Research
G10 ministers and CB governors meet in Dubai
Ministers and central bank governors of the Group of Ten met in Dubai and despite an improvement in the overall economic outlook, drew attention to the "significant internal and external imbalances that persist, which could weigh on the sustainability of…
IMFC statement on IMF and the global economy
Communique of the International Monetary and Financial Committee of the IMF Board of Governors which highlights the importance of "more balanced growth with orderly adjustment", "sustained and vigorous structural reforms" and "continued focus by the IMF…
Euro economic growth on pause
The euro area economy is stagnant but not in recession - yet - according to a new CEPR committee set up to date the euro-area business cycle. The committee seeks to emulate the NBER in the US, which has performed a similar role since 1980. Using data…
Transcript of the IMF's WEO press conference
Transcript of the IMF's September 2003 World Economic Outlook press conference in Dubai. Ken Rogoff, the IMF's Director of Research, says that "For the first time in a very long time we are reasonably optimistic about seeing a return to normal growth in…
IMF World Economic Outlook, September 2003
The International Monetary Fund published its twice yearly World Economic Outlook report for September 2003 on 18 September. The report says the global economy is showing signs of improvement, but the pace and strength of the recovery remain uncertain…
Bank of Japan Monthly Report, September 2003
The Bank of Japan published the English version of its Monthly Report of Recent Economic and Financial Developments, September 2003, on 17 September. "Turning to the economic outlook, with respect to overseas economies, the likelihood is gradually…
BIS Working Paper on currency crises
This paper modifies the Morris-Shin theoretical framework of financial crises by allowing prices to adjust freely to market conditions. It is then shown that all of the appealing characteristics of that setup are preserved even when public information…
Bank of England Inflation Attitudes Survey, Aug 03
The Bank of England's August 2003 quarterly Inflation Attitudes Survey was published on 15 September. Median expectations of inflation over the coming year were 2.2%, up from 2.0% in May. Respondents were asked to assess the way the Bank of England is …
HKMA Quarterly Bulletin, September 2003
The Hong Kong Monetary Authority (HKMA) on September 15 published the latest issue of its Quarterly Bulletin. This issue contains feature articles including "The Profitability of the Banking Sector in Hong Kong" - analysing the evolution of profitability…
ECB Monthly Bulletin, September 2003
The European Central Bank published its September 2003 Monthly Bulletin on 11 September. The report said recent data confirm that economic activity in the euro area was very weak in the second quarter of 2003, with a slight decline in real GDP according…
Deutsche Bundesbank Monthly Report, August 2003
The Deutsche Bundesbank published the English version of its August 2003 monthly report on 10 September. One difficulty in the development of the international economy, the Report says, is that, once again, the USA will probably be the sole engine of…
RBNZ Monetary Policy Statement, September 2003
The Reserve Bank of New Zealand has published its Monetary Policy Statement (MPS) for September 2003. Speaking at the release of the Monetary Policy Statement Reserve Bank Governor Alan Bollard said "New Zealand has enjoyed an extended period of strong…
Essays on Financial Stability from Bank of Canada
The Bank of Canada has published four "Essays on Financial Stability". The essays provide a useful overview for anyone interested in understanding the issues and policy environment surrounding financial system stability. The first three essays consider…
BIS Quarterly Review, September 2003
The BIS September 2003 quarterly review, released 8 September, is divided into two parts. The first analyses recent developments in financial markets, financing flows in banking and debt securities markets, and activity on derivatives exchanges. The…
Federal Reserve Board - Beige Book, September 2003
The Federal Reserve Beige Book released on 3 September said that the US economy improved in July and August but the jobs market was stubbornly weak. "Labour markets remain slack across the nation, with few reports of occupational shortages," the report…
Fed Reserve Bank of St Louis Review, Sep/Oct 2003
The St Louis Fed has published the latest edition of its Review for September/October 2003. Included in the Review are articles "Institutions for Stable Prices: How To Design an Optimal Central Bank Law" by William Poole and "The 2001 Recession: How Was…
Cost savings from e payments and ATMs in Europe
Working Paper from the Federal Reserve Bank of Philadelphia "Cost Savings From Electronic Payments and ATMS in Europe". Electronic payments are considerably cheaper than their paper-based alternatives. As the share of electronic payments in 12 European…
Richmond Fed's Economic Quarterly, Summer 2003
The Federal Reserve Bank of Richmond has published its Economic Quarterly for Summer 2003. The latest edition contains four articles, Accounting for Corporate Behavior, Japanese Monetary Policy and Deflation, The Euro and Inflation Divergence in Europe…
Chicago Fed National Activity Index, July 2003
The latest Chicago Fed National Activity Index published on 28 August indicates economic activity improved again in July. The CFNAI was -0.20 in July, a small improvement from the June reading of -0.32.
Survey of Professional Forecasters
The Federal Reserve Bank of Philadelphia has published its Survey of Professional Forecasters for the Third Quarter 2003. The U.S.economy will likely expand at a slower pace in 2003 than predicted just three months ago, according to the survey. The pace…
Philadelphia Fed Business Outlook Survey, Aug 2003
Activity in the region's manufacturing sector improved in August, according to firms surveyed for the Philadelphia Fed's Business Outlook Survey, August 2003 . Most indicators increased, but the employment index declined.
E-barter V fiat money: will central banks survive?
Bank of England Working Paper by F H Capie, Dimitrios P Tsomocos and Geoffrey E Wood titled "E-barter versus fiat money: will central banks survive?". In the paper the authors argue that the information-economising properties that allowed money to…
Croatian National Bank Annual Report for 2002
The central bank of Croatia, the Croatian National bank met its goal of price stability with inflation at 2.2% for 2002. This was down on 2001 and in line with European economies, its annual report for 2002 proclaims. Last year also saw the introduction…
Central Bank of China Annual Report 2002
Taiwan experienced a modest recovery in 2002 with GDP growth of 3.54% against a contraction of 2.18% in 2001, according to the central bank's annual report.Foreign excahnge reserves grew by US$39.4 billion to US$161.7 billion over the same period.