This paper looks at the relevance of a central bank's own finances for its policy work. Some central banks are exposed to significant financial risks, partly due to the environment in which they operate, and partly due to the nature of policy actions. While financial exposures and losses do not...

The ERM turbulence of 1992 brought to light the relevance of financial structure for the speed and intensity of the transmission of changes in interest rates to the rest of the economy. Against this backdrop, this volume seeks to cast light on the relationship between financial structure and the...

The papers on the following pages were presented and discussed at a workshop on quot;Modelling aspects of the inflation process and the monetary transmission mechanism in emerging market countriesquot;, held at the BIS on 15-16 January 2001. It was the first time that the BIS had arranged a...

This volume, which is a follow-up to BIS Policy Paper No. 3 (January 1998), analyses the major changes in monetary policy transmission in the emerging market economies (EMEs) over the past decade and highlights a number of implications. It is based on two days of discussions among senior central...