Feature/Financial Stability
New Zealand breaks with the Brash era
Going for growth will come back to haunt the Reserve Bank and its governor, writes Rodney Dickens
A crisis of identity
The loss of its managing director could not have come at a worse time for an IMF looking to remodel itself. Klaus Engelen reports
How to manage system risks
Many central banks can forget best-of-breed solutions for IT systems. Terry Beadle offers some realistic proposals
Does the global output gap matter?
Recent studies point to the increasing importance of global economic forces for domestic inflation. But policymakers are far from convinced, writes Assistant Editor Malan Rietveld
News analysis: Gulf economies: divided we stand
Kuwait’s decision to loosen its dollar peg may herald an era of greater national economic independence in the Gulf, writes Narayan Lakshman.
Scorecard for Bulgaria’s currency board
After ten years of running under a new law, Bulgaria’s central bank can be proud of its record, writes Steve Hanke
The rise of the polymer
Nick Carver looks on the development of a viable alternative to paper banknotes
Why central banks should look at liquidity risk
Recent legal and market developments have alerted public authorities and industry bodies to the perils of liquidity risk risk, write Stefan W. Schmitz and Andreas Ittner
Why prevention is better than cure
Does delay in closing a bank make a crisis worse? Not necessarily so, says Charles Goodhart, who examines the case for and against with reference to recent financial crises and near-crises
A strong case for regional monetary cooperation
Charles Wyplosz looks at how policy at the regional level can underpin efforts to unwind global imbalances.
East Asia’s policy dilemmas
Regional cooperation on exchange rates would suit East Asia, but poor relations between China and Japan mean it is unlikely, argues Yung Chul Park
Challenging the Washington Consensus
Blaming the other side is not the way for the major economic players to tackle global imbalances, says Richard Portes.
The difficult choice of an inflation target
Although “headline” measures of inflation are more volatile than “core” measures, central banks are increasingly adopting them as targets. Stall writer Malan Rietveld finds out why.
How to manage the 21st-century central bank
John Mendzela sets out the management practices central banks need to succeed in the future, and how to change successfully.
Fukui prepares to raise rates
Raising rates in Japan’s unbalanced economy will test Governor Fukui’s skills to the limit, says Andrew Smithers. But he is on the right track so far.
Dates slide for euro hopefuls
Assistant editor Nick Carver surveys the progress – or in some cases the lack of it – of the ten countries that joined the EU in 2004.
Weber reveals his monetary policy stance
Axel Weber set out his thinking on the role of monetary policy and interest rates in three speeches in March. Stephen Frowen and Elias Karakitsos report.
Government debt gears up for change
Paul Brione charts the rise in profile, professionalism and autonomy of government debt offices.
On the record: Lawrence Summers
Lawrence Summers offers his reflections on global account imbalances and reserve accumulation in emerging markets.
Asia’s bonny bond markets
Asian central banks have been actively promoting domestic bond markets. Anthony Rowley reports.
Tokyo disputes inflation targets
Disputes between the central bank and Ministry of Finance continue to stymie Japanese policymaking. Thomas Cargill and Federico Guerrero explain.
Performance measurement in central banks
Iain Thomson suggests ways central banks can incorporate best practice in commercial-sector performance measurement.