Central Banking Journal
What next for the G20?
The G20's breadth of membership is starting to give it a voice in official discussions of international monetary issues, says Marc Uzan.
Investment portfolio techniques at a central bank
Etienne Lavigne discusses the appropriate reserve management framework and mix of portfolio techniques for a central bank.
Folly in economics
Where does the hyperinflation fit in the rational world of economics? Martin Paldam finds the answers in Peter Bernholz's study of monetary abuse.
Reports from Dubai
In the following 14 pages our correspondents report some of the more interesting but less publicised developments and events that took place at and around this year's meeting of the IMF, held in the glittering hotels and convention centres of Dubai…
Perspectives on deflation
In this issue we present a variety of views on the threat of deflation. Here we offer a summary and our own conclusion.
Interview: Martin Feldstein
In conversation, Professor Feldstein discusses his worries for the European Central Bank's future, who is to blame for the bubble, the US payments deficit and the international monetary system.
Interview: Malcolm Knight
Malcolm Knight, the new head of the Bank for International Settlements, calls for much deeper understanding of the way globalised financial markets actually function. As a global institution, the BIS is well placed to supply such analysis and to draw the…
Interview: Rene Smits
A recent little-noticed ruling by the European Court of Justice could have far-reaching implications for the European Central Bank. The former legal counsel at the Netherlands Bank discusses the consequences of this for ECB finances and governance, and…
Deflation holds no terrors for Hong Kong
In the first of a three-part feature, Tony Latter, former deputy chief executive at the HKMA, cites Hong Kong's experience to argue that mild deflation may not be too injurious.
Why deflation is different
The consequences of deflation are much worse than mere inflation in reverse, argue Thomas Cargill and Elliot Parker.
Why inflation is still the real danger
Policymakers should not be swayed by recent fears of deflationary spirals and policy impotence. History demonstrates that with fiat currencies, inflation will always be the real concern.
Scorecard for the City
A recent CSFI survey asked London market participants for their views on London's competitiveness. It shows that the City still has much going for it, but it suffers from a lack of leadership.
Mr Greenspan's record: where do we go from here?
The recent boom showed that policymakers should be wary of apparent economic "paradigm shifts". Now dealing with the inevitable asset price bust they should not ignore the inflation threat.
Towards a better SDDS
The IMF's SDDS is a good idea, but poorly executed argue Steve Hanke and Matt Sekerke. The authors suggest an alternative accounting standard for central banks.
How to bring about a "robust exit" for an insolvent bank
Regulators often need to act fast in order to preserve a bank's value, punish poor management and avoid GDP-sapping bailouts argues David Hayes.
Why central banks need capital
While in theory central banks do not need capital, in practice they do. But there is no agreement yet on how to target or access their capital requirements. Robert Pringle reports.
How Bulgaria is destroying its "currency board"
A transfer of government funds threatens Bulgaria's monetary framework argue Steve Hanke and Matt Sekerke.
Will Asia play the gold card?
If Asian countries decide to sell their dollars and buy gold, the impact on the global financial system could be as dramatic as the collapse of the Bretton Woods fixed exchange rate system in 1971.
Insiders and outsiders at the Bank of England
The voting behaviour of members of the Bank of England's monetary policy committee is popularly portrayed as just a "hawks versus doves" dichotomy. The reality is complex reveals Petra Gerlach-Kristen.
Hitting the target
Target2 presents an opportunity to rationalise and modernise the euro clearing and settlement process. The ECB needs to look beyond RTGS argues Mike Evans.
Building inflation credibility
Jannie Rossouw, of the South African Reserve Bank, presents his method for determining the credibility of a central bank’s inflation targets.
No honeymoon for Fukui
The world is looking for fresh, decisive policies from the new central bank governor. What can he do? Tomohiko Taniguchi reports from Tokyo.
How Fukui should deal with deflation
In the first of a two-part feature on Japan, Andrew Smithers discusses the economic solutions and political obstructions to reviving the stagnant economy.