Monetary Policy
BOJ says to launch new loan facility on March 16
The Bank of Japan (BOJ) said on Feb 28 it would launch its new standby Lombard-type lending facility on March 16.
S.Africa's Mboweni not worried by Jan CPIX rise
South Africa's central bank governor Tito Mboweni said on Feb 28, 2001 he was not worried by an unexpected rise in the bank's targeted inflation measure during January 2001, and he still expected its target to be met by 2002.
IMF, Kenya to negotiate on reform package
An IMF team will visit Kenya next month to push for further reforms to put the country's aid programme back on track, officials said on Feb 28, 2001.
IMF urges UK maintain cautious fiscal stance
The IMF strongly approves of the UK's current monetary and fiscal policy framework saying that it has contributed to the longest period of sustained non-inflationary output growth in 30 years, but warned Chancellor Gordon Brown not to loosen the public…
East Timor - Central bank precursor inaugurated
The East Timor Central Payments Office, expected to become the territory's central bank, was officially inaugurated Feb 28 by Sergio Vieira de Mello, the chief of the UN Transitional Administration in East Timor.
Selected IMF working papers published
The IMF has recently published a number of working papers on subjects ranging from inflation targeting, central bank independence, to endogenous growth. Links to the papers are given.
Oxford Review of Economic Policy, Vol. 16, No. 4
The following is the contents including abstracts of the latest issue of the Oxford Review of Economic Policy, Volume 16, Issue 4: Winter 2000. Authors include Stanford University's John Taylor and Princeton's Paul Krugman.
Turk cbank calms mkts, govt pledges action
Turkey's central bank stabilised markets on Feb 27, 2001 and the government pledged to stand firm and fill vital economic posts swiftly in its fight to rebuild its shattered economic policy.
IMF sees framework for 'smooth' Lithuanian repeg
The International Monetary Fund (IMF) said on Feb 27, 2001 Lithuania had created conditions for a smooth repeg of the litas currency to the euro from the dollar next year and saw prospects for improved economic growth in 2001.
China to launch OTC debt trading this year - paper
China will launch a trial of over-the-counter (OTC) debt trading at state banks in the second half of this year, a senior central bank official was quoted on Feb 27 as saying.
Turks count cost of crisis, austerity looms
In the first official price hike on Feb 26 sparked by last week's shock 36 percent lira devaluation against the dollar, prices rose 10 percent on state monopoly Tekel goods including cigarettes, salt and Turks' favourite aniseed-flavoured alcoholic drink…
Fed executive picked for position with US Treasury
In a widely expected move, Peter Fisher, the executive vice president in charge of markets for the Federal Reserve Bank of New York, has been appointed as the Domestic Finance Official at the US Treasury.
ECB says output of euro banknotes is on schedule
The European Central Bank insisted that production of euro banknotes is on schedule, rejecting a newspaper report that said printing problems could leave European nations short for the introduction of the notes on Jan. 1, 2002.
Singapore MAS to brief on mon policy twice a year
The Monetary Authority of Singapore said on Feb 26, 2001 it will hold a media briefing twice a year on its monetary policy in an effort to raise transparency.
Pakistan cuts GDP forecast to below four percent
Pakistan's central bank on Feb 26, 2001 slashed its economic growth target for the second time in four months, because of slower growth in agriculture, high oil prices and the falling rupee.
Polish rate cuts hinge on meeting '03 inflation
Polish policy-makers will not cut interest rates until confident there is no danger to the medium-term inflation target, central bank chief Leszek Balcerowicz said in a newspaper interview published on Feb 26, 2001.
Indonesia, IMF agree on c.bank independence-Ramli
Indonesia's chief economics minister Rizal Ramli said on Feb 26, 2001 he had reached agreement with the International Monetary Fund on the need to maintain the central bank's independence but stopped short of saying a long running deadlock had been…
Romania must step up inflation fight-c. bank chief
Romania has to step up its battle against inflation but needs to do so gradually to avoid shocks from a sudden reduction, Mugur Isarescu, the governor of the central bank (BNR), was quoted as saying on Feb 26, 2001.
Swedish inflation risks receding-Riksbank
Sweden's central bank, the Riksbank, said on Feb 26, 2001 that inflation risks appeared to have diminished since it raised interest rates in December 2000, although the outcome of the current wage round could affect the picture.
Bank of Israel cuts lending rate by 0.2 pct point
The Bank of Israel said on Feb 26, 2001 it was lowering its key lending rate by 0.2 percentage points to 7.5 percent, its eighth straight monthly reduction and the 14th in the past 16 months.
Lessons from Japan's Experience in Monetary Policy
The chief representative of the Bank of Japan in Frankfurt says in a speech that the 1990s has been a period of learning for the central bank, not as many people say "a lost decade". The bank now has a greater focus on the role of asset prices and the…
Breaking the Cycle of World Poverty-Horst Koehler
Horst Kohler, Managing Director of the International Monetary Fund gave a speech at the conference on "Child Poverty, Education, and Health" in London, February 26, 2001. He says he has learnt a lot from his discussions with sub-Saharan African leaders…
'Inflation, Financial Development'-Peter Rousseau
Peter L. Rousseau from Vanderbilt University and Paul Wachtel from the Stern School of Business, New York University have published an article called "Inflation, Financial Development and Growth". The last decade saw an explosion in research interest on…
Time Inconsistency Problem in Monetary Policy?
A paper by Stefania Albanesi, V.V. Chari and Lawrence J. Christiano titled "How Severe is the Time Inconsistency Problem in Monetary Policy?"