En el presente documento se examinan cuestiones relativas a la secuencia de las reformas que se necesitan para transformar las economiacute;as de Europa oriental en economiacute;as de mercado. Se afirma, en primer lugar, que el proceso de transicioacute;n de estas economiacute;as seraacute; maacute;s...

EM Asia has seen a transformation of its monetary policy environment over the past 2 decades. By far, the most relevant change has been the maturing of its financial systems and the growing relevance of the global financial cycle: financial inclusion has spread, financial markets have deepened...

We argue that there are sound theoretical reasons for believing that an inflation targeting central bank might improve macroeconomic performance by reacting to asset price misalignments over and above the deviation of, say, a two-year ahead inflation forecast from target. In this paper, we first...

Inflation in a country with a currency board is usually believed to be highly dependent on external factors. Important questions for understanding the dynamics of inflation are (i) how best to measure these factors and (ii) how to model the transmission mechanism. This paper brings evidence to...

On 18-19 June 2004, the BIS held a conference on "Understanding Low Inflation and Deflation". This event brought together central bankers, academics and market practitioners to exchange views on this issue (see the conference programme in this document). This paper was presented at the workshop....

Hong Kong's Linked Exchange Rate system (LERS) has been in operation since 1983 during which time many other fixed exchange rate systems have succumbed to shocks and/or speculative attacks. This paper investigates how market participants assessed changes made to the LERS by using the tools of...

This note analyses the impact of the global credit crisis on the FX swap market and discusses its potential implications. The turbulence in money markets has spilled over to FX swap markets amid a reappraisal of counterparty risks during the recent financial turmoil. We examine the situations of...

We argue that there are sound theoretical reasons for believing that an inflation targeting central bank might improve macroeconomic performance by reacting to asset price misalignments over and above the deviation of, say, a two-year ahead inflation forecast from target. In this paper, we first...