Growth in the Baltic countries has been exceptionally high. Lately, however, the economic headlines have been dominated by unwelcome news. Will the skeptics, who have long contended that these countries' rapid convergence has been too much, too fast, be proved right?
This paper discusses the central banking, monetary, and banking laws for 17 countries in Europe, an area where many of the techniques that are now universally used in regulating or controlling the supply of money and credit were developed. The complete text of the basic central bank law of each country is given, as well as the by-laws of the central bank where they supplement major provisions of the basic law, and subsidiary legislation where pertinent. General banking laws are in most instances presented in summary form.
Mr. Giovanni Dell'Ariccia, Caio Ferreira, Nigel Jenkinson, Mr. Luc Laeven, Alberto Martin, Ms. Camelia Minoiu, and Alex Popov
This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.