Aims and Scope of the journal Economic & Financial Review

The economics profession has divided itself into three groups: (i) the public sector economists (ii) the private sector economists with each group tending to have its own ethos and beliefs.

While there is one economics discipline, each class of economists has its own ideologies, modes of thinking and methodologies. In practice, there is little interaction or close links among the three. Economic and Financial Review aims to provide a medium for enabling and enhancing communications among the three groups.

The journal will include contributions from all sides of the profession – portraying the state of the art as well as presenting the new thinking, developments, directions, emerging techniques and their applications in the area of economics and finance. The journal will address issues related to decisions, timing and implementation of alternative policies at government level. It will also concern itself with the problems, consequences and necessary steps for the reversal of a given policy when it fails to produce the desired results.

The journal, in addition, addresses the difficulties facing the market decision makers, in effect, “the policy-takers” who need to incorporate into their forecasts government actions.

Finally, it is intended that the periodical will aid in removing the isolation that currently exists among the different groups so that the new theories that are formulated will be more in tune with the real workings of the economy, and guide the practitioners.

Among the articles published in Economic & Financial Review have been:

  • Transformation of Central Banking and Monetary Policy in Europe Olli Rehn, Governing Council Member, European Central Bank, & Governor, Bank of Finland
  • Monetary Transmission in India Viral V. Acharya, Deputy Governor, Reserve Bank of India
  • U.S. Economic Outlook and Monetary Policy Loretta J. Mester, President and CEO, Federal Reserve Bank of Cleveland
  • Wages, Productivity and Competitiveness in Greece C.A. Ioannou, K.N. Kanellopoulos and S. Petros, Hellenic Federation of Enterprises (SEV)
  • The Belgian Shadow Banking Sector: An Overview Financial Services and Markets Authority (FSMA) & National Bank of Belgium
  • Emerging Economies in a New Global Cycle: Central Bank Perspectives Javier Guzman Calafell, Deputy Governor, Bank of Mexico
  • The Renminbi as a Global Reserve Currency Javier Guzman Calafell, Deputy Governor, Bank of Mexico
  • The Euro-area Economy: On the Road to Recovery and Reform? Olli Rehn, European Central Bank Governing Council Member & Governor, Bank of Finland
  • Europe, EMU and the Banks Olli Rehn, European Central Bank Governing Council Member & Governor, Bank of Finland
  • The Road to Exiting the EU: Impact on the UK Economy and Outlook H. Scobie, Chairman, European Economics & Financial Centre
  • A Life Close to the Centre Lars Rohde, Governor, National Bank of Denmark
  • How to Restructure Venezuelan Debt Lee C. Buchheit, Cleary Gottlieb, Steen & Hamilton, New York, and G. Mitu Gulati, Duke University Law School, Durham, North Carolina
  • Thoughts on Europe: Its Future Outlook and Challenges Facing the Banking Sector Luigi Federico Signorini, Deputy Governor, Bank of Italy
  • Exit from the European Union Paul Oscar, European Economics & Financial Centre
  • China’s New Economic Policy: Changing Analytical Conditions for Financial Markets and Corporations Hubert Fromlet, Linnaeus University, Sweden
  • Banking Deserts, Branch Closings, and Soft Information Donald Morgan, Maxim Pinkovsky and Bryan Yang, Federal Reserve Bank of New York
  • The U.S. Economic Outlook and Monetary Policy Loretta J. Mester, President, Federal Reserve Bank of Cleveland
  • The Impact of Diverging Monetary Policies on Emerging Markets Daniel Mminele, Deputy Governor, Reserve Bank of South Africa
  • “Work Ticket” Scheme for Employment Creation and Growth: A Proposal H. Scobie, Chairman, European Economics & Financial Centre
