Opinion
Asian integration and the IMF
In this commentary article IMF Managing Director Rodrigo de Rato says the next step for Asia should be to develop more resilient national and regional financial markets. This would further reduce vulnerabilities by improving the channeling of savings and…
Comment: Intervention tightrope
Central bank officials from three of the world's most important emerging markets this week made comments to the effect that they are intervening in foreign exchange markets and could continue to do so in the future. The reasons they put forward for doing…
IMF rebuffs US Treasury on China - Bravo!
After years of marginalization and soul-searching, the IMF seems to be finding its voice again, according to this article published on Wednesday 5 October. IMF chief Rodrigo de Rato isn't about to do the US's dirty work, by branding China as a currency…
Argentina explains: Why gold?
According to this article published on Tuesday 4 October, suggestions that the Central Bank of Argentina, along with other South American nations, might increase its gold holdings has now become a realistic scenario.
Walk, don't run, to the eurozone
This article asks why the Czech Republic is in such a hurry to join the euro? After all, Britain's GDP is growing significantly faster than overall levels in the eurozone, it says.
Comment: The Old Lady stands her ground
The Bank of England's decision to turn down a settlement offer from the Bank of Credit & Commerce International's (BCCI) liquidator, Deloitte, in the ongoing litigation case related to the BCCI's collapse in 1991, shows how tough the Bank can be when…
Fed wary of inflation, preparing rate increase
According to this article published on Tuesday 4 October, Federal Reserve officials are on track to raise interest rates at their next meeting. Right now they are on the watch for any sign that expectations for future inflation are deteriorating, it says.
Comment: Roach slates Greenspan
Do Alan Greenspan's recent comments regarding the relationship between asset prices, monetary policy and macroeconomic stability present an about-face on some of his most controversial views? If so, what does this mean for the person who is to succeed…
Int'l payment systems expand presence in Russia
This article published on Monday 3 October reports that payment systems have achieved notable success in Russia but operate differently than in most other markets.
Comment: IMF under fire again
Writing in the Financial Times yesterday eminent economist, Michael Mussa, who served as economic counsellor and director of the department of research at the International Monetary Fund from 1991-2001, joined the chorus of voices arguing that the Fund…
ECB's power over market inflation outlook queried
According to this article published on Friday 30 September, the European Central Bank may have less control over financial markets' inflation expectations than it thinks, despite its increased rhetoric about the importance of keeping them under control.
High time for a single GCC currency
This article published on Thursday 29 September notes that there has been a fair amount of scepticism towards the proposed Gulf single currency, and says that for the currency union to be effective, there will need to be a single independent central bank…
Comment: When will Basel II bite
The Basel committee's members are committed to implement their new capital accord in just 15 months. The basic framework should go live on January 1, 2007; with the most advanced approaches following at the end of 2008. But what about those non-member…
Italy should leave a horse's head on Fazio's bed
According to this article published on Tuesday 27 September, by now Bank of Italy governor Antonio Fazio's career prospects should make Kate Moss look like employee of the year. Instead, he still has a job for life under Italian law, it says.
Comment: Comparing policy structures
The IMF yesterday released a working paper surveying the governance and decision-making structures of inflation-targeting central banks.
Why has gold been rising?
With gold reaching a near-18 year high in trading, this article published on Monday 26 September says gold bugs are now enthusiastically talking of $500 an ounce and beyond.
Comment: What triggered global imbalances
Ian Macfarlane, the governor of the Australian Reserve Bank, yesterday provided a fascinating analysis of the causes of the macroeconomic imbalances that plague the global economy at present. His analysis of the causes also bears important implications…
The ECB: Villain, or a savior of Europe?
According to this article published on Saturday 24 September, the challenges facing the European Central Bank are particularly acute, with the ECB under fire for refusing to deviate from its inflation-fighting mandate in order to stoke growth through…
Comment: The IMF ducks challenges
The meeting of the IMF, the World Bank and G7 finance ministers and central bankers have as usual afforded influential international policymakers the opportunity to reflect on the role of these international institutions. Key is the role of the IMF.
Comment: Chinese gradualism
The invitation of China's finance minister and central bank governor to the G7 meeting in Washington this week would have dispelled any suggestion that "yuan politics" would not be a major talking point. But has anything new actually been said? The…
China's bonding experience gains some speed
This article published on Monday 19 September asks whether China, Asia's No.2 economy, can reach its potential without a bond market. The good news is that efforts to create one are gaining momentum, it says.
Comment: Persaud on Asian reserve diversification
The real problem with global imbalances is neither Asian manipulation of exchange rates nor an Asian savings "glut" which only American consumption can offset, said Avinash Persaud, presenting the latest CEPR report.
Is fiscal policy inflationary? Just ask the Fed
This article published on Wednesday 21 September asks whether US fiscal policy is about to upend the bond market? Market participants may well associate bad news on the economy with an increase in fiscal spending and lower bond prices, it says.
Comment: IMF on inflation targeting
The IMF's World Economic Outlook, published Wednesday 21 September, makes the contentious assertion that "it does not appear to be necessary" for emerging market economies considering the adoption of fully-fledges inflation targeting, to meet key…