Central Banking
Korea - Inflationary pressures likely to mount
KOREA - Consumer-price inflation will likely accelerate in coming months due to wage hikes and the recent rise in international oil prices, the Bank of Korea (BOK) said Thursday.
Russian gov't agrees to currency control removal
RUSSIA - Russia's government agreed in principle Thursday on a draft of a law that would abolish almost all currency controls by 2007.
Indian banks cautioned on risks in e-banking
INDIA - The Reserve Bank of India has cautioned Indian banks about the inherent risk factors that accompany the introduction of high-tech electronic delivery system in the banking sector.
MAS Press Release
PRESS RELEASE - MAS seeks industry comment from financial institutions on technology risk management guidelines, 11 Nov.
ECB Monthly Bulletin, November 2002
REPORT - The European Central Bank published its November 2002 Monthly Bulletin on 14 November. The bulletin contains three articles. The first focuses on the issue of the accountability of the ECB. The second addresses the importance of transparency in…
Greenspan on the economic outlook
SPEECH - In testimony titled 'The economic outlook' made on 13 November, Alan Greenspan of the Federal Reserve said before Congress's Joint Economic Committee, that last week's sharp interest rate cut should help the country through its "soft patch,"…
Duisenberg at the Banco de Mexico conference
SPEECH - In a speech to the 2nd international conference organised by the Banco de Mexico made on 12 November, Wim Duisenberg of the European Central Bank said over recent months, a high degree of uncertainty - stemming mainly from developments in stock…
Recommendations for Securities Settlement Systems
REPORT - Assessment methodology for "Recommendations for Securities Settlement Systems" CPSS Publications No. 51, November 2002.
Former Canada c bank chief reveals row in new book
CANADA - Former Bank of Canada governor John Crow reveals in a new book 'Making Money' that a political row with the finance minister over inflation targeting prevented him from taking up a second term as head of the central bank.
San Francisco Fed chief expects recovery next year
US - Following the Federal Reserve's half point interest rate cut last week Robert Parry said in a speech on Wednesday that the Fed thought it was wise to "take out a little insurance" to keep the expansion going.
Eurozone rate cut hopes boosted by ECB report
GERMANY - The ECB's monthly bulletin released Thursday appeared to increase the likelihood of a future rate reduction on the back of comments made by Win Duisenberg last week.
BOJ may resist pressure to ease again next week
JAPAN - After easing liquidity further at the last meeting of the BOJ, many economists expect the bank to resist calls for further easing when it meets next week.
Thai CB head urges trade growth to fight deflation
THAILAND - Thai central bank governor Pridiyathorn Devakula said on Thursday that promoting intra-Asia trade was a crucial step in fighting off deflation, which is becoming an increasing threat to the region's economies.
RBZ launches new payment system
ZIMBABWE - Starting on November 18, the Reserve Bank of Zimbabwe (RBZ) will introduce an electronic transfer and settlement system (ZETSS) that will link Zimbabwe's commercial banks in the movement of funds among participating banks using settlement…
Deflation may be the real danger for central banks
ARTICLE - Deflation or inflation - could the central bank guns be facing in the wrong direction? This article suggests that rather than worry about inflation, the major central banks could instead be preparing for a battle against the opposite, deflation.
Russian PM says old regulations hinder economy
RUSSIA - The existing system of currency regulation and control hampers the development of the national economy, Russian Prime Minister Mikhail Kasyanov said at a cabinet session on Thursday.
Greenspan questions wisdom of tax changes
US - Alan Greenspan entered the political arena yesterday claiming that use of fiscal policies to manage the US economy could have uncertain results and threaten long-term stability.
Diverse bunch
ARTICLE - Another inflation report, another smooth performance from Mervyn King, the Bank of England's monetary policy supremo. Despite the best efforts of his interrogators, he refused to let the words "boom" or "bubble" pass his lips when talking about…
Macfarlane - Monetary Policy in an Uncertain World
SPEECH - In the speech 'Monetary Policy in an Uncertain World' made on 13 November, Ian Macfarlane of the Reserve Bank of Australia said when we look around us at the challenges facing central banks in other countries, we are reminded that decisions are…
Greenspan on The Wealth of Nations Revisited
SPEECH - In the speech 'The Wealth of Nations Revisited' made on 12 November, Alan Greenspan of the Federal Reserve said Adam Smith's idea of the 'invisible hand' whereby economic decisions that benefit an individual benefit society as a whole indirectly…
Greenspan's fight
ARTICLE - Last week, the Federal Reserve decided to blow, once again, into the flapping sails of the US economy. The puncturing of the bubble economy continues to create fierce headwinds. Further interest rate cuts - perhaps more unorthodox measures -…
Britain would be mad to join the euro
ARTICLE - Britain's European policies rest on two misapprehensions. Taken together, they lead us into all kinds of danger, yet still we do not abandon them. Perhaps the parlous state of Europe may open even our apologetic eyes and change the way we…
European Central Bank Working Paper No 194
RESEARCH - ECB Working Paper, "Sensitivity analysis of volatility: a new tool for risk management" by Simone Manganelli, Vladimiro Ceci and Walter Vecchiato, November 2002.
European Central Bank Working Paper No 192
RESEARCH - ECB Working Paper, "Is the European Central Bank (and the United States Federal Reserve) predictable?", by Gabriel Perez-Quiros and Jorge Sicilia, November 2002. This paper examines the predictability of the monetary policy decisions of the…