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Memorandum of Discussion
MEMORANDUM OF DISCUSSION A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D. C., on Monday, November 27, 1967, at 9:30 a.m., at the call of Chairman Martin. PRESENT: Mr. Martin, Chairman 1/ Mr. Brimmer Mr. Francis Mr. Maisel Mr. Mitchell Mr. Robertson Mr. Scanlon Mr. Sherrill Mr. Swan Mr. Wayne 1/ Messrs. Ellis, Hickman, and Galusha, Alternate Members of the Federal Open Market Committee Mr. Irons, President of the Federal Reserve Bank of Dallas Mr. Holland, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Mr. Broida, Assistant Secretary Mr. Hackley, General Counsel Mr. Brill, Economist Messrs. Baughman, Garvy, Hersey, Koch, Partee, and Solomon, Associate Economists Mr. Holmes, Manager, System Open Market Account Mr. Cardon, Legislative Counsel, Board of Governors Mr. Fauver, Assistant to the Board of Governors Mr, Williams, Adviser, Division of Research and Statistics, Board of Governors Mr. Reynolds, Adviser, Division of International Finance, Board of Governors 1/ Left the meeting at the point indicated. 11/27/67 -2 Mr. Axilrod, Associate Adviser, Division of Research and Statistics, Board of Governors Miss Eaton, General Assistant, Office of the Secretary, Board of Governors Miss McWhirter, Analyst, Office of the Secretary, Board of Governors Messrs. Bilby, Eastburn, Mann, Brandt, and Tow, Vice Presidents of the Federal Reserve Banks of New York, Philadelphia, Cleveland, Atlanta, and Kansas City, respectively Mr. MacLaury, Assistant Vice President, Federal Reserve Bank of New York Mr. Deming, Manager, Securities Department, Federal Reserve Bank of New York Mr. -
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2017 IIF Annual Membership Meeting List of Participants 10/04/2017 1 International Fincentre Associates Aberdeen Asset Management Aberdeen Standard Investments Aberdeen Standard Investments Abraaj Capital Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Global Market Abu Dhabi Investment Authority Abu Dhabi Investment Authority Abu Dhabi Investment Authority Abu Dhabi Investment Authority Access Bank Plc Access Bank Plc Access Bank Plc Access Bank Plc Acreditus Aflac Global Investments Aflac Global Investments Aflac International Aflac International AFME Africa Finance Corporation African Export Import Bank Page 1 of 51 2017 IIF Annual Membership Meeting List of Participants 10/04/2017 African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank African Export Import Bank Agricultural Bank of China, New York Branch Agricultural Bank of China, New York Branch AIG AIG AIIB Akbank Akbank Aker International AG Al Ahli Bank of Kuwait K.S.C.P Al Ahli Bank of Kuwait K.S.C.P Al Rajhi Bank Alawwal Bank Alawwal Bank Alawwal Bank Alawwal Bank Alawwal Bank Albaraka Turk Participation Bank Albaraka Turk Participation Bank Albaraka Turk Participation Bank Page 1 of 51 2017 IIF Annual Membership Meeting List of Participants 10/04/2017 Algebris Investments AllianceBernstein L.P. -
Studies in Applied Economics
SAE./No.128/October 2018 Studies in Applied Economics THE BANK OF FRANCE AND THE GOLD DEPENDENCY: OBSERVATIONS ON THE BANK'S WEEKLY BALANCE SHEETS AND RESERVES, 1898-1940 Robert Yee Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise The Bank of France and the Gold Dependency: Observations on the Bank’s Weekly Balance Sheets and Reserves, 1898-1940 Robert Yee Copyright 2018 by Robert Yee. This work may be reproduced or adapted provided that no fee is charged and the proper credit is given to the original source(s). About the Series The Studies in Applied Economics series is under the general direction of Professor Steve H. Hanke, co-director of The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise. About the Author Robert Yee ([email protected]) is a Ph.D. student at Princeton University. Abstract A central bank’s weekly balance sheets give insights into the willingness and ability of a monetary authority to act in times of economic crises. In particular, levels of gold, silver, and foreign-currency reserves, both as a nominal figure and as a percentage of global reserves, prove to be useful in examining changes to an institution’s agenda over time. Using several recently compiled datasets, this study contextualizes the Bank’s financial affairs within a historical framework and argues that the Bank’s active monetary policy of reserve accumulation stemmed from contemporary views concerning economic stability and risk mitigation. Les bilans hebdomadaires d’une banque centrale donnent des vues à la volonté et la capacité d’une autorité monétaire d’agir en crise économique. -
Project Title: Risk and Uncertainty in Central Bank Communication
