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Home > News and Publications > Summary of Quarterly Bulletin 2010 Q2

Summary of Quarterly Bulletin 2010 Q2

14 June 2010


Each article is available as a separate pdf file; click on the appropriate title to access the relevant file. Alternatively you may download the complete issue (4.9mb).

Recent economic and financial developments
Markets and operations (2.0mb)
This article reviews developments in global financial markets since the 2010 Q1 Quarterly Bulletin up to 21 May 2010. The article also reviews the Bank's official operations.

Research and analysis
Research work published by the Bank is intended to contribute to debate, and does not necessarily reflect the views of the Bank or of MPC members.

Collateral risk management at the Bank of England (384k)
By Sarah Breeden, Head of the Bank's Risk Management Division and Richard Whisker of the Risk Management Division.
In response to the financial crisis the Bank of England has expanded the range of collateral accepted in its market operations to include private sector assets, notably asset-backed securities and covered bonds. Such assets have different risk characteristics to the forms of collateral previously accepted, presenting new risk management challenges. This article sets out how the Bank of England undertakes collateral risk management, highlighting in particular the significant degree of protection taken by the Bank in its operations.

The impact of the financial crisis on supply (1.0mb)
By Andrew Benito, Katharine Neiss, Simon Price and Lukasz Rachel of the Bank's Structural Economic Analysis Division.
Output fell sharply in the United Kingdom during the recent global financial crisis, some of which is likely to have reflected a contraction in the economy's supply capacity. This article considers the impact of financial crises on supply and the potential channels through which supply may have been affected during the recent recession. It is likely that the downturn has resulted in a fall in companies' effective supply capacity although the magnitude of that impairment is difficult to gauge.

Public attitudes to inflation and monetary policy (1.1mb)
By Alina Barnett, Clare Macallan and Silvia Pezzini of the Bank's Monetary Assessment and Strategy Division.
Inflation has been volatile in the past three years. This article examines how that has affected households' attitudes to inflation and to monetary policy more generally. Some of the volatility in inflation has fed through to households' perceptions of inflation, as measured by the Bank/GfK NOP survey. But inflation expectations have responded less than changes in perceptions: households may have placed weight on the weak economic environment and the inflation target rather than simply extrapolating past trends in prices. Public satisfaction with the Bank, which deteriorated between 2007 and 2009, has improved in recent quarters.

A review of the work of the London Foreign Exchange Joint Standing Committee in 2009 (312k)
This article reviews the work undertaken by the London Foreign Exchange Joint Standing Committee during 2009.

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