The intellectual challenges facing central bankers are reflected in this monograph. The author worked as an economist in the Monetary and Economic Department of the Bank for International Settlements (BIS), but also as an international mediator, in the Secretariat of the G10 Ministers and Governors and in central bank governance. This book thus reveals, next to monetary policy and financial crisis, less well known topics such as insolvency, collective action clauses, international mediation and management of central banks. 
                 
            
            
            
            
                
                    1  Introduction  1 
2  Challenges for governance at central banks  9 
3  Insolvency laws - a review of the international dimension  31 
4  Collective action clauses: the way forward  57 
5  Note on the consequences of a potential default by Argentina to the IMF  85 
6  Debt resolution processes for sovereign debt - current policy issues  89 
7  The successor states of the former Yugoslavia - mediation under Art. 7, Annex C of the Vienna Agreement on Succession Issues - a major review  107 
8  International bank and securities financing in Africa  155 
9  The aftermath of the Russian debt crisis  159 
10  Banking sector reform in the transition economies - a central banking perspective  191 
11  The monetary policy transmission mechanism in Russia  221 
12  Exchange rates and monetary policy in Central Europe - a survey of some issues  243 
13  Financial intermediation: efficiency, fragility and policies for reform  301 
14  The monetary policy transmission mechanism in China  321 
15  Capital flows in eastern Europe: some lessons from the emerging markets in Latin America and Asia  329 
  Annex  355 
  Author