Uncertainty and monetary policy* David Mayes University of Auckland Alberto Montagnoli University of Stirling January 2011 Abstract: Using the minutes of decision-,making committee meetings we analyse how the Bank of England, the Czech National Bank and the Sveriges Riksbank communicate uncertainty in their discussion of the setting of a forward-looking monetary policy. The aim is to test whether information about uncertainty in the minutes helps explain interest rate settings. We find that to show the effect of uncertainty it needs to be clear what the uncertainty is about, output or inflation for example. We also show that there is a relationship between the level of uncertainty expressed and the degree of disagreement in the committees. JEL classification: E43, E52, E58 Keywords: communication, monetary policy, uncertainty, Taylor rule, Bank of England, Czech National Bank, Riksbank * We thank Petra Geraats and Cris Shore for detailed comments and Charlie Fahy for research assistance. We are also grateful to the participants at the seminar at the Europe Institute, University of Auckland at the workshop Central Bank Communication, Decision-Making and Governance for comments and discussions. Montagnoli gratefully acknowledges financial support from the Europe Institute, University of Auckland. 1 1. Introduction There has been growing interest in uncertainty in monetary policy-making, and in the communication of monetary policy. There are many sides to the problem, starting simply with the fact that the future is uncertain. Also central banks in particular (notably the ECB, the Bank of England and the US Fed) have sponsored research into model uncertainty.2 Attention has also been paid to the uncertainty faced by markets to which central banks can contribute by erratic or unclear decision making. -
First FSF Regional Meeting with Central and Eastern European Authorities
FINANCIAL STABILITY FORUM For immediate release Press release Press enquiries: Basel +(41 61) 280 8188 Ref no: 08/2002E 11 April 2002 First FSF regional meeting with central and eastern European authorities The Financial Stability Forum (FSF) today held its first regional meeting with central and eastern European countries at the European Bank for Reconstruction and Development (EBRD) in London. Senior representatives from finance ministries, central banks, and supervisory and regulatory authorities from 13 FSF member and regional countries attended the meeting. A list of participating institutions is attached. The meeting exchanged views on potential vulnerabilities in financial systems in the current economic situation and noted that financial systems had well withstood recent shocks. They also agreed that the improved outlook for growth is creating a more benign financial stability environment in the period ahead. They noted that appreciating exchange rates in EU accession countries heighten the importance of adequate safeguards in the banking system. Participants also discussed issues raised by recent large corporate failures, and noted that many bear relevance for regional transition economies. They underscored the importance of reinforcing market foundations through sound practices in corporate governance, improved audit quality, and strengthened independence of oversight and enforcement institutions. The meeting also reviewed the focus of ongoing work to strengthen financial systems. These efforts centre on EU accession requirements -
Features of Governing the Central Banks Candidate to the Eurosystem
Available online at www.sciencedirect.com ScienceDirect Procedia Economics and Finance 22 ( 2015 ) 522 – 530 2nd International Conference ‘Economic Scientific Research - Theoretical, Empirical and Practical Approaches’, ESPERA 2014, 13-14 November 2014, Bucharest, Romania Features of Governing the Central Banks Candidate to the Eurosystem Adina Cristea* a”Victor Slăvescu” Centre for Financial and Monetary Research, Casa Academiei 13, Calea 13 Septembrie, Building B, 5th floor, Bucharest, 050711, Romania Abstract The complexity of the European integration process consists of three implicative dimensions: the nominal dimension, the real dimension and the institutional dimension. Referring to the last one (the institutional dimension), the present paper aims to analyse the degree of ”convergence” functioning of the National Banks from the Euro Area candidates countries, as to identify some similarities and differences between these institutions. The research methodology consists of displaying some characteristics of the central banks engaged in the process of European monetary integration, taking into account aspects concerning both the attributes of their governance, and their position related to the financial stability objective, an increasingly important parameter to consider after the global financial crisis outbreak (GFC2007). A foothold for the paper is the economic literature which has been formulated some specific criteria for evaluating the elements considered. On the other hand, the institutional convergence does not guarantee the success of the economic integration of the candidate country to the Euro Area, but it could be an important benchmark for making comparison between countries which have been preparing to adopt Euro. © 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license © 2015 The Authors. -
