European monetary history prior to 1950 presents many attempts at international monetary coordination, but none were as bold and as far reaching as the European Monetary Union envisioned in the Delors Report of 1989 and enacted through the 1991 Treaty on the European Union in Maastricht. This...

Recent studies show that uncertainty shocks have quantitatively important effects on the real economy. This paper examines one particular channel at work: the supply of credit. It presents a model in which a bank, even if managed by risk-neutral shareholders and subject to limited liability, can...

The key elements of effective central banking that account for much of the improvement in monetary policy around the world today are outlined and explained. The past quarter of the century has been a revolutionary period in which the world emerged from great inflation and output instability into...

This paper presents a new view on the gold price of greenbacks during and after the American Civil War by analyzing exchange-rate volatility rather than exchange-rate levels. Our empirical investigation detects regimes of high and low volatility alternating in a way that is consistent with a...

Using a Markov-switching GARCH model this paper analyzes the volatility evolution of the greenback's price in gold from after the Civil War until the return to gold convertibility in 1879. The econometric inference associated with our methodology indicates a switch to a regime of low volatility...

Рассматриваются состояние современной региональной банковской системы России, её понятийно-терминологические категории и проблемы, с которыми сталкиваются...

The assessment of the implementation of the Basel Core Principles (BCP) was conducted for effective banking supervision in Nigeria. The assessment team reviewed the legal framework for banking supervision and held extensive discussions with the staff of the Central Bank of Nigeria (CBN) and the...

The global financial crisis provided Nigerian banks with opportunities to expand within Sub-Saharan Africa. Nigerian banks have active cross-border liquidity flows, which may complicate the operation of monetary policy. The Central Bank of Nigeria (CBN) should enhance further its work in...