Currencies Capital And Central Bank Balances

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Currencies, Capital, and Central Bank Balances

Author : John Cochrane
Publisher : Hoover Press
ISBN 13 : 0817922369
Total Pages : 368 pages
Book Rating : 4.8/5 (179 download)

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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.

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.

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.

Central and Commercial Bank Balance Sheet Risk Before, During, and After the Global Financial Crisis

Author : Joseph Crowley
Publisher : International Monetary Fund
ISBN 13 : 1475564279
Total Pages : 54 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Central and Commercial Bank Balance Sheet Risk Before, During, and After the Global Financial Crisis by : Joseph Crowley

Download or read book Central and Commercial Bank Balance Sheet Risk Before, During, and After the Global Financial Crisis written by Joseph Crowley and published by International Monetary Fund. This book was released on 2015-02-27 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an overview of exposures in the balance sheets of central banks, banks, and other depository institutions during the past decade, with emphasis on asset growth and currency composition. It exploits the IMF’s SRF-based monetary data to show: (i) there was a widely observed buildup of assets prior to the global financial crisis, but there has been no significant reduction in its wake; (ii) the foreign currency composition of the balance sheets of banks and other depository institutions remained remarkably constant in spite of the crisis, significant changes in the composition of balance sheets, and globalization, and does not seem to have been significantly influenced by the behavior of exchange rates; and (iii) exposure to households increased prior to the crisis, but this increased risk was offset by increased capitalization.

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.

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.

Digital Money and Central Banks Balance Sheet

Author : Adrian Armas
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Digital Money and Central Banks Balance Sheet by : Adrian Armas

Download or read book Digital Money and Central Banks Balance Sheet written by Adrian Armas and published by International Monetary Fund. This book was released on 2022-10-28 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Digital money is a logical step in a process of continuous technological advancement in payment systems. In response, central banks are reviewing their conduct of monetary operations in light of the new shape of financial markets and systems. The impact of digital money will depend on the type of money substitution by digital money. The paper straddles several cases where substitution of CiC (currency in circulation), and bank deposits may take place via digital money such as CBDC or other e-money, and how it would impact the central bank balance sheet. Remuneration of CBDC, if aligned to a new objective, could potentially amplify the effect on the interest rate channel of monetary policy.

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.

Monetary Operations and Central Bank Balance Sheets in a World of Limited Government Securities

Author : Mr.Mark Zelmer
Publisher : International Monetary Fund
ISBN 13 : 1451971583
Total Pages : 25 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Monetary Operations and Central Bank Balance Sheets in a World of Limited Government Securities by : Mr.Mark Zelmer

Download or read book Monetary Operations and Central Bank Balance Sheets in a World of Limited Government Securities written by Mr.Mark Zelmer and published by International Monetary Fund. This book was released on 2001-12-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: The limited supply of government securities in some industrial countries has important ramifications for the operating techniques used by central banks to implement monetary policy, provide credit to the financial sector, and also for the assets they hold on their balance sheets. The paper reviews the salient facts regarding industrial central bank balance sheets and operating techniques, and outlines different options for dealing with a limited supply of government securities. The main conclusion is that central banks may wish to consider extending credit using a broad range of assets as collateral, and engage in outright transactions of securities guaranteed by financial institutions.

Global Imbalances, Financial Crises, and Central Bank Policies

Author : Andreas Steiner
Publisher : Elsevier
ISBN 13 : 0128104031
Total Pages : 204 pages
Book Rating : 4.1/5 (281 download)

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Book Synopsis Global Imbalances, Financial Crises, and Central Bank Policies by : Andreas Steiner

Download or read book Global Imbalances, Financial Crises, and Central Bank Policies written by Andreas Steiner and published by Elsevier. This book was released on 2016-07-25 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global Imbalances, Financial Crises, and Central Bank Policies assesses the relationships between global imbalances, financial crises, and central bank policies, with a specific focus on their reserves. The book contains a strictly international perspective with an analysis based on empirical research that enables the reader to develop an analytical model that emphasizes interactions among individual central banks. With this innovative approach, the book develops a new method for defining an optimal demand for reserves. In addition, the book describes implications for financial reforms that might ultimately be more important than its empirical findings. Presents a systematic account of the relationship between the build-up of reserves and central bank policies Emphasizes a global view of currency reserves, which is usually ignored in analyses of their effect Includes datasets as well as all illustrations and figures in online ancillary materials

Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems

Download Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems PDF Online Free

Author : Inutu Lukonga
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems by : Inutu Lukonga

Download or read book Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems written by Inutu Lukonga and published by International Monetary Fund. This book was released on 2023-03-17 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems

Recent Changes in Monetary Policy and Balance-of-payments Problems

Author : United States. Congress. House. Committee on Banking and Currency
Publisher :
ISBN 13 :
Total Pages : 434 pages
Book Rating : 4.0/5 (12 download)

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Book Synopsis Recent Changes in Monetary Policy and Balance-of-payments Problems by : United States. Congress. House. Committee on Banking and Currency

Download or read book Recent Changes in Monetary Policy and Balance-of-payments Problems written by United States. Congress. House. Committee on Banking and Currency and published by . This book was released on 1963 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Does Central Bank Capital Matter for Monetary Policy?

