The Role Of Central Bank Independence In A World Of Capital Mobility

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The Role of Central Bank Independence in a World of Capital Mobility

Author : Matthias Baumgarten
Publisher : GRIN Verlag
ISBN 13 : 3656113572
Total Pages : 25 pages
Book Rating : 4.6/5 (561 download)

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Book Synopsis The Role of Central Bank Independence in a World of Capital Mobility by : Matthias Baumgarten

Download or read book The Role of Central Bank Independence in a World of Capital Mobility written by Matthias Baumgarten and published by GRIN Verlag. This book was released on 2012-01-30 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2011 in the subject Economics - Finance, grade: 1,0 (80%), University of Warwick (Politics and International Studies), course: Politics of Global Finance, language: English, abstract: Historical developments during recent economic history have demonstrated a remarkably parallel development of international capital mobility (ICM) and central bank independence (CBI), making both fundamental factors of today’s monetary system. Neoliberal economic models depict the anti-inflationary credibility associated with CBI as the outcome of strict market rules, insulating policy from political control. The structural power of mobile capital subsequently forced governments to adopt it as policy. However, the theoretical assumptions underlying these arguments misrepresent current realities and obscure the fact that credibility is a social phenomenon. Looking at CBI as a social institution shows that it facilitates a consensus between current political and market interests. For financial market actors, CBI functions as a guide for their intersubjective expectations and ensures the continuity of the current economic order with the financial markets at its centre. Governments consciously support the embedding of society within these markets, while shielding themselves from the reputational costs of adverse market outcomes. Within this consensus, substantial indirect state control over policy decisions remains. Consequently, CBI’s central importance does not lie in anti-inflationary credibility derived from the removal of political control, but in its institutional role as a link between political and market interests in contemporary financial governance.

Capitalism, Not Globalism

Author : William Roberts Clark
Publisher : University of Michigan Press
ISBN 13 : 0472024914
Total Pages : 223 pages
Book Rating : 4.4/5 (72 download)

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Book Synopsis Capitalism, Not Globalism by : William Roberts Clark

Download or read book Capitalism, Not Globalism written by William Roberts Clark and published by University of Michigan Press. This book was released on 2009-12-14 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capitalism, Not Globalism shows that, while much has been made of recent changes in the international economy, the mechanisms by which politicians control the economy have not changed throughout the postwar period. Challenging both traditional and revisionist globalization theorists, William Roberts Clark argues that increased financial integration has led to neither a widening nor a narrowing of partisan differences in macroeconomic polices or outcomes. Rather, he shows that the absence of partisan differences in macroeconomic policy is a long-standing feature of democratic capitalist societies that can be traced to politicians' attempts to use the economy to help them survive in office. Changes in the structural landscape such as increased capital mobility and central bank independence do not necessarily diminish the ability of politicians to control the economy, but they do shape the strategies they use to do so. In a world of highly mobile capital, politicians manipulate monetary policy to create macroeconomic expansions prior to elections only if the exchange rate is flexible and the central bank is subservient. But they use fiscal policy to induce political business cycles when the exchange rate is fixed or the central bank is independent. William Roberts Clark is Assistant Professor, Department of Politics, New York University.

The Evolving Role of Central Banks

Author : Mr.Patrick Downes
Publisher : International Monetary Fund
ISBN 13 : 9781557751850
Total Pages : 476 pages
Book Rating : 4.7/5 (518 download)

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Book Synopsis The Evolving Role of Central Banks by : Mr.Patrick Downes

Download or read book The Evolving Role of Central Banks written by Mr.Patrick Downes and published by International Monetary Fund. This book was released on 1991-06-15 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central Banks should enjoy a fair degree of autonomy in pursuing price stability to promote long-run growth and prosperity. This volume, edited by Patrick Downes and Reza Vaez-Zadeh, contains the papers presented at the fifth IMF seminar on central banking issues in November 1990. The theme was the interdependence of central bank functions and the role of central bank autonomy.

Monetary Policy Coordination and the Role of Central Banks

Author : Rakesh Mohan
Publisher : International Monetary Fund
ISBN 13 : 1484362896
Total Pages : 34 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Monetary Policy Coordination and the Role of Central Banks by : Rakesh Mohan

Download or read book Monetary Policy Coordination and the Role of Central Banks written by Rakesh Mohan and published by International Monetary Fund. This book was released on 2014-04-29 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The unconventional monetary policies (UMPs) pursued by the advanced economies (AEs) have posed macroeconomic challenges for the emerging market economies (EMEs) through volatile capital flows and exchange rates. AE central banks need to acknowledge and appreciate the spillovers resulting from such UMPs. Central banks of the AEs, who have set up standing mutual swap facilities, should explore similar arrangements with other significant EMEs with appropriate risk mitigation measures. These initiatives could do much to actually curb volatility in global financial markets and hence in capital flows to EMEs, thus obviating the need for defensive policy actions on the part of EMEs.