Monetary Policy in Iceland During the Nineties
Monetary policy in Iceland during the nineties Már Gu∂⁄ mundsson and Yngvi Örn Kristinsson* Introduction Iceland is a small open economy with a natural resource based export sector. It has a population of 270,000 people and a GDP of around 1 US$ 7.3 billion (1996) or around 40% of that of Luxembourg and 2 ⁄2 times that of Malta,1 both small countries but with somewhat bigger populations than Iceland.2 Living standards are relatively high. GDP per capita in 1996 was US$ 25,400 at current PPPs, which was the fifth seat among OECD 1 countries. Exports of goods and services amount to just over ⁄3 of GDP. 3 More than ⁄4 of merchandise exports are fish products and an additional 15% are the products of two metal smelters using Iceland’s ample energy sources. More than 90% of merchandise exports and 65% of total exports are natural resource based, if agricultural products are included. External shocks and economic fluctuations have been bigger than in most OECD countries, with a relatively large asymmetric component. Inflation was, until recent years, much higher than in other OECD countries but unem- ployment lower. Exchange rate policy did play an important role in adjusting the economy to external shocks, with relatively good success on the real side of the economy but at the cost of high and variable inflation. A stability oriented policy has been pursued in recent years, with the important result that inflation has been below or at the level of that among trading partners since 1994. This paper is on monetary policy in Iceland during the 1990s. -
Growth of Central Banking: the Societe Generale Des Pays-Bas And
Growth of Central Banking: The Soci•t• Ge•e•rale des Pays-Bas and the Impact of the Function of General State Cashier on Belgium's Monetary System (1822-1830) Julienne M. Laureyssens University of Manitoba I intend to reexamine in this paper the creation and the first ten odd years of operation of Belgium's first corporate bank, the SocaeteG(n•rale des Pays-Bas,with special regard to its function as General State Cashier. The bank was founded in 1822 by King William I of the United Kingdom of the Netherlands. It was the only corporate bank in the southern part of the Netherlands until 1835. During the Dutch period, which lasted until September 1830 and up to the creation of the National Bank of Belgium in 1850, it carried out some of the functions of a central bank. King William I had an extensive knowledge of financial affairs, in fact, they were his private passion. According to Demoulin, he consideredbanks to be "des creatmns para-•'ta- tiques," institutions that are the state's "helpmates" whether they are owned and managed privately or not. The bank's particular function within the spectrum of the state's tasks were to mobilize BUSINESS AND ECONOMIC HISTORY., Second Series, Volume Fourteen, 1985. Copyright (c) 1985 by the Board of Trustees of the University of Illinois. Library of Congress Catalog No. 85-072859. 125 126 capital and to extend the benefits of credit. William I was a firm believer in paper money, in the beneficial use of a wide variety of paper debt instruments, and in low interest rates. -
Annual Financial Statements of the Bank of Lithuania
Annual Financial Statements of the Bank of Lithuania 2018 ANNUAL FINANCIAL STATEMENTS OF THE BANK OF LITHUANIA ISSN 1822-8240 (online) © Lietuvos bankas, 2019 2 ANNUAL FINANCIAL STATEMENTS OF THE BANK OF LITHUANIA CONTENTS INDEPENDENT AUDITOR’S REPORT TO THE SEIMAS OF THE REPUBLIC OF LITHUANIA ................ 4 BALANCE SHEET OF THE BANK OF LITHUANIA .......................................................................... 6 PROFIT AND LOSS ACCOUNT OF THE BANK OF LITHUANIA ........................................................ 8 EXPLANATORY NOTES ............................................................................................................. 9 1. BASIS FOR PREPARATION AND PRESENTATION OF THE ANNUAL FINANCIAL STATEMENTS 9 2. ACCOUNTING POLICY ................................................................................................. 9 3. FINANCIAL RISK MANAGEMENT ................................................................................. 14 4. FINANCIAL ACCOUNTING PRINCIPLES ON OPERATIONS RELATED TO PARTICIPATION IN THE EUROSYSTEM ........................................................................................................ 15 5. POST-BALANCE SHEET EVENTS ................................................................................. 19 6. NOTES ON THE BALANCE SHEET ................................................................................ 19 7. NOTES ON THE PROFIT AND LOSS ACCOUNT .............................................................. 29 8. OTHER NOTES ......................................................................................................... -
A Report on the Costs and Benefits of Poland’S Adoption of the Euro
