Central Banking
The transition to inflation targeting in Romania
In the near future, Romania will introduce inflation targeting and fully liberalize its capital account. This recently published IMF Working Paper analyses how these two profound changes will affect the ability of monetary policy to pursue its objective…
Fed's Kohn on crisis management
In a speech on 'Crisis management: The known, the unknown, and the unknowable' given on 6 January, Donald Kohn of the Federal Reserve said although some critics have argued that the FOMC's policy adjustments in response to financial instability encourage…
Rushed Fed minutes could use a good rewrite man
The Federal Reserve's decision to publish the minutes of its FOMC meetings with a three-week instead of a six-week lag seems to have sacrificed clarity for speed, according to this article. The thought processes reflected in the minutes come across as…
IMF calls on Vietnam to ease currency peg
The International Monetary Fund forecast on Wednesday 6 January that Vietnam's economy should grow by 7 percent in 2005, and urged authorities to "move cautiously" to ease the nearly fixed dong-dollar exchange rate.
RBI's Reddy says tsunami will impact on deficit
Speaking on Thursday 6 January, Reserve Bank of India Governor YV Reddy said that while the recent tsunami would only have a limited economic impact, it would put some upward pressure on the fiscal deficit.
Belgium's Reynders urges ECB to be more responsive
Speaking at the end of a press conference, Belgian finance minister Didier Reynders called on the European Central Bank to react more quickly to changes in the economic situation.
BOK pledges to maintain price stability
The Bank of Korea said on Wednesday 5 January that it will focus on making sure the country does not exceed its inflation target this year, while promoting coodination between monetary, fiscal, foreign exchange and regulatory policies.
FOMC Minutes, 14 December
Minutes from the Federal Reserve's 14 December FOMC meeting released on 4 January said that with the economic expansion more firmly entrenched, cost and price pressures were likely to become a clearer, intermediate-term risk to sustained good economic…
Fed Reserve Bank of St Louis Review, Jan/Feb 2005
The latest edition of the St Louis Fed's Review for January-February 2005 includes a re-publication of William Poole's speech "FOMC Transparency". Also included is an article on "The diffusion of electronic business in the United States" which provides a…
Bank of England MPC Minutes, 8&9 December
The minutes from the 8 & 9 December meeting of the Monetary Policy Committee of the Bank of England showed that members voted unanimously to leave the benchmark interest rate unchanged, with some policy makers raising the possibility of a rate cut.
Iwata on Japan's economy under demographic changes
In a speech on 'Japan's economy under demographic changes' given on 7 December, Kazumasa Iwata of the Bank of Japan said for a central bank that is striving to overcome deflation, the ageing issue of society presents a challenging task, because it…
Deutsche Bundesbank Monthly Report, November 2004
The Deutsche Bundesbank's November 2004 Monthly Report said the economic upswing ran into difficulties during the third quarter of 2004 after the recovery process had gained considerable momentum in the two preceding quarters.
Bank of Spain sees GDP continuing trend
The Bank of Spain said in its monthly economic bulletin that the GDP growth trend seen in the third quarter is expected to continue into the fourth quarter.
Greenspan, Clinton fuelled '90s boom
Federal Reserve Chairman Alan Greenspan can take only partial credit for the longest economic expansion on record in the 1990s, Morgan Stanley's chief economist Stephen Roach wrote in Foreign Policy, a magazine published by the Carnegie Endowment for…
China's monetary policy may not tighten-PBOC
China's recent pledge to conduct a prudent monetary policy does not necessarily mean the bank will continue its credit tightening measures, the China Securities Journal reported, citing a People's Bank of China official.
BOK expected to report losses
South Korea's central bank is expected to have recorded more than 100 billion won (US$96.4 million) in losses last year following interest payments for debts sold to control liquidity ballooned, officials at the Bank of Korea said Tuesday.
Audit scolds Bank of Canada
Internal auditors have criticised the Bank of Canada for slack financial practices, according to a report by the Canadian Press.
Norway's Gjedrem: 'Monetary policy is functioning'
In an article published by Aftenposten on 3 January, Norges Bank governor Svein Gjedrem said the Norwegian economy is growing at a solid pace, and there are prospects that growth will remain high in the year ahead.
Richmond Fed's Lacker on 2005 economic outlook
In a speech on 'The Economic Outlook for 2005' given on 3 January, Jeffrey Lacker of the Federal Reserve Bank of Richmond said we are well-positioned for fairly healthy economic conditions in 2005 and inflation should remain well-contained. Lacker struck…
Chicago Fed National Activity Index, Nov 2004
The Chicago Fed National Activity Index (CFNAI) for November 2004 was +0.12, down markedly from +0.49 in October. Three of the four broad categories of indicators that comprise the index made small positive contributions, while the employment-related…
Reserve Bank of New Zealand Bulletin, Dec 2004
The Reserve Bank of New Zealand has published the December 2004 issue of its Bulletin. An article in the latest issue reports on recent work examining foreign exchange hedging practices by New Zealand exporters and importers. A second article provides a…
PBOC pledges to work on yuan reform
The People's Bank of China said on Tuesday 4 January that it plans to move forward with currency reform in 2005, but repeated its long-time pledge to keep the yuan stable.
Weak dollar cuts Bundesbank profits
The appreciation of the euro against the dollar may have reduced the German central bank's 2004 profit down to nothing, Handelsblatt newspaper reported.
G8 plan Asia debt relief
The world's richest nations are likely to agree to freeze debt repayments for nations devastated by the Indian Ocean tsunami, according to Britain's treasury chief Gordon Brown.