Financial crisis
Ronald Reagan: champion of monetarism
President Reagan should get more credit for ending the Great Inflation, argues John Tatom.
ECB Memoranda of Understanding
The ECB issued a news release on Wednesday 21 July announcing the adherence of the central banks and banking supervisors of the New Member States to the Memoranda of Understanding on High Level Principles of Co-operation in Crisis Management Situations…
Philippine cb against declaring fiscal crisis
The Bangko Sentral ng Pilipinas (BSP) on Monday 5 July oposed the proposal to formally declare a fiscal crisis, warning that the ensuing confusion might precipitate an actual fiscal crisis that the government is trying to avoid.
The Norwegian Banking Crisis
It has been ten years since the Norwegian banking crisis ended. This publication considers the crisis in retrospect and provides a comprehensive, but reasonably compact description in English of the Norwegian banking crisis. It contains six chapters and…
IMF reports no exact cause to rand collapse
IMF economists have concluded that no clear answer existed for the rapid depreciation of the South African rand between September and December of 2001.
IMF admits mistakes in handling Asian crisis
The assistant director of the IMF Office for Asia and the Pacific, Charles Adams, has acknowledged that the Fund made mistakes during the Asian Crisis but not everyone agrees what the mistakes are, according to AFP. Some lending conditions were not…
Cavallo blames the IMF for Argentine crisis
Former Argentine Economy Minister Domingo Cavallo has blamed the IMF's policies for Argentina's devaluation and subsequent debt default, according to Merco Press. In an interview Cavallo argued that it would had been more beneficial "if the IMF had…
Response to new Zimbabwe cheques encouraging
Zimbabwe's new bearer cheques introduced on Tuesday 23 September seem to have had some effect, according to The Harare Herald, with reports saying shorter queues, and the expression of relief by ordinary people means the radical idea may succeed.
BOJ's Fukui speech to IMFC on Japan's economy
Toshihiko Fukui, Governor of the Bank of Japan, speaks to the International Monetary and Financial Committee on the Japanese economy (he reiterated that "The BoJ is firmly committed to maintaining its current policy stance until the consumer price index…
Zimbabwe tries to tame cash crisis with new money
The Reserve Bank of Zimbabwe intends to introduce "bearer cheques" next week in an attempt to alleviate the desperate shortage of cash in the country, Sapa AFP reports. The cheques were printed on banknote paper, looked like banknotes and were as "good…
Zimbabwe's central bankers urged to go
Things aren't getting any less desperate in Zimbabwe, which is in the thick of a crippling cash crisis, now that parliament is demanding that the central bank management just leave.
Major shake-up looming at Reserve Bank of Zimbabwe
The cash crisis in Zimbabwe is likely to result in a reshuffle in the next few weeks at the country's central bank, according to a report by the Zimbabwe Independent. It is understood the shake-up comes with the full blessing of President Robert Mugabe…
Bank Indonesia and government resolve disagreement
Bank Indonesia has resolved a long-standing dispute with its government, according to Dow Jones. The problem concerned the aftermath of the Asian financial crisis over how to account for the emergency funding. The resolution should see the government's…
Zimbabwe cash crisis deepens
Zimbabwe's opposition leaders have called the country's bank note crisis "an emergency of the highest order" as riot police control bank queues, according to a report by Sapa AFP. Many banks are now limiting cash withdrawals to 5 000 Zimbabwe dollars as…
Nordic central banks conclude MoU memorandum
The Governors of the central banks of Denmark, Finland, Iceland, Norway and Sweden signed a Memorandum of Understanding (MoU) on financial crisis management at their meeting of 11 June in Iceland.
Japanese MOF Press Release, 27 Feb
PRESS RELEASE - Statement of G-7 Finance Ministers and Central Bank Governors, 27 February.
ECB reassures Germany over crisis fears
The European Central Bank on Tuesday sought to allay fears of a banking crisis in Germany amid reports that the government and senior bankers had discussed emergency measures to bail out the financial system.
Why price stability is not enough
The current fashion for inflation targetting ignores the perils of asset bubbles, and cannot react adequately to the fallout. A much longer view is needed, contends Stephen King.
Central role for ECCB
Michael Imeson looks at the economic problems facing the Organisation of Eastern Caribbean States, and what the Eastern Caribbean Central Bank is doing to help stimulate development.
St Helena’s forgotten currency board
St Helena’s small but perfectly formed currency board provides an example to the rest of the world, argue Steve Hanke and Matt Sekerke.
The benefits of a broader Basel
Ignoring the benefits of a diversified portfolio will penalise developing markets, argue Stephany Griffith-Jones, Stephen Spratt and Miguel Segoviano.
Leadership and management of central banks
“Almost by definition, central banks lack comparative advantage in managing organisational change”, argues John Mendzela. In the second of two articles, he outlines measures of efficiency and performance.