The Capital Needs Of Central Banks

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The Capital Needs of Central Banks

Author : Sue Milton
Publisher : Routledge
ISBN 13 : 1136895892
Total Pages : 224 pages
Book Rating : 4.1/5 (368 download)

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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 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks have evolved over many years, and sometimes centuries, as policy-making, not profit-making, institutions, and yet they are structured legally and financially like ‘for-profit’ companies of the twenty-first century. The question is what is an appropriate level of equity, or capital, for a central bank to have so that it can function for policy effectiveness over profit-maximisation, without hindrance to the achievement and maintenance of policy goals? 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. The contributions analyse the different ways central banks are funded and how funding arrangements may impact on their independence. The objective is to explore these themes first from the academic and practitioner’s views – those of the economist, accountant and lawyer’s – and then to introduce practical experiences from a range of different central banks, in terms of their economic and socio-political environments. It will be the first time that the theorist and practitioner, the accountant, the economist and the lawyer come together in one volume. The reader will be able to access the full breadth of views on this important subject. The main observations are that there is no single, quantifiable formula that central banks can use to calculate capital levels. Factors to consider are the historical context of central banks and whether capital was ever appropriate to needs at their foundation; the cultural, social and political contexts; and, in terms of the presentation of financial statements, profit and loss sharing arrangements and what accounting conventions are being used. If these are considered alongside the, often idiosyncratic, mandates individual central banks have, a qualitative understanding of what is an appropriate level of capital is achieved. This collection will be of interest to postgraduates and researchers focusing on the role of central banks in monetary economics; as well as a professional audience of central bankers, the BIS, the IMF, World Bank, EBRD and government departments.

Do Central Banks Need Capital?

Author : Mr.Peter Stella
Publisher : International Monetary Fund
ISBN 13 : 1451850506
Total Pages : 40 pages
Book Rating : 4.4/5 (518 download)

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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.

Capitalizing Central Banks

Author : Mr.Alain Ize
Publisher : International Monetary Fund
ISBN 13 : 145186034X
Total Pages : 27 pages
Book Rating : 4.4/5 (518 download)

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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.

The Federal Reserve System Purposes and Functions

Author : Board of Governors of the Federal Reserve System
Publisher :
ISBN 13 : 9780894991967
Total Pages : 0 pages
Book Rating : 4.9/5 (919 download)

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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.

Introduction to Central Banking

Author : Ulrich Bindseil
Publisher : Springer Nature
ISBN 13 : 3030708845
Total Pages : 128 pages
Book Rating : 4.0/5 (37 download)

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Book Synopsis Introduction to Central Banking by : Ulrich Bindseil

Download or read book Introduction to Central Banking written by Ulrich Bindseil and published by Springer Nature. This book was released on 2021-05-18 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book gives a concise introduction to the practical implementation of monetary policy by modern central banks. It describes the conventional instruments used in advanced economies and the unconventional instruments that have been widely adopted since the financial crisis of 2007–2008. Illuminating the role of central banks in ensuring financial stability and as last resort lenders, it also offers an overview of the international monetary framework. A flow-of-funds framework is used throughout to capture this essential dimension in a consistent and unifying manner, providing a unique and accessible resource on central banking and monetary policy, and its integration with financial stability. Addressed to professionals as well as bachelors and masters students of economics, this book is suitable for a course on economic policy. Useful prerequisites include at least a general idea of the economic institutions of an economy, and knowledge of macroeconomics and monetary economics, but readers need not be familiar with any specific macroeconomic models.

Central Bank Finances

Author : David Archer
Publisher :
ISBN 13 : 9789291319312
Total Pages : 90 pages
Book Rating : 4.3/5 (193 download)

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Book Synopsis Central Bank Finances by : David Archer

Download or read book Central Bank Finances written by David Archer and published by . This book was released on 2013 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Right Balance for Banks

Author : William R. Cline
Publisher : Columbia University Press
ISBN 13 : 0881327220
Total Pages : 248 pages
Book Rating : 4.8/5 (813 download)

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Book Synopsis The Right Balance for Banks by : William R. Cline

