The Evolving Role of Central Banks
Back Matter

Back Matter

Patrick Downes, and Reza Vaez-Zadeh
Published Date:
June 1991
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    Selected Bibliography

    Part I. Role and Functions of Central Banks

      Ahmed, A.K.N.,“Role of Central Bank in Economic Development—Financing of Public and Private Sectors,”Commerce (Bombay), Vol. 154 (January10, 1987), pp. 1423.

      Albers,Norman,“Electronic Fund Transfers und die Geldpolitik,”Zeitschrift fur das Gesamte Kreditwesen, Vol. 41 (May1, 1988), pp. 36672.

      Atkinson, P.E.,A.Blundeil-Wignall, andJ.C.Chouraqui,“Budget Financing and Monetary Targets, with Special Reference to the Seven Major OECD Countries,”Économies el Sociétés (Paris), Vol. 17, (July/August1983), pp. 105796.

      Auernheimer,Leonardo,“The Honest Government’s Guide to the Revenue from the Creation of Money,”Journal of Political Economy (Chicago), Vol. 82 (May/June, 1974), pp. 598606.

      Australian Payment System Council, The Australian Payment System (The Council, 1987).

      Bank for International Settlements, Exchange Market Management and Monetary Policy (Basle, 1988), pp. ixiii,11–29,65–96, 188–200.

      Bhatt, V.V.,“Financial Innovation and Credit Market Development,”Policy, Planning, and Research Working Papers, No. 52 (Washington: World Bank, 1989).

      Chandavarkar,AnandG.,“Promotional Role of Central Banks in Developing Countries,”IMF Working Paper, No. 87/20 (unpublished, Washington: International Monetary Fund, 1987).

      Collyns,Charles,Alternatives to the Central Bank in the Developing World, Occasional Paper, No. 20 (Washington: International Monetary Fund, 1983).

      Cumming,Christine M.,“Government Deficits and Monetary Control in Three Industrial Countries,”Research Paper, No. 8205, Federal Reserve Bank of New York (January1982).

      Cunningham,ThomasJ.,“Long-Run Outcome of a Permanent Deficit,”Economic Review, Federal Reserve Bank of Atlanta, Vol. 71 (May1986), pp. 2533.

      Demopoulos,GeorgD., andGeorge M.Katsimbris,“Central Bank Policy and the Financing of Government Budget Deficits: A Cross-Country Comparison,”Economic Papers, No. 19, European Communities, Commission, Directorate General for Economic and Financial Affairs (September1983), pp. 156.

      Demopoulos,GeorgD., andGeorge M.Katsimbris, andStephen M.Miller,“Monetary Policy and Central Bank Financing of Government Budget Deficits: A Cross-Country Comparison,”European Economic Review (Amsterdam) Vol. 31 (July1987), pp. 102350.

      Dowd,Kevin,The State and the Monetary System (Hemel Hempstead, England, 1989).

      Faulhaber, G.R.,A.Phillips, andA.M.Santomero,“Payment Risk, Network Risk and the Role of the Fed,” in U.S. Payment System: Efficiency, Risk and the Role of the Federal Reserve System, ed. byDavid B.Humphrey (Boston: Kluwer Academic Publishers, 1989), pp. 197213.

      Fischer,Stanley,“Seignorage and the Case for a National Money,”Journal of Political Economy (Chicago), Vol. 90 (April1982), pp. 295313.

      Hodgman,Donald R., andRobert W.Resek,“Central Bank Exchange Rate Policy,”BEBR Faculty Working Paper, No. 117, University of Illinois at Urbana—Champaign Bureau of Economic and Business Research (March1985).

      Leone,Alfredo,“Effectiveness and Implications of Limits on Central Bank Credit to the Government” (unpublished, Washington: International Monetary Fund, October1990).

      McEntee,ElliotC.,“The Federal Reserve’s Role in Controlling U.S. Payment System Risk in the U.S.,”World of Banking (Rolling Meadows, Illinois), Vol. 7 (May/June1988), pp. 1822.

      Mengle,DavidL.,“Legal and Regulatory Reform in Electronic Payments: An Evaluation of Payment Finality Rules,” in U.S. Payment System: Efficiency, Risk and the Role of the Federal Reserve System, ed. byDavid B.Humphrey (Boston: Kluwer Academic Publishers, 1989), pp. 14580.

      Merrick,John J., Jr., andAnthonySaunders,“Bank Regulation and Monetary Policy,”Journal of Money, Credit and Banking (Columbus), Vol. 17 (November1985), Part 2, pp. 691717.

