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Topic: Monetary authority

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	Net Dialogue: Governance Areas: Monetary Authority
		Ideally, a country has a monetary authority that is capable of (a) managing the supply of money and credit; (b) enabling money to flow smoothly, freely and without obstruction, (c) keeping the currency stable, and (d) promoting the safety of the banking system by licensing, supervising and regulating institutions in the financial sector.
		Monetary authority is challenged by technology that enables unregulated players to provide financial services (e.g., settlement and clearing of accounts) over the Net.
		The danger is that a country's ability to exercise monetary control dwindles, so that the monetary authority is no longer able to foster stable prices, maximum stable employment, and steady economic growth.
	www.netdialogue.org /ga/mauthority (247 words)

	Monetary Authority (Site not responding. Last check: 2007-11-06)
		The board of directors shall be the supreme authority to issue decisions at the monetary authority, assigned to designate monetary authority policies, supervise management of its activities to serve economical policy of the Palestinian authority and benefits full powers to achieve its objectives, according to provisions of this law.
		The monetary authority, with the ministry of finance, may perform all duties related to registration and watch of foreign indebtedness of the National Authority and public corporations, in accordance with terms stated by the National Authority and laws and rules of the monetary authority.
		The monetary authority may act, coordinating with the ministry of finance, as a mediator to deliver funds of international financing corporations and foreign governments to beneficiaries, according to provisions of the balance sheet law.
	www.pnic.gov.ps /english/law/law15.html (5460 words)

	Hong Kong Monetary Authority - Wikipedia, the free encyclopedia
		The Hong Kong Monetary Authority (HKMA) is a government authority founded on 1 April 1993 in Hong Kong from the consolidation of the "Office of the Exchange Fund" and the "Office of the Commissioner of Banking." It reports directly to the Financial Secretary.
		Some of which are still under preparation containing all existing circulars and guidelines issued by the HKMA for reference to readers.
		An Internal Audit Division is especially established to ensure an effective internal control of the Authority so that work can be accomplished efficiently, which is crucial to the Authority.
	en.wikipedia.org /wiki/Hong_Kong_Monetary_Authority (1133 words)

	Bhutanese Currency (Site not responding. Last check: 2007-11-06)
		Monetary reform commenced in 1974, during the reign of the present King, Druk Gyalpo Jigme Singye Wangchuck, with the issue by the Ministry of Finance of the first bank notes in 1974 coinciding with His Majesty's Coronation.
		In 1982 the Royal Monetary Authority of Bhutan (RMA) was established to act as the central bank of Bhutan.
		Intaglio Printing: The name of the Issuing Authority ie Royal Monetary Authority of Bhutan on the face of the note in Dzongkha and in English on the reverse, denomination in English and Dzongkha, guarantee and promise clause, RMA Chairman's signature are printed in intaglio i.e.
	www.rma.org.bt /aboutrma/currency.htm (1720 words)

	Buchanan: Collected Works, Buchanan and Wagner, Democracy in Deficit: The Political Legacy of Lord Keynes, Chapter 8: ...
		To the extent that the inflation is explicitly selected as a policy objective of the monetary authority, because of some Phillips-curve weighting of conflicting objectives, the responsibility for achieving the intended result belongs squarely on the authority, and not on the fiscal policy accompaniment.
		To this point, we have continued to assume that the monetary authority operates with confidence in the accuracy of its predictions about movements in economic aggregates, and that it bases its policy actions on well-established and predictable relationships between these and targeted changes in the economic aggregates.
		The monetary authority may be held to be more directly responsible for the level of interest rates than for the rate of inflation.
	www.econlib.org /library/Buchanan/buchCv8c8.html (6025 words)

	[No title]
		(12) The Authority may arrange for the printing of currency notes and the minting of coins and for all matters relating thereto, and for the security and safekeeping of unissued currency and for the custody and destruction, as necessary, of plates, dies, and retired currency.
		The Authority shall have power, on giving notice by any means it deems appropriate, to call in, for the purpose of withdrawing from circulation, and currency issued by the Authority or deemed by the Authority to have been issued by it on payment of the face value thereof.
		The Authority shall, upon designation by the Government, serve as the depository and fiscal agency of, and the institution through which dealings shall be conducted with, international financial institutions of which Bhutan is a member.
	www.law.nyu.edu /centralbankscenter/texts/bhutan.html (5222 words)

