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  (2M). |
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| Summary |
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| Recent economic and financial developments |
Markets and operations (346k)
Box on term structure of implied volatility
Box on carry trades in the foreign exchange market
Box on review of sterling money markets |
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| Research and analysis |
Understanding and modelling swap spreads (141k) |
The distribution of unsecured debt in the United Kingdom: survey evidence (116k)
Box on consistency with aggregate figures |
Innovations in retail payments: e-payments (114k)
Box on PayPal in the United States |
The macroeconomic impact of revitalising the Japanese banking sector (185k)
Box on banks' capital adequacy ratios |
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| Summaries of recent Bank of England working papers (268k) |
Estimating real interest rates for the United Kingdom |
Debt maturity structure with pre-emptive creditors |
Credit spreads on sterling corporate bonds and the term structure of UK interest rates |
Analytics of sovereign debt restructuring |
The dynamics of consumers' expenditure: the UK consumption ECM redux |
Empirical determinants of emerging market economies' sovereign bond spreads |
The rise in US household debt: assessing its causes and sustainability |
A quantitative framework for commercial property and its relationship to the analysis of the financial stability of the corporate sector |
A matching model of non-employment and wage pressure |
Settlement bank behaviour and throughput rules in an RTGS payment system with collateralised intraday credit |
Company accounts based modelling of business failures and the implications for financial stability |
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| Reports |
Financial stability and the United Kingdom's external balance sheet (170k)
Box on estimating market values for foreign direct investment
Box on external debt statistics
Box on recent trends in PNFCs' external debt |
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| Speeches |
The Governor's speech at the East Midlands Development Agency/Bank of England dinner
Given in Leicester on 14 October 2003
Inflation targeting: the UK experience (282k)
Speech by Charles Bean, Chief Economist and member of the Monetary Policy Committee, given at the annual meeting of the German Economic Association, Zürich, 1-3 October 2003
UK monetary policy in a changing world (137k)
Speech by Kate Barker, member of the Bank's Monetary Policy Committee, given at the University of Teesside Business School Annual Lecture on 20 November 2003
Two current monetary policy issues (431k)
Speech by Stephen Nickell, member of the Bank's Monetary Policy Committee, prepared for a Market News International Seminar on 16 September 2003
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