Download or read book The Right Balance for Banks written by William R. Cline and published by Columbia University Press. This book was released on 2017-05-23 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis produced an important agreement among regulators in 2010–11 to raise capital requirements for banks to protect them from insolvency in the event of another emergency. In this book, William R. Cline, a leading expert on the global financial system, employs sophisticated economic models to analyze whether these reforms, embodied in the Third Basel Accord, have gone far enough. He calculates how much higher bank capital reduces the risk of banking crises, providing a benefit to the economy. On the cost side, he estimates how much higher capital requirements raise the lending rate facing firms, reducing investment in plant and equipment and thus reducing output in the economy. Applying a plausible range of parameters, Cline arrives at estimates for the optimal level of equity capital relative to total bank assets. This study also challenges the recent "too much finance" literature, which holds that in advanced countries banking sectors are already too large and are curbing growth.

Central Bank Balances and Reserve Requirements

Author : Mr.Simon Gray
Publisher : International Monetary Fund
ISBN 13 : 1455217905
Total Pages : 57 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Central Bank Balances and Reserve Requirements by : Mr.Simon Gray

Download or read book Central Bank Balances and Reserve Requirements written by Mr.Simon Gray and published by International Monetary Fund. This book was released on 2011-02-01 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most central banks oblige depository institutions to hold minimum reserves against their liabilities, predominantly in the form of balances at the central bank. The role of these reserve requirements has evolved significantly over time. The overlay of changing purposes and practices has the result that it is not always fully clear what the current purpose of reserve requirements is, and this necessarily complicates thinking about how a reserve regime should be structured. This paper describes three main purposes for reserve requirements - prudential, monetary control and liquidity management - and suggests best practice for the structure of a reserves regime. Finally, the paper illustrates current practices using a 2010 IMF survey of 121 central banks.

The Central Bank and the Financial System

Author : Charles Albert Eric Goodhart
Publisher : MIT Press
ISBN 13 : 9780262071673
Total Pages : 560 pages
Book Rating : 4.0/5 (716 download)

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Book Synopsis The Central Bank and the Financial System by : Charles Albert Eric Goodhart

Download or read book The Central Bank and the Financial System written by Charles Albert Eric Goodhart and published by MIT Press. This book was released on 1995 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: As economic advisor to the Bank of England for many years, C. A. E. Goodhart is uniquely positioned to assess the role of the central bank in the modern financial system. This book brings together twenty-one of his previously published articles dealing with the changing functions of central banks over time, recent efforts to maintain price stability, and debates over specific financial regulation proposals in the UK. Although the current day-to-day operations of central banks are subject to continuous comment and frequent criticism, their structural role within the economic system as a whole has generally been accepted without much question, despite several attempts by economists in recent decades to challenge the value of the institution. C. A. E. Goodhart brings his knowledge of both the theoretical arguments and the actual working of central banks to bear in these essays. Part I looks at the general purposes and functions of central banks within the financial system and their evolution over time. Part II concentrates on the current objectives and operations of central banks, and the maintenance of price stability in particular. Part III analyzes the broader issues of financial regulation.

Responsibility of Central Banks for Stability in Financial Markets

Author : Mr.Garry J. Schinasi
Publisher : International Monetary Fund
ISBN 13 : 1451854404
Total Pages : 19 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Responsibility of Central Banks for Stability in Financial Markets by : Mr.Garry J. Schinasi

Download or read book Responsibility of Central Banks for Stability in Financial Markets written by Mr.Garry J. Schinasi and published by International Monetary Fund. This book was released on 2003-06-01 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the role of central banks in ensuring financial stability? This paper addresses this controversial subject, in part by drawing on the experiences in Europe, Japan, and the United States, and by examining four questions. What is meant by financial stability? Do central banks have a natural role in ensuring financial stability? What does a central bank need to execute this role effectively? How far have central banks actually gone in safeguarding financial stability? The experience drawn on in the paper suggest that central banks: have a natural role to play; at times may require supervisory information to execute this natural role; and have incurred risks to their balance sheets to ensure financial stability.