	Pacific Income Fund
		The Directors must give the Monetary Authority access to or provide at any reasonable time all records relating to the Fund and the Monetary Authority may copy or take an extract of a record he is given access to.
		The Monetary Authority is prohibited by the Law from disclosing any information relating to the affairs of a mutual fund other than disclosure required for the effective regulation of a mutual fund or when required to by law or by the court.
		The powers of the Monetary Authority include inter alia the power to require the substitution of Directors, to appoint a person to advise the Fund on the proper conduct of its affairs or to appoint a person to assume control of the affairs of the Fund.
	www.pif.ky /gen/legal.asp?vrcts=&az=en (331 words)

	Financial Crises and Market Regulation (Site not responding. Last check: 2007-11-06)
		Because the monetary authority’s actions will affect the future, it seems wise to have an idea of what the future is likely to be in the absence of (and in response to) its actions.
		If the goal of monetary policy is to stabilize the inflation rate, then the monetary authority’s natural course of action is to look ahead and respond to what inflation is expected to be.
		Monetary policy can be conducted in such a way that decisions depend on what the public is expected to do, and the public bases its behavior on current monetary policy actions.
	www.clevelandfed.org /Research/com99/1101.htm (3247 words)

	The Jakarta Post - The Journal of Indonesia Today (Site not responding. Last check: 2007-11-06)
		Tradeoffs between monetary stability and micro-stability of the banking system could occur when there is a conflict of interest between the monetary policy and the micro-banking supervision.
		In the UK, synchronization between the monetary policy and micro-banking supervision is carried out by the Tripartite Standing Committee arrangement that was established under the 1997 memorandum of understanding between the authority, the treasury and the Bank of England.
		For Indonesia, where stability in the monetary and banking systems remain fragile, the separation between the monetary authority and micro-banking supervision has to be absolutely guaranteed by a solid collaboration among the central bank, Financial Services Authority and the government.
	www.thejakartapost.com /yesterdaydetail.asp?fileid=20020903.F04 (1105 words)

	[No title]
		This paper discusses the actions of the Confederate Treasury given the situation that it was placed in, and examines whether or not the monetary authority could have acted differently so as not to have incurred or exacerbated the high inflation of the period.
		They determine that it may not be possible for the monetary authority to generate seigniorage sufficient to cover the debt if the sequence of deficits is either "too big" or "too long".
		When a monetary authority is forced into such an extreme position as that faced by Memminger, there are severe limits as to its ability to finance the large debts imposed on it.
	www.eh.net /Clio/Publications/confederate.shtml (3456 words)

	European Monetary Union: Operating Monetary Policy - Finance & Development - September 1996
		Stage 3 is defined as the ultimate stage of economic and monetary union wherein the currencies of the participating EU countries are irrevocably locked and replaced by a single currency, the euro.
		As a monetary control device, reserve requirements help stabilize the relationship between reserve money and broader measures of money (this is usually called the money multiplier) and increase the extent to which the demand for money responds to a change in interest rates in case of less than full remuneration of the required reserves.
		If the ECB adopts a monetary target, monetary control arguments for reserve requirements may be given some consideration, although the level of reserve requirements in the EMU could be lower than that prevailing in some of the major countries until a few years ago.
	www.worldbank.org /fandd/english/0996/articles/070996.htm (3528 words)

	How Big are Russia's Foreign Exchange Reserves? (Site not responding. Last check: 2007-11-06)
		This is why one encounters on the balance sheet of the monetary authority such articles as "claims on the government" on the asset side and "government deposits" on the liability side.
		It is the loan of the monetary authority to the government (an asset of the monetary authority) and the IMF loan to the monetary authority (a liability of the monetary authority).
		The bulk of this appreciation was capitalized in the equity of the Central Bank and the monetary authority (R89 billion increase from September 1998 to July 2000).
	www.russianeconomy.org /comments/091100.html (11263 words)