      Meuche,Kurt,“Blueprint for New Domestic and Cross-Border Settlement Systems,”World of Banking (Rolling Meadows, Illinois), Vol. 9 (January/February1990), pp. 1619.

      Meyer,Hans,“Implications of the Swiss Interbank Clearing System for Central Bank Policy,”World of Banking (Rolling Meadows, Illinois), Vol. 6 (January/February1987), pp. 2628.

      Muller, HJ.,“Mr. Muller Discusses Banking Supervision in a Market-Oriented Financial System,”BIS Review, Bank for International Settlements, (Basle), (January1990).

      Organization for Economic Cooperation and Development, Budget Financing and Monetary Control (Paris, 1982).

      Organization for Economic Cooperation and Development, Exchange Rate Management and the Conduct of Monetary Policy, OECD Monetary Studies Series (Paris, 1984).

      Padoa-Schioppa,Tommaso,“Role of Central Banks: The Issue of Risk in Payment Systems,”World of Banking (Rolling Meadows, Illinois), Vol. 7 (May/June1988), pp. 1317.

      Parkin,Michael,“Domestic Monetary Institutions and Fiscal Deficits,”Working Paper, No. 8605c, University of Western Ontario, Center for the Study of International Economic Relations (February1986).

      Pecchioli, R.M.,Prudential Supervision in Banking (Paris: Organization for Economic Cooperation and Development (1987).

      Polizatto,VincentP.,“Prudential Regulation and Banking Supervision: Building an Institutional Framework for Banks,”Policy, Planning, and Research Working Papers, No. 340 (Washington: World Bank, 1990).

      Radcliffe,Nicola,“Towards Uniformity in the Rules Governing Electronic Funds Transfers,”Butterworths Journal of International Banking and Financial Law (United Kingdom), Vol. 3 (June1988), pp. 36466.

      Rangarajan, C.,“Central Banking and Economic Development: Indian Experience,”Bulletin, Reserve Bank of India, Vol. 42 (August1988) pp. 64548.

      Revell, J.R.S.,Banking and Electronic Fund Transfers (Paris: Organization for Economic Cooperation and Development, 1983).

      Rimal,BimallNath,The Role of Central Banks in Development Finance: Experience of South-East Asian Central Banks (Petaling Jaya, Malaysia: SEACAN Research and Training Centre, 1984).

      Robinson,DavidJ., andPeterStella,“Amalgamating Central Bank and Fiscal Deficits,” in Measurement of Fiscal Impact: Methodological Issues, ed. byMario I.Blejer andKe-YoungChu,Occasional Paper, No. 59 (Washington: International Monetary Fund, June1988), pp. 2031.

      Tabellini,Guido,“Central Bank Reputation and the Monetization of Deficits: The 1981 Italian Monetary Reform,”Economic Inquiry (Long Beach, California), Vol. 25 (April1987), pp. 185200.

      Teijeiro,MarioO.,“Central Bank Losses: Origins, Conceptual Issues, and Measurement Problems,”Policy, Planning, and Research Working Papers, No. 293 (Washington: World Bank, 1989).

      Turnovsky,StephenJ., andMark E.Wohar,“Alternative Models of Deficit Financing and Endogenous Monetary and Fiscal Policy 1923–1982,”NBER Working Paper, No. 2123 (Cambridge, Massachusetts: National Bureau of Economic Research, 1987).

      Villanueva,Delano, andAbbasMirakhor,“Strategies for Financial Reforms: Interest Rate Policies, Stabilization, and Bank Supervision in Developing Countries”Staff Papers, International Monetary Fund (Washington), Vol. 37, No. 3 (September1990), pp. 50936.

      Vinay, B.,“Les Banques Centrales de la Zone Franc et le Developpement Monetaire”Revue Juridique et Politique Independence et Coopération (Paris), Vol. 32 (July/September1978), pp. 93548.

      Waller,ChristopherJ.,“Deficit Financing and the Role of the Central Bank—A Game Theoretic Approach,”Atlantic Economic Journal (Worden, Illinois), Vol. 15 (July1987), pp. 2532.

      “World Development Report: Financial Sector Reform Proves Beneficial when Macroeconomic Environment Is Stable,”IMF Survey (Washington), (July10, 1989), pp. 209, 215–17.

      Zenkoku Ginko Kyokai Rengokai, Payment Systems in Japan (Tokyo: Federation of Bankers Associations of Japan, 1988).

