Management in Diversified Financial Companies," by Christine M. Cumming and Beverly J. Hirtle. Christine Cumming is the director of…
Why is domestic lending in Hong Kong sluggish-HKMA
Why does domestic lending continue to be so sluggish in Hong Kong when the economy is making such a vigorous recovery, asks Joseph Yam, chief executive of the Hong Kong Monetary Authority, in his weekly "Viewpoint" column published on the HKMA website.
'Foreign Exchange Reserves Management'-John Nugee
The Centre for Central Banking Studies at the Bank of England has recently published a handbook on "Foreign Exchange Reserve Management" written by John Nugee who at the time was head of reserve management at the Bank. This is one of the few…
MAS Quarterly Report on Financial Markets- Feb 01
The Monetay Authority of Singapore has just published on Feb 21, 2001 its Quarterly Report on Financial Markets.
CPSS revises glossary of payment system terms
A revised version of the CPSS / BIS publication "A glossary of terms used in payment and settlement systems" is now available for download on the BIS website.
'Tech Transformation, Retail Banking'-by J. Vesala
The doctoral dissertation of Jukka Vesala, titled "Technological Transformation and Retail Banking Competition: Implications and Measurement", has been published by the Bank of Finland. Mr Vesala is presently employed at the European Central Bank. The…
IMF publishes codes for transparency
The International Monetary Fund (IMF) has established a section on its public website (http://www.imf.org/hrd/index.htm) dedicated to highlighting guidelines and issues related to staff ethics, financial disclosure and dispute resolution.
New FRBNY research on exchange rates and wages
New research from the Federal Reserve Bank of New York by Linda Goldberg and Joseph Tracylooks at the effects of exchange rate fluctuations across the population - important in increasingly globalized economies. They offer an explanation of the…
New research from CEPR
Summaries of new discussion papers from the Centre for Economic Policy Research can be obtained on the CEPR website at www.cepr.org
British public see EMU membership as inevitable
According to a new poll reported by GrahamBishop.com, the British public sees EMU membership as inevitable by 2010 and the government is expected to take the lead on pushing for the benefits of EMU participation. The report also contends there has been a…