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Electronic money (e-money), as a network good, could become an important form of currency in the future. Such a development could affect monetary policy effectiveness. If an increased use of e-money substantially limits the demand for central bank reserves, this limitation would require changes in the central bank operational target and a closer coordination of monetary and fiscal policies. Also, the optimal size of monetary unions would be different. However, the current level of e-money use does not seem to pose a threat to the stability of the financial system. Thus, central banks can successfully implement the objectives of monetary policy.

Monetary policy. --- Internet banking --- Electronic funds transfers --- Electronic banking --- Banks and banking --- Electronic commerce --- Monetary management --- Economic policy --- Currency boards --- Money supply --- EFT (Electronic funds transfers) --- Electronic check clearing --- Electronic money systems --- Electronic payments systems --- Electronic transfer of funds --- Funds, Electronic transfers of --- Telebanking --- Transfers of funds, Electronic --- Electronic data interchange --- Electronic benefits transfers --- Home banking services --- Economic aspects. --- Banks and Banking --- Exports and Imports --- Money and Monetary Policy --- Industries: Financial Services --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Aspects of Economic Integration --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Distributed ledgers --- Monetary economics --- Banking --- International economics --- Digital currencies --- Currencies --- Monetary unions --- Monetary base --- Financial services industry --- Technological innovations --- Money --- United States

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Arnone and Presbitero analyze the design and the implementation of the Heavily Indebted Poor Countries (HIPC) Initiative, by pointing out its main drawbacks and suggesting a different approach to debt sustainability and debt relief programs.

Economic conditions. Economic development --- Development aid. Development cooperation --- Developing countries --- Debts, External --- Debt relief --- Debts, Public --- Dettes extérieures --- Dettes --- Dettes publiques --- Pays en développement --- Economic conditions. --- Conditions économiques --- Dettes extérieures --- Pays en développement --- Conditions économiques --- E-books

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In the past 10 years a growing number of countries have established or began establishing a primary dealer system. This paper discusses the role of primary dealers, as well as theoretical, operational, and technical issues related to the establishment of a primary dealer system, in the overall management of public debt for countries that may be considering taking this step. Drawing on a 2001 survey of country practices, the paper discusses the rationale, costs and benefits, and key prerequisites, as well as selection criteria, obligations, and privileges of a primary dealer system. It also attempts to determine the conditions under which a primary dealer system would make a positive contribution to the functioning and development of the government securities market.

Government securities. --- Stockbrokers. --- Brokers. --- Professional employees --- Investment brokers --- Securities dealers --- Security traders --- Stock brokerage firms --- Stock brokers --- Brokers --- Government agency securities --- Government bonds --- Public securities --- Treasuries (Securities) --- Treasury bonds --- Bonds --- Debts, Public --- Securities --- Banks and Banking --- Exports and Imports --- Finance: General --- Investments: General --- Public Finance --- General Financial Markets: General (includes Measurement and Data) --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Central Banks and Their Policies --- Debt --- Debt Management --- Sovereign Debt --- Financial Institutions and Services: Government Policy and Regulation --- Portfolio Choice --- Investment Decisions --- Investment & securities --- Finance --- Banking --- Public finance & taxation --- Financial services law & regulation --- Government securities --- Securities markets --- Open market operations --- Public debt --- Financial institutions --- Financial markets --- Central banks --- Capital adequacy requirements --- Financial regulation and supervision --- Central bank financial reporting --- Capital market --- Banks and banking --- Asset requirements --- Liquidity --- Economics --- Canada

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This paper presents an update of the Grilli-Masciandaro-Tabellini (GMT) index of central bank (CB) autonomy, based on CB legislation as of end-2003. The index is applied to a set of OECD and developing countries, and emerging market economies. For a smaller set of countries, the paper presents a reconstruction of the GMT index based on Cukierman (1992) and assesses changes in CB autonomy between 1992 and 2003. The results point to a significant increase in CB autonomy, in particular for developing countries. In most cases, this improvement has involved a three-stage process: an initial stage in which the political foundations for CB autonomy are laid; a second stage in which operational autonomy develops; and a final stage in which CBs gain further political autonomy in terms of policy formulation and the appointment of senior management.

Banks and banking, Central -- Law and legislation -- Developing countries. --- Banks and banking, Central -- Law and legislation -- OECD countries. --- Electronic books. -- local. --- Monetary policy -- Developing countries. --- Monetary policy -- OECD countries. --- Finance --- Business & Economics --- Banking --- Banks and banking, Central --- Monetary policy --- Law and legislation --- Monetary management --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Economic policy --- Currency boards --- Money supply --- Banks and banking --- Banks and Banking --- Finance: General --- Public Finance --- Central Banks and Their Policies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Taxation, Subsidies, and Revenue: General --- Monetary Policy --- Public finance & taxation --- Emerging and frontier financial markets --- Central bank autonomy --- Central bank legislation --- Legal support in revenue administration --- Financial markets --- Revenue administration --- Financial services industry --- Revenue --- Mexico

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This paper examines the relationship between the quality of banking supervision and governance of the supervisory agency, based on assessments of the Basel Core Principles and the IMF Code on Transparency in Financial Policies, covering 116 and 53 countries, respectively, with 51 common to both. We find a positive correlation between the transparency of the supervisor and the effectiveness of banking supervision; moreover, better accountability and integrity practices of the banking supervisors are associated with higher independence, which in turn is associated with better compliance with the Basel Core Principles. These results are largely robust to different stages of financial development.

Banks and banking -- State supervision. --- Banks and banking, Central. --- Corporate governance. --- Banks and Banking --- Finance: General --- Macroeconomics --- Financial Institutions and Services: Government Policy and Regulation --- General Financial Markets: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Personal Income, Wealth, and Their Distributions --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial services law & regulation --- Finance --- Banking --- Bank supervision --- Basel Core Principles --- Financial sector development --- Personal income --- Banks and banking --- State supervision --- Financial services industry --- Income --- State supervision.