Collateral Frameworks
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Collateral Frameworks
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Author : Kjell G. Nyborg
language : en
Publisher: Cambridge University Press
Release Date : 2017
Collateral Frameworks written by Kjell G. Nyborg and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Business & Economics categories.
The first book-length study of the importance of collateral frameworks in monetary policy, focusing on the Eurozone and euro crisis.
The Handbook Of Global Shadow Banking Volume Ii
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Author : Luc Nijs
language : en
Publisher: Springer Nature
Release Date : 2020-06-30
The Handbook Of Global Shadow Banking Volume Ii written by Luc Nijs and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-30 with Business & Economics categories.
This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis. This second volume explores three particular domains of shadow banking. The first domain deals with the macro-economic fundamentals of the respective shadow banking segments: Why do they exist, what problems do they solve and why are some of their embedded risks so persistent? The second domain captures the global dimensions of shadow banking markets, reviewing the particularities and specifics of various shadow banking systems around the world. Volume II concludes with an extensive overview of how the sector has changed since the financial crisis, focusing on regulatory arbitrage, contract imperfection and governance. Closing on unresolved issues and open-ended questions that will no doubt remain prominent in the shadow banking sector for years to come, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.
Central Bank Collateral Frameworks Principles And Policies
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Author : Simon Gray
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2008-09-01
Central Bank Collateral Frameworks Principles And Policies written by Simon Gray 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 2008-09-01 with categories.
Central bank collateral policies came under pressure with the 2007-08 financial market crisis. This paper addresses the rationale for and constraints in taking collateral, and recent practices in different collateral frameworks. It then considers the risks of adverse selection. The paper concludes that (i) the collateral framework needs to include market incentives; (ii) central banks face trade-offs between risk and counterparty access; (iii) emerging markets may see pressure on collateral policies in coming years; and (iv) further work is required to develop pricing incentives and the structure of central bank facilities, both during normal times and in periods of market stress.
Risk Management For Central Banks And Other Public Investors
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Author : Ulrich Bindseil
language : en
Publisher: Cambridge University Press
Release Date : 2009-01-15
Risk Management For Central Banks And Other Public Investors written by Ulrich Bindseil and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-15 with Business & Economics categories.
A survey of the fundamental issues and techniques surrounding risk management.
The New European Central Bank Taking Stock And Looking Ahead
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Author : Thomas Beukers
language : en
Publisher: Oxford University Press
Release Date : 2022-11-28
The New European Central Bank Taking Stock And Looking Ahead written by Thomas Beukers and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-11-28 with Law categories.
The European Central Bank (ECB) was first introduced in the European legal order on the occasion of the Treaty of Maastricht (1992). An official EU institution which is governed by EU law, the ECB of modern times differs vastly from its inception in 1998, which manifests in three main ways: monetary policy options, consideration of concerns other than low inflation in its policy-making, and its role in the Banking Union. This edited collection offers a retrospective and prospective account of the ECB, charting its evolution in detail with chapters written by leading academics and practitioners. Part 1 examines the substantive changes to monetary policy introduced by the ECB as a consequence of the financial and sovereign debt crisis by considering their legal basis. Part 2 moves beyond monetary policy by shifting to the new roles that the ECB has been called upon to play, notably in banking supervision and resolution. Parts 3 and 4 deal with transformations to inter- and intra-institutional relations, and take stock of these transformations, reflecting on the nature of the ECB of current times and which direction it could be heading in the future. The authors analyse the most salient and controversial elements of the ECB's crisis response, including unconventional monetary policy measures and the ECB's risk management strategy. Beyond monetary policy, the book further examines the role played by objectives such as financial stability and environmental sustainability, the ECB's relationship to the Lender of Last Resort function, as well as its new responsibilities in the Banking Union.
Chile
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2025-05-07
Chile written by International Monetary Fund. Monetary and Capital Markets Department 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 2025-05-07 with categories.
This report evaluates four key areas that significantly impact the efficiency and resilience of Chile's financial sector, offering targeted recommendations for improvement. These areas are central bank collateral policy, emergency liquidity assistance, systemwide market support programs, and the development of the repo market. The BCCh should introduce a collateral framework with eligibility criteria, valuation procedures, and risk mitigation measures, differentiating between collateral for monetary policy operations and ELA/systemwide support. An Emergency Liquidity Assistance framework should be established, with internal procedures and transparency measures. The BCCh should create an internal ELA Working Group to ensure preparedness and efficient decision-making by standardizing a request letter, an ELA master agreement, and funding templates. It should also develop the ELA policy parameters, including duration, interest rate, and potential conditionality. In addition, the BCCh, CMF, and MoF should establish a Crisis Management Group to ensure clarity about their respective roles. During the social unrest and COVID-19 pandemic of 2019–20, the BCCh implemented effective measures to stabilize core markets. Future systemwide support programs should adhere to key principles: discretionary intervention triggers based on market indicators, pricing to encourage initial take-up and facilitate exit, preference for temporary operations to limit risks, and transparency to ensure effectiveness and accountability. The report highlights the legal, regulatory, taxation, accounting, and infrastructure issues constraining repo market activity. These span multiple government agencies and the private sector. The BCCh should coordinate with relevant stakeholders to formulate a comprehensive medium-term market development strategy to address these challenges.