Handbook of Central Banking, Financial Regulation and Supervision

Author : S. Eijffinger
Publisher : Edward Elgar Publishing
ISBN 13 : 1849805768
Total Pages : 673 pages
Book Rating : 4.8/5 (498 download)

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Book Synopsis Handbook of Central Banking, Financial Regulation and Supervision by : S. Eijffinger

Download or read book Handbook of Central Banking, Financial Regulation and Supervision written by S. Eijffinger and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 673 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔThis Handbook is a must read for policy makers and practitioners alike as well as excellent reading for advanced academic courses in international banking.Õ Ð Allard Bruinshoofd, SUERF ÔThis collection of papers is essential reading for anyone interested in central banking, regulation and supervision. Sylvester Eijffinger and Donato Masciandaro have brought together contributions from the leading academics, central bankers and regulators, providing the most up-to-date analysis of this critical subject.Õ Ð Paul Mizen, University of Nottingham, UK This stimulating and original Handbook offers an updated and systematic discussion of the relationship between central banks, financial regulation and supervision after the global financial crisis. The crisis has raised new questions about the compatibility of monetary and financial stability, which are changing the face of central banking and its relationships with the architecture of financial regulation and supervision. The Handbook explores on both the economics and political economy of the topic, in order to understand how and why reforms of the role of the central banks can be designed and implemented. The general suggestion is that future effectiveness of the central banking architecture will depend on its ability to ensure the consistency between the monetary actions in normal and extraordinary times. Consequently the possible paths in the central bank strategies and tactics, as well as in the classic concepts of independence, accountability and transparency, are analyzed and discussed. With chapters written by outstanding scholars in economics, this lucid Handbook will appeal to academics, policymakers and practitioners, ranging from central bankers and supervisory authorities to financial operators. Among the academics it would be of particular interest to financial and monetary economists (including postgraduate students), but the institutional slant and the central theme of relations between economics, institutional settings and politics will also be invaluable for political scientists.

Challenges for Central Banking

Author : Anthony M. Santomero
Publisher : Springer Science & Business Media
ISBN 13 : 1475733062
Total Pages : 272 pages
Book Rating : 4.4/5 (757 download)

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Book Synopsis Challenges for Central Banking by : Anthony M. Santomero

Download or read book Challenges for Central Banking written by Anthony M. Santomero and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: It may be possible to claim that, generally speaking, central banks around the world have never before held such a central and well-respected position in their respective countries as they hold now. Their tasks seem to be reasona bly well defined and the mandate given to them to guarantee price stability has so far worked more successfully than was perhaps expected. Inflation is lower than it has been for a long time. One central bank after the other has been given a position independent of normal party political processes. Re search concerning monetary policy and other topics of relevance for central banking has made good progress during the past decade. Much of the mys tique that has typically surrounded the internal work and decision-making of central banks has gradually disappeared. Instead, openness and transparency have become the key words of the day. The communication channels of central banks; speeches, inflation reports, minutes of meetings, etc. receive considerable attention and often give rise to headlines in the media. The en vironment in which central banks work and act today has thus undergone changes that in my view are very positive. However, we should always be on our guard against complacency. It would be most dangerous for central bankers today to sit back and relax in the belief that all of the important problems have been resolved and need no further consideration. Unless central bankers remain constantly alert and vigilant, their policy-making can easily deteriorate.

Banking on the Future

Author : Howard Davies
Publisher : Princeton University Press
ISBN 13 : 1400834635
Total Pages : 337 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Banking on the Future by : Howard Davies

Download or read book Banking on the Future written by Howard Davies and published by Princeton University Press. This book was released on 2010-04-12 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: An inside look at the role and future of central banking in the global economy The crash of 2008 revealed that the world's central banks had failed to offset the financial imbalances that led to the crisis, and lacked the tools to respond effectively. What lessons should central banks learn from the experience, and how, in a global financial system, should cooperation between them be enhanced? Banking on the Future provides a fascinating insider's look into how central banks have evolved and why they are critical to the functioning of market economies. The book asks whether, in light of the recent economic fallout, the central banking model needs radical reform. Supported by interviews with leading central bankers from around the world, and informed by the latest academic research, Banking on the Future considers such current issues as the place of asset prices and credit growth in anti-inflation policy, the appropriate role for central banks in banking supervision, the ways in which central banks provide liquidity to markets, the efficiency and cost-effectiveness of central banks, the culture and individuals working in these institutions, as well as the particular issues facing emerging markets and Islamic finance. Howard Davies and David Green set out detailed policy recommendations, including a reformulation of monetary policy, better metrics for financial stability, closer links with regulators, and a stronger emphasis on international cooperation. Exploring a crucial sector of the global economic system, Banking on the Future offers new ideas for restoring financial strength to the foundations of central banking.

