Czech Rep. – Central bank publishes quarterly review of central bank monetary policy in 9 jurisdictions, with special article examining emerging economies’ attempts to limit undesirable capital flows

On 9 September 2013 the Monetary and Statistics Department of the Czech National Bank (Česká národní banka) published the latest issue of its quarterly review of central banks’ monetary policy, in both Czech and English.

The bulletin covers developments in monetary policy and inflation in nine jurisdictions whose central banks use inflation targeting as the cornerstone of their monetary policy: EU (ECB), USA, UK, Sweden, Hungary, Poland, Norway, Switzerland, and New Zealand.

For each jurisdiction the bulletin indicates the central bank’s inflation target, the dates of recent monetary policy meetings and any changes in policy rates, the most recent inflation figures, the dates of upcoming monetary policy meetings, the dates of upcoming publications, a prediction of the direction of upcoming movements in the policy rate, and a 12-month graph of the key policy rate and the inflation rate.

The bulletin concludes with a three-page article entitled, “Undesirable Capital Flows”.  The article discusses how loose monetary policy in advanced countries has caused massive capital inflows into emerging economies, and how governments in those countries have begun experimenting with capital controls in order to head off the danger of sudden and equally massive outflows of capital causing damage to their countries.  The article discusses measures taken by the governments of Brazil, Indonesia, South Africa, and Korea, and mentions the consideration that has lately been given to the question of capital inflows by the G20, the IMF, and the symposium held in August 2013 in Jackson Hole.

Sources:

In English: Central Bank Monitoring – September 2013 (2013-09-09)

In Czech: Monitoring centrálních bank - září 2013 (2013-09-09)