The rewards of independence: central banks: America v Japan

Article Abstract:

Monetary policy is more effective when central banks are independent and are not subject to political pressures. The ability of the US Federal Reserve Board to fight inflation has been weakened by political pressures. The more independent Bank of Japan has been successful in reducing inflation.

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Hand over the money: payment systems

Article Abstract:

Interbank payment systems have rarely failed, but central banks are trying to reduce the risks that do exist. Security improvement efforts for domestic payment systems in the European Community and Fedwire and CHIPS in the US are described.

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A central bankers' charter

Article Abstract:

Central banks do not have to be made independent of governments to eliminate conflicts in their duties. Instead, the duty of supervising all other banks could be move to another agency. Monetary policy and interest rates are discussed.

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