Financing Investment In Times Of High Public Debt
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Author : Floriana Cerniglia
language : en
Publisher: Open Book Publishers
Release Date : 2023-12-12
Financing Investment In Times Of High Public Debt written by Floriana Cerniglia and has been published by Open Book Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-12-12 with Business & Economics categories.
The fourth book in the ‘European Public Investment Outlook’ series focuses on the urgent issue of how to finance needed investment in critical tangible and intangible infrastructure given high levels of public debt, a thorny problem facing many governments across Europe. Drawing on expertise from academics, researchers at public policy institutes and international governance bodies, the contributors analyse the current situation and prospects and propose feasible solutions. Financing Investment in Times of High Public Debt offers a powerful combination of high-level analysis of cross-continental policies and trends, with close examination of specific contexts in France, Italy, Germany and Spain. The chapters in Part II explore challenges including how to finance climate investments, the extent to which national promotional banks can offer solutions, EU budget reform and recent trends in tax progressivity. This book is essential reading for economists, policymakers, and anyone interested in implementing and financing public policy in Europe and wanting to better understand the intricacies of EU governance and institutions.
Tonga
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2025-06-18
Tonga written by International Monetary Fund. Monetary and Capital Markets Department 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 2025-06-18 with categories.
The IMF conducted a Technical Assistance mission to assist the National Reserve Bank of Tonga (NRBT) in modernizing its monetary policy framework. The mission aimed to address persistent challenges such as excess liquidity and an inactive interbank market, which have impeded effective monetary policy transmission. The mission is significant as it builds on previous IMF assistance and addresses key vulnerabilities in Tonga's monetary policy framework. The mission also aligns with ongoing Fund surveillance and program priorities. The mission found that the effectiveness of Tonga's monetary policy framework is constrained by gaps in both the institutional arrangements and the calibration of NRBT’s monetary policy actions. In this context, the mission focused on developing a modernized market-based monetary operational framework that enables active liquidity management and the alignment of short-term money market rates with the NRBT policy rate. The mission also focused on improving collateral policies (for liquidity providing monetary policy operations) and strengthening NRBT communications as key complementary tools. To this end, innovative tools were applied, such as Large Language models to assess NRBT communications, and the provision of collateral haircut methodologies to improve risk management. The mission recommended a gradual modernization process focusing on two main workstreams: developing the NRBT’s analytical capacity to assess the monetary policy stance and enhancing its operational capacity to align money market rates with the desired policy stance. This involves transitioning to a mid-rate interest rate corridor with regular open market operations supported by adequate standing facilities, and a robust liquidity monitoring and forecasting framework.
Financial Stability And Prudential Regulation
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Author : Alison Lui
language : en
Publisher: Taylor & Francis
Release Date : 2016-10-04
Financial Stability And Prudential Regulation written by Alison Lui and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-10-04 with Law categories.
Financial stability is one of the key tenets of a central bank’s functions. Since the financial crisis of 2007-2009, an area of hot debate is the extent to which the central bank should be involved with prudential regulation. This book examines the macro and micro-prudential regulatory frameworks and systems of the United Kingdom, Australia, the United States, Canada and Germany. Drawing on the regulator frameworks of these regions, this book examines the central banks’ roles of crisis management, resolution and prudential regulation. Alison Lui compares the institutional structure of the new ‘twin-peaks’ model in the UK to the Australian model, and the multi-regulatory US model and the single regulatory Canadian model. The book also discusses the extent the central bank in these countries, as well as the ECB, are involved with financial stability, and argues that the institutional architecture and geographical closeness of the Bank of England and Financial Policy Committee give rise to the fear that the UK central bank may become another single super-regulator, which may provide the Bank of England with too much power. As a multi-regional, comparative study on the importance and effectiveness of prudential regulation, this book will be of great use and interest to students and researchers in finance and bank law, economics and banking.
Monetary Policy Operations And The Financial System
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Author : Ulrich Bindseil
language : en
Publisher: OUP Oxford
Release Date : 2014-09-11
Monetary Policy Operations And The Financial System written by Ulrich Bindseil and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-09-11 with Business & Economics categories.
Since 2007, central banks of industrialized countries have counteracted financial instability, recession, and deflationary risks with unprecedented monetary policy operations. While generally regarded as successful, these measures also led to an exceptional increase in the size of central bank balance sheets. The book first introduces the subject by explaining monetary policy operations in normal times, including the key instruments (open market operations, standing facilities, reserve requirements, and the collateral framework). Second, the book reviews the basic mechanics of financial crises as they have hit economies many times. The book then explains what central banks need to do to when financial markets and banks are impaired to fulfil their monetary policy and financial stability mandates. Besides demonstrating the need for non-conventional monetary policy measures, the book also highlights their dangers, such as moral hazard and increased central bank risk taking. The book draws a number of lessons from the crisis on non-conventional monetary policy operations, assessing what measures have worked well, and how a framework should be designed in future normal times such as to contribute to make financial crises less likely. Central bank monetary policy operations have traditionally been considered as a matter of practice, while the macroeconomic modelling of the transmission mechanism of monetary policy is regarded as a discipline relying on substantial theory ('monetary economics'). However, monetary policy operations can equally benefit from a theory, and from a normative framework to guide policy choices. The limited interest that monetary policy operations have found for many decades in academic economics may well have contributed to the many misunderstandings on central