  • Banking Union and Financial Integration in the European Union Vitas Vasiliauskas, Governing Council Member, European Central Bank, & Governor, Bank of Lithuania
  • Economic Outlook for the Asia-Pacific Region Paul Sheard and Paul F. Guenwald, Standard & Poor’s, New York
  • Overcoming Economic Challenges in Europe: the Way Forward Ilmars Rimsevics, Governing Council Member, European Central Bank, & Governor, Bank of Latvia
  • The Global Financial Crisis and the Indian Financial Sector Duvvuri Subbarao, Governor, Reserve Bank of India
  • Preserving the Credit of the Sovereign through a Financial Sector Meltdown: The Case of Iceland Mar Gudmundsson, Governor, Central Bank of Iceland
  • The Shape of Financial Markets Post Financial Crisis Nancy Metcalf & Roy Cable, European Economics & Financial Centre
  • Growth Strategy and Consumption Tax in Japan Paul Sheard, Standard & Poor’s, New York
  • Policy Challenges Facing the Euro-Area Economy Luc Coene, Governor, National Bank of Belgium
  • Completing the Euro Project: the Day after Tomorrow Jose Manuel Gonzalez-Paramo, European Central Bank Executive Board Member
  • The Cost of Euro Break-Up Stephane Deo, Paul Donovan & Larry Hatheway, UBS
  • Relevant Policies in Managing a Sovereign Debt Crisis Stephen James, European Economics & Financial Centre
  • Preventing Spillovers on the Global Economy Jean-Claude Trichet, President, European Central Bank
  • Economic and Monetary Union: Lessons from the Recent Crisis Erkki Liikanen, Governing Council Member, European Central Bank & Governor, Bank of Finland
  • 2010: A Progress Report on the UK Economy and Monetary Policy Spencer Dale, Member of Monetary Policy Committee, Bank of England
  • UK Monetary Policy: How Long Should “the song remain the same?” Andrew Sentence, Member of Monetary Policy Committee, Bank of England
  • The ECB’s Actions during the Recent Crisis and the Policy Elements Needed for a Sound Recovery Gertrude Tumpet-Gugerell, Executive Board Member, European Central Bank
  • The Financial Crisis and the Role of Austrian Banks in CESEF Ewald Nowotny, Governing Council Member, European Central Bank & Governor, National Bank of Austria
  • Non-standard Monetary Policy: Five Questions about the Exit Jose Manuel Gonzalez-Paramo, Executive Board Member, European Central Bank
  • Can We Ensure that Global Banks Do Not Create Global Problems? Eric Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston
  • How to Prevent a Systematic Financial Failure James Ponty, European Economics & Financial Centre
  • Exit Strategy for the Federal Reserve James Bullard, President, Federal Reserve Bank of St. Louis
  • Sovereign Wealth Funds and Global Imbalances Sir John Gieve, Deputy Governor, Bank of England
  • The Role of Central Banks in Credit Markets Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond
  • The U.S. Sub-prime Crisis and its Implications for Europe Hubert Fromlet, Blekinge Institute of Technology, Sweden
  • Perspectives on the U.S Economy Gary H. Stern, President, Federal Reserve Bank of Minneapolis
  • Foreign Reserve Accumulation: Some Systemic Implications Christian Noyer, Governor, Bank of France
  • Milton Friedman and Money Stock Control William Poole, President, Federal Reserve Bank of St. Louis
  • Corporate Cash Balances and Economics Activity Kevin M. Warsh, Member, Board of Governors of the Federal Reserve System
  • Economic Development in the African Region: Liquidity versus Yield Razia Khan, Standard Chartered Bank, London, UK
  • Fiscal Policies and Financial Markets in Economic Monetary Union Jose Manuel Gonzales-Paramo, Member of the Executive Board, European Central Bank
  • Business Capital Spending Donald L. Kohn, Vice Chairman, Board of Governors of the Federal Reserve System
  • Assessing Economic Upturns and Downturns in Business Cycles H. Scobie, Chairman, European Economics & Financial Centre
  • Developments in the U.S Labour Market Michael H. Moskow, President and CEO, Federal Reserve Bank of Chicago
  • The U.S. Economic Outlook: Under an Inflation Watch? Thomas M. Hoenig, Member, Board of Governors of the Federal Reserve System