    Part II. Central Bank Independence

      Adam,Nigel,“Over the Horizon: A European Central Bank,”International Management, Vol. 43 (April1988), pp. 3940.

      Aglietta,Michel,“Union Monetaire et Banque Centrale,”Revue d’Economie Financiere No. 819 (March/June1989), pp. 15065.

      Arancibia,Sergio,“La Auditoria y los Sistemas: El Caso del Banco Central de Chile,”Monetaria (Mexico), Vol. 21 (October–December1988), pp. 46276.

      Auerbach,Robert D.,“Politics and the Federal Reserve,”Contemporary Policy Issues (Long Beach), Vol. 3 (Fall1985), pp. 4358.

      Axilrod,StephenH.,“Central Bank Credibility: An Alternative to Private Money,”Cato Journal, Vol. 9 (Fall1989), pp. 36366.

      Banaian,King, andLeroy O.Laney,“Central Bank Independence: An Analysis,”Auszuge Aus Presseartikeln, No. 101, Deutsche Bundesbank (October1983), pp. 911.

      Banaian,King, andLeroy O.Laney, andThomas D.Willett,“Central Bank Independence: An International Comparison,”Economic Review, Federal Reserve Bank of Dallas (March1983), pp. 113.

      Banque des Etats de l’Afrique Centrale, La B.E.A.C. à Dix Ans (Yaoundé, Cameroon, 1983).

      Banque des Etats de l’Afrique Centrale, “Réglementation des Changes et Sorties des Capitaux dans les Etats Membres de la BEAC,”Etudes et Statistiques No. 138 (December1986), pp. 23866.

      Bejot,Jean-Pierre,“CFA, Comment vastu?”Jeune Afrique Economie No. 115–16 (January/February1989), pp. 7883.

      Blackburn,Keith, andMichaelChristensen,“Monetary Policy and Policy Credibility: Theories and Evidence,”Journal of Economic Literature (Nashville), Vol. 29 (March1989), pp. 145.

      Bodart,Vincent,“Central Bank Independence and the Effectiveness of Monetary Policy: A Comparative Analysis” (unpublished, Washington: Central Banking Department, International Monetary Fund, August1990).

      “Book Explores Issues Relating to a Centralized European Monetary Authority,”IMF Survey (Washington), Vol. 27 (November27, 1989), p. 357.

      Burdekin,RichardC.K.,“Swiss Monetary Policy: Central Bank Independence and Stabilization Goals,”Kredit und Kapital (Berlin), Vol. 20, No. 4, (1987), pp. 45466.

      Burdekin,RichardC.K., andLeroy O.Laney,“Fiscal Policymaking and the Central Bank Institutional Constraint,”Kyklos (Basle), Vol. 41, No. 4 (1988), pp. 64762.

      Burns,ArthurF.,“The Importance of an Independent Central Bank,”Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (Washington), Vol. 63 (September1977), pp. 77781.

      Byung-Jong,Lee,“Independence within Government”Business Korea (Seoul), Vol. 5 (September1987), pp. 2829.

      Castello-Branco,Marta,“Central Bank Independence: The Chilean Case” (unpublished, Washington: International Monetary Fund, September1990).

      Christensen,Michael,“Monetary Policy and Policy Credibility: Some Recent Developments,”Memo, No. 1986/12, Aarhus Universitet, Okonomisk Institut, 1986.

      Cua Dernos de Economia, No. 77 (April1989), contains several articles on central bank independence in Chile.

      Cukierman,Alex,“Central Bank Behavior and Credibility: Some Recent Theoretical Developments,”Review, Federal Reserve Bank of St. Louis, Vol. 68 (May1986), pp. 517.

      Dawe,Stephen,“The Reserve Bank of New Zealand Act 1989,”Bulletin, Reserve Bank of New Zealand (March1990), pp. 2936.

      De Cecco,Marcello, andAlbertoGiovannini,eds., A European Central Bank? Perspectives on Monetary Unification after Ten Years of the EMS (Cambridge, New York: Cambridge University Press, 1989).

      Dowd,Kevin,“The Case Against a European Central Bank,”World Economy (Oxford), Vol. 12 (September1989), pp. 36172.

      Duisenberg,Wim,“European Central Bank—Five Questions Need an Answer,”European Affairs (Amsterdam), Vol. 2(Autumn1988), pp. 12834.

