Central Banking Journal
Challenges for central banks in the new member states
Max Watson assesses the task facing accession countries in safeguarding financial stability. He starts by recognising the big strides already taken, and then considers the risks that lie ahead.
Making markets work - the central banker's role
For financial markets in transition countries to develop effectively, a broad policy overview is needed. Central bankers have an important role to play in this, argues John Chown, and so they should not confine themselves only to their core functions.
Launching the Asian bond
Despite huge demands for bonds, Asia's debt markets remain nationally focused. Anthony Rowley reports from Tokyo on central-bank led initiatives to launch two Asian bond funds.
Reinventing euro-area central banks
Central banks of the euro area have the challenge of redefining their national roles. Maxwell Watson suggests approaches that build on their existing authority and expertise.
On the record
Central Banking reproduces a text of a speech made by Mervyn King, governor of the Bank of England, at the East Midlands Development Agency/Bank of England dinner in Leicester October 14.
Why central banks need financial strength
What are the tell tale signs of a weak central bank? Peter Stella peers into the murky world of central bank balance sheets to find out.
The looming crisis in international payments
Central bank holders of dollar balances face the prospect of massive further losses as the United States adjusts its external payments through a necessary fall in the dollar.
The Duisenberg years
Is the ECB's reputation in the markets for poor communication of a poor strategy justified? Charles Wyplosz reflects on Wim Duisenberg's time as president.
How will Trichet speak?
Staff writer Benedict Mander contemplates the outlook for Jean-Claude Trichet's eight-year term as president of the ECB from the point of view of the public relations challenges he faces.
Can central banks be efficient?
Inflation targeting has focused policymakers' minds on central banks' performance. But can all central bank tasks be assessed? Neil Courtis investigates value for money in central banking.
What next for the G20?
The G20's breadth of membership is starting to give it a voice in official discussions of international monetary issues, says Marc Uzan.
Investment portfolio techniques at a central bank
Etienne Lavigne discusses the appropriate reserve management framework and mix of portfolio techniques for a central bank.
Folly in economics
Where does the hyperinflation fit in the rational world of economics? Martin Paldam finds the answers in Peter Bernholz's study of monetary abuse.
Reports from Dubai
In the following 14 pages our correspondents report some of the more interesting but less publicised developments and events that took place at and around this year's meeting of the IMF, held in the glittering hotels and convention centres of Dubai…
Perspectives on deflation
In this issue we present a variety of views on the threat of deflation. Here we offer a summary and our own conclusion.
Interview: Martin Feldstein
In conversation, Professor Feldstein discusses his worries for the European Central Bank's future, who is to blame for the bubble, the US payments deficit and the international monetary system.
Interview: Malcolm Knight
Malcolm Knight, the new head of the Bank for International Settlements, calls for much deeper understanding of the way globalised financial markets actually function. As a global institution, the BIS is well placed to supply such analysis and to draw the…
Interview: Rene Smits
A recent little-noticed ruling by the European Court of Justice could have far-reaching implications for the European Central Bank. The former legal counsel at the Netherlands Bank discusses the consequences of this for ECB finances and governance, and…
Deflation holds no terrors for Hong Kong
In the first of a three-part feature, Tony Latter, former deputy chief executive at the HKMA, cites Hong Kong's experience to argue that mild deflation may not be too injurious.
Why deflation is different
The consequences of deflation are much worse than mere inflation in reverse, argue Thomas Cargill and Elliot Parker.
Why inflation is still the real danger
Policymakers should not be swayed by recent fears of deflationary spirals and policy impotence. History demonstrates that with fiat currencies, inflation will always be the real concern.
Scorecard for the City
A recent CSFI survey asked London market participants for their views on London's competitiveness. It shows that the City still has much going for it, but it suffers from a lack of leadership.