Contents
Recent Economic and Monetary Trends
The Cyclicality of Domestic Prices
Bo William Hansen and Dan Knudsen, Economics
This article views the IMI index in relation to cyclical fluctuations and to other price and wage indices, while also discussing whether IMI can be seen as an indicator of future inflation. In addition, delineation of the IMI index is discussed in the Appendix.
The USA's External Imbalance in a Financial Perspective
Per Flink Iversen, Economics
This article looks into the financing of the USA's current-account deficit and international investment position. Particularly Asian and OPEC economies have played an important role. In addition, the article seeks to elucidate why the USA's net capital income is still positive – despite its large external debt. The " dark matter" hypothesis has been offered as an explanation.
Slovenia: An Economic Portrait of the New Euro Area Member State
Niels Peter Hahnemann, Economics
On 1 January Slovenia is the first of the new EU member states to join the euro after only just over 2½ years' membership. Slovenia is the most prosperous of the former Communist states. Its economy has been stable for a prolonged period with moderate inflation and relatively modest deficits on both its government budget balance and current account of the balance of payments. The article reviews Slovenia's compliance with the convergence criteria and the structure of its economy.
The Relevance of GDP Growth Rates
Christian Ølgaard, Economics
An evaluation of a country's economic performance often focuses on GDP growth. However, this is associated with several pitfalls. This article argues that adjustment of GDP growth for demographic factors and terms of trade gives a truer measure of the country's economic performance.
Settlement of Foreign-Exchange Transactions
Lone Natorp, Market Operations and Tina Skotte Sørensen, Payment Systems
The article describes various foreign-exchange settlement methods, including settlement via CLS, and the related risks. BIS has launched an international survey of settlement risk in relation to foreign-exchange transactions. Some of the results of the Danish part of the survey are outlined.
IMF Review of the Financial Sector in Denmark
Gitte Wallin Pedersen, International Relations
In 2005-06 Denmark was subject to a detailed IMF review of its financial sector, FSAP. Overall, the IMF found the systems to be resilient and well-supervised. The IMF's review should be viewed in the light of the systems' importance to economic stability.
Articles in the Monetary Review 4th Quarter 2004 – 3rd Quarter 2006
Vol. XLV, No. 4
| MONETARY REVIEW 4th QUARTER 2006 The small picture on the front cover shows the " Bankers" clock, which was designed by Arne Jacobsen for the Danmarks Nationalbank building. Text may be copied from this publication provided that Danmarks Nationalbank is specifically stated as the source. Changes to or misrepresentation of the content are not permitted. The Monetary Review is available on Danmarks Nationalbank's website: www.nationalbanken.dk under publications. Managing Editor: Jens Thomsen Editor: Anders Møller Christensen This edition closed for contributions on 24 November, 2006. The Monetary Review can be ordered from: Danmarks Nationalbank, Information Desk, Havnegade 5, DK-1093 Copenhagen K Telephone +45 33 63 70 00 (direct) or +45 33 63 63 63. Inquiries: Monday-Friday 9.00 a.m.-4 p.m. E-mail: info@nationalbanken.dk Datagraf Auning A/S ISSN 0011-6149 (Online) ISSN 1398-3865 |
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