      Eizenga,Wietze,“Independence of the Federal Reserve System and of the Netherlands Bank: A Comparative Analysis,”SUERF Series, No. 41A, Société Universitaire Européene de Recherches Financières (Netherlands) (1983), pp. 117.

      Eizenga,Wietze,“Independence of the Deutsche Bundesbank and the Nederlandsche Bank with Regard to Monetary Policy: A Comparative Study,”SUERF Papers on Monetary Policy and Financial Systems, No. 2, Société Universitaire Européene de Recherches Financières (Netherlands) (1987), pp. 121.

      Epstein,GeraldA., andJuliet B.Schor,“Divorce of the Banca d’Italia and the Italian Treasury: A Case Study of Central Bank Independence,”Discussion Paper Series, No. 1269, Harvard Institute of Economic Research (September1986).

      “European Central Bank: A Status Report on Current Institutional Debate,”ECU Newsletter (Turin), No. 24 (April1988), pp. 1721.

      European Community, Committee for the Study of Economic and Monetary Union:Report on Economic and Monetary Union in the European Community (Brussels: European Communities, 1989) pp. 2438.

      Frenkel,A.Jacob, andMorrisGoldstein,“Monetary Policy in an Emerging European Economic and Monetary Union: Key Issues”IMF Working Paper, No. 90/73 (unpublished, Washington: International Monetary Fund, August1990).

      Hardouvelis,GikasA., andScott W.Barnhart,“Evolution of Federal Reserve Credibility: 1978–1984,”Research Paper, No. 8809, Federal Reserve Bank of New York (March1988).

      Jobert,Michel,“Pouvoir Politique et Banque Centrale Européene,”Eurepargne, No. 25 (October1988), pp. 2025.

      Kloten,Norbert,“A European Central Bank System as a Monetary Policy Alternative,”Auszeuge aus Presseartikeln, Deutsche Bundesbank (June23, 1988).

      Lhoneux,Etienne de, andJean-VictorLouis,“Towards a European System of Central Banks,”Journal of International Banking Law (Oxford), Vol. 5, No. 1, (1990), pp. 816.

      Llewellyn,David,“Monetary Union in Europe,”Banking World (London), (November1988), pp. 3032.

      Llewellyn,David,“Monetary Union in Europe: The Problems,”Banking World (London), Vol. 6 (December1988), pp. 4245.

      Loehnis,Anthony,“European Currency and European Central Bank: A British View,”Quarterly Bulletin, Bank of England (London), Vol. 28 (August1988), pp. 35055.

      MacArthur,Alan,“Monetary Operations, Financial Market Development and Central Bank Independence” (unpublished manuscript, Washington: International Monetary Fund, September1990).

      McCallum,BennetT.,“Credibility and Monetary Policy,”NBER Working Paper, No. 1490 (Cambridge, Massachusetts: National Bureau of Economic Research, November1984).

      N’Guessan,Tchetche,“Un Système de Contrôle du comportement bureaucratique de la banque Centrale,”Revue d’Economie Politique (Paris), Vol. 99 (September/October1989), pp. 73443.

      Nascimento,Jean-Claude,“Monetary Policy in Unified Currency Areas: The Cases of the CAMA and ECCA” (unpublished, Washington: International Monetary Fund, September27, 1990).

      O’Brien,LeslieKenneth, andBaron O’Brien of Lothbury, “The Independence of Central Banks,”Comptes Rendus, No. 404 (Brussels: Société Royale d’Economie Politique de Belgique, 1977).

      Ola,Olaniyi,“Balancing the Forces,”West Africa, No. 3741 (May1–7, 1989), p. 678.

      Poehl,KarlOtto,“Rules for Europe’s Central Bank,”Journal of Commerce (New York), February12, 1990, p. 8A.

      Reserve Bank of New Zealand, Annual Report of the Directors and Statement of Accounts for the Year Ended … (Wellington: Reserve Bank of New Zealand, 1988/89).

      Reserve Bank of New Zealand, “Reserve Bank of New Zealand Policy Targets Agreement,”Bulletin, Reserve Bank of New Zealand (March1990), pp. 2628.

      Reserve Bank of New Zealand, Monetary Targets Statement (Wellington: Reserve Bank of New Zealand, April1990).

      Scharrer,Hans-Eckart,“European Central Bank?”Intereconomics, Review of International Trade and Development (Hamburg), Vol. 23 (March/April1988), pp. 5354.

      Swinburne,Mark, andMartaCastello-Branco,“Central Bank Independence and Central Bank Functions” (unpublished, Washington: International Monetary Fund, December1989).