  • India versus China: Who Will Be the Winner in the Long Run? Hubert Fromlet, Chief Economist, Swedbank, Stockholm, & Professor, Blekinge Institute of Technology and Baltic Business School, Kalmar,
  • Sweden
  • Distressed Borrowers and Best Practice in Italy and France Edward Eyerman, Stefano Podesta, Giulio Lombardi and Elisabetta Zorzi, Fitch Ratings, New York
  • The Irish Presidency of the EU: Acceptance Speech for the Award Presented by the European Economics and Financial Centre Bertie Ahern, Prime Minister of Ireland
  • A Framework for Stability in Europe Otmar Issing, Member of the Executive Board, European Central Bank
  • On Enlargement of the European Union: the Hungarian Experience Peter Adamecz, Deputy Governor, Central Bank of Hungary
  • The Polish Way: From Big Bang Reform to European Union Membership Krysztof Rybinksi, Deputy Governor, National Bank of Poland
  • The Run to China: Another Example of Herd Behaviour? Hubert Fromlet, Chief Economist, Swedbank, Stockholm & Professor, Blekinge Institute of Technology, Sweden
  • Strategic Issues for China’s Economy Sean M. Dougherty, OECD Centre for Co-operation with Non-Members, Paris
  • The Euro: Five Years Later Ben S. Bernanke, Board of Governors of the Federal Reserve System
  • Asian Economies: Meeting the New Global Challenges M. R. Pridiyathorn Devakula, Governor, Bank of Thailand
  • Co-operation and the Conduct of Economic Policy David Dodge, Governor, Bank of Canada
  • Benefit-Cost Analysis in the Public Policy Process Edward M. Gramlich, Member, Board of Governors of the Federal Reserve System
  • Bank Failure and the Payment System Thomas Floden, Riksbank (Central Bank of Sweden)
  • Improving the Efficiency of Primary and Secondary Markets Peter R. Fisher, Under Secretary, Domestic Finance, U.S. Treasury
  • Gains from Effective Diversification John Liddington, European Economics & Financial Centre
  • The Role and Functioning of the Euro in Global Financial Markets Alison Manning, European Economics & Financial Centre
  • The Euro Moves East Hubert Fromlet, Chief Economist, Swedbank, Stockholm, & Professor, Blekinge Institute of Technology, Sweden
  • Investor Relations: Drivers for Change Richard Bowler, Chairman, Investor Relations Society
  • Enlargement: Seizing the Opportunity Siim Kallas, Prime Minister of Estonia
  • Financial Stability in Sweden and the Euro Jonas Niemeyer, Riksbank (Central Bank of Sweden)
  • Latvia for Europe and Europe for Latvia Andris Berzins, Prime Minister of Latvia
  • EU Enlargement: a Win-Win Undertaking Algirdas Brazauskas, Prime Minister of Lithuania
  • Ratification of the Treaty of Nice and the Irish Referendum: Recent Experience and Future Prospects Gerry Hickey, Advisor to the Prime Minister of Republic of Ireland
  • The Euro and its Prospects following the Launch of the Notes and Coins Jean-Claude Trichet, Governor, Bank of France
  • Financing Community Development in Inner City America William J. McDonough, President and Chief Executive Officer, Federal Reserve Bank of New York
  • On Capital Adequacy Framework Thomas R. Fisher, Board Member, Deutsche Bank, Frankfurt
  • The Japanese Financial System in the New Environment Shinichi Yoshikuni, Bank of Japan
  • Capital Markets Development in the Countries of Central and Eastern Europe H. Gronkiewicz-Waltz, Vice President European Bank for Reconstruction and Development (EBRD), London
  • On the Insurance Function of Fiscal Policy in a Monetary Union Oscar Bajo-Rubio and Carmen Diaz-Roldan, Public University of Navarra, Spain
  • Analysis and Evaluation of Corporate Bonds Claus Huber & Helmut Kaiser, Deutsche Bank, & Christoph Klein, Deutsche Asset Management, Frankfurt
  • Is the Single Market Delivering? Romano Prodi, President, European Commission
  • World-Wide Tendencies in Financial Systems Jean Claude Trichet, Governor, Bank of France
  • Key Developments and Prospects of the Irish Economy Bertie Ahern, Prime Minister of Ireland
  • The U.S. and Japanese Economies: Reflections of a Central Banker Masaru Hayami, Governor, Bank of Japan
