Research
IMF paper on impacts of non-adoption of the euro
The IMF Working Paper "Price impacts of non-adoption of the euro for small European countries" uses the Sjaastad model to analyze the price-making power of major currencies with regard to the prices of traded goods in small countries that have not…
The IMF's balance-sheet and credit risk
The authors of this Bank of Canada Working Paper examine the characteristics of International Monetary Fund (IMF) lending from the 1960s to 2005. They find that there has been an increase in portfolio concentration and that lending terms have effectively…
Central banks and the challenge of development
The BIS has published papers presented at a special meeting of central bank governors held in Basel, 14-15 March 2006. For the first time in more than 30 years, there has been a marked revival of growth in much of Africa, and inflation has been brought…
Common currency basket in the 'ASEAN plus three'
East Asian countries, for example "ASEAN plus three countries" (China, Korea, and Japan), have been well cognizant of importance of the regional financial cooperation since the Asian currency crisis in 1997, according to the Discussion Paper "Adopting a…
Paper on European monetary policy
The paper "Is European monetary policy appropriate for the EMU member countries? A counterfactual analysis" analyses whether interest rate paths in the EMU member countries would have been different if the previous national central banks had not handed…
IMF Paper: Statistics for a GCC currency union
Looking ahead to the creation of a Gulf Cooperation Council (GCC) Currency Union in 2010, the IMF Working Paper "Principles for development of statistics for a Gulf Cooperation Council currency union" covers some implications for the statistical programs…
The brave new world of central banking
At the dawn of the 21st century, property and equity ownership are spread more broadly across the population than they once were, according to the Czech National Bank Working Paper "The brave new world of central banking: The policy challenges posed by…
What drives volatility persistence in FX market?
The Federal Reserve Board Discussion Paper "What drives volatility persistence in the foreign exchange market?" published May 2006 analyses the factors driving the widely-noted persistence in asset return volatility using a unique dataset on global euro…
Paper on monetary policy and asset prices
The University of Warwick Research Paper "Monetary policy and asset prices : What role for central banks in new EU member states?" deals with the relationship between monetary policy and asset prices.
Legal foundations of int'l monetary stability
A new book by Rosa Maria Lastra, a senior lecturer in International Financial and Monetary Law, describes the legal framework promoting, and policy implications of, monetary and financial stability.
Bank supervision Russian style
The Working Paper "Bank supervision Russian style: Rules versus enforcement and tacit objectives" from the William Davidson Institute focuses on the conflict between two central bank objectives, namely individual bank stability and systemic stability.
Monetary policy conduct of the Swiss National Bank
The Bank of Japan Working Paper "Monetary policy conduct of the Swiss National Bank: the experience from 2001 to 2004" published May 2006 investigates the monetary policy conduct of the SNB during the period 2001 to 2004 and the accompanying financial…
IMF paper on the European single financial market
The IMF Working Paper "The lender of last resort in the European single financial market" published May 2006 examines challenges in effectively implementing the lender-of-last-resort function in the EU single financial market.
Which news moves the euro area bond market?
This ECB Working Paper explores a long dataset (1999-2005) of intraday prices on German long-term bond futures and examines market responses to major macroeconomic announcements and ECB monetary policy releases.
BIS paper on dynamic prudential regulation
The BIS Working Paper "Dynamic prudential regulation: Is prompt corrective action optimal?" investigates whether reliance on book-value capital is a good policy choice and if PCA is an optimal regulatory approach.
ECB paper on catching-up member states
The ECB Working Paper "Implications of monetary union for catching-up member states," published May 2006, examines the implications of monetary union for macroeconomic stabilisation in catching up participating countries.
ECB paper on foreign reserves management
The ECB Working Paper "Foreign reserves management subject to a policy objective," published May 2006, studies the implications of introducing an explicit policy objective to the management of foreign reserves at a central bank.
SF Fed paper on the bond yield 'conundrum'
The Federal Reserve Bank of San Francisco Working Paper "The bond yield 'conundrum' from a macro-finance perspective," published May 2006, documents the extent and timing of the bond yield conundrum using two empirical no-arbitrage macro-finance models…
Enforcement and the stability and growth pact
The IMF Working Paper "Enforcement and the stability and growth pact: How fiscal policy did and did not change under Europe's fiscal framework" published May 2006, says that the Stability and Growth Pact has been a success in numerous EU countries,…
Framework for independent monetary policy in China
According to this IMF Working Paper, published 15 May, as China's economy becomes more market based and continues its rapid integration into the global economy, having an independent and effective monetary policy regime oriented to domestic objectives…
The origins of bubbles in laboratory asset markets
The authors of this Atlanta Fed Working Paper, published May 2006, conduct experiments that are designed to investigate individual probability judgment error and speculative behaviour. They find that both factors contribute to the creation of asset price…
Central bank intervention and ex rate volatility
The St Louis Fed Working Paper "Central bank intervention and exchange rate volatility, its continuous and jump components" analyses the relationship between interventions and volatility at daily and intra-daily frequencies for the two major exchange…
A hands-off central banker?
According to the Working Paper "A hands-off central banker? Marriner S. Eccles and the Federal Reserve Policy, 1934-1951" published April 2006, the Federal Reserve after 1935 acquired new instruments to command monetary policy, but it did not change its…
Kansas Fed's Payments system research briefing
The Kansas City Fed's Payments system research briefing for May 2006, examines the potential for fraud associated with various "traditional" payment methods and the protective measures that consumers should take when using them.