      Thygessen,Niels,“Propositions pour une Banque Centrale Européene,”Revue Francaise d’Economie, Vol. 4 (Winter1989), pp. 338.

      Waller,ChristopherJ.,“Monetary Policy Games and Central Bank Politics,”Journal of Money, Credit, and Banking (Columbus), Vol. 21 (November1989), pp. 42231.

      Wieczorek,Norbet,“Monetary Plan for Europe,”International Economy, Vol. 11 (November/December1988), pp. 5557.

    Part III Role of the Central Bank in Financial Crises

      Abrams,BurtonA., andCliff J.Huang,“Predicting Bank Failures: The Role of Structure in Affecting Recent Failure Experiences in the USA,”Applied Economics (London), Vol. 19 (October1987), pp. 12911302.

      Bagehot,Walter,Lombard Street: A Description of the Money Market (London: John Murray, 1924).

      Baliño,TomásJ.T.,“The Argentine Banking Crisis of 1980,”IMF Working Paper, No. 87/77 (unpublished, Washington: International Monetary Fund, 1987).

      Benston,GeorgeJ., and others,Perspectives on Safe and Sound Banking: Past, Present, and Future (Cambridge, Massachusetts, MIT Press, 1986).

      Bordo,MichaelD.,“Lender of Last Resort: Some Historical Insights,”NBER Working Paper Series, No. 3011 (Cambridge, Massachusetts: National Bureau of Economic Research, June1989), pp. 131.

      Corrigan,E.Gerald,“A Perspective on Recent Financial Disruptions,”Quarterly Review, Federal Reserve Bank of New York, Vol. 14 (Winter1989/90), pp. 815.

      Crockett,JohnH.,“Good Bank/Bad Bank Restructuring of Financial Institutions,”Bankers Magazine, Vol. 171 (November/December1988), pp. 3236.

      Hinds,Manuel,“Economic Effects of Financial Crises”Policy, Planning, Research Working Paper, No. 104 (Washington: World Bank, 1988).

      Humphrey,ThomasM.,“The Classical Concept of the Lender of Last Resort,”Economic Review, Federal Reserve Bank of Richmond (January/February1975), pp. 29.

      Jones,DouglasH.,“Powers and Considerations of the Federal Deposit Insurance Corporation for Handling Failing FDIC-Insured Banks” (mimeographed, August1987).

      Lang,WilliamW., andLeonard I.Nakamura,“Optimal Bank Closure for Deposit Insurers,”Working Papers, No. 90–12, Federal Reserve Bank of Philadelphia (January1990), pp. 118.

      Larrain,Mauricio,“How the 1981–83 Chilean Banking Crisis was Handled,”Policy, Planning, and Research Working Papers, No. 300 (WashingtonWorld Bank, 1989).

      McMahon, C.W.,“Central Banks as Regulators and Lenders of Last Resort: A View from the United Kingdom,” in Key Issues in International Banking, Conference Series No. 18 (Federal Reserve Bank of Boston, 1978) pp. 10210.

      Nascimento,Jean-Claude,“The Crisis in the Financial Sector and the Authorities’ Reaction: The Case of the Philippines,”IMF Working Paper, No. 90/26 (unpublished, Washington: International Monetary Fund, 1990).

      Negri,JuanJavier,“Argentina’s Recent Banking Crisis,”International Financia Law Review (London), Vol. 4 (August1985), pp. 68.

      Office of the Comptroller of the Currency, An Evaluation of the Factors Contributing to the Failure of National Banks (Washington, June1988).

      Sheng,Andrew,“Bank Restructuring in Malaysia, 1985–88,”Policy, Planning and Research Working Papers, WPS 54, World Development Report (Washington: World Bank, November1989).

      Velasco,Andres,“Liberalization, Crisis, Intervention: The Chilean Financial System, 1975–85,”IMF Working Paper, No. 88/66 (unpublished, WashingtonInternational Monetary Fund, 1988).

      Wallich,HenryC.,“Central Banks as Regulators and Lenders of Last Resort: A View from the United States,” in Key Issues in International Banking, Conference Series No. 18 (Federal Reserve Bank of Boston, 1978), pp. 9198.

      Williamson,StephenD.,“Liquidity, Banking, and Bank Failures,”Internationa Economic Review (Philadelphia), Vol. 29 (February1988), pp. 2543.

      World Bank, World Development Report, 1989 (London: Oxford University Press1989), see Chapter 5 in particular.

