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The impact of banking crises

The blog has been searching the websites of the major central banks, such as the IMF, World Bank, Federal Reserve and Bank of England, for research on the history of credit crises. Several readers, including Paul Noble of Parsons Brinckerhoff, have also kindly forwarded helpful studies. The most comprehensive...

Posted to ICIS Blogs (Weblog) by Anonymous on 12-28-2008
Bank of England cuts to 3%, warns on deflation

UK interest rates have just been cut by 1.5% to 3%. The Bank of England had been very concerned about inflation, currently at 5.2%, compared to a target of 2%. But the Bank now sees no danger from inflation in the future. Instead, it is warning that there is "a substantial risk of undershooting...

Posted to ICIS Blogs (Weblog) by Anonymous on 11-06-2008
A fistful of dollars

The US Federal Reserve used just to manage monetary policy for the 12 'districts' of the USA. But now, it is going global. First, it opened unlimited "swap lines" with other G7 countries through the European Central Bank, the Bank of England and the Bank of Japan, as well as the Swiss...

Posted to ICIS Blogs (Weblog) by Anonymous on 11-03-2008
Europe, N America, China cut interest rates

The blog welcomes the co-ordinated action by central banks, including the US Federal Reserve, European Central Bank, and the Banks of England and China, in cutting interest rates . Anything that suggests policymakers are starting to get their act together is good news. But the cut seems to be more gesture...

Posted to ICIS Blogs (Weblog) by Anonymous on 10-08-2008
Bank of England warns on inflation

Andrew Sentance of the Bank of England has issued a very clear analysis of current oil and commodity price movements. It rejects the view that these have been caused by speculators. Instead it points to increasing demand, and lack of supply, as the principal causes of today's higher prices. The slide...

Posted to ICIS Blogs (Weblog) by Anonymous on 07-17-2008
High inflation, or global downturn?

Central bankers had it easy over the past decade. Now they are going to have to earn their money. Inflation is rising rapidly, and growth rates are falling. But unfortunately, as I first noted back in March , they still seem to have differing ideas about what policies will best counter these twin challenges...

Posted to ICIS Blogs (Weblog) by Anonymous on 06-08-2008
Central bankers recognise a 'bubble'

For years, former US Fed Chairman Alan Greenspan said that it was impossible to recognise an 'asset bubble' until after it had burst. Thus the dot-com bubble, and the US housing bubble, were able to grow without central bank interference. Now however, Fed Governor Frederic Mishkin has broken...

Posted to ICIS Blogs (Weblog) by Anonymous on 05-18-2008
The graph the Bank of England didn't publish

Every 3 months, the Bank of England publishes its Inflation Report . This is packed with useful charts and commentary on just about every aspect of the world economy. It also normally includes the Bank's own indicator of where UK house prices are headed. This is based on surveys by the Royal Institute...

Posted to ICIS Blogs (Weblog) by Anonymous on 05-17-2008
Interesting Quotes (3)

Back in August, as the credit crisis began, I tried to capture the heart of the issues it raised in a few quotes . Many people now believe that it is coming to an end . I am not so sure, and fear it may, in fact, be simply moving from Wall Street to Main Street. If it does, the following quotes may provide...

Posted to ICIS Blogs (Weblog) by Anonymous on 05-01-2008
‘Largest ever peacetime liquidity crisis’ says Bank of England

Its not often that one gets clear statements from central bankers. Today’s comment from the Bank of England’s Deputy Governor that the credit crunch was ‘an accident waiting to happen’ is truly remarkable for its clarity. She also gives the best one sentence summary that I have seen on the background...

Posted to ICIS Blogs (Weblog) by Anonymous on 02-26-2008

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