Section c further references on monetary and banking statistics in the bank of england’S



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SECTION C

FURTHER REFERENCES ON MONETARY AND BANKING

STATISTICS IN THE BANK OF ENGLAND’S

QUARTERLY BULLETIN, MONETARY AND FINANCIAL STATISTICS AND ELSEWHERE

SECTION C

FURTHER REFERENCES ON MONETARY AND BANKING STATISTICS IN THE BANK OF ENGLAND’S QUARTERLY BULLETIN, MONETARY AND FINANCIAL STATISTICS AND ELSEWHERE

Key references, including those of particular relevance to the current statistics, are highlighted by bold type. The list includes some articles that concern monetary policy and the institutional background rather than strictly the monetary statistics.

Any changes in the definition of series and the content of tables are noted each quarter in the statistical annex of the Quarterly Bulletin up to November 1996 and in Bank of England: Monetary and Financial Statistics, from January 1997 onwards. Full notes and definitions are included quarterly in Bank of England: Monetary and Financial Statistics and are also appended to the tables in this Statistical Abstract. Notes and definitions, and introductory text, also appear in the ONS’ ‘Financial Statistics Explanatory Handbook’ which is usually updated annually.

(i) BANK OF ENGLAND QUARTERLY BULLETIN



December 1962

p267

‘New banking statistics’ (accepting houses and overseas banks in London; improvements in series and new contributors)




March 1963

p15

‘The management of money day by day’ (the Bank’s management of the money market)




June 1963

p98

‘New series of external liabilities and claims in sterling’ (introduction of new series and description of differences from its predecessor; see also December 1963 and 1970)




December 1963

p264

‘Overseas sterling holdings’







p285

‘Banking statistics’(including ‘new quarterly figures for the banking system’)




June 1964

p100

‘UK banks’ external liabilities and claims in foreign currencies




March 1967

p48

‘New classification of bank advances’ (introduction of quarterly classification to replace that published by the British Bankers’ Association)




June 1967

p159

‘Bank of England liabilities & assets: 1696 onwards’ (a proxy for M0 before the start of the compiled series: see also March 1981)




June 1968

p166

‘Control of bank lending: the Cash Deposits scheme’




June 1969

p176

‘The UK banking sector 1952 67’ (review of evolution, with statistics)




September 1969

p363

‘Domestic credit expansion’ (DCE)




December 1969

p448

‘The operation of monetary policy since the Radcliffe Report’ (includes a brief account of institutional and statistical changes)




March 1970

p31

‘The eurocurrency business of banks in London’




June 1970

p159

The importance of money’ (the function of money as a medium of exchange)




September 1970

p320

‘The stock of money’ (introduction of the first set of money supply tables)




December 1970

p432

‘A revised presentation of external liabilities and claims in sterling’ (new tables which group the statistics in a different way; see also September 1983)




June 1971

p189

‘Competition and credit control’ (see also March 1974)




September 1971

Suppm’t

‘Reserve ratios and special deposits’




December 1971

p482

‘Reserve ratios: further definitions’




March 1972

p76

‘Changes in banking statistics’ (interim changes, pending full review, following introduction of new arrangements for control of credit; introduces monthly series for the money stock, including estimates of M3 back to April 1970; old series of M2 discontinued)




December 1972

p512

‘New money stock tables’ (tables showing quarterly and monthly changes in M1 and M3)




September 1973

p313

‘Note on the inter-bank difference’ (See also 1992 Economic Trends article in the other references section below).




December 1973

p453

‘Banking sector balance sheets’ (long run of figures from 1963 1972, with notes and definitions)




March 1974

p37

‘Credit control: a supplementary scheme’ (the ‘corset’)




June 1975

p162

‘New banking statistics’ (new series of statistical returns to be introduced following review with the banks; change from ‘current accounts’ to ‘sight deposit’ as a component of M1)




December 1975

p346

‘Banking sector’ (details of changes in statistics in 1975 following introduction of new reporting forms)




March 1977

p39

‘DCE and the money supply   a statistical note’ (introduction of sterling M3; redefinition of Domestic Credit Expansion; explanation of counterparts)




March 1978

p48

‘A transactions demand for money’




June 1978

p196

‘Seasonal adjustment of monthly money statistics’ (explanation of method used for seasonal adjustment of monthly money series, M1 and M3)




December 1978

p523

External and foreign currency flows and the money supply’ (effect on sterling M3 of external transactions; see also December 1983)




