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Capitalizing Central Banks
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Book Synopsis Capitalizing Central Banks by : Mr.Alain Ize
Download or read book Capitalizing Central Banks written by Mr.Alain Ize and published by International Monetary Fund. This book was released on 2005-01-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a simple, quantitative, net worth-based, approach to assessing the need for central bank capital. It derives a concept of "core capital" (a function of the central bank's operating expenditures and the carrying cost of its international reserves) as the minimum capital needed by a central bank to ensure the credibility of its inflation target. The approach is illustrated with the published accounts of three loss-making central banks and selected accounting entries for a broader sample of central banks. Policy implications are explored. In particular, the paper argues that central bank capitalizations cannot be automatic and require instead a broad policy debate.
Book Synopsis Do Central Banks Need Capital? by : Mr.Peter Stella
Download or read book Do Central Banks Need Capital? written by Mr.Peter Stella and published by International Monetary Fund. This book was released on 1997-07-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks may operate perfectly well without capital as conventionally defined. A large negative net worth, however, is likely to compromise central bank independence and interfere with its ability to attain policy objectives. If society values an independent central bank capable of effectively implementing monetary policy, recapitalization may become essential. Proper accounting practice in determining central bank profit or loss and rules governing the transfer of the central bank’s operating result to the treasury are also important. A variety of country-specific central bank practices are reviewed to support the argument.
Book Synopsis The Capital Needs of Central Banks by : Sue Milton
Download or read book The Capital Needs of Central Banks written by Sue Milton and published by Routledge. This book was released on 2010-10-12 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection takes the reader through historical, theoretical and factual discussions on why central banks exist and the role – actual and intended – they have in assisting their home nation in achieving monetary and financial stability.
Book Synopsis Currencies, Capital, and Central Bank Balances by : John Cochrane
Download or read book Currencies, Capital, and Central Bank Balances written by John Cochrane and published by Hoover Press. This book was released on 2019-04-01 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing from their 2018 conference, the Hoover Institution brings together leading academics and monetary policy makers to share ideas about the practical issues facing central banks today. The expert contributors discuss U.S. monetary policy at individual central banks and reform of the international monetary and financial system. The discussion is broken down into seven key areas: 1) International Rules of the Monetary Game; 2) Banking, Trade and the Making of the Dominant Currency; 3) Capital Flows, the IMF's Institutional View and Alternatives; 4) Payments, Credit and Asset Prices; 5) Financial Stability, Regulations and the Balance Sheet; 6) The Future of the Central Bank Balance Sheet; and 7) Monetary Policy and Reform in Practice. With in-depth discussions of the volatility of capital flows and exchange rates, and the use of balance sheet policy by central banks, they examine relevant research developments and debate policy options.
Book Synopsis Central Bank Capital Needs and Performance by : Gabriella Gianna Hunter
Download or read book Central Bank Capital Needs and Performance written by Gabriella Gianna Hunter and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks can go broke. History has given many examples of monetary institutions that went into bankruptcy and have been recapitalized in order to maintain their monetary policy. For a long time, the consequences of central bank insolvency were considered to be an issue reserved for developing economies and unstable economic environments. Only recent developments have brought the subject into the economic debate regarding historically stable and profitable institutions like the Swiss National Bank, which presumably faces a heavy loss for 2015. However, the implications of low or even negative central bank capitalization for performance in regard to monetary policy objectives remain highly elusive and have sparked much discussion. The financial situation portrayed in the balance sheet of a central bank gives little indication of whether the institution has performed according to the stipulated policy goals. Even though research in the field has been somewhat developed in recent years, a well-structured analysis of the question of whether and to what extent central bank capital affects performance does not exist as of this writing. What is lacking is a thorough theoretical framework to assess the empirical evidence from recent studies. This paper tries to fill this gap by examining the fundamentals of central banking and its differences to commercial banking. It is shown that negative central bank capital does lead to poor performance. However, the channels through which it influences monetary policy are complex, and, therefore, a multidimensional model is elaborated. Tested against empirical evidence from previous studies, the model appears to have good explanatory power on how the ability to issue money influences the effects of low capital on inflation. The significance of the currency of denomination of assets and liabilities for performance, on the other hand, has been crucially underestimated in the literature.