Central Banks as Dollar Lenders of Last Resort: Implications for Regulation and Reserve Holdings

Author : Ms. Mitali Das
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 61 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Central Banks as Dollar Lenders of Last Resort: Implications for Regulation and Reserve Holdings by : Ms. Mitali Das

Download or read book Central Banks as Dollar Lenders of Last Resort: Implications for Regulation and Reserve Holdings written by Ms. Mitali Das and published by International Monetary Fund. This book was released on 2023-01-18 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how non-U.S. central banks behave when firms in their economies engage in currency mismatch, borrowing more heavily in dollars than justified by their operating exposures. We begin by documenting that, in a panel of 53 countries, central bank holdings of dollar reserves are significantly correlated with the dollar-denominated bank borrowing of their non-financial corporate sectors, controlling for a number of known covariates of reserve accumulation. We then build a model in which the central bank can deal with private-sector mismatch, and the associated risk of a domestic financial crisis, in two ways: (i) by imposing ex ante financial regulations such as bank capital requirements; or (ii) by building a stockpile of dollar reserves that allow it to serve as an ex post dollar lender of last resort. The model highlights a novel externality: individual central banks may tend to over-accumulate dollar reserves, relative to what a global planner would choose. This is because individual central banks do not internalize that their hoarding of reserves exacerbates a global scarcity of dollar-denominated safe assets, which lowers dollar interest rates and encourages firms to increase the currency mismatch of their liabilities. Relative to the decentralized outcome, a global planner may prefer stricter financial regulation (e.g., higher bank capital requirements) and reduced holdings of dollar reserves.

Central Banking at a Crossroads

Author : Charles Goodhart
Publisher : Anthem Press
ISBN 13 : 1783083603
Total Pages : 292 pages
Book Rating : 4.7/5 (83 download)

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Book Synopsis Central Banking at a Crossroads by : Charles Goodhart

Download or read book Central Banking at a Crossroads written by Charles Goodhart and published by Anthem Press. This book was released on 2014-12-01 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reflects on the innovations that central banks have introduced since the 2008 collapse of Lehman Brothers to improve their modes of intervention, regulation and resolution of financial markets and financial institutions. Authors from both academia and policy circles explore these innovations through four approaches: ‘Bank Capital Regulation’ examines the Basel III agreement; ‘Bank Resolution’ focuses on effective regimes for regulating and resolving ailing banks; ‘Central Banking with Collateral-Based Finance’ develops thought on the challenges that market-based finance pose for the conduct of central banking; and ‘Where Next for Central Banking’ examines the trajectory of central banking and its new, central role in sustaining capitalism.

Financial Stability and Central Banks

Author : Richard Brearley
Publisher : Routledge
ISBN 13 : 1134516363
Total Pages : 273 pages
Book Rating : 4.1/5 (345 download)

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Book Synopsis Financial Stability and Central Banks by : Richard Brearley

Download or read book Financial Stability and Central Banks written by Richard Brearley and published by Routledge. This book was released on 2001-04-26 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers an overview of present day thought on the very topical subject of financial stability and central banking.

The Lender of Last Resort Function after the Global Financial Crisis

Author : Marc Dobler
Publisher : International Monetary Fund
ISBN 13 : 1498355994
Total Pages : 63 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis The Lender of Last Resort Function after the Global Financial Crisis by : Marc Dobler

Download or read book The Lender of Last Resort Function after the Global Financial Crisis written by Marc Dobler and published by International Monetary Fund. This book was released on 2016-01-22 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis (GFC) has renewed interest in emergency liquidity support (sometimes referred to as “Lender of Last Resort”) provided by central banks to financial institutions and challenged the traditional way of conducting these operations. Despite a vast literature on the topic, central bank approaches and practices vary considerably. In this paper we focus on, for the most part, the provision of idiosyncratic support, approaching it from an operational perspective; highlighting different approaches adopted by central banks; and also identifying some of the issues that arose during the GFC.