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Author : Jörg Bibow
Publisher :
ISBN 13 :
Total Pages : 102 pages
Book Rating : 4.:/5 (15 download)
Download or read book Unconventional Monetary Policies and Central Bank Profits written by Jörg Bibow and published by . This book was released on 2018 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Frederic Lambert
Publisher : International Monetary Fund
ISBN 13 : 1498300030
Total Pages : 40 pages
Book Rating : 4.4/5 (983 download)
Download or read book The Effects of Unconventional Monetary Policies on Bank Soundness written by Frederic Lambert and published by International Monetary Fund. This book was released on 2014-08-13 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unconventional monetary policy is often assumed to benefit banks. However, we find little supporting evidence. Rather, we find some evidence for heightened medium-term risks. First, in an event study using a novel instrument for monetary policy surprises, we do not detect clear effects of monetary easing on bank stock valuation but find a deterioration of medium-term bank credit risk in the United States, the euro area, and the United Kingdom. Second, in panel regressions using U.S. banks’ balance sheet information, we show that bank profitability and risk taking are ambiguously affected, while balance sheet repair is delayed.
Author : Willem Buiter
Publisher : Cambridge University Press
ISBN 13 : 1108842828
Total Pages : 229 pages
Book Rating : 4.1/5 (88 download)
Download or read book Central Banks as Fiscal Players written by Willem Buiter and published by Cambridge University Press. This book was released on 2020-11-12 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is well known that the balance sheets of most major central banks significantly expanded in the aftermath of the financial crisis of 2007-2011, but the consequences of this expansion are not well understood. This book develops a unified framework to explain how and why central bank balance sheets have expanded and what this shift means for fiscal and monetary policy. Buiter addresses a number of key issues in monetary economics and public finance, including how helicopter money works, when modern monetary theory makes sense, why the Eurosystem has a potentially fatal design flaw, why the fiscal theory of the price level is a fallacy and how to escape from the zero lower bound.
Author : Mr.Peter Stella
Publisher : International Monetary Fund
ISBN 13 : 1451850506
Total Pages : 40 pages
Book Rating : 4.4/5 (518 download)
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.
Author : Mr.Seok Gil Park
Publisher : International Monetary Fund
ISBN 13 : 1463981007
Total Pages : 35 pages
Book Rating : 4.4/5 (639 download)
Download or read book Central Banks Quasi-Fiscal Policies and Inflation written by Mr.Seok Gil Park and published by International Monetary Fund. This book was released on 2012-01-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although central banks have recently taken unconventional policy actions to try to shore up macroeconomic and financial stability, little theory is available to assess the consequences of such measures. This paper offers a theoretical model with which such policies can be analyzed. In particular, the paper shows that in the absence of the fiscal authorities' full backing of the central bank's balance sheet, strange things can happen. For instance, an exit from quantitative easing could be inflationary and central banks cannot successfully unwind inflated balance sheets. Therefore, the fiscal authorities' full backing of the monetary authorities' quasi-fiscal operations is a pre-condition for effective monetary policy.
Author : Marianne Ojo D Delaney PhD
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Central Bank Independence and Unconventional Monetary Policies written by Marianne Ojo D Delaney PhD and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of unconventional monetary tools and particularly, the resort by central banks to asset purchase programs instigated as a means of addressing prolonged periods of low inflation has not only generated new and innovative approaches to monetary policy channels aimed at facilitating the goals and objectives of central banking, but also led to the realization of the need to engage in more effective communication beyond the scope and ambit of traditional central banking. How have these developments shaped the definition that is, or rather, that should be attributed to Central Bank Independence? Which actors are assuming greater prominence and roles in a financial environment dynamically shaped by Information Technology and the digital (Modern) economy?"Central bank independence is not an end in itself. Its purpose is to ensure that the central bank is credible in its pursuit of price stability while making sure that monetary policy is never subservient to fiscal policy - what is known as monetary dominance."Further, the ECB President adds that, "central bank independence does not preclude communication with governments when it is clear that mutually aligned policies would deliver a faster return to price stability- and that rather, it only imposes limits on what such alignment could entail.....Specifically, it means that alignment between policies WHERE NEEDED must serve the objective of monetary stability and not work to its detriment. " (emphasis added)To what extent and limits is it necessary to engage unconventional monetary policies such that they do not subject monetary policy goals to fiscal policy needs? The dangers of prolonged periods of zero interest rates- coupled with low inflation are also brought to light in the academic literature. Hence whilst this chapter considers the merits and draw backs of certain unconventional monetary policies, it also contributes to the literature by justifying their implementation and rationales for recent global trends. This is facilitated by way of recommendations in respect of recent innovative optimal coordinated policy combinations adopted and put forward by selected jurisdictional central banks aimed at addressing gaps in monetary policy.