Download or read book Fed Power written by Lawrence Jacobs and published by Oxford University Press. This book was released on 2021-02-12 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: An eye-opening analysis of the Federal Reserve's massive and unwarranted power in American life and how it favors the financial sector over everyone else. The Federal Reserve, created more than a century ago, is the most powerful central bank in the world. The Fed's power, which derives from its ability to alter the money supply and move interest rates, weighs heavily not only on the US economy, but on the world economy as well. Lawrence R. Jacobs and Desmond King's Fed Power is the first sustained synthesis of the Fed's political role--especially the way in which it uses its power to benefit some interest groups and not others--since the 2008 financial crisis. In this fully updated and revised second edition, Fed Power addresses new developments during Trump's presidency--particularly the Fed's massive and unprecedented injection of liquidity into the US economy following the COVID epidemic-and offers fresh insights on the Fed's outsized role in picking winners and losers in the American economy. King and Jacobs conclude with bold proposals to reform America's financial management to prevent future crises and to restore democratic accountability. A powerful critique of how the Federal Reserve governs the American economy, Fed Power will be essential reading for anyone interested in the role that the Fed's policies have played in increasing economic and racial inequality across both the Obama and Trump presidencies and the new directions pursued by the Biden administration and progressive activists.
Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Book Synopsis Usability of Bank Capital Buffers: The Role of Market Expectations by : José Abad
Download or read book Usability of Bank Capital Buffers: The Role of Market Expectations written by José Abad and published by International Monetary Fund. This book was released on 2022-01-28 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the COVID shock, supervisors encouraged banks to use capital buffers to support the recovery. However, banks have been reluctant to do so. Provided the market expects a bank to rebuild its buffers, any draw-down will open up a capital shortfall that will weigh on its share price. Therefore, a bank will only decide to use its buffers if the value creation from a larger loan book offsets the costs associated with a capital shortfall. Using market expectations, we calibrate a framework for assessing the usability of buffers. Our results suggest that the cases in which the use of buffers make economic sense are rare in practice.
Book Synopsis International Convergence of Capital Measurement and Capital Standards by :
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Rise of Central Banks by : Leon Wansleben
Download or read book The Rise of Central Banks written by Leon Wansleben and published by Harvard University Press. This book was released on 2023-01-10 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: A bold history of the rise of central banks, showing how institutions designed to steady the ship of global finance have instead become as destabilizing as they are dominant. While central banks have gained remarkable influence over the past fifty years, promising more stability, global finance has gone from crisis to crisis. How do we explain this development? Drawing on original sources ignored in previous research, The Rise of Central Banks offers a groundbreaking account of the origins and consequences of central banks’ increasing clout over economic policy. Many commentators argue that ideas drove change, indicating a shift in the 1970s from Keynesianism to monetarism, concerned with controlling inflation. Others point to the stagflation crises, which put capitalists and workers at loggerheads. Capitalists won, the story goes, then pushed deregulation and disinflation by redistributing power from elected governments to markets and central banks. Both approaches are helpful, but they share a weakness. Abstracting from the evolving practices of central banking, they provide inaccurate accounts of recent policy changes and fail to explain how we arrived at the current era of easy money and excessive finance. By comparing developments in the United States, the United Kingdom, Germany, and Switzerland, Leon Wansleben finds that central bankers’ own policy innovations were an important ingredient of change. These innovations allowed central bankers to use privileged relationships with expanding financial markets to govern the economy. But by relying on markets, central banks fostered excessive credit growth and cultivated an unsustainable version of capitalism. Through extensive archival work and numerous interviews, Wansleben sheds new light on the agency of bureaucrats and calls upon society and elected leaders to direct these actors’ efforts to more progressive goals.