	Cayman Net News: Monetary Authority to generate surplus funds
		The Cayman Islands Monetary Authority (CIMA) has announced that it expected to generate a surplus of approximately CI$35 million for the Government during its upcoming financial year, which begins 1 July, a figure represented by the net revenue from licence fees and the investment income on currency reserves.
		Authority managing director Cindy Scotland reported this at a recent meeting of the Authority’s board of directors.
		In an update on the International Monetary Fund’s Cayman Islands Report, Mrs Scotland advised that the IMF had received final comments from the Authority regarding its preliminary findings, and the final report was expected shortly.
	www.caymannetnews.com /2004/06/673/funds.shtml (567 words)

	Palestinian Authority's US assets are frozen - The Boston Globe
		Also frozen are about $30 million in assets from the Palestinian Monetary Authority, the Palestinian equivalent of the US Federal Reserve.
		Those convicted of the crime were found to be carrying uniforms issued by the Palestinian Authority, according to Strachman, who was appointed by an Israeli court to represent the couple's relatives.
		Arafat hired Ramsey Clark, the former attorney general, who argued that the Palestinian Authority is a sovereign state, and deserved immunity from prosecution granted to most countries.
	www.boston.com /news/world/middleeast/articles/2005/08/30/palestinian_authoritys_us_assets_are_frozen (1364 words)

	Bloomberg Printer-Friendly Page (Site not responding. Last check: 2007-11-06)
		Indeed, Monetary Authority stands apart from other Asian central banks, which cheapen their currencies even at the cost of higher inflation and interest rates to ensure that their exports remain globally competitive.
		In the process, the Monetary Authority may have challenged the view that accelerating inflation in Asia, caused primarily by rising global commodity prices, is a temporary distress, which central banks can't and shouldn't fight.
		While announcing the change in its currency policy, the Monetary Authority raised its estimate of inflation this year to between 1.5 percent and 2 percent, from a previous forecast of 0.5 percent to 1.5 percent.
	quote.bloomberg.com /apps/news?pid=71000001&refer=columnist_mukherjee&sid=aTVICG0Y1m1U (893 words)

	U.S. Dollar Policy: A Need for Clarification
		This delegation of power to Treasury left the structure of monetary responsibilities fragmented and ill-defined, particularly since part of the rationale for this delegation subsequently was removed by legislation in 1935.
		As a result of this fragmented authority, to some extent "dollar policy" came to be thought of as separate and distinct from monetary policy.
		This peaceful coexistence resulted partly from the fact that since foreign and not U.S. monetary authorities were responsible for intervening in foreign exchange markets to maintain their dollar parities under Bretton Woods, little direct U.S. intervention took place during this period.
	www.house.gov /jec/fed/fed/dollar.htm (4310 words)

	Maldives Monetary Authority Act, 1981
		There is hereby established an Authority to be known as the Maldives Monetary Authority, which shall be a body corporate under that name with perpetual succession.
		However the Authority may, at its discretion, determine the circumstances and conditions under which the value of any note or coin which has been illegally dealt with or of any mutilated or imperfect note or coin may be refunded.
		The Authority may, periodically or at its discretion cause an inspection to be made by any of its officers of any bank or other financial institution, and its books and accounts for the purpose of ascertaining its manner of operation.
	www.thisismaldives.com /monetaryact.htm (4180 words)

	Maldives Monetary Authority
		The Maldives Monetary Authority (MMA) was established on 1st July 1981, and is endowed with the regular powers and obligations of a central bank under the mandate provided by the MMA Act (1981).
		Monthly Statistics provides selective economic and financial data as provided by the respective Government authorities, commercial banks operating in the country, public enterprises and private sector sources.
		This Bulletin covers developments in the domestic economy during the first quarter of 2007, based on information available as at 6th June 2007.
	www.mma.gov.mv (104 words)

	Monetary Policy and Politics — www.greenwood.com
		Discretionary authority facilitates monetary manipulation for political ends, thereby increasing uncertainty and casting doubt on money, the monetary system, and indeed the monetary authority itself.
		The author traces the evolution of the debate over rules versus discretionary authority and discusses various methods that economists have proposed for constrain the monetary authority.
		If monetary policy is to be credible and thus successful, the hands of monetary policy makers are better tied than left free.
	www.greenwood.com /books/bookdetail.asp?sku=C4335 (191 words)

