This paper considers the functioning of the international interbank market (IIBM), its contribution to the recent financial turbulence in Asia, and the policy issues presented by the existence of moral hazard and implicit guarantees of interbank liabilities. The paper provides statistical...

This paper reviews some of the issues confronting central banks in their choice of monetary operating instruments and techniques. As a result of efforts by governments to improve efficiency in financial systems, together with developments in financial information, computation and communication...

This paper examines some of the origins of the recent East Asian financial crisis. It is composed of three parts. The first considers the role of moral hazard in the crisis, specifically the influence of implicit and explicit government guarantees which may have contributed to excess borrowing...