Central Banking Journal
Why finance gives the West a bad name
Robert Pringle, editor of Central Banking, finds much to ponder over in the latest books on money and globalisation.
The Fund and Bank: learning the right lessons?
Recent vitriolic attacks on the Bretton Woods twins go too far. But some changes are urgently needed. Frank Cassell calls for less G7 dominance and more executive board independence.
Interview: Fatih Özatay
The vice-governor of the Central Bank of the Republic of Turkey explains how the war in Iraq has affected the central bank and discusses its approach to inflation targetting.
Interview: Irakli Managadze
Georgia, despite its economic burdens, has made striking progress towards ensuring monetary stability. The central bank governor, Irakli Managadze, describe how he has tackled the job.
Interview: Grigori Marchenko
In conversation with Benedict Mander, the chairman of the National Bank of Kazakhstan discusses reserve management policy, the importance of oil, and the difficulties in retaining staff at the central bank.
Central banks in transition
– Kazakhstan, Georgia and Turkey –
The Georgian era at the Bank of England
Elizabeth Hennessy describes the far-reaching changes at the Bank over the last ten years and admires the result – a stylish, independent-minded, determined, independent and slimmer Old Lady.
A spring-cleaning for the Eurosystem
As the Eurosystem prepares for the arrival of new members, it has first to attend to some housekeeping. A report by Nick Carver
The stability and growth pact: next steps
A flexible and cyclical assessment of euro countries’ finances will mean earlier warnings from Brussels. Has the pact bounced back? William M. Clarke reports.
Interview: Manfred J.M. Neumann
In conversation with the editor, Manfred J.M. Neumann explains why the ECB should keep its first pillar (a prominent role for money growth), but alter potentially divisive voting proposals. Manfred J.M. Neumann is a professor of economics at the…
A BIS embarrassed
Defeat for the BIS by minor shareholders was embarrassing and it has consequences for central banks with private shareholders, reports William Hall.
Why price stability is not enough
The current fashion for inflation targetting ignores the perils of asset bubbles, and cannot react adequately to the fallout. A much longer view is needed, contends Stephen King.
Review of Making Money, An Insider’s Perspective on Finance, Politics, and Canada’s Central Bank
Ben Mander enjoys the new book by a former governor of the Bank of Canada
Further problems of inflation targets
For inflation targets to work the public must have faith in official statistics. The trouble is they often don’t.
Central role for ECCB
Michael Imeson looks at the economic problems facing the Organisation of Eastern Caribbean States, and what the Eastern Caribbean Central Bank is doing to help stimulate development.
St Helena’s forgotten currency board
St Helena’s small but perfectly formed currency board provides an example to the rest of the world, argue Steve Hanke and Matt Sekerke.
The benefits of a broader Basel
Ignoring the benefits of a diversified portfolio will penalise developing markets, argue Stephany Griffith-Jones, Stephen Spratt and Miguel Segoviano.
How a central bank should talk
Tony Morrison of the Bank of Jamaica gives his view on how central banks should deal with the media. Reticence is not the answer.
Management of reserve assets
SAMA employs tranching as a means of managing diversification of assets to improve the return on its reserve portfolio.
Leadership and management of central banks
“Almost by definition, central banks lack comparative advantage in managing organisational change”, argues John Mendzela. In the second of two articles, he outlines measures of efficiency and performance.
How to reform the stability and growth pact
Willem Buiter proffers his alternatives to the “stupid” arrangement.