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Research work published by the Bank is intended to
contribute to debate, and is not necessarily a statement of Bank policy.
The over-the-counter derivatives markets in the United
Kingdom  (48k)
(by the Derivatives Markets Survey Team in Markets &
Systems Division).
The survey of this market in the United Kingdom (part of
a wider Bank for International Settlements exercise) provides
useful information on derivatives markets and shows London
to be the most active centre.
Can we explain the shift in M0 velocity? Some time-series
and cross-section evidence (88k)
(by Norbert Janssen of Monetary Assessment & Strategy
Division).
The steady upward trend in narrow money velocity in the
United Kingdom slowed in the 1990s, coinciding with fewer
cash-saving financial innovations and lower inflation.
Saving, investment and real interest rates (70k)
(by Nigel Jenkinson of the Bank's Structural Economic Analysis
Division).
The G10 finance ministries and central banks published,
in October 1995, a report of a study of savings, investment
and real interest rates. This report describes the study's
conclusions and policy recommendations. It also outlines
the Bank of England's work supporting the study.
Central bank independence and accountability: theory
and evidence (33k)
(by Clive Briault, Andrew Haldane and Mervyn King, of the
Monetary Analysis Divisions).
Accountability and transparency can help reduce the inflation
bias that might otherwise result from discretionary policy-making.
Accountability can serve as a partial substitute for reputation
among central banks whose monetary frameworks have yet to
establish themselves fully.
Trade with newly industrialised economies (70k)
(by Alistair McGiven of Structural Economic Analysis Division).
In the past 25 years, trade between the OECD and the newly
industrialised economies (NIEs) has risen significantly,
presenting both opportunities and challenges for producers
in the OECD countries.
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