Central Bank Independence

Author : Jan Kleineman
Publisher :
ISBN 13 :
Total Pages : 248 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Central Bank Independence by : Jan Kleineman

Download or read book Central Bank Independence written by Jan Kleineman and published by . This book was released on 2001 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication includes contributions by the participants and contains many important facts for those readers who wish to study and understand the different consequences of the yielding of control over financial policymaking by the traditional political organisations to a body of experts. For readers in some countries, who realise that the subject will revolutionise traditional Constitutional and Administrative Law, the topic and therefore this publication, cannot be ignored."--Jacket.

The Capital Needs of Central Banks

Author : Sue Milton
Publisher : Routledge
ISBN 13 : 1136895906
Total Pages : 225 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 225 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.

Challenges for Central Banking

Author : Luis I. Jacome H.
Publisher : International Monetary Fund
ISBN 13 : 147553681X
Total Pages : 272 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Challenges for Central Banking by : Luis I. Jacome H.

Download or read book Challenges for Central Banking written by Luis I. Jacome H. and published by International Monetary Fund. This book was released on 2016-10-04 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the 2008–09 global financial crisis, central banking and monetary policy in many corners of the world came under intense pressure and entered unchartered waters. The breadth and scale of central bank operations have been modified or expanded in unprecedented and even unimaginable ways given the circumstances. Additionally, a fundamental rethinking of central banking and its policy frameworks has been taking place. This volume reflects a multilateral effort to help close the gap in our knowledge in meeting the critical challenges presented by these significant changes, in particular, those confronting central banks in Latin America. The volume’s first section provides a panoramic overview of the policy progress made to date and the challenges that lie ahead. The related issue of spillovers and monetary independence is taken up more fully in the next section. The final section presents chapters that reexamine macroprudential and monetary policies and policy frameworks from the perspective of central bank staff members from the region.

Central Bank Independence, Targets, and Credibility

Author : Francesco Lippi
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 184 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Central Bank Independence, Targets, and Credibility by : Francesco Lippi

Download or read book Central Bank Independence, Targets, and Credibility written by Francesco Lippi and published by Edward Elgar Publishing. This book was released on 1999 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a welfare analysis of central banking, addressing such topics as imperfect monetary control, rational voters, distributional issues, and uncertainty about future policy objectives. The role played by the different institutional elements that contribute to the making of an independent central bank is assessed, as well as the distinction between central bank independence and targets. The final essay analyzes the links between central bank independence, policy strategies, and economic outcomes in a cross-section of 49 countries. Annotation copyrighted by Book News, Inc., Portland, OR

The Role of Central Bank Independence in a World of Capital Mobility

Author : Matthias Baumgarten
Publisher : GRIN Verlag
ISBN 13 : 3656114145
Total Pages : 61 pages
Book Rating : 4.6/5 (561 download)

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Book Synopsis The Role of Central Bank Independence in a World of Capital Mobility by : Matthias Baumgarten

Download or read book The Role of Central Bank Independence in a World of Capital Mobility written by Matthias Baumgarten and published by GRIN Verlag. This book was released on 2012-02 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2011 in the subject Economics - Finance, grade: 1,0 (80%), University of Warwick (Politics and International Studies), course: Politics of Global Finance, language: English, abstract: Historical developments during recent economic history have demonstrated a remarkably parallel development of international capital mobility (ICM) and central bank independence (CBI), making both fundamental factors of today's monetary system. Neoliberal economic models depict the anti-inflationary credibility associated with CBI as the outcome of strict market rules, insulating policy from political control. The structural power of mobile capital subsequently forced governments to adopt it as policy. However, the theoretical assumptions underlying these arguments misrepresent current realities and obscure the fact that credibility is a social phenomenon. Looking at CBI as a social institution shows that it facilitates a consensus between current political and market interests. For financial market actors, CBI functions as a guide for their intersubjective expectations and ensures the continuity of the current economic order with the financial markets at its centre. Governments consciously support the embedding of society within these markets, while shielding themselves from the reputational costs of adverse market outcomes. Within this consensus, substantial indirect state control over policy decisions remains. Consequently, CBI's central importance does not lie in anti-inflationary credibility derived from the removal of political control, but in its institutional role as a link between political and market interests in contemporary financial governance.

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.

