Central Banking Journal
Why is the gold price rallying?
Despite talk of deflation, concerns over the dollar’s strength have boosted gold’s standing, says David Hale.
Leadership and management in central banking
Future demands on central banks require them now to adopt innovative approaches to leadership and management, argues John Mendzela in the first of two articles.
The art of central banking
An undergraduate wanting to know what central banking is all about would do far better talking with somebody like Ian Plenderleith than reading any economic textbook. Plenderleith gave the interview to Central Banking on retirement from the Bank of…
Review of Globalization and its Discontents
Joseph Stiglitz’s capacity to shock is not in doubt. But his view of globalisation is too narrow, and he is wide of the mark on the discontent, suggests Graham Bannock.
The costs of conversion for the UK
Graham Bannock, of Bannock Consulting, puts a figure of £12 billion on a switch to the euro for British business. For many, especially small firms, cost will exceed benefit, which may explain why most of them oppose UK entry.
The euro goes East
Tommaso Padoa-Schioppa reports the results of a survey by the ECB on the private holdings and use of the euro outside the euro area itself.
Review of Argentina and the Fund: from triumph to tragedy
While Michael Mussa honestly recognises Fund failings, Benedict Mander finds his suggested tweaks for the system disappointingly conservative.
Review of Financial crises and what to do about them
Barry Eichengreen finds a middle way between past policy failings and current lofty aims in his financial crisis handbook, says Benedict Mander.
Organisational structure and staff
This article outlines the structure of the agency’s staff and the importance of human resource development to the central bank
Development of the Saudi banking system
SAMA has been actively involved in regulation and supervision, and has taken the lead in the development of the payments system in Saudi Arabia.
The conduct of monetary policy
This article presents the objectives, instruments and recent developments in SAMA’s operating framework of monetary policy.
SAMA’s role in the Saudi economy
Since its inception in 1952, SAMA has overseen momentous changes in the Saudi economy as well as taking an active role in the development of the banking sector and capital markets.
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.