Author : Alexis Stenfors
Publisher : Routledge
ISBN 13 : 0429629613
Total Pages : 217 pages
Book Rating : 4.4/5 (296 download)
Download or read book Unconventional Monetary Policy and Financial Stability written by Alexis Stenfors and published by Routledge. This book was released on 2020-07-15 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the financial crisis of 2008-09, central bankers around the world have been forced to abandon conventional monetary policy tools in favour of unconventional policies such as quantitative easing, forward guidance, lowering the interest rate paid on bank reserves into negative territory, and pushing up prices of government bonds. Having faced a crisis in its banking sector nearly a decade earlier, Japan was a pioneer in the use of many of these tools. Unconventional Monetary Policy and Financial Stability critically assesses the measures used by Japan and examines what they have meant for the theory and practice of economic policy. The book shows how in practice unconventional monetary policy has worked through its impact on the financial markets. The text aims to generate an understanding of why such measures were introduced and how the Japanese system has subsequently changed regarding aspects such as governance and corporate balance sheets. It provides a comprehensive study of developments in Japanese money markets with the intent to understand the impact of policy on the debt structures that appear to have caused Japan’s deflation. The topics covered range from central bank communication and policymaking to international financial markets and bank balance sheets. This text is of great interest to students and scholars of banking, international finance, financial markets, political economy, and the Japanese economy.
Author : Ulrich Bindseil
Publisher : Springer Nature
ISBN 13 : 3030708845
Total Pages : 128 pages
Book Rating : 4.0/5 (37 download)
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.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1484353374
Total Pages : 58 pages
Book Rating : 4.4/5 (843 download)
Download or read book Per Jacobsson Lecture written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-04-08 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the grave disruption of the subprime market at the start of the global financial crisis triggered major turbulences in the functioning of money markets in all large advanced economies, central bankers have experienced extraordinarily demanding and difficult times, characterized by a succession of shocks unseen, in the advanced economies, since World War II. Given the structurally very different economies that central banks were dealing with, one could have expected that the shock of the crisis would have accentuated their differences and given rise to an even more diverse setof central bank policies, conceptual references, and measures in a selfish, inward-looking mode. Instead, however, a phenomenon of “practical and conceptual rapprochement” took place between central banks, amidst the economic and financial turmoil, with the closest central bank cooperation ever, as symbolically illustrated by the coordinated decrease of interest rates in October 2008. The crisis also started or accelerated a multidimensional process of convergence of key elements of monetary policy thinking and policymaking—“conceptual convergence”—that is far from being achieved, but calls for great attention from both academia and policymakers. This Per Jacobsson Lecture concentrates on this convergence process, reflecting as well on some theoretical and practical issues that are associated with unconventional monetary policy liquidity and quantitative measures and the forward guidance generalization, themselves part of the conceptual convergence phenomenon.
Author : Board of Governors of the Federal Reserve System
Publisher :
ISBN 13 : 9780894991967
Total Pages : 0 pages
Book Rating : 4.9/5 (919 download)
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.
Author : Richard Varghese
Publisher : International Monetary Fund
ISBN 13 : 1484338545
Total Pages : 33 pages
Book Rating : 4.4/5 (843 download)
Download or read book A New Wave of ECB’s Unconventional Monetary Policies: Domestic Impact and Spillovers written by Richard Varghese and published by International Monetary Fund. This book was released on 2018-01-24 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: ECB President Draghi’s Jackson Hole speech in August 2014 arguably marked a new phase of unconventional monetary policies (UMPs) in the euro area. This paper examines the market impact and tranmission channels of this new wave of UMPs using a modified event study framework. They are found to have a more prominent impact on inflation expectations and exchange rates compared to the earlier UMP announcements. The impact on bank equity, however, is less significant in part due to narrowing profit margin in a low interest rate environment; and the marginal effect on sovereign spread compression has diminished. By extracting components of monetary policy shocks from the yield curve, we find that the traditional signaling channel of the monetary policy transmission continued to play an important role, but the portfolio rebalancing channel became more important in the new phase. Spillovers to non-euro area EU countries (the Czech Republic, Denmark, Poland, and Sweden) are transmitted mainly through the portfolio rebalancing channel, largely affecting sovereign yields and exchange rates.