September 1979

p278

‘Components of private sector liquidity’ (discussion of the categorisation of liquid assets)




December 1980

p428

‘Methods of monetary control’







p460

‘Banking statistics: country exposure’




March 1981

p38

‘Monetary control: next steps’







p59

‘The monetary base   a statistical note’ (describes possible components of the monetary base   subsequently MO   and provides statistics back to 1919; see also June 1967 and March 1984)




June 1981

p200

‘Seasonal adjustment of money and its counterparts’ (describes methodological changes made in estimating seasonal adjustments for the money supply and its counterparts)




September 1981

p347

‘Monetary control   provisions’







p374

Purposes of banking statistics’ (background paper to general review of banking statistics)




December 1981

p531

‘Money and banking figures: forthcoming changes’ (statistical changes associated with new monetary control arrangements; change from ‘banking sector’ to ‘monetary sector’; within external and foreign currency counterparts to sterling M3 the overseas sector’s sterling business was split between that of banks and that of non banks)

March 1982

p74

‘The supplementary special deposits scheme’ (the ‘corset’)

June 1982

p224

‘Transactions balances   a new monetary aggregate’ (introduction of new M2; for previous M2 see March 1972; further development see March 1983 p78)

December 1982

p530

Composition of monetary and liquidity aggregates, and associated statistics’ (discussion of the categorisation of financial assets and the definition of monetary aggregates; discussion of the counterparts of sterling M3 and PSL2)




March 1983

p52

‘International banking statistics: a guide to sources’ (UK and other countries’ contributions to BIS statistics)




p69

‘Review of banking statistics’ (details of modifications to system of banking statistics including supervision of recognised banks and licensed deposit takers, new areas of activity such as housing finance and improvements to international banking statistics)



p78

‘Changes to monetary statistics’ (extension of M2 to include building society shares and deposits, and deposits with the National Savings Bank ordinary account; split of term shares into with/without withdrawal facilities)

June 1983

p172

Domestic credit expansion’ (reasons why inclusion of DCE as a memorandum item in regular monetary statistics is to be discontinued)




p256

‘Seasonal adjustment of money and its counterparts’ (changes in seasonal adjustments resulting from annual update)

September 1983

p358

‘The nature and implications of financial innovation’




p363

‘Competition, innovation and regulation in British banking’




p392

‘UK banks’ external liabilities and claims in sterling: geographical analysis’ (introduction of country detail from end 1979)

December 1983

p525

External flows and broad money’ (including introduction of the ‘wider sterling aggregate’ and an alternative presentation of counterparts to sterling M3; on external flows see also December 1978)



p562

‘Revised presentation of banking statistics’ (explanation of changes in the presentation of balance sheet information in the statistical annex)

March 1984

p78

‘Changes to monetary aggregates and the analysis of bank lending’ (introduction of weekly averaged M0, including long runs; redefinition of sterling M3 to exclude public sector deposits; introduction of new industrial classification for mid quarterly analysis of banks’ advances and acceptances)

June 1985

p185

‘The statistical treatment of banks’ foreign currency capital’ (reclassified from net non deposit liabilities to external and foreign currency counterpart of sterling M3)

September 1985

p392

‘Developments in UK banking and monetary statistics since the Radcliffe Report’ (survey of the provision of banking and monetary statistics from the 1960s)




p398

‘Change and development in international financial markets’

March 1986

p30

Analysis of bank lending’   special survey covering lending in categories ‘other financial’ and ‘other services’ (analysis of figures accounting for over 80% of lending in these residual categories)

June 1986

p186

‘Operation of monetary policy’ (includes redefinition of PSL2 to include term shares, SAYE, etc)

September 1986

p345

‘Calendar month money and banking statistics’ (trailer for the move of banks’ monthly statistical returns from middle to end of the month; see December 1986)

December 1986

p478

‘Reclassification of securities dealers’ (reclassified from industrial and commercial companies or personal sector to ‘other’ financial institutions)



p499

‘Financial change and broad money’ (Governor’s Loughborough speech examining the growth of broad money and the implications for inflation; includes emphasis on the sectoral analyses of broad money and lending)




p519

‘Banking and monetary statistics: a change in reporting dates’ (implications for measurement of monetary and liquidity aggregates and for the timing of published statistics: presents calendar monthly series for main aggregates and bank lending constructed from end month returns provided by largest banks since mid 1982)

May 1987

p212

‘Measures of broad money’ (introduction of M4, renaming of PSL2 as M5, sterling M3 as M3 and M3 as M3c)

August 1987

p365

‘The instruments of monetary policy’ (the Governor’s Mais lecture)

February 1989

p88

Seasonal adjustment of the monetary aggregates’ (summarises the Hibbert Committee report; see further February 1990)

August 1989

p352

‘Statistical consequences of the conversion of the Abbey National Building Society to a public limited company’ (demise of M1, M3 and M3c)

February 1990

p86

‘1989 annual update of seasonal adjustments’ (describes changes in method of calculation of seasonal adjustments; see further Feb 1991).