	Institute of Law at Birzeit University - Master Program: Graduates and Theses Titles (Site not responding. Last check: 2007-11-06)
		The importance of this study stems from the fact that it is one of the few studies that deal with the relationship between the Palestinian Islamic banks and the Palestinian Monetary Authority and it might be the first study that handles the subject from a legal perspective.
		This is because these laws have the legal grounds on which the Palestinian Monetary Authority is based, and specify the rules that regulate the relationship between the Monetary Authority and banks in general and Islamic banks in particular.
		It recommends that the Palestinian Monetary Authority show understanding of the nature of the Islamic banks, and the decisions it issues regarding the different aspects of the relationship, especially in issues where allowed by the provisions of the laws in force.
	lawcenter.birzeit.edu /master/abs/maen.html (576 words)

	Palestine Monetary Authority - PMA (Site not responding. Last check: 2007-11-06)
		Governors and representatives of international and Arab central banks and monetary institutions participated in the conference, in addition to a number of prominent experts in this field, including the experts of the countries undergoing the experience of issuing currency after obtaining their political independence.
		First: The importance of the existence of a Palestinian monetary unit and the impacts and consequences of issuing it on the general economic indicators and the adopted policies.
		It was decided to form an advisory committee to follow up the activities of the conference and to prepare a detailed report to be submitted to the Palestinian political leadership for consideration and action.
	www.pma-palestine.org /activities/conference1.htm (189 words)

	Working Papers (Site not responding. Last check: 2007-11-06)
		Shocks in the 1970s made the monetary authority perceive a tradeoff between inflation and unemployment that ignited big inflation.
		The three main regimes correspond roughly to periods when most observers believe that monetary policy actually differed, but the differences among regimes are not large enough to account for the rise, then decline, in inflation of the 70's and 80's.
		In versions that insist on changes in the policy rule, the estimates imply monetary targeting was central in the early 80's, but also important sporadically in the 70's.
	home.earthlink.net /~tzha01/workingPapers/wp.html (898 words)

	Palestinian legislative council recommends the resignation of Monetary authority chief
		Following a voting yesterday, the Palestinian legislative council recommended the resignation of the chairman of the monetary authority (the central bank) Amin Haddad, criticizing his way in dealing with a stumbled private bank issue that falls under the control of the monetary authority in 1999, but Haddad said he does not intent to resign.
		However, the final decision over the fate of Haddad as a chairman for the monetary authority which supervises the banking sector in the West Bank and Gaza goes back to President Yasser Arafat.
		The monetary authority removed the Bank's board council after accusing one of the bank's owners of stealing millions of US dollars.
	www.arabicnews.com /ansub/Daily/Day/040506/2004050616.html (309 words)

	Bermuda.com Newsletter: Bermuda Monetary Authority Celebrates 35 Years of Service (Site not responding. Last check: 2007-11-06)
		Since its introduction, the Authority has witnessed a number of significant financial events including the abolition of the interest rate ceiling, the development of a securities market in Bermuda, the abolition of the ten percent foreign currency purchase tax, and substantial relaxations in exchange controls.
		as a regulator is most impressive, she never forgets that the heart of the Authority is its employees and at this time of celebration, it is her staff that she is most proud to recognize and thank.
		She responded that one of the Authority’s primary goals is to have a strong, well-educated and effective team with communication flowing from both bottom-up to top-down.
	www.imakenews.com /bermudacom/e_article000232945.cfm (701 words)

	SignOnSanDiego.com > News > World -- Palestinian parliament votes to fire head of monetary authority for ...
		RAMALLAH, West Bank – The Palestinian parliament fired the head of the Palestinian Monetary Authority on Wednesday after an investigation showed he was involved in corruption and mismanagement.
		The monetary authority monitors the flow of money in the Bank of Palestine, and a parliament investigation said the bank's losses increased from $11 million to $34 million in three years.
		The Palestinian Authority assumed control over the private bank after the initial $11 million loss.
	www.signonsandiego.com /news/world/20040505-0810-palestinians-corruption.html (230 words)

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