Central Banking Journal
Interview: Hamad Saud Al-Sayari
In a wide-ranging interview Hamad Saud Al-Sayari, governor of SAMA since 1983, discusses the evolution of the agency, its role in developing financial markets and the challenges it faces.
A new Bank of Mongolia
Bank of Mongolia has assumed a pivotal role in transforming the former planned economy, reports Blair Baker in Ulaanbaatar.
Currency crises compared
John Chown looks at the lessons to be learned from responses to recent financial crises. They show that devaluation can work, and indeed generally does.
The future of the Central Bank of West African States
Charles Konan Banny, governor of Banque Centrale des Etats de l’Afrique de l’Ouest, assesses the prospects for monetary union in West Africa in the light of recent economic developments and the introduction of the euro.
How to get growth in Japan
What Japan needs is a massive boost, not to the monetary base, but to domestic credit creation. Richard Werner outlines how this could be brought about.
Puzzles in economic growth and exchange rates
Economic growth is a preoccupation of rich and poor, slow and fast growing countries alike. Graham Bannock reviews three attempts to unravel the mystery.
The IMF’s assessment of central bank internal controls
The IMF has found many central banks of borrowing countries to be lacking certain key elements needed for effective internal control. A report by Ahmad Sartip.
Central banks on the web: why are we there?
Central banks must go beyond the minimum of data provision if they are to build an image and address the growing demands of their diverse audience, argues Brent Eades of the Bank of Canada.
A shroud of secrecy
A new survey by Steve Hanke and Matt Sekerke suggests that while central banks pay lip service to transparency, many of them do not practice it.
Accounting for reserves
John Nugée highlights the disparities in alternative accounting treatment of external reserves. Portfolio management decisions increasingly have to take these into account, with unforeseen consequences for markets.
The Polish conflict
Stanislaw Gomulka surveys the institutional causes and economic consequences of the bitter dispute between the government and central bank in Poland. The inexperience of both suggests a European solution.
Behind the scenes in Basel
Neil Courtis ventures into the BIS in Basel and finds an institution in the process of redefining its role.
The Euro 50 Group Roundtable: The dangers of inflexibility
There is a fundamental clash of logics at the centre of the debate on accession. Despite legal considerations, different countries in different economic circumstances require a flexible approach, argues Charles Wyplosz.
The Euro 50 Group Roundtable: Challenges of accession: Estonia
Märten Ross, a deputy governor at the Bank of Estonia, considers alternative scenarios for joining the euro. After ten years’ experience of a currency board, Estonia is more than prepared to join.
The Euro 50 Group Roundtable: Is Maastricht too tough?
György Szapáry assesses the credentials of candidate countries for joining economic and monetary union. Existing euro countries have nothing to fear and candidates everything to gain, he argues.
The Euro 50 Group Roundtable: Monetary implications of accession
Hanna Gronkiewicz-Waltz discusses challenges to monetary policy that central banks in candidate countries will face. Governments should be wary of too early an entry.
The Euro 50 Group Roundtable: The pact's performance and prospects
Pedro Solbes, a member of the European Commission, discusses the performance of, and prospects for, the stability and growth pact.
The Euro 50 Group Roundtable: The monetary dimension of European enlargement
Introduction by Edmond Alphandéry, former French finance minister and chairman of the Euro 50 group1.
Why Britain should not join the euro
Janet Bush rejects the economic benefits of monetary union and argues that there is insurmountable opposition to the necessary complementary institution, a European government.
Establishing the credibility of inflation targets
Jannie Rossouw argues that inflation targetting alone is insufficient. Belief in the credibility of the inflation measure itself is essential for a successful policy.
Rational and irrational bubbles
How should central banks react to “irrational exuberance”? Central banks cannot burst what they cannot see, contends Allan Meltzer.
Sovereign bankruptcy: an opinion Jean-Jacques Rey
Jean-Jacques Rey welcomes Anne Krueger’s proposals for a sovereign debt restructuring mechanism. But is it a dead-end or promising avenue?
Interview: Mario Blejer
In January 2002 former IMF economist Mario Blejer became governor of the Banco Central de la Repœblica Argentina with the job of preventing Argentina from descending into financial anarchy. Two weeks after his resignation in late June he spoke to Central…
Interview: Milton Friedman
Milton Friedman assesses the monetarist legacy and the recent performance of central banks. In conversation with Robert Pringle, the Nobel laureate offers his advice for those thinking of joining the euro, or trying to deal with deflation.