A Model Of The Lender Of Last Resort
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Introduction To Central Banking
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Author : Ulrich Bindseil
language : en
Publisher: Springer Nature
Release Date : 2021-05-18
Introduction To Central Banking written by Ulrich Bindseil and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-18 with Business & Economics categories.
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.
The New Lombard Street
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Author : Perry Mehrling
language : en
Publisher: Princeton University Press
Release Date : 2010-11-08
The New Lombard Street written by Perry Mehrling and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-08 with Business & Economics categories.
How the U.S. Federal Reserve began actively intervening in markets Walter Bagehot's Lombard Street, published in 1873 in the wake of a devastating London bank collapse, explained in clear and straightforward terms why central banks must serve as the lender of last resort to ensure liquidity in a faltering credit system. Bagehot's book set down the principles that helped define the role of modern central banks, particularly in times of crisis—but the recent global financial meltdown has posed unforeseen challenges. The New Lombard Street lays out the innovative principles needed to address the instability of today's markets and to rebuild our financial system. Revealing how we arrived at the current crisis, Perry Mehrling traces the evolution of ideas and institutions in the American banking system since the establishment of the Federal Reserve in 1913. He explains how the Fed took classic central banking wisdom from Britain and Europe and adapted it to America's unique and considerably more volatile financial conditions. Mehrling demonstrates how the Fed increasingly found itself serving as the dealer of last resort to ensure the liquidity of securities markets—most dramatically amid the recent financial crisis. Now, as fallout from the crisis forces the Fed to adapt in unprecedented ways, new principles are needed to guide it. In The New Lombard Street, Mehrling persuasively argues for a return to the classic central bankers' "money view," which looks to the money market to assess risk and restore faith in our financial system.
Financial Crises Contagion And The Lender Of Last Resort
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Author : Charles Albert Eric Goodhart
language : en
Publisher:
Release Date : 2023
Financial Crises Contagion And The Lender Of Last Resort written by Charles Albert Eric Goodhart and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with Financial crises categories.
Financial crises have become more frequent over the last 20 years. This book illuminates the debate over how the monetary authorities should handle these crises by bringing together a selection of the best writings on the subject.
Bedfellows Hostages Or Perfect Strangers Global Capital Markets And The Catalytic Effect Of Imf Crisis Lending
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Author : Carlo Cottarelli
language : en
Publisher: International Monetary Fund
Release Date : 2002-11
Bedfellows Hostages Or Perfect Strangers Global Capital Markets And The Catalytic Effect Of Imf Crisis Lending written by Carlo Cottarelli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-11 with Business & Economics categories.
During the 1990s, the concept of "catalytic official finance" (COF) gained prominence in policy debates. The concept revolves around the idea that the propensity of investors to lend to a country increases when the IMF provides its "seal of approval"-backed up by only limited official financing-on the country's economic program. COF aims at avoiding, on the one hand, the massive use of public money to bail out private investors; on the other, the recourse to coercive bailing-in mechanisms. The paper concludes that COF, while possibly useful in other contexts, is less reliable when used to manage capital account crises.
Lombard Street
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Author : Walter Bagehot
language : en
Publisher:
Release Date : 1906
Lombard Street written by Walter Bagehot and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1906 with Banks and banking categories.
A Model Of The Lender Of Last Resort
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Author : Mr.Haizhou Huang
language : en
Publisher: International Monetary Fund
Release Date : 1999-03-01
A Model Of The Lender Of Last Resort written by Mr.Haizhou Huang and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-03-01 with Business & Economics categories.
This paper develops a model of the lender of last resort. It provides an analytical basis for “too big too fail” and a rationale for “constructive ambiguity”. Key results are that if contagion (moral hazard) is the main concern, the Central Bank (CB) will have an excessive (little) incentive to rescue banks and the resulting equilibrium risk level is high (low). When both contagion and moral hazard are jointly analyzed, the CB’s incentives to rescue are only slightly weaker than with contagion alone. The CB’s optimal policy may be non-monotonic in bank size.
The Financial Crisis
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Author : P. Arestis
language : en
Publisher: Springer
Release Date : 2010-11-24
The Financial Crisis written by P. Arestis and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-24 with Business & Economics categories.
The 2008 financial crisis poses three fundamental questions for economists and policy makers; understanding the origins of the crisis, understanding the consequences of this crisis for the world economy, and finally understanding why the 2008 financial crisis is not as serious as the 1929 crisis. The prevailing view is that the 2008 financial crisis was solely the result of inadequate financial regulation together with a very loose monetary policy conducted by central banks, especially the Fed. It is believed that this crisis is a temporary detour in the normal course of the events, so that in the near future capitalist economies will resume the high growth path observed before the crisis. In terms of the third question, there is a widespread view that the fundamental reason that explains the avoidance of the harmful experiences of 1929 was the fiscal and monetary policy expansions in developed countries. No important role is assigned to developing countries in terms of the effects of the financial crisis. This book challenges the prevailing orthodoxy surrounding the origins and the consequences of the 2008 financial crisis. The book demonstrates that measures in addition to a profound change in the financial regulation are required if a new financial crisis is to be avoided in the future, measures include: a change in the conduct of economic policy; a reform of the national and international monetary systems; and a radical change in the pattern of income distribution. This book is essential reading for all interested in macroeconomics, monetary policy, development economics and the global impact of the financial crisis.
