SUMMARY

Central Bank Modernisation is the first complete analysis of how policymakers can confront and surmount these obstacles. The book combines rigorous analysis with practical case studies to illustrate how many leading central bankers have in practice reformed their institutions.

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  TABLE OF CONTENTS

About the authors

1. Introduction
Peter Nicholl, Central Bank of Bosnia and Herzegovina

I THE CHALLENGE OF REFORM
2. The challenge of reform
Leszek Balcerowicz, National Bank of Poland
3. Why change?
John Mendzela, Mendhurst Associates
4. Enhancing transparency in central bank reporting
Kenneth Sullivan, International Monetary Fund

II RETHINKING THE SCOPE OF THE CENTRAL BANK
5. Central bank operational efficiency: meaning and measurement
Vern McKinley, BearingPoint and King Banaian, St Cloud State University
6. Restructuring financial supervision: the UK experience
Michael Foot CBE, Central Bank of the Bahamas
7. Unification of financial sector regulators: the case of Kazakhstan
Bryan D. Stirewalt, BearingPoint
8. Alternative models for outsourcing banknote services
Adrian Baxter, Alan Gerard, Bill Melbourn and Barry Noble
Contents

III IMPROVING PROCESSES
9. Managing central bank IT
Bruce J. Summers, Federal Reserve Information Technology
10. Do all central banks need a well-developed brain?
Marko Skreb, Independent Evaluation Office, International Monetary Fund
11. Strategic management in central banks: the South African experience
Francois J. van Zyl, South African Reserve Bank
12. Strategic planning: a key to effective corporate governance
Mark L. Jewett and Colleen Leighton, Bank of Canada

IV CENTRAL BANK REFORM IN ACTION
13. Twenty years of modernisation: the Reserve Bank of New Zealand
John Singleton, Arthur Grimes, Gary Hawke and Frank Holmes
14. Payments system reform: a case study of Bosnia and Herzegovina
Peter Nicholl, Central Bank of Bosnia and Herzegovina
15. Timor-Leste: starting from scratch
Luis Quintaneiro, Bank of Portugal
16. The role of the State Bank of Pakistan in reforming the
financial sector
Ishrat Husain, State Bank of Pakistan

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  AUTHOR BIOGRAPHY

Peter Nicholl was a member of the governing board at the Central Bank of Bosnia and Herzegovina (CBBH) and before that governor at the CBBH from 1997 to 2004, during which time the central bank introduced its own currency and was established as an institution across the whole country and. In 1972 he joined the Reserve Bank of New Zealand where he worked for 22 years. He was chief economist for five years and deputy governor and deputy chief executive from 1990-95. From 1995-97 he was executive director on the board of the World Bank representing New Zealand, Australia, Korea, Cambodia, Mongolia and seven Pacific island nations.

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  CONTRIBUTORS

Leszek Balcerowicz, National Bank of Poland, King Banaian, St Cloud State University, Adrian Baxter, Currency Research, Michael Foot, Financial Services Authority, Alan Gerard, HSBC, Arthur Grimes, Reserve Bank of New Zealand, Gary Hawke, Victoria University of Wellington, Frank Holmes, Victoria University of Wellington, Ishrat Husain, State Bank of Pakistan, Mark L. Jewett, Bank of Canada, Colleen Leighton, Bank of Canada, Vern McKinley, BearingPoint Inc, Bill Melbourn, Bank of Canada, John Mendzela, International Monetary Fund (IMF), Peter Nicholl, Central Bank of Bosnia and Herzegovina, Barry Noble, Reserve Bank of Australia, Luis Quintaneiro, Bank of Portugal, John Singleton, Victoria University of Wellington, Marko Skreb, IMF, Bryan Stirewalt, BearingPoint Inc, Kenneth Sullivan, IMF, Bruce J. Summers, Federal Reserve Information Technology, Francois J. van Zyl, South African Reserve Bank
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