  • How Stimulative are Monetary Conditions in Europe and the US? Bert van den Berg and Arlan Meulen Broek, ABN AMRO Bank, The Netherlands
  • Europe’s Upturn in Growth and Structural Unemployment Elizabeth Legge, Bank Gesellschaft Berlin, Germany
  • European Bond Indices as a Benchmark for Euroland Bond Portfolios: an Overview and Evaluation Helmut Kaiser, Deutsche Bank AG, Frankfurt
  • The Fall and Rise of the Czech Economy S. Gibbs and K. Saroukhanian, Nomura International, London
  • A Global Single Currency: The Inevitable Direction H. Scobie, Chairman, European Economics and Financial Centre
  • Securitisation: Potential within the Italian Financial System G. De Felice, F. Guelpa, & A. Dal Colle, Banca Commerciale Italiana, Milan
  • Corporate Bond Markets and the Euro: Changes can already be seen Philippe Ithurbide, Societe Generale, Paris, France
  • Collateral Management in the Euro zone: the European Central Bank’s View J. M. Godeffroy, Director General, Payment Systems, European Central Bank
  • Monetary Union and European Securities Markets Implication for Multilateral Issuers Jon Sigurdsson, President and CEO, Nordic Investment Bank, Helsinki, Finland
  • The Implication of EMU for EFTA Countries Mar Gudmundsson, Governor, Central Bank of Iceland
  • The Relationship of the Yen and Future Euro Shinichi Yoshikuni, Bank of Japan
  • Challenges of Monetary Policy in the run-up to European Union Accession Judit Nemenyi, National Bank of Hungary
  • Closer European Integration And The Consequences Of The Single Currency Antonio Guterres, Prime Minister Portugal
  • Management of Economic Policies in the Euro Zone Jean-Luc Dehaene, Prime Minister of Belgium
  • The Euro in the Global Financial Market Christian Noyer, Vice President, European Central Bank
  • EMU and Co-ordination of Economic Policies Paavo Lipponen, Prime Minister of Finland
  • Reserve Management with the Birth of Euro H. Scobie, Chairman, European Economics and Financial Centre
  • US Perspective on the Dollar and the Future Euro William J McDonough, President, Federal Reserve Bank of New York
  • Sweden and EMU Erik Asbrink, Minister of Finance of Sweden
  • Euro Entry into the UK led by British Industry Colin Marshall, President, Confederation of British Industry, UK
  • The Challenge of the Euro for Europe Hans Tietmeyer, President, Deutsche Bundesbank, Germany
  • Crisis of the Emerging Financial Markets: Some Lessons from the Mexican Experience Jose Julian Sidaoui, Deputy Governor, Central Bank of Mexico
  • Banking Sector Restructuring in Yugoslavia Djordje Djukic, Council Member, National Bank of Yugoslavia
  • EMU Impact upon the Major Financial Markets Antonio de Sousa Franco, Minister of Finance, Portugal
  • Frankfurt as a Financial Center of Europe Ernst Welteke, Council Member, Deutsche Bundesbank, Germany
  • The Rationale of EMU for the Financial Markets European Citizens Jean-Luc Dehaene, Prime Minister, Belgium
  • The European System of Central Banks: A Profile W.F. Duisenberg, President, European Monetary Institute, Frankfurt
  • EMU Impact on Financial Markets, Banking and other Financial Activities: The Perspective of Small Countries Antonio de Sousa, Governor, Bank of Portugal
  • The Introduction of the Euro: A German View G. Michael Roeskau, Deputy Director General, International Monetary and Financial Relations, Federal Ministry of Finance, Germany
  • Preparing for a Single European Currency and its Consequences Helmut Schieber, Member of the Directorate of the Deutsche Bundesbank, Frankfurt
  • Germany as a Financial Centre Uwe E. Flach, Member of the Board of Managing Directors, DG Bank, Frankfurt
  • Minimising Systematic Risk: a Global Perspective David Pritchard, Head, Markets and Exchange Division, Securities and Investment Board, London, UK
  • Global Capital-raising through Bonds and Equities Robert B. Gray, Vice-Chairman, International Primary Markets Association
  • Intermarket Relation: Derivatives and Cash Markets Mary L. Schapiro President, NSAD Regulation, Inc.