Financial Stability Issues The Case Of East Asia
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Author : Mamiko Yokoi-Arai
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2002-07-08
Financial Stability Issues The Case Of East Asia written by Mamiko Yokoi-Arai and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-07-08 with Law categories.
Whatever can be said about the financial crises that have plagued East Asian countries since the early 1990s, it must be averred that they teach us a great deal. Many earlier assumptions about finance and investment have been called into question, and the field is more open than it has been in many decades to legal and economic analysis and theory. In particular, issues of financial sector reform have come into sharp focus. Here is a new proposal, solidly grounded in current reality, for a regional "zone of law" designed to supplement and benefit domestic reforms under way in Japan and the three emerging economies of Indonesia, South Korea, and Thailand. The author draws on a wide range of relevant material, including exploration of international standards and "best practices" in banking and finance, the experience of the U.S. and the U.K. in planning and implementing reform measures, and the theoretical literature respecting financial crises and what causes them. In this context, the specific reforms applied in the four Asian countries under consideration are discussed in detail, with "lessons to be learned" about crisis detection, containment, and prevention. During the course of the analysis, the author reveals fundamental policy areas where meaningful and effective reform can take place. Financial Stability Issues: The Case of East Asia offers numerous practical applications at the same time as it strikes a rich vein of theory in the field. Its fresh, sensible approach will be greatly appreciated, not only by academic theorists, but by hardheaded business people, policymakers, and regulators as well.
Dalhuisen On Transnational Comparative Commercial Financial And Trade Law Volume 3
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Author : Jan H Dalhuisen
language : en
Publisher: Bloomsbury Publishing
Release Date : 2019-06-13
Dalhuisen On Transnational Comparative Commercial Financial And Trade Law Volume 3 written by Jan H Dalhuisen and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-13 with Law categories.
This is the seventh edition of the leading work on transnational and comparative commercial, financial, and trade law, covering a wide range of complex topics in the modern law of international commerce and finance. As a guide for students and practitioners it has proven to be unrivalled. The work is divided into three volumes, each of which can be used independently or as part of the complete work. Volume 3 deals with financial products and financial services; the structure and operation of banking and of the capital markets; the role of modern commercial and investment banks; and financial risk, stability and regulation, including the fallout from the 2008 financial crisis and the subsequent regulatory responses in the US and Europe. In sections on products and services, the blockchain and its potential are noted in the payment system, in the custodial holdings of investment securities, and in the derivative markets. A section on regulation critically reviews the need for macro-prudential supervision and an independent macro-prudential supervisor, the role of resolution authorities, the operation of the shadow banking system, and the extraterritorial reach and international recognition of financial regulation. All three volumes may be purchased separately or as part of a single set.
A Model Of The Lender Of Last Resort
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Author : Charles Goodhart
language : en
Publisher:
Release Date : 2008
A Model Of The Lender Of Last Resort written by Charles Goodhart and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
This paper develops a model of the lender of last resort (LOLR). In a simple one-period setting, the Central Bank (CB) should only rescue banks which are above a threshold size, thus providing an analytical basis for "too big too fail". We also provide a rationale for "constructive ambiguity". In a dynamic setting, both the probability of the need for LOLR support and the likelihood of a bank requiring LOLR being insolvent in each period is a function of CB's prior actions, since these actions then influence the subsequent behavior of banks and depositors. In these conditions the CB's optimal LOLR policy is time varying and contingent on the probabilities and effects of failure and of the likelihood of a bank requiring LOLR being insolvent. If contagion is the main concern, then the CB in general would have an excessive incentive to rescue banks, especially large banks, and then the resulting equilibrium risk level is high. If moral hazard is the main concern, the CB in general would have little incentive to rescue banks. In this case, its incentives to rescue do not critically depend on bank size. When both contagion and moral hazard are jointly analyzed, then the CB's incentives to rescue are stronger than in the single period setting, but weaker than in the dynamic setting with contagion alone. In such a dynamic setting the CB's optimal policy may be non-monotonic in bank size. We show that there may be dynamic fluctuations wherein the CB may rescue because the banks have adopted a low risk profile, which leads banks to prefer higher risk, which causes the CB to be tougher. Overall, we believe that we have provided a formal basis to explain several facets of CB's actual, historical LOLR behavior.