August 1990

p336

‘Definitions of the monetary aggregates’ (demise of nib M1 and redefinition of M2; future demise of M4c and M5; see May 1991)

August 1990

p380

‘The determination of the monetary aggregates’ (factors determining the growth of various measures of money)

November 1990

p503

‘The development of the building societies sector in the 1980s’

February 1991

p93

‘1990 annual update of seasonal adjustments’ (describes change in method of calculation of seasonal adjustments; see also references on seasonal adjustment in other references section below).

May 1991

p244

Asset backed bonds’ (benefits etc of securitisations)




p263

Liquid assets outside M4’ (demise of M4c and M5 and replacement by data for a range of liquid assets outside M4)

August 1991

p397

‘Half yearly update of seasonal adjustments’

February 1992

p82

‘1991 second half yearly update of seasonal adjustments’

May 1992

p214

‘1992 first half yearly update of seasonal adjustments’ (including a change in the extrapolation of seasonality at the end of the series).

August 1992

p272

Provisions and write offs’ (quantifies write offs and outlines statistical consequences; see update in Part 1 of this Statistical Abstract)




p305

‘The demand for M0 revisited’




p332

M3H’ (a European harmonised broad money aggregate)




p314

Banking statistics review’ (describes the changes, including re-definition of deposits in M2)

November 1992

p461

‘1992 second half yearly update of seasonal adjustments’ (an updated list of outliers etc modified before the seasonal adjustments are derived is included in this Statistical Abstract)

May 1993

p211

Funding’ (definition changed, to include gilts etc bought by banks and building societies)




p240

Divisia measures of money’ (see also items 12 and 15 under ‘other references’)

August 1993

p299

‘The velocity of circulation of money’

November 1993

p478

‘Bank behaviour and the monetary transmission mechanism




p492

‘Monetary policy implications of increased capital flows

February 1994

p47

‘The determination of M0 and M4’ (attempts to quantify the factors determining their growth and to clarify their links with the rest of the economy)

May 1994

p135

Securitisation by banks and its effects on the financial statistics’

August 1994

p261

‘The transmission mechanism of monetary policy’

August 1994

p268

Monetary policy instruments: the UK experience’

February 1995

p12

‘Money-market operations since September 1992’




p46

Influences on broad money growth’




p72

‘Banking statistics: recent and prospective developments’




P84

Credibility of monetary policy: theory and evidence’

May 1995

p131

‘The open gilt repo market’

August 1995

p295

‘The prospects for monetary stability’

November 1995

p325

‘The gilt repo market’ (outlines the legal, regulatory and settlement structure under which gilt repos are traded)




p382

‘A code of practice for Bank of England statistics’ (a short outline of the code)




p383

‘Monthly and weekly M0’ (a definition and explanation)

February 1996

p39

‘Can we explain the shift in M0 velocity? Some time-series and cross-section evidence’

May 1996

p142

‘The gilt repo market’




p156

‘Developments in the UK asset-backed securities market in 1994/95’




p163

‘Understanding broad money’ (examines the factors behind stronger broad money and credit growth in 1995)




p209

Seasonal adjustment of UK monetary aggregates’ (see also item 25 under ‘other references’)

August 1996

p254

‘Latest developments in the gilt repo market’

November 1996

p405

‘Demand for Divisia money by the personal sector and industrial and commercial companies’




p474

‘Statistical implications of the single currency

February 1997

p98

‘Evolution of the monetary framework’

May 1997

p174

‘The information in money




p187

‘The first year of the gilt repo market’

May 1998

p93

‘The Bank of England Act’




p116

‘The Government’s financing requirement and Remit to the Debt Management Office 1998/99’

August 1998

p203

‘The gilt repo market’




p220

‘The UK personal and corporate sectors during the 1980s and 1990s: a comparison of key financial indicators’




p283

‘The UK economy and monetary policy – looking ahead’




p287

‘Recent economic developments and the MPC approach to monetary policy

November 1998

p361

‘Recent changes to the national accounts, balance of payments and monetary statistics