Author : Gustavo Adler
Publisher : International Monetary Fund
ISBN 13 : 1463937784
Total Pages : 22 pages
Book Rating : 4.4/5 (639 download)

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Book Synopsis Does Central Bank Capital Matter for Monetary Policy? by : Gustavo Adler

Download or read book Does Central Bank Capital Matter for Monetary Policy? written by Gustavo Adler and published by International Monetary Fund. This book was released on 2012-02-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Heavy foreign exchange intervention by central banks of emerging markets have lead to sizeable expansions of their balance sheets in recent years?accumulating foreign assets and non-money domestic liabilities (the latter due to sterilization operations). With domestic liabilities being mostly of short-term maturity and denominated in local currency, movements in domestic monetary policy interest rates can have sizable effects on central bank's net worth. In this paper we examine empirically whether balance sheet considerations influence the conduct of monetary policy. Our methodology involves the estimation of interest rate rules for a sample of 41 countries and testing whether deviations from the rule can be explained by a measure of central bank financial strength. Our findings, using linear and nonlinear techniques, suggests that central bank financial strength can be a statistically significant factor explaining large negative interest rate deviations from "optimal" levels.

Central Bank Financial Strength in Central America and the Dominican Republic

Author : Andrew Swiston
Publisher : International Monetary Fund
ISBN 13 : 1484387481
Total Pages : 39 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Central Bank Financial Strength in Central America and the Dominican Republic by : Andrew Swiston

Download or read book Central Bank Financial Strength in Central America and the Dominican Republic written by Andrew Swiston and published by International Monetary Fund. This book was released on 2014-05-13 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the financial strength of central banks in Central America and the Dominican Republic (CADR). Some central banks are working off the effects of intervention in distressed financial institutions during the 1990’s and early 2000’s. Their net income has improved since then owing to lower interest rates, a reduction in interest bearing debt, and recapitalization transfers. Claims on the government have fallen, but remain high and are typically reimbursed at below-market rates, and capital is negative when adjusting for this. Capital is sufficient to back a low inflation target given that the income position is supported by unremunerated reserve requirements. Capital is likely to increase over time, but only gradually, leaving countries vulnerable to macroeconomic risks. The capacity of CADR central banks to engage in macroeconomic stabilization would benefit from increased emphasis on low inflation as the primary objective of monetary policy and a stronger commitment by governments to recapitalization.

The Art of Central Banking

Author : Ralph G. Hawtrey
Publisher : Routledge
ISBN 13 : 1136232559
Total Pages : 487 pages
Book Rating : 4.1/5 (362 download)

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Book Synopsis The Art of Central Banking by : Ralph G. Hawtrey

Download or read book The Art of Central Banking written by Ralph G. Hawtrey and published by Routledge. This book was released on 2012-11-12 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 1970. A reprinting of the original collection of essays, from 1932 which begins with two essays describing French Monetary Policy and the Wall Street Speculation and Crisis of 1929. Moving onto an essay on Consumer's Income and Outlay and then the titular essay the art of central banking, looking at how a central bank is entrusted with the regulation of credit and money.

Exchange Rate Developments and Policies in the Caucasus and Central Asia

Author : Mr.Mark A. Horton
Publisher : International Monetary Fund
ISBN 13 : 1484343867
Total Pages : 43 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Exchange Rate Developments and Policies in the Caucasus and Central Asia by : Mr.Mark A. Horton

Download or read book Exchange Rate Developments and Policies in the Caucasus and Central Asia written by Mr.Mark A. Horton and published by International Monetary Fund. This book was released on 2016-05-16 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since late 2014, exchange rates (ERs) and ER regimes of the Caucasus and Central Asia (CCA) countries have come under strong pressure. This reflects the decline of oil and other commodity prices, weaker growth in Russia and China, depreciation of the Russian ruble, and appreciation of the U.S. dollar, to which CCA currencies have historically been linked. Weaker fiscal and current account balances and increased dollarization have complicated the picture. CCA countries entered this period with closely managed ER regimes and, in many cases, currencies assessed by IMF staff to be overvalued. CCA central banks have price stability as their main policy objective, and most have relied on ER stability to achieve this objective. Thus, the first policy response involved intervention in local foreign exchange (FX) markets, often with limited communication. In this context, the IMF staff has reviewed ER policy advice and implementation strategies for CCA countries.

Liquidity Management under Fixed Exchange Rate with Open Capital Account

Author : Mariam El Hamiani Khatat
Publisher : International Monetary Fund
ISBN 13 : 1498304311
Total Pages : 57 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Liquidity Management under Fixed Exchange Rate with Open Capital Account by : Mariam El Hamiani Khatat

Download or read book Liquidity Management under Fixed Exchange Rate with Open Capital Account written by Mariam El Hamiani Khatat and published by International Monetary Fund. This book was released on 2019-03-18 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived from the price-specie flow mechanism of David Hume. The framework highlights that the risk of short-term money market rates un-anchoring from the uncovered interest rate parity due to money and foreign exchange market frictions could jeopardize financial stability and market development. The paper then discusses operational solutions that stabilize money market rates close to the level implied by the Uncovered Interest Rate Parity (UIP). Liquidity management under fixed exchange rate with an open capital account presents specific challenges due to: (1) the larger liquidity shocks induced by foreign reserve swings that challenge the development of money markets; and (2) more complicated liquidity forecasts. The theoretical framework is empirically tested based on the estimate of “offset” coefficients for Denmark and Hong Kong SAR.