  • The Open Gilt Repo Market: A Progress Report Peter B. D’Amario, BZW Capital Markets, London, UK
  • Taxing Interest Income in Integrated Capital Markets: Some Lessons from Recent Experience Lorenzo Pecchi, Council of Experts, Italian Treasury
  • The Operation of Exchange Rate Policy in Stage Three of EMU Alexandre Lamfalussy, President, European Monetary Institute
  • On Sovereign Risk Lawrence Lindsey, Governor, US Federal Reserve Board
  • Adhering to the Convergence Criteria: the Case of Portugal Vitor Bento, Director General, Portuguese Treasury
  • The Road to EMU: an EIB Perceptive Phillipe Szymczak, European Investment Bank
  • Austria on the Way to EMU Dietmar Spranz, Executive Director, National Bank of Austria
  • EMU and the Outlook for European Interest Rates Michael Feeny, Sumitomo Bank, London
  • The Single Currency The Rt Hon Lord Kingsdown KG (Former Governor of the Bank of England), House of Lords, UK
  • The United Kingdom and Europe Quentin Davies, Member of Parliament, UK House of Commons
  • The Cost and Timescale for the Switchover to the European Single Currency H. Scobie, Chairman, European Economics and Financial Centre
  • EMU: the Obstacle Race to Success Philippe Maystadt, Deputy Prime Minister & Minister of Finance and Foreign Trade, Belgium
  • Finland on the Way to the EMU Arja Alho, Minister of Finance, Finland
  • On Some Prerequisities for a Successful Currency Area Albert Ando, University of Pennsylvania
  • Some Thoughts on the Monetary Framework in EMU A.F.P. Bakker, Deputy Director, Central Bank of Netherlands
  • The International Competitiveness of European Manufacturing: Evidence from Cost and Price Measures Jozef Van’t dack, Bank for International Settlements, Basel, Switzerland
  • The Role of Central Bank in Developing Financial Markets in Small Economics Eirikur Gudnason, Governor, Central Bank of Iceland
  • Financial System in Transition: The Case of Malta Francis Vassalo, Governor, Central Bank of Malta
  • Monetary Integration in Europe: Past, Present and Future Helmut Schlesinger, Former President, Deutsche Bundesbank
  • The Advantages of EMU Jacques Santer, President, European Union
  • The Convergence Criteria for EMU: Do they require revisions, or a more flexible interpretation? Michel Sapin, Monetary Policy Council, Bank of France, & Former French Finance Minister
  • The Role of the Securities Markets within the Economic Fabric of the European Union E. Israel, President of the Federation of European Stock Exchanges & Chairman of the Board of Directors of the Luxembourg Stock Exchange
  • Perspectives for Monetary and Financial Markets Policy from the Viewpoint of a New Member State Dietmar Spranz, Executive Director, National Bank of Austria
  • The Belgian Franc and the EMU J.J. Rey, Board Member, National Bank of Belgium
  • The ECU in the Operations of European Investment Bank C. Bruck, Vice President, European Investment Bank
  • Monetary Policy and Financial Stability in Developing Economics Chris Stals, Governor, Reserve Bank of South Africa
  • Swiss Monetary Policy in the European Environment Jean Zwahlen, Member of the Governing Board, Swiss National Bank
  • The Role of Central Bank Independence: A Point of View from the Spanish Experience Jose Luis Malo de Molina, Director General, Bank of Spain
  • Does Debt Management Matter? A Market-Oriented Response from the Italian Case Lorenzo Pecchi, Council of Experts, Italian Ministry of Treasury & Gustavo Piga, Univeristy of Rome “La Sapienza”, Italy
  • World at the Turn of the Century Paul Samuelson, Massachussetts Institute of Technology
  • World Economics Outlook Stanley Fischer, Massachussetts Institute of Technology
  • Italy’s Current Macroeconomic Situation. Luigi Spaventa, Universita Rome “La Sapienza”, Italy
  • Italian Problems and Prospects Rudiger Dornbusch, Massachussetts Institute of Technology
  • A Note on Italian Debt Sustainability Umberto Cherubini and Rony Hamaui, Banca Commerciale Italiana, Milan
  • Transition in Poland Olivier Blanchard, Massachussetts Institute of Technology
  • Education, Income Distribution and Growth: The Local Connection Roland Benabou, Massachussetts Institute of Technology
  • German Monetary Policy and the Role of the Bundesbank in the ERM Bernd Goos, Head, Foreign Department, Deutsche Bundesbank
  • Current Issues in Reserve Management William A. Allen, Head, Foreign Exchange Division, Bank of England
  • The Macroeconomic Consequences of Federal Borrowing and Deficit Reduction David Reifschneider, Board of Governors of the Federal Reserve System, Washington DC
  • Polish Reforms: Transforming the Economic System in Poland Hanna Gronkiewicz-Waltz, President, National Bank of Poland
  • Managing Economic Co-operation Among Nation States H. Scobie, Chairman, European Economics and Financial Centre
  • The EMS Seen from Amsterdam Coen Voormeulen, Central Bank of Netherlands