February 1999

p33

‘Sterling wholesale markets’

May 1999

p171

Monetary policy and the yield curve”




p183

Monetary policy and uncertainty”

August 1999

p272

“The use of explicit targets for monetary policy: practical experiences of 91 economies in the 1990s”

November 1999

p393

“Government debt structure and monetary conditions”

February 2000

p38

“Sterling wholesale markets: developments in 1999”

May 2000

p159

Money, lending and spending: a study of the UK non-financial corporate sector and households”

Each year




‘The external balance sheet of the United Kingdom’

‘Public sector debt’



(ii) BANK OF ENGLAND: MONETARY AND FINANCIAL STATISTICS

March 1997

p107

‘Bank of England financial statistics’

May 1997

p1

‘Reporting panel selection and the cost effectiveness of statistical reporting’

September 1997

p1

‘Outcome of the review of banking statistics, including effects on monetary and other banking statistics’

October 1997

p1

‘Reporting panel selection: a review of the income and expenditure enquiry form’

November 1997

p1

‘New IMF standards for dissemination of data’

February 1998

p1

‘Impact of the review of banking statistics: changes and additions to published data’

March 1998

p1

‘Recording derivatives in the UK National Accounts and Balance of Payments’

June 1998

p1

‘Developments in international banking statistics in 1997’

August 1998

p1

‘Statistics for European Monetary Union




p6

‘The banking sector’s contribution to the balance of payments: statistical concepts and data compilation’

September 1998

p3

Mortgage market statistics’

October 1998

p1

‘Official financial statistics: current published data and future plans’

November 1998

p1

‘Banks’ gilt repo transactions’

January 1999

p1

‘The new industrial analysis of bank deposits and lending’




p6

‘The UK banking sector’s contribution to the balance of payments: developments in the banking sector current account data’

February 1999

p1

‘The relative importance of the banking sector’s contribution to the balance of payments current account’

July 1999

p1

‘Developments in international banking statistics in 1998’




p7

Monetary statistics and the monetary financial institutions consolidated balance sheet’




p13

‘New data on financial derivatives for the UK National Accounts and Balance of Payments’




p20

‘1998 gilt ownership survey’

August 1999

p1

Financial market data for international financial stability by Robert Heath (IMF)




p4

Internationalisation of financial markets and implications for data collection and statistics by Robert Hamilton




p8

Statistics for international financial markets by Michael Bollan and Robert Hamilton


November 1999

p1

Derivative statistics: a report of a half-day meeting of the Financial Statistics Users’ Group by Gillian Finbow (BBA) and Mike Shemwell (ONS)








p4

A strategy and work programme for official financial statistics by BoE and the ONS


January 2000

p1

Statistics for European Monetary Union: a report of a half-day meeting of the Financial Statistics Users' Group by Jenny Dawuda and Neil Walker


April 2000

p1

Monetary financial institutions’ in Jersey, Guernsey and Isle of Man balance sheet by Jim Thame and Richard Lamming


June 2000

p1

Calculating the accrual of interest on debt securities by Chris Wright





p4

E-commerce and financial statistics: a report of a half-day meeting of the Financial Stats. Users’ Group by Graham Clark


July 2000

p1

Commercial property statistics: a report of a half-day meeting of the Financial Statistics Users’ Group by Richard Windram


December 2000

p1

Personal sector lending: a report of half-day meeting of the Financial Statistics Useres’ Group by Sid Downie (Barclays Group Treasury)

October 2002

p1

Assessing the reliability of monetary statistics by Chris Wright


October 2002

p6

Compilation methods of the components of broad money and its balance sheet counterparts by Karen Westley and Stephen Brunken.

(iii) OTHER REFERENCES

  1. ‘Committee on the working of the monetary system’ (Radcliffe Report), August 1959.

  2. Bank of England Statistical Abstract No 1 (1970) (includes annual M3 1951 62).

  3. ‘The growth and role of UK financial institutions 1880 1962’, David K Sheppard, Methuen, 1971. Long runs of broad money.

  4. Bank of England Statistical Abstract No 2+ (1975).

  5. ‘Committee to review the functions of financial institutions’, HMSO, June 1980.

  6. ‘Public sector bank deposits: redefinition of the PSBR and money stock’, Economic Trends, CSO, February 1984.

