Opinion/Reserves

Gold's backers want to polish up its image

FEATURE - It isn't just the war against terrorism, or the growing violence in the Middle East. It isn't just increased Japanese demand or the Enron scandal's effect on the equity markets. Rather, gold's 10% rally this year, to a recent two-year high of…

Retreating to the sanctuary of gold

FEATURE - 'Gold is back,' declared a leading news agency this week in an analysis into why the yellow metal has pushed resolutely back above US$300 an ounce for the first time in two years, and why investor interest is at its highest in almost 20 years.

FX traders to kiss goodbye to settlement risk

FEATURE - Currency traders, more aware of the potential for disruption in the financial system after September 11, should draw comfort from a long-awaited settlement system linked to central banks that is due to go live this year.

The Japanese economy - Buying time

FEATURE - The Japanese government's latest package of emergency measures to prop up the ailing economy will not meet its goal of reining in the crippling deflation afflicting the nation's battered companies and debt-paralysed banks. But it will likely…

Argentine turmoil not caused by overvalued peso

LETTER - Sir, The Argentines are justifiably possessed by a love for the greenback, an infatuation that even the army of psychoanalysts in Buenos Aires will not be able to exorcise. That is the diagnosis offered up by Thomas Catan ("Argentines' love of…

India's gold jewellery rip-off

FEATURE - Most gold jewellery advertised in India as 22-carat is of a lesser quality, a survey by the Bureau of Indian Standards (BIS) has revealed.

Watch the Fed for clues to rise in gold sector

FEATURE - Gold has broken out and there is no shortage of theories as to why and where it's going from here. But, according to Chad Williams, investors should pay no attention to outlooks based on supply and demand, hedging, central bank sales or even…

Argentina's woes are not solved

ARTICLE - The new Argentine government of President Eduardo Duhalde has started decisively. It took little time to devalue the peso and sketch out a new economic strategy. But the policy remains full of holes. Rather than follow the successful recent…

Who next after Cavallo?

ARTICLE - A mass exodus from Argentina's economy ministry, culminating in the resignation of the minister Domingo Cavallo, has left few contenders to manage the country's finances.

Euro Profits Bonanza

CENTRALBANKNET SPECIAL REPORT - Europe's national central banks stand to profit to the tune of billions of euros as a result of retiring Europe's existing paper currencies and introducing a single currency.

A way out for Argentina

ARTICLE - The currency board cannot survive much longer. Ricardo Hausmann says it is time for a radical alternative.

Return of the gold bugs

ARTICLE - The price of gold could go to $340 an ounce within the next three months - and continue to soar after that.

Singapore risk management

ARTICLE - G10 central bank study says that consolidation has heightened possibility of systemic risk. Central banks of G10 countries recently released a joint study on the impact of consolidation on financial risk, payment systems and monetary policy,…

Central banks could own big chunk of US Tsys-UBSW

RESEARCH - Global central banks could own the entire supply of marketable U.S. debt by the end of 2006 as growing foreign exchange reserves force them to buy more ultra-safe U.S. government debt, according to a survey of central banks conducted by UBS…

Costs of forex intervention - evidence from Sweden

ARTICLE - Boo Sjoo and Richard Sweeney have published an article "The foreign-exchange costs of central bank intervention: evidence from Sweden" in the latest issue of Journal of International Money and Finance. The study supports the view that the…

Best practice in debt management-IMF guidelines

ARTICLE - The IMF and World Bank have published a final version of their report "Guidelines for Public Debt Management". The IMF drew up the guidelines to assist governments "build capacity for managing their debt" which would consequently "reduce their…

Computer support for reserves managers-Nugee

RESERVE MANAGEMENT - Deciding on the right level of computer support for reserve managers in a world of fast changing technology often makes it preferable to outsource some IT provision, says John Nugee, former head of reserve management at the Bank of…

Interview: Walter Shipley

Walter Shipley, recently retired chairman of Chase Manhattan/J.P Morgan, has justchaired a working group on public disclosure aimed at investigating howdisclosure by large US banks and securities firms could be improved. He spoketo Central Banking's…

Grey Areas in Central Banking- HKMA's Joseph Yam

How far should the HKMA involve itself in two grey areas that are receiving an increasing amount of public attention: consumer protection in the banking industry, and the development of retail payment systems? Joseph Yam, chief executive of the Hong Kong…

Interview: Charles Goodhart

In a wide-ranging interview, Professor Charles Goodhart gives his views on the main challenges facing central banks today: output gap forecasting and productivity shifts, and the role of asset prices and the exchange rate in monetary policy. He also…

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