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The Role of Transparency in the Conduct of Monetary Policy

Minegishi, Makoto; Cournède, Boris - Economics Department, Organisation de Coopération et … - 2009

In contrast to the once prevailing norm of secrecy and opaqueness, transparency has now become one of the main features … converged markedly in the direction of ever greater transparency. Empirical evidence is consistent with the hypothesis that … transparency contributes to the successful conduct of monetary policy: higher transparency is a typical element of monetary …

Persistent link: https://www.econbiz.de/10008498035

Understanding the Recent Surge in the Accumulation of International Reserves

Vujanovic, Petar - Economics Department, Organisation de Coopération et … - 2011

This paper looks at the empirical determinates of foreign currency reserve holdings across a panel of around 130 countries between 1980 and 2008. The paper builds on the existing literature by adopting a panel error-correction model specification and by extending the sample to include the recent...

Persistent link: https://www.econbiz.de/10009024408

Russia's Long and Winding Road to a more Efficient and Resilient Banking Sector

Barnard, Geoff - Economics Department, Organisation de Coopération et … - 2009

In the decade following the 1998 financial crisis Russia’s banking system grew much larger and stronger – indeed, growth rates were dangerously high – but even before the onset of the current global crisis it continued to play a limited role in intermediating savings and investment,...

Persistent link: https://www.econbiz.de/10008498037

Banking Reform in Russia: Problems and Prospects

Tompson, William - Economics Department, Organisation de Coopération et … - 2004

supervision, steps to increase transparency in the sector, and measures to facilitate the development of specific banking …

Persistent link: https://www.econbiz.de/10005045927

A Changing Financial Environment and the Implications for Monetary Policy

Mylonas, Paul - 2000

Monetary policy affects activity, and ultimately inflation, in a number of ways. The most important of these is generally considered to be through the effect of interest rates directly on the demand for goods by households and firms. However, monetary policy can also influence activity through...

Persistent link: https://www.econbiz.de/10012442994

Policy Pre-Commitment and Institutional Design : A Synthetic Indicator Applied to Currency Boards

Camilleri Gilson, Marie-Thérèse - 2002

Currency boards have been portrayed as an extreme way of creating currency quality and improving monetary policy credibility in emerging market economies. Yet the link between currency board operations and credibility is far from obvious. Indeed, under the heading of currency boards, there is in...

Persistent link: https://www.econbiz.de/10012444091

Monetary Policy Responses to the Crisis and Exit Strategies

Minegishi, Makoto - 2010

Central banks have responded with exceptional vigour to the crisis by using their traditional interest-rate tools to their limits and deploying a wide range of unconventional measures. This paper documents these responses in a systematic way, reviews the evidence about their impact, and...

Persistent link: https://www.econbiz.de/10012444285

Macroeconomic Policy and Economic Performance

de Lima, Pedro - 2003

This paper analyses the major changes in both monetary and fiscal policy that have taken place over the past two decades and, within the limits of the existing empirical research, evaluates the overall costs and benefits for the OECD economies. The general findings for monetary policy are that,...

Persistent link: https://www.econbiz.de/10012444501

Sources of Inflation Persistence in the Euro Area

Cournède, Boris - 2005

In recent years, inflation in the euro area has failed to decelerate decisively while cyclical slack built up in the economy. Is this phenomenon more than a peculiarity in recent data? Is it related to structural policy settings? Econometric analysis conducted on two decades of quarterly data...

Persistent link: https://www.econbiz.de/10012444759

The Challenges of Monetary Policy in Turkey

Çulha, Olcay - 2008

Monetary policy has been one of the main pillars of the post-2001 stabilisation programme. Encouraged by its success, the central bank shifted from implicit to explicit inflation targeting in 2006 and set a medium-term inflation target of 4%, applicable from end 2007. However this objective...

Persistent link: https://www.econbiz.de/10012445008

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