Economics

ECB Monthly Bulletin - July

An article interpreting monetary developments in the eurozone since mid-2004 is a timely addition to July's bulletin which shows M3 growth surging above 10% on all measures.

Singapore's central bank profits more than tripled

The Monetary Authority of Singapore (MAS), the country's central bank, announced on 25 July that its profits more than tripled in the fiscal year through March 2007. This huge increase was due to higher interest payments and gains from asset markets that…

Nepal's cb outlines policy strategy

The Nepal Rastra Bank, the country's central bank, has published details of its policy strategy for the current fiscal year. The central bank says policy will aim to keep inflation under 5% without any change in the compulsory cash ration or the bank…

Australia's Stevens warns on CDOs

Glenn Stevens, the governor of the Reserve Bank of Australia, has warned that the country's local government bodies may have invested in collateralised debt obligations (CDOs) without understanding their risks.

China's economy not overheating - official

Yao Jingyuan, the chief economist of China's National Bureau of Statistics, says the country's economy is not overheating. Yoa says economic efficiency is improving and "the economic structure is being optimised."

Gono questions Mugabe's fuel plan

Zimbabwe central bank governor, Gideon Gono, has warned the government of Robert Mugabe, the country's president, that its plan to ban private fuel purchases in foreign currency could provide a further drag on the world's fastest shrinking economy.

Brash enters Kiwi fracas

Don Brash, the former governor of the Reserve Bank of New Zealand, has entered the ongoing debate about the relations between the central bank and the ministry of finance.

Draghi testifies to parliament

Stronger economic growth has meant a smaller fiscal deficit, noted the governor of the Bank of Italy, Mario Draghi, but Italy's structural deficit remains substantial.

Fed's Plosser on housing and monetary policy

The recent reversal of the boom in housing activity and house prices in the United States has contributed to a slowdown in economic growth, says Charles Plosser, the president of the Federal Reserve Bank of Philadelphia, in this speech. But, he argues,…

Mixed message from Bernanke

Testimony today from Ben Bernanke, the chairman of the Federal Reserve, before the House of Representatives Committee on Financial Services gave a somewhat mixed message as he predicted that while he expects economic growth to pick up slightly next year…

German confidence takes a dip

A survey of investors published yesterday by the ZEW Institute in Mannheim suggested that Germany's recovery might falter as the country feels the effect of higher interest rates, nervous financial markets and a stronger euro.

Fed's Monetary Policy Report to Congress

The Fed's seminannual report to the American congress, which was released at the start of chairman, Ben Bernanke's testimony on 18 July, paints a rosy picture of the outlook for the world's largest economy.

Hungary's Simor questions Maastricht criteria

Andras Simor, the president of Hungary's central bank, told reporters in Bucharest on 17 July that the Maastricht criteria for the adoption of the euro "might not be as appropriate for emerging countries as for the more developed ones."

Concerns remain over rising baht

The Thai central bank was has been urged by the country's military-backed government to cut its key interest rate further to try to stem the rise of the baht, the country's currency, which has reached ten-year highs against the dollar.

Zimbabwe can't join rand monetary union - Mboweni

Tito Mboweni, the governor of the South African Reserve Bank, says Zimbabwe was far from being ready to join the rand common monetary area (CMA), which currently includes South Africa, Lesotho, Namibia and Swaziland.

India mulls sovereign wealth fund

The government of India has decided to set up a "wholesale banking company" - its own version of a sovereign wealth fund - in a separate country with a mature financial system, according to reports in the Indian media.

Is an international lender welfare enhancing?

This Central Bank of Chile working paper examines the role of an extra lender in the international markets - such the IMF or another similar institution. The authors suggest that the existence of such a lender "is not beneficial from a welfare standpoint…

Japan's CPI understated deflation - NBER paper

Japan's deflation would have more than twice as severe as official statistics suggested if the country adopted American methodologies which correct for substitution biases and quality upgrading, this NBER working paper finds.

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