Gatekeepers of Growth

Author : Sylvia Maxfield
Publisher : Princeton University Press
ISBN 13 : 1400822289
Total Pages : 192 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Gatekeepers of Growth by : Sylvia Maxfield

Download or read book Gatekeepers of Growth written by Sylvia Maxfield and published by Princeton University Press. This book was released on 1998-07-13 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks can shape economic growth, affect income distribution, influence a country's foreign relations, and determine the extent of its democracy. While there is considerable literature on the political economy of central banking in OECD countries, this is the first book-length study focused on central banking in emerging market countries. Surveying the dramatic worldwide trend toward increased central bank independence in the 1990s, the book argues that global forces must be at work. These forces, the book contends, center on the character of international financial intermediation. Going beyond an explanation of central bank independence, Sylvia Maxfield posits a general framework for analyzing the impact of different types of international capital flows on the politics of economic policymaking in developing countries. The book suggests that central bank independence in emerging market countries does not spring from law but rather from politics. As long as politicians value them, central banks will enjoy independence. Central banks are most likely to be independent in developing countries when politicians desire international creditworthiness. Historical analyses of central banks in Brazil, Mexico, South Korea, and Thailand, and quantitative analyses of a larger sample of developing countries corroborate this investor signaling explanation of broad trends in central bank status.

Staff Guidance Note on Macroprudential Policy

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498342620
Total Pages : 45 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Staff Guidance Note on Macroprudential Policy by : International Monetary Fund

Download or read book Staff Guidance Note on Macroprudential Policy written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-06-11 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries

The Role of Central Banks in Financial Stability

Author : Douglas Darrell Evanoff
Publisher : World Scientific
ISBN 13 : 981444992X
Total Pages : 462 pages
Book Rating : 4.8/5 (144 download)

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Book Synopsis The Role of Central Banks in Financial Stability by : Douglas Darrell Evanoff

Download or read book The Role of Central Banks in Financial Stability written by Douglas Darrell Evanoff and published by World Scientific. This book was released on 2014 with total page 462 pages. Available in PDF, EPUB and Kindle. Book excerpt: The two most topical issues in current financial markets deal with the causes of the recent financial crisis and the means to prevent future crises. This book addresses the latter and stresses a major shift in most countries toward a better understanding of financial stability and how it can be achieved. In particular, the papers in this volume examine the recent change in emphasis at central banks with regard to financial stability. For example: What were the cross-country differences in emphasis on financial stability in the past Did these differences appear to affect the extent of the adverse impact of the financial crisis on individual countries What are perceived to be the major future threats to financial stability These and related issues are discussed in the book by well-known experts in the field OCo some of the best minds in the world pursuing financial stability. Following the global financial crisis, significant reforms have been initiated in many countries to address financial stability more directly, frequently focusing on macroprudential policy frameworks in which central banks play a more active role."

The Political Economy of Central-bank Independence

Author : Sylvester C. W. Eijffinger
Publisher : International Finance Section Department of Econ Ton Univers
ISBN 13 :
Total Pages : 100 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis The Political Economy of Central-bank Independence by : Sylvester C. W. Eijffinger

Download or read book The Political Economy of Central-bank Independence written by Sylvester C. W. Eijffinger and published by International Finance Section Department of Econ Ton Univers. This book was released on 1996 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Banks on the Brink

Author : Mark Copelovitch
Publisher : Cambridge University Press
ISBN 13 : 1108489885
Total Pages : 257 pages
Book Rating : 4.1/5 (84 download)

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Book Synopsis Banks on the Brink by : Mark Copelovitch

Download or read book Banks on the Brink written by Mark Copelovitch and published by Cambridge University Press. This book was released on 2020-02-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: International capital flow and domestic financial market structures explain why some countries are more vulnerable to banking crises.

International Capital Flows

Author : Martin Feldstein
Publisher : University of Chicago Press
ISBN 13 : 0226241807
Total Pages : 500 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis International Capital Flows by : Martin Feldstein

Download or read book International Capital Flows written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.

How Do Central Banks Talk?

Author : Alan S. Blinder
Publisher : Centre for Economic Policy Research
ISBN 13 : 9781898128601
Total Pages : 150 pages
Book Rating : 4.1/5 (286 download)

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Book Synopsis How Do Central Banks Talk? by : Alan S. Blinder

Download or read book How Do Central Banks Talk? written by Alan S. Blinder and published by Centre for Economic Policy Research. This book was released on 2001 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Not long ago, secrecy was the byword in central banking circles, but now the unmistakable trend is towards greater openness and transparency. This, the third Geneva Report on the World Economy, describes and evaluates some of the changes in how central banks talk to the markets, to the press, and to the public. The report first assesses the case for transparency ? defined as providing sufficient information for the public to understand the policy regime ? and concludes that it is very strong, based on both policy effectiveness and democratic accountability. It then examines what should be the content of communication and argues that central banks ought to spell out their long-run objectives and methods. It then investigates the link between the decision-making process and central bank communication, drawing a distinction between individualistic and collegial committees. The report concludes with a review of the communications strategies of some of the main central banks.