Central Banking
The "too-big-to-fail" policy in Japan
RESEARCH - Mark Spiegel and Nobuyoshi Yamori of the Federal Reserve Bank of San Francisco analyse evidence from market equity values of the too-big-to-fail" policy in Japan in a working paper for the economic research department of the Federal Reserve…
Australian rates likely to remain unchanged
AUSTRALIA - Australia's central bank governor said on 11 May that interest rates will be cut again only if there is a dramatic threat to the U.S. and global economies.
IMF urges Gulf states to open up
BAHRAIN - The International Monetary Fund (IMF) has urged the Persian Gulf Arab states to end subsidies and open up to foreign investment.
Bank Indonesia revises up 2001 inflation forecast
INDONESIA - Indonesia's central bank said on 14 May it expected to revise up its 2001 inflation forecast due in part to the weak rupiah, but added the rate should remain below 10 percent.
Fed expected to make another US rate cut
US - The Federal Reserve is expected to make another anti-recession move on 15 May with an interest rate cut - to try to boost the ailing U.S. economy.
IMF will lose a third senior official
WASHINGTON - Jack Boorman is planning to leave the IMF, probably later this year. Fund officials were quick to stress that Mr Boorman had been at the IMF for 25 years and that his leaving was not a shock.
Central Banking Journal May 2001 edition now out
Central Banking Vol. XI, No. 4 was published 8 May 2001. This edition includes exclusive interviews with Maurice O'Connell, Governor of the Central Bank of Ireland, Syahril Sabirin, Governor of Bank Indonesia and Hans Tietmeyer, former Bundesbank…
Former Bank of Thailand governors face prosecution
According to Thailand's deputy finance minister, senior former officials from the Bank of Thailand my soon face prosecution for their role in the 1997 currrency crisis.
Financial Policy and Central Banking in Japan
BOOK - A new book by T. Cargill, M. Hutchison and T. Ito analyses how the bank-dominated financial system - a key element of the oft-heralded "Japanese economic model" - broke down in the 1990s and spawned sweeping reforms.
IMF Concludes Article IV with South Africa
SOUTH AFRICA - On 19 March 2001, the Executive Board of the International Monetary Fund concluded the Article IV consultation with South Africa.
Rules tightened by Philippine central bank
MANILA - The Philippine central bank said on 11 May that it has expanded the duties and responsibilities of the board of directors of banks to strengthen the banking system.
Yugoslavia re-admitted to World Bank after 8 years
YUGOSLAVIA - Yugoslavia rejoined the World Bank on 8 May, eight years after being expelled for its involvement in Balkan wars, noting that the move paves the way for future loans to help the impoverished country's economic recovery.
Bank of England lowers base rate
UK - The Bank of England announced at 12pm on May 10 that the UK's main interest rate measure, the repo rate, would be reduced by 0.25% to 5.25%.
ECB cuts interest rates by 0.5%
Summary - The European Central Bank (ECB) has made a surprise cut in its key interest rate reducing it by a quarter point to 4.5%.
Bank of England revamps its web site
UK - The Bank of England has transformed its online presence with a complete makeover to its external website and details on the Centre for Central Banking Studies handbooks.
Inflation still main concern of ECB
GERMANY - European Central Bank council member Vitor Constancio said on 10 May that inflation still remained the bank's main concern.
Financial Stability and Central Banks
BOOK - This book is published by the Bank of England and includes papers presented at the banks 7th annual Central Bank governors' symposium in June 2000. The 2000 symposium considered financial stability and the role of central banks.
Banks refusing funds from BOJ
JAPAN - Japanese monetary policy encountered a significant hitch yesterday, 9 May, after it failed to persuade banks to accept any more funds. The money was virtually free as interest rates in Japan are close to zero.
Central banks not to blame for weak gold price
According to a study into the gold derivatives market by Professor Anthony Neuberger of the London Business School, the five-fold increase in gold lending since 1990 cannot account for the slump in the gold price over the period.
Fischer to leave the Fund
Stanley Fischer, the IMF's deputy managing director, announced yesterday that he would leave the fund before the end of the year.
Sir Eddie George at the University of Zurich
SPEECH - The Governor of the Bank of England, Sir Eddie George, gave a speech at the Swiss Institute of International Studies, University of Zurich on May 7.
Klein to hold talks with Israel's prime minister
ISRAEL - David Klein, governor of the Central Bank of Israel is to meet with Ariel Sharon, the prime minister of Israel, in the next few days in an attempt to resolve the dispute which led Mr Klein to shelve a cut in interest rates at the end of April.
Chief denies Bank of Japan Governor will resign
JAPAN - Chief Cabinet Secretary Yasuo Fukuda, categorically ruled out the possibility that Bank of Japan Governor Masaru Hayami will resign soon. He was speaking on 9 May.
MAS to welcome more foreign banks
Tharman Shanmugaratnam, the new managaing director of Singarpore's monetary authority, has indicated that the authority plans to issue more banking licenses to foreign banks.