Download or read book Bank Capital written by Ouarda Merrouche and published by International Monetary Fund. This book was released on 2010-12-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a multi-country panel of banks, we study whether better capitalized banks experienced higher stock returns during the financial crisis. We differentiate among various types of capital ratios: the Basel risk-adjusted ratio; the leverage ratio; the Tier I and Tier II ratios; and the tangible equity ratio. We find several results: (i) before the crisis, differences in capital did not have much impact on stock returns; (ii) during the crisis, a stronger capital position was associated with better stock market performance, most markedly for larger banks; (iii) the relationship between stock returns and capital is stronger when capital is measured by the leverage ratio rather than the risk-adjusted capital ratio; (iv) higher quality forms of capital, such as Tier 1 capital and tangible common equity, were more relevant.
Book Synopsis Capitalizing Central Banks by : Alain Ize
Download or read book Capitalizing Central Banks written by Alain Ize and published by . This book was released on 2004 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Effects of Bank Capital on Lending by : Joseph M. Berrospide
Download or read book Effects of Bank Capital on Lending written by Joseph M. Berrospide and published by DIANE Publishing. This book was released on 2011-04 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The effect of bank capital on lending is a critical determinant of the linkage between financial conditions and real activity, and has received especial attention in the recent financial crisis. The authors use panel-regression techniques to study the lending of large bank holding companies (BHCs) and find small effects of capital on lending. They then consider the effect of capital ratios on lending using a variant of Lown and Morgan's VAR model, and again find modest effects of bank capital ratio changes on lending. The authors¿ estimated models are then used to understand recent developments in bank lending and, in particular, to consider the role of TARP-related capital injections in affecting these developments. Illus. A print on demand pub.
Book Synopsis Central Bank Financial Strength, Policy Constraints and Inflation by : Peter Stella
Download or read book Central Bank Financial Strength, Policy Constraints and Inflation written by Peter Stella and published by International Monetary Fund. This book was released on 2008-02 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central bank financial strength is positively associated with good policy performance. Financially weak central banks generate losses which undermine macroeconomic stability and call into question the credibility of their policies. In assessing central bank financial strength a careful examination of the policy regime and the volatility of the economic environment is necessary. Conventional measures of private enterprise financial strength- profitability and capital-can be very misleading when applied to central banks. The way in which a central bank balance sheet is strengthened matters. Providing the central bank with marketable government debt that can be used to develop a money market that in turn may become the locus of central bank monetary operations serves both to directly strengthen the institution and improve the quality of the environment in which it operates, thereby facilitating the attainment of its ultimate performance objectives.
Book Synopsis Bank Capital and the Cost of Equity by : Mohamed Belkhir
Download or read book Bank Capital and the Cost of Equity written by Mohamed Belkhir and published by International Monetary Fund. This book was released on 2019-12-04 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a sample of publicly listed banks from 62 countries over the 1991-2017 period, we investigate the impact of capital on banks’ cost of equity. Consistent with the theoretical prediction that more equity in the capital mix leads to a fall in firms’ costs of equity, we find that better capitalized banks enjoy lower equity costs. Our baseline estimations indicate that a 1 percentage point increase in a bank’s equity-to-assets ratio lowers its cost of equity by about 18 basis points. Our results also suggest that the form of capital that investors value the most is sheer equity capital; other forms of capital, such as Tier 2 regulatory capital, are less (or not at all) valued by investors. Additionally, our main finding that capital has a negative effect on banks’ cost of equity holds in both developed and developing countries. The results of this paper provide the missing evidence in the debate on the effects of higher capital requirements on banks’ funding costs.
Book Synopsis Central Bank Capital in Turbulent Times by : Dirk Broeders
Download or read book Central Bank Capital in Turbulent Times written by Dirk Broeders and published by Springer. This book was released on 2024-12-11 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Advanced Introduction to Central Banks and Monetary Policy by : de Haan, Jakob
Download or read book Advanced Introduction to Central Banks and Monetary Policy written by de Haan, Jakob and published by Edward Elgar Publishing. This book was released on 2022-08-12 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by two expert economists, this comprehensive Advanced Introduction provides a thorough and up-to-date analysis of central banks and monetary policy, analysing the ways in which views about monetary policy have developed and changed.