Author : Vladimir Klyuev
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781462382828
Total Pages : 37 pages
Book Rating : 4.3/5 (828 download)
Download or read book Unconventional Choices for Unconventional Times Credit and Quantitative Easing in Advanced Economies written by Vladimir Klyuev and published by INTERNATIONAL MONETARY FUND. This book was released on 2009-11-04 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Luís Brandão Marques
Publisher : International Monetary Fund
ISBN 13 : 1513570080
Total Pages : 84 pages
Book Rating : 4.5/5 (135 download)
Download or read book Negative Interest Rates written by Luís Brandão Marques and published by International Monetary Fund. This book was released on 2021-03-03 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on negative interest rate policies and covers a broad range of its effects, with a detailed discussion of findings in the academic literature and of broader country experiences.
Author : Manuela Moschella
Publisher : Cornell University Press
ISBN 13 : 1501774875
Total Pages : 125 pages
Book Rating : 4.5/5 (17 download)
Download or read book Unexpected Revolutionaries written by Manuela Moschella and published by Cornell University Press. This book was released on 2024-05-15 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Unexpected Revolutionaries, Manuela Moschella investigates the institutional transformation of central banks from the 1970s to the present. Central banks are typically regarded as conservative, politically neutral institutions that uphold conventional macroeconomic wisdom. Yet in the wake of the 2008 global financial crisis and the 2020 COVID-19 crisis, central banks have upended observer expectations by implementing largely unknown and unconventional monetary policies. Far from abiding by well-established policy playbooks, central banks now engage in practices such as providing liquidity support for a wide range of financial institutions and quantitative easing. They have even stretched the remit of monetary policy into issues such as inequality and climate change. Moschella argues that the political nature of central banks lies at the heart of these transformations. While formally independent, central banks need political support to justify their policies and powers, and to obtain it, they carefully manage their reputation among their audienceselected officials, market actors, and citizens. Challenged by reputational threats brought about by twenty-first-century recessionary and deflationary forces, central banks such as the Federal Reserve System and the European Central Bank strategically deviated from orthodox monetary policies to preempt or manage political backlash and to regain public trust. Central banks thus evolved into a new role only in coordination with fiscal authorities and on the back of public contestation. Eye-opening and insightful, Unexpected Revolutionaries is necessary reading for discussions on the future of the neoliberal macroeconomic regime, the democratic oversight of monetary policymaking, and the role that central banks canor cannotplay in our domestic economies.
Author : Andreas Jobst
Publisher : International Monetary Fund
ISBN 13 : 1475524471
Total Pages : 48 pages
Book Rating : 4.4/5 (755 download)
Download or read book Negative Interest Rate Policy (NIRP) written by Andreas Jobst and published by International Monetary Fund. This book was released on 2016-08-10 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate.
Author : Margherita Bottero
Publisher : International Monetary Fund
ISBN 13 : 1498300855
Total Pages : 59 pages
Book Rating : 4.4/5 (983 download)
Download or read book Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data written by Margherita Bottero and published by International Monetary Fund. This book was released on 2019-02-28 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply-- -and hence the real economy---through a portfolio rebalancing channel. NIRP affects banks with higher ex-ante net short-term interbank positions or, more broadly, more liquid balance-sheets, not with higher retail deposits. NIRP-affected banks rebalance their portfolios from liquid assets to credit—especially to riskier and smaller firms—and cut loan rates, inducing sizable real effects. By shifting the entire yield curve downwards, NIRP differs from rate cuts just above the ZLB.
Author : David Archer
Publisher :
ISBN 13 : 9789291979318
Total Pages : 90 pages
Book Rating : 4.9/5 (793 download)
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:
