Economics Commons^™

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2007, Central Bank Of Nigeria

CBN Annual Report

In 2007, the Central Bank of Nigeria (CBN) faced significant challenges in monetary management due to statutory allocations to government tiers, autonomous foreign exchange inflows, and pre-election spending. These challenges were addressed through Open Market Operations (OMO), issuance of treasury securities, standing facilities, and foreign exchange swaps. The introduction of the monetary policy rate (MPR) in December 2006 moderated inter-bank rates, encouraged trading, and improved the transmission of monetary policy actions. The Bank intensified its non-regular management activities to ensure the Policy Support Instrument (PSI) target was met. The financial system at end-2007 comprised the CBN, the Nigeria Deposit Insurance …

Welcome Address, C. E. Nkwonta

Economic and Financial Review

This is the welcome address for the seminar on "Monetary Policy in a Changing Environment" for CBN Executive Staff.

Keynote Address By S. O. Alade, Sarah O. Alade

Economic and Financial Review

Keynote Address by Dr Sarah Alade, the Deputy Governor (Economic Policy), Central Bank of Nigeria at the CBN Executive seminar on monetary policy in a changing environment for CBN Executive Staff.

La Política Monetaria Y Su Impacto Sobre Los Retornos Reales Del Mercado Bursátil Chileno, Jorge Muñoz, Claudio Recabal, Andres Acuña

Andrés A. Acuña

Understanding Recent Trends In House Prices And Home Ownership, Robert J. Shiller

Cowles Foundation Discussion Papers

This paper looks at a broad array of evidence concerning the recent boom in home prices, and considers what this means for future home prices and the economy. It does not appear possible to explain the boom in terms of fundamentals such as rents or construction costs. A psychological theory, that represents the boom as taking place because of a feedback mechanism or social epidemic that encourages a view of housing as an important investment opportunity, fits the evidence better. Three case studies of past booms are considered for comparison: the US housing boom of 1950, the US farmland boom …

The Industry Effects Of Monetary Policy In The Euro Area By Gert Peersman And Frank Smets: A Review, Ade O. Adenuga

Economic and Financial Review

The article sheds some light on the question of whether monetary policy has stronger effects on economic activity in recessions than in expansions. It analyzed which industries are relatively more affected in downturns. The estimation was done by examining eleven manufacturing industries in seven countries of the euro area. The article is related to the works of Garcia and Schaller,1995; Kakes, 1998; Dolado and Maria-Dolores, 1999; and Peersman and Smets, 2001.

Role Of The Central Bank Of Iraq In Implimenting Monetary Policy, Warren Coats

Warren Coats

Outlines the monetary policy regime in place in the Central Bank of Iraq and its operation following the replacement of the Baathist government in 2003

Global Current Account Imbalances: American Fiscal Policy Versus East Asian Savings, Menzie David Chinn, Hiro Ito

Economics Faculty Publications and Presentations

We consider the origins of global current account imbalances. We first discuss how the expansion of the US current account deficit and the decrease in global real interest rates can be reconciled with the widespread view that American expansionary fiscal policy is partly the source of current trends. We then investigate empirically the medium-term determinants of the current account using a model that controls for factors related to institutional development. In addition to the conventional macroeconomic factors, we examine a series of environmental factors, including the degree of financial openness and the extent of legal development. We find that for …

2007-2 Successes And Failures Of Monetary Policy Since The 1950s, David Laidler

Economic Policy Research Institute. EPRI Working Papers

No abstract provided.

Monetary Policy Issues In Post Conflict Economies, Warren Coats

Warren Coats

Post conflict environments differ considerably depending on the factors that started and brought conflict to an end, the extent of damage to infrastructure and institutions, and the nature of post conflict governance. Many post conflict countries suffer from ethnic and/or religious divisions and animosities deepened by civil war (Bosnia and Herzegovina, Kosovo, Afghanistan, Iraq). Since the collapse of the Soviet Union, all post conflict territories that have received assistance with their reconstruction from international financial institutions have sought to establish or reestablish market based economies to varying degrees. Most had relatively highly centralized economies prior to the conflict. Thus reestablishment …

Basel Accord And Financial Intermediation: The Impact Of Policy, Martin Berka, Christian Zimmermann

Martin Berka

This paper studies loan activity in a context where banks have to follow Basel Accord type rules and need to find financing with the households. Loan activity typically decreases when investment returns of entrepreneurs decline, and we study which type of policy could revigorate an economy in a trough. We find that active monetary policy increases loan volume even when the economy is in a good shape, while introducing active capital requirement policy can be effective as well if it implies tightening of regulation in bad times. This is performed with an heterogeneous agent economy with occupational choice, financial intermediation …