    Part IV. Role of Central Bank in Economic Transition and Reform

      Ahmed,Sadiq, andBasantKapur,“How Indonesia’s Monetary Policy Affects Key Variables,”Policy, Planning, and Research Working Papers, No. 349 (Washington: World Bank, 1990).

      Atkinson,PaulE., andWilliam E.Alexander,Financial Sector Reform: Its Role in Growth and Development (Washington: Institute of International Finance1990).

      Blejer,MarioI., andSilvia B.Sagari,“Sequencing the liberalization of Financial Markets,”Finance and Development (Washington), Vol. 25 (March1988) pp. 1820.

      Blejer,MarioI.,DavidBurton,StevenDunaway, andGeorgSzapry,“China: Economic Reform and Macroeconomic Management,”Occasional Paper, No. 76 (Washington, International Monetary Fund, 1991).

      Carrington,Tim,“A Polish Banking System Takes Root, As ‘Mattress Money’ Economy Wanes,”Wall Street Journal, February16, 1990, p. A713.

      Cheng,Hang-Sheng,“Money and Credit in China,”Economic Review, Federal Reserve Bank of San Francisco (Fall1981), pp. 1936.

      Cole,DavidC, andBetty F.Slade,“Adapting Monetary Policy Instruments: The Indonesian Experience,”Discussion Paper No. 310, Harvard Institute for International Development (June1989).

      Cole,DavidC, andBetty F.Slade,“Indonesia Financial Development: A Different Sequencing?”paper presented at seminar on Financial Liberalization, Cambridge, Massachusetts, June10–15, 1990.

      Cottarelli,Carlo, andManuelSebastiao,“Transition to Indirect Monetary Control: Some Notes on the Case of Portugal,”prepared for theInternational Seminar on Economic and Monetary Union, Portugal, June8–9, 1990.

      De Wulf,Luc, andDavidGoldsbrough,“The Evolving Role of Monetary Policy in China,”Staff Papers, International Monetary Fund (Washington), Vol. 33 (June1986), pp. 20942.

      Dembinski,PawelH.,“Quantity Versus Allocation of Money: Monetary Problems of the Centrally Planned Economies Reconsidered,”Kyklos (Basle), Vol. 41, No. 2 (1988), pp. 281300.

      Freedman, C.,“Structural Changes, Financial Policy, and Bank Regulation,”notes for address to IMF Central Banking Seminar, December7, 1988, Washington.

      Friedman,BenjaminM.,“Targets and Instruments of Monetary Policy,”NBER Working Paper, No. 2668 (Cambridge, Massachusetts: National Bureau of Economic Research, July1988).

      Gelb,AlanH., andPatrickHonohan,“Financial Sector Reforms in Adjustment Programs,”Policy, Planning, and Research Working Papers, No. 169 (Washington: World Bank, 1989).

      Goldsbrough,David, andIqbal MehdiZaidi,“Monetary Policy in the Philippines during Periods of Financial Crisis and Changes in Exchange Rate Regime: Targets, Instruments, and the Stability of Money Demand,”IMF Working Paper, No. 89/98 (unpublished, Washington: International Monetary Fund, 1989).

      Hartwig,Karl-Hans,Monetare Steuerungsprobleme in Sozialistischen Planwirtschaften[Monetary Control Problems in Socialist Planned Economies] (Stuttgart, 1987).

      Huszti, E.,“Main Trends in the Development of Socialist Banking Systems and Organization: Relations Between the Functions of Issuing (Central) and Credit Banks,”Acta Oeconomica (Budapest), Vol. 26, Nos. 1/2 (1981), pp. 7191.

      Imai,Hiroyuki,“China’s New Banking System: Changes in Monetary Management, Pacific Affairs (Vancouver), Vol. 58 (Fall1985), pp. 45172.

      Johnston, R.B.,“Issues in the Design and Implementation of Monetary Control and the Transition to Indirect Monetary Instruments” (unpublished, (Washington: International Monetary Fund, July1990).

      Johnston, R.B., andAnton A.F. Opde Beke,“The Development of Market-Based Instruments of Monetary Control: Issues and Recent Experiences in Developing Countries” (unpublished, Washington: International Monetary Fund, Central Banking Department, November1988).

      Johnston, R.B., andAnton A.F. Opde Beke,“Monetary Control Procedures and Financial Reform: Approaches, Issues, and Recent Experiences in Developing Countries,”IMF Working Paper, No. 89/48 (unpublished, Washington: International Monetary Fund, 1989).

