Central Banking
Fed's Ferguson on economics and ethical behaviors
In a speech on 'Economics and Ethical Behaviors' given on 22 May, Roger Ferguson of the Federal Reserve said that acting morally and ethically pays dividends while not doing so imposes costly regulation on society as a whole. Economic outcomes are…
Fed's Gramlich on subprime mortgage lending
In a speech on 'Subprime Mortgage Lending: Benefits, Costs, and Challenges' given on 21 May, Edward Gramlich of the Federal Reserve said a relatively high rate of defaults on subprime mortgages raises warning flags, but expanding credit to those who…
The IMF and the force of history
This IMF working paper describes ten events and ten ideas that have shaped the Fund. Designed during World War II, the IMF, it says, has been influenced by the Cold War, globalisation and the collapse of communism. Ideas such as Keynesianism, monetarism,…
Philadelphia Fed Business Outlook Survey, May 2004
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, May 2004 activity in the region's manufacturing sector continues to expand. Indicators for employment and prices received were up from their April readings, the survey…
Bank of Japan Monthly Report, May 2004
The BOJ maintained its cautiously optimistic assessment in the report and said that overseas economies were expected to continue growing relatively fast, adding that the recovery of Japanese exports, corporate investment and production were likely to…
Mundell: Chinese economy not overheated
China's economy was not overheated in a wide sense, said Nobel Prize Laureate Robert Mundell on Sunday 22 May in Urumqi. According to him, a floating exchange rate system is not suitable for China, and giving up the fixed exchange rate system will have a…
G7 urge OPEC to raise oil output
The Group of Seven top economic powers on Sunday 22 May, called on all oil-producing nations to safeguard the world economy from soaring energy costs by raising production.
Previous G7 forex statement still valid-Koch-Weser
German deputy finance minister Caio Koch-Weser said the Group of Seven's stance on foreign exchange rates expressed at a meeting in Washington in April is still valid, even though the statement issued after G7 finance officials' meeting on Sunday 22 May…
Tanigaki tells G7 Japan is working on debt
Japanese Finance Minister Sadakazu Tanigaki said that he told Group of Seven nations and Russia that Japan will try harder to control the expansion of its public debt.
PBOC chief calls for risk exchange to price NPLs
China's central bank chief, Zhou Xiaochuan, is urging the establishment of a risk exchange market that would price banks' nonperforming loans and allow for their sale to entities willing to assume risk in exchange for the opportunity of high profits.
Russian Duma to consider central bank reshuffle
Russian lawmakers are to consider reshuffling the board of directors of the Russian Central Bank, the State Duma Council has announced.
Greenspan gets the nod for new Fed term
President Bush finally renominated Alan Greenspan to another term as Federal Reserve chairman this week. Greenspan expressed his honour at the renomination. If he holds the chair until June 2006, Greenspan will be the longest-serving chairman in the Fed…
MAS chairman's dual role to stay
Singapore's Second Finance Minister Lim Hng Kiang said this week that there is no immediate need to change the status quo for Deputy Prime Minister and Finance Minister Lee Hsien Loong's concurrent role as the Monetary Authority of Singapore's chairman.
Names forwarded for Macedonian central bank chief
Former finance ministers Petar Gosev and Taki Fiti were named by local media on Wednesday 19 May as the most likely candidates to head Macedonia's central bank.
Former RBI governor to lead India
Manmohan Singh, a former governor of the Reserve Bank of India, is set to become India's next prime minister after Sonia Gandhi's decision to turn down the job. Mr Singh was in charge of the RBI from September 82 to January 85.
Israel: Central bank workers storm meeting
Bank of Israel employees held a protest meeting this week during working hours and later disrupted a management meeting, which had to be cancelled, according to a report by Haaretz.
Greenspan on acceptance of the Eisenhower Medal
In a speech on 'Acceptance of the Eisenhower Medal for Leadership and Service' given on 20 May, Alan Greenspan of the Federal Reserve said fears that the 2001 terrorist attacks could halt the growth of international commerce have proven groundless as the…
Fed's Bernanke on gradualism
In a speech on 'Gradualism' given on 20 May, Ben Bernanke of the Federal Reserve said the Fed should be able to push short-term interest rates up at a gradual pace, but the speed of expected rate hikes will be dictated by economic events.
Fed's Gramlich on workplace financial education
In a speech on 'Workplace Financial Education' given on 20 May, Ed Gramlich of the Federal Reserve said a financially smart worker is often a better worker.
Deal may be close in Welteke probe
The Frankfurter Allgemeine Zeitung reported on Friday 21 May that a deal may be close whereby German prosecutors drop the case against former Deutsche Bundesbank President Ernst Welteke in exchange for the payment of a fine.
US inflation a concern for McTeer
A recent rise in U.S. inflation has raised some concerns but Federal Reserve officials are not unduly worried, Dallas Federal Reserve Bank President Robert McTeer said on Thursday 20 May.
SNB's Roth: Euro's positive global influence
Swiss National Bank (SNB) governing board chairman Jean-Pierre Roth said that the euro has had a "positive global influence", including on Switzerland, since its introduction in 1999.
BoJ and govt agree to watch interest rates
Top government and central bank officials agreed in a meeting on Friday 21 May that they should carefully watch interest rates, Bank of Japan Deputy Governor Toshiro Muto said.
Iraq's central bank plan goes beyond basics
This article says that what's remarkable about the financial architecture for Iraq is the scope and detail the coalition brought to the task of establishing an independent central bank. In March, the CPA published the Central Bank of Iraq Law, which, it…