Central Banking Asset Prices And Financial Fragility
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Central Banking Asset Prices And Financial Fragility
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Author : Éric Tymoigne
language : en
Publisher: Routledge
Release Date : 2008-11-21
Central Banking Asset Prices And Financial Fragility written by Éric Tymoigne and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-11-21 with Business & Economics categories.
The current literature on central banking contains two distinct branches. On the one side, research focuses on the impact of monetary policy on economic growth, unemployment, and output-price inflation, while ignoring financial aspects. On the other side, some scholars leave aside macroeconomics in order to study the narrow, but crucial, subjects of financial behaviours, and financial supervision and regulation. This book aims at merging both approaches by using macroeconomic analysis to show that financial considerations should be the main preoccupation of central banks. Eric Tymoigne shows how different views regarding the conception of asset pricing lead to different positions regarding the appropriate role of a central bank in the economy. In addition, Hyman P. Minsky’s framework of analysis is used extensively and is combined with other elements of the Post Keynesian framework to study the role of a central bank. Tymoigne argues that central banks should be included in a broad policy strategy that aims at achieving stable full employment. Their sole goal should be to promote financial stability, which is the best way they can contribute to price stability and full employment. Central banks should stop moving their policy rate frequently and widely because that creates inflation, speculation, and economic instability. Instead, Tymoigne considers a pro-active financial policy that does not allow financial innovations to enter the economy until they are certified to be safe and that focuses on analyzing systemic risk. He argues that central banks should be a guide and a reformer that allow a smooth financing and funding of asset positions, while making sure that financial fragility does not increase drastically over a period of expansion. This book will be of interest to students and researchers engaged with central banking, macroeconomics, asset pricing and monetary economics.
Central Banking Asset Prices And Financial Fragility
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Author : Eric Tymoigne
language : en
Publisher:
Release Date : 2006
Central Banking Asset Prices And Financial Fragility written by Eric Tymoigne and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Banks and banking, Central categories.
The thesis criticizes the current practice of central banking and proposes an alternative role for central banks. It shows that the latter should not manipulate interest rates frequently, or even at all, and should forget about fine tuning the economy or managing inflation. Central banks have been created to deal with financial matters (government finance and stable financial system), and should stick to that and improve their knowledge and management for these matters. This view on the assumption that free-market capitalist economic systems are intrinsically unstable: Periods of prolonged expansion lead to the endogenous creation of conditions that lead to a recession and a debt-deflation process. This assumption is rooted in Minsky's analysis based on Keynes and the late Fisher. In this approach, the world is uncertain, nominal values matter, and individuals have a social rationality. In this type of economic setting, interest rates are inefficient policy instruments for the management of the economy. A central bank can deal with financial matters in several ways: checking the fragility of financial positions, improvement of the financial system, and financial regulation and supervision. It can do the former by improving its understanding of the sensitivity of balance-sheet, income statement, cash-flow positions, and refinancing sources to changes in strategic variables like income, asset prices, or expectations. The financial frame can be improved by developing new financial instruments and financial institutions that promote smooth and flexible financial capacities for borrowers. Finally, supervision and regulation have to be improved by breaking from the individualistic view upon which they are based, by developing techniques to measure the financial interrelations between economic sectors, and by taking into account the social consensus that drives individual behaviors. This would increase the guidance role and reformer role of the central bank, and guarantee a more direct impact on the economic system. By doing all this, a central bank would fit nicely in a policy agenda in which full employment and price stability are fought actively by a socialization of investment, a functional finance approach to fiscal policy, an income policy, and an employer of last resort program.
Currencies Capital And Central Bank Balances
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Author : John Cochrane
language : en
Publisher: Hoover Press
Release Date : 2019-04-01
Currencies Capital And Central Bank Balances written by John Cochrane and has been published by Hoover Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-04-01 with Business & Economics categories.
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.
The Central Bank And The Financial System
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Author : Charles Albert Eric Goodhart
language : en
Publisher: MIT Press
Release Date : 1995
The Central Bank And The Financial System written by Charles Albert Eric Goodhart and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.
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.
Banking On The Future
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Author : Howard Davies
language : en
Publisher: Princeton University Press
Release Date : 2010-04-12
Banking On The Future written by Howard Davies 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 2010-04-12 with Business & Economics categories.
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.
Challenges To Central Banking From Globalized Financial Systems
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Author : Ms.Andrea Schaechter
language : en
Publisher: International Monetary Fund
Release Date : 2004-03-02
Challenges To Central Banking From Globalized Financial Systems written by Ms.Andrea Schaechter 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 2004-03-02 with Business & Economics categories.
Increasing global financial market integration is presenting new challenges to central banks as they seek to attain low inflation and financial stability. This volume is based on a conference hosted by the IMF in September 2002. It examines key issues such as the choice of nominal anchor for countries susceptible to shifts in capital flows, what can be done to prevent and deal decisively with financial crises, and how central bankers should think about the difficult choices when monetary objectives and financial stability objectives come into conflict.
Handbook Of Central Banking Financial Regulation And Supervision
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Author : S. Eijffinger
language : en
Publisher: Edward Elgar Publishing
Release Date : 2011-01-01
Handbook Of Central Banking Financial Regulation And Supervision written by S. Eijffinger and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-01 with Business & Economics categories.
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.
Issues In Monetary Policy
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Author : Kent Matthews
language : en
Publisher: John Wiley & Sons
Release Date : 2006-02-22
Issues In Monetary Policy written by Kent Matthews and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-02-22 with Business & Economics categories.
Since the Bank of England was made independent in 1997, the conduct of monetary policy has been relatively uncontroversial. The debates between Keyneisans, monetarists and supporters of fixed exchange rate mechanisms now appear very distant. Despite the apparent consensus there are many issues related to the conduct of monetary policy that are not yet settled and which will soon come to the fore. Is the current form of independence for the Bank of England appropriate? Should a central bank target inflation or the prices level? How does a central bank deal with asset price deflation? Should more account be taken of monetary aggregates? Should central banks target asset prices? What is the relationship between the money supply and asset price inflation? How should central banks ensure financial stability? The IEA was at the forefront of changing the parameters of the debate surrounding monetary policy in the 1970s and 1980s. This text, brings together some of the leading authors in the field, including the current Governor of the Bank of England, to discuss current issues in monetary policy and the relationship between monetary policy and financial markets. It is appropriate for undergraduates and postgraduates in economics and finance as well as for practitioners in financial markets.
Challenges To Central Banking In The Context Of Financial Crisis
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Author : Subir Gokarn
language : en
Publisher:
Release Date : 2011
Challenges To Central Banking In The Context Of Financial Crisis written by Subir Gokarn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
Contributed papers presented at the first International Research Conference on "Challenges to Central Banking in the Context of Financial Crisis," organized by Reserve Bank of India on Feb. 12-13, 2010, in Mumbai, India.
The Role Of Central Banks In Financial Stability
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Author : Douglas Darrell Evanoff
language : en
Publisher: World Scientific
Release Date : 2014
The Role Of Central Banks In Financial Stability written by Douglas Darrell Evanoff and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Business & Economics categories.
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."