Quarterly Bulletin
Winter 2003 Contents

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

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

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

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

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