A Report on the Costs and Benefits of Poland’s Adoption of the Euro Warsaw, March 2004 Edited by: Jakub Borowski Authors: Jakub Borowski Micha∏ Brzoza-Brzezina Anna Czoga∏a Tatiana Fic Adam Kot Tomasz J´drzejowicz Wojciech Mroczek Zbigniew Polaƒski Marek Rozkrut Micha∏ Rubaszek Andrzej S∏awiƒski Robert Woreta Zbigniew ˚ó∏kiewski The authors thank Andrzej Bratkowski, Adam B. Czy˝ewski, Ma∏gorzata Golik, Witold Grostal, Andrzej Rzoƒca, El˝bieta Skrzeszewska-Paczek, Iwona Stefaniak, Piotr Szpunar and Lucyna Sztaba for their numerous and insightful remarks on earlier drafts of this Report. The authors thank professor Michael J. Artis for his excellent assistance with the English language version of the Report. The Report was submitted for publishing in March 2004. Design: Oliwka s.c. Printed by: Drukarnia NBP Published by: National Bank of Poland 00-919 Warszawa, ul. Âwi´tokrzyska 11/21, Poland Phone (+48 22) 653 23 35 Fax (+48 22) 653 13 21 © Copyright Narodowy Bank Polski, 2004 2 National Bank of Poland Table of contents Table of contents Executive Summary . .5 Introduction . .9 1. Conditions for accession to the euro area . .13 2. Risks and costs of introducing the euro . .15 2.1. Loss of monetary policy independence . .15 2.1.1. The effectiveness of the exchange rate adjustment mechanism . .18 2.1.2. Labour market adjustment mechanism . .25 2.1.3. The fiscal adjustment mechanism . .27 2.1.4. Convergence of business cycles . .30 2.1.5. Endogeneity of Optimum Currency Area criteria . .36 2.2. Short-term cost of meeting the inflation convergence criterion . .37 2.3. -
Czech National Bank (CNB) Virtual Web Hosting
Czech National Bank (CNB) Virtual Web Hosting Data Center and Cloud The CNB is the central bank of the Czech Republic and the supervisor of the Czech financial market. Its primary objective is to maintain price stability. As an independent institution, the CNB sets monetary policy, issues banknotes and coins and manages the circulation of currency, the payment system and settlement between banks. It also performs supervision of the banking sector, the capital market, the insurance industry, pension funds, credit unions and electronic money institutions, as well as foreign exchange supervision. As a central bank the CNB provides banking services to the state and the public sector. The CNB’s headquarters is in Prague. Seven regional branches are located in Prague, Ústí nad Labem, Plzeň, České Budějovice, Hradec Králové, Brno and Ostrava. CNB // The ChalleNge CNB operated an external web with communication issues among the and was not sufficiently flexible content management systems three parties and unclear split for applications with varying on three dedicated servers. of responsibility. requirements. The solution had 2 subcontractors The original solution was not Finally, the system did not give (web servers and WCMS – able to cope with varying loads enough security and control Web Content Management of the web traffic during different over testing and develop- System) and CNB experienced periods of the day /month / year ment environment. Customer reference Why gTS // The SOlUTION GTS // SOlUTION DIagRaM The solution of private virtual data Internet center for Czech National Bank utilizes GTS Virtual Hosting built on the cloud environment of GTS IaaS platforms and existing redundant IPv4/IPv6 infrastructures which Edge router A Edge router B are also components of the cloud environment. -
International Directory of Deposit Insurers
Federal Deposit Insurance Corporation International Directory of Deposit Insurers September 2015 A listing of addresses of deposit insurers, central banks and other entities involved in deposit insurance functions. Division of Insurance and Research Federal Deposit Insurance Corporation Washington, DC 20429 The FDIC wants to acknowledge the cooperation of all the countries listed, without which the directory’s compilation would not have been possible. Please direct any comments or corrections to: Donna Vogel Division of Insurance and Research, FDIC by phone +1 703 254 0937 or by e-mail [email protected] FDIC INTERNATIONAL DIRECTORY OF DEPOSIT INSURERS ■ SEPTEMBER 2015 2 Table of Contents AFGHANISTAN ......................................................................................................................................6 ALBANIA ...............................................................................................................................................6 ALGERIA ................................................................................................................................................6 ARGENTINA ..........................................................................................................................................6 ARMENIA ..............................................................................................................................................7 AUSTRALIA ............................................................................................................................................7