  7. The development and operation of monetary policy 1960 1983’, Bank of England, 1984 (a selection of material from the Quarterly Bulletin with introductory and linking passages).

  8. Guide to the BIS Statistics on International Banking, BIS, February 1988.

  9. ‘PSBR: new data on notes and coin’, Economic Trends, CSO, July 1988.

  10. Report of the working party on seasonal adjustment of the monetary aggregates (the ‘Hibbert Committee’), CSO, September 1988. Includes description of the method then used; see also 15 below.

  11. ‘Government economic statistics. A scrutiny report.’ HMSO, 1989.

  12. Monetary aggregates in a changing environment: a statistical discussion paper’, Bank of England Discussion Papers No 47, March 1990.

  13. ‘Balance of Payments Statistics. A Review of Collection and Compilation’, CSO, 1991.

  14. ‘Investigating the domestic inter-bank difference’, Economic Trends, CSO, June 1992.

  15. Report of the seasonal adjustment working party, Bank of England Occasional Paper No2, October 1992 (contains a description of the Bank’s method and two alternatives).

  16. International Banking Statistics 1977 1991, BIS, April 1993: long runs of the banking series that are published in the BIS’s quarterly reports. Copies available from the Bank of England.

  17. Divisia indices for money: an appraisal of theory and practice’, Bank of England Working Paper No 9, April 1993 (see also BEQB May 1993).



  18. Prepaid cards: report to the Council of the European Monetary Institute, EMI, May 1993.

  19. Divisia one year on’: Bank of England Inflation Report, May 1994, p16.

  20. ‘Monetary statistics: current updating of seasonal adjustments and new database’: Bank of England Inflation Report, August 1994, p11.

  21. ‘Note circulation: breakdown by denomination’: Bank of England Inflation Report, February 1995, p17.

  22. ‘Broad money and the ‘Glaxo-effect’’: Bank of England Inflation Report, August 1995, p10.

  23. Guide to the BIS Statistics on International Banking, BIS, April 1995.

  24. Guide to the BIS Statistics on International Banking and Financial Market Activity, BIS, August 1995.

  25. ‘The impact of gilt repo transactions on M4’. Bank of England Inflation Report, May 1996, p11.

  26. ‘A comparison of methods for seasonal adjustment of the monetary aggregates’, Bank of England Working Paper No 44, 1996 (see also BEQB May 1996).

  27. ‘The Statistical Requirements for Monetary Union’, European Monetary Institute, July 1996.

  28. ‘Statistical Requirements for Stage Three of Monetary Union (Implementation Package)’, European Monetary Institute, July 1996.

  29. ‘Practical Issues Arising from the Introduction of the Euro’, Bank of England, September 1996, p39.

  30. ‘The Demand for M4: A Sectoral Analysis. Part 1 - The Personal Sector’, Bank of England Working Papers No 61, June 1997.

  31. ‘The Demand for M4: A Sectoral Analysis. Part 2 - The Corporate Sector’, Bank of England Working Papers No 62, June 1997.

  32. ‘Monetary monitoring ranges and the UK monetary framework’. Bank of England Inflation Report, November 1997, p8.

  33. ‘Developments in the OFI sector – implications for inflation’. Bank of England Inflation Report, May 1998, p6.

  34. ‘The demand for M0 in the UK reconsidered: some specification issues’. Bank of England Working Papers No 83, August 1998.

  35. ‘Report on Electronic Money’. European Central Bank, August 1998

  36. ‘Monthly statistics on Public Sector Finances – A methodological guide’. Government Statistical Service Methodology Series No.12, January 1999.

  37. International Financial Statistics yearbook, IMF, latest annual edition (Volume LI 1998).

  38. Annual Abstract of Banking Statistics, British Bankers’ Association, latest annual edition (Volume 15 1998). Includes data on banking staff and infrastructure, plastic cards, clearings and interest rates.

  39. Financial Statistics Explanatory Handbook, ONS, latest edition (1998 edition).

  40. Euro area monetary aggregates and their role in the Eurosystem’s monetary policy strategy’ European Central Bank monthly bulletin, February 1999

  41. ‘The transmission mechanism of monetary policy’ – The Monetary Policy Committee, Bank of England, April 1999.

  42. Economic Models at the Bank of England.’ Bank of England, April 1999.

  43. Economic Models at the Bank of England - Update’ Bank of England, September 2000.

  44. ‘UK bank exposures: data sources and financial stability analysis’ – Financial Stability Review June 2002.





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