      Junyin,Ren,“The Basis of China’s Banking Reform,” in Financial Reform in Socialist Economies, ed. byChristineKessides,TimothyKing,MarioNuti, andCatherineSokil,EDI Seminar Series (Washington: The World Bank, 1989), pp. 20513.

      Kane,EdwardJ.,“Interaction of Financial and Regulation Innovation, American Economic Review, Papers and Proceedings (May1988), pp. 32834.

      Knight,PeterT.,“Economic Reform in Socialist Countries: The Experiences of China, Hungary, Romania, and Yugoslavia,”Staff Working Papers, No. 579 (Washington: World Bank, 1983).

      Lal,Deepak,“The Political Economy of Economic Liberalization,”World Bank Economic Review (Washington), Vol. 1 (January1987), pp. 27399.

      Leite,SergioP., andV.Sundararajan,“Issues in Interest Rate Management and Liberalization,”IMF Working Paper, No. 90/12 (unpublished, Washington: International Monetary Fund, 1990).

      Nuti, D.M.,“Hidden and Repressed Inflation in Soviet-Type Economies: Definitions, Measurements and Stabilization,” in Contributions to Political Economy (Cambridge) Vol. 5 (1986), pp. 3782.

      Nuti, D.M.,“Fenghle Financial Innovation under Socialism,” in Financial Reform in Socialist Economies, ed. byChristineKessides,TimothyKing,MarioNuti, andCatherineSokil,EDI Seminar Series (Washington: The World Bank, 1989), pp. 85105.

      Op de Beke,AntonA.F.,“IMF Central Banking Department Organizes Aid to National Bank of Poland,”IMF Survey (Washington), Vol. 18 (August13, 1990), p. 241, pp. 247–51.

      “People’s Bank of China to Function Exclusively As Nation’s Central Bank,”IMF Survey (Washington), Vol. 12 (October24, 1983), p. 337.

      Quintyn,Marc,“From Direct to Indirect Instruments of Monetary Policy: Lessons from the French Postwar Experience” (unpublished, Washington: International Monetary Fund, October10, 1990).

      Radecki,Lawrence, andVincentReinhart,“Globalizztion of Financial Markets and the Effectiveness of Monetary Policy Instruments, Quarterly Review, Federal Reserve Bank of New York, Vol. 13 (Autumn1988), pp. 827.

      Robinson,RogerJ., andLeldeSchmitz,“Jamaica: Navigating Through a Troubled Decade,”Finance and Development (Washington), Vol. 26 (December1989), pp. 3033.

      Sundararajan, V., andLazarosMolho,“Financial Reform and Monetary Control in Indonesia,”IMF Working Paper, No. 88/4, (unpublished, Washington: International Monetary Fund, 1988)

      Sundararajan, V., andLazarosMolho,“Financial Reform in Indonesia”Finance and Development (Washington), Vol. 25 (December1988), pp. 4345.

      Vigliano,Franco,“China Taps the Capital Markets,”International Financial Law Review (London), Vol. 6 (February1987), pp. 3136.

    List of Participants

    Guest Speakers

    • G. Arthur Brown*

    • Governor

    • Bank of Jamaica

    • Charles Freedman*

    • Deputy Governor

    • Bank of Canada

    • Robert Heller

    • President

    • Visa International

    • Tim O’Grady Walshe*

    • Former General Manager/Director General

    • Central Bank of Ireland

    • Brian Quinn

    • Executive Director

    • Bank of England

    • Bruce Summers

    • Deputy Director

    • Federal Reserve Board

    • Antonio Fazio*

    • Deputy Director General

    • Bank of Italy

    • Alan Greenspan

    • Chairman

    • Board of Governors of the Federal Reserve System

    • Lindsay Knight

    • Deputy Governor

    • Reserve Bank of New Zealand

    • Andrzej Olechowski*

    • First Vice President

    • National Bank of Poland

    • Maria Schaumayer*

    • Governor

    • National Bank of Austria

    • Hans Tietmeyer*

    • Member of the Executive Board

    • Deutsche Bundesbank


    World Bank

    • Cesare Caranzat*

    • Executive Director

    • Deena Khatkhatet

    • Consultant

    • Andrew Shengt

    • Senior Financial Specialist

    International Monetary Fund

    • Michel Camdessus*

    • Managing Director

    African Department

    • Emilio Sacerdoti

    • Advisor

    Asian Department

    • Tomás Baliño

    • Deputy Division Chief

    Central Banking Department

    • Justin B. Zulu*

    • Director

    • Douglas A. Scott

    • Deputy Director

    • V. Sundararajan*

    • Assistant Director

    • Patrick T. Downes*

    • Advisor

    • Jacque Gautier

    • Advisor

    • Carl-Johan Lindgren

    • Advisor

    • Erik Niepoort*

    • Advisor

    • David Folkerts-Landau

    • Deputy Division Chief

    • Barry R. Johnston

    • Senior Economist

    • Reza Vaez-Zadeh

    • Senior Economist

    • Henry N. Schiffman

    • Consultant

    IMF Institute

    • Gerard M.Teyssier*

    • Director

    • Anthony Lanyi*

    • Deputy Director

    • Jeffrey M. Davis

    • Advisor

    • Roger Pownall

    • Division Chief


    • Saif Hadif Al-Shamsi

    • Executive Director

    • Banking Supervision Department

    • United Arab Emirates Central Bank

    • Raja Attar

    • Director

    • Internal Control Directorate

    • Central Bank of Syria

    • Richard Battellino

    • Chief Manager

    • Domestic Markets Department

    • Reserve Bank of Australia

    • Omar Rodriguez Bello

    • Second Vice President

    • Central Bank of Venezuela

    • Abdelhaq Benchekroun

    • Director

    • Foreign Department

    • Bank Al-Maghrib, Morocco

    • Javier Cardenas

    • Manager

    • Department of Credit, Legal Deposits, and Financial Markets

    • Bank of Mexico

    • Ilmane Mohamed Cherif

    • Vice Governor

    • Central Bank of Algeria

    • Pedro da Neto Cunha

    • Governor

    • National Bank of Angola

    • Sándor Czirjak

    • Deputy President

    • National Bank of Hungary

    • Dariyn Danzan

    • First Deputy Chairman

    • Board of Directors

    • State Bank of the Mongolian People’s Republic

    • Jorge Quiñones del Busto

    • Deputy Advisor to General Management

    • Central Reserve Bank of Peru

    • Naullage Ananda Dharmabandu

    • Chief Accountant

    • Banking Department

    • Central Bank of Sri Lanka

    • Daniel E. Duenas

    • Manager

    • Directorate of Monetary Programming

    • Central Bank of the Republic of Argentina

    • A. J. Geerling

    • Chief

    • Supervision Department—General Affairs

    • Netherlands Bank

    • Clyde Goodlet

    • Research Advisor

    • Department of Monetary and Financial Analysis

    • Bank of Canada

    • Dan Huan Ha

    • Assistant Director

    • External Economic Relations Department

    • State Bank of Viet Nam

    • Takis E. Kanaris

    • Manager

    • Economic Research Department

    • Central Bank of Cyprus

    • Miroslav Kerous

    • Vice Chairman

    • State Bank of Czechoslovakia

    • Bap Kesang

    • Managing Director

    • Royal Monetary Authority of Bhutan

    • Firouzeh Khalatbari

    • Advisor to the Executive Board

    • Central Bank of the Islamic Republic of Iran

    • Pierre Madrieres

    • Deputy Director

    • Foreign Relations Department

    • Bank of France

    • Mohmoud Qaid M. Naji

    • Manager

    • Foreign Department

    • Central Bank of Yemen

    • Gata Ngoulou

    • Central Director

    • Bank Supervision Department

    • Bank of Central African States

    • Harihar Dev Pant

    • Chief Manager

    • Banking Development and Credit Department

    • Nepal Rastra Bank

    • Franklin Proano P.

    • Manager

    • Technical Division

    • Central Bank of Ecuador

    • Stefan Schoenberg

    • Senior Division Chief

    • Deutsche Bundesbank

    • Enrique Seguel

    • Member of the Board

    • Central Bank of Chile

    • Yutaka Shiotsu

    • Manager, Balance of Payments Division

    • International Department Bank of Japan

    • Oumarou Sidikou

    • Vice Governor

    • Central Bank of West African States

    • Ezra Suruma

    • Deputy Governor

    • Bank of Uganda

    • Mengesha Tesfaye

    • Controller

    • National Bank of Ethiopia

    • Andrzej Topinski

    • Vice President

    • National Bank of Poland

    • Iris Teresa Vaz

    • Executive Director

    • Reserve Bank of India

    • Guantao Yu

    • Research Fellow

    • Research Institute of Finance and Banking

    • People’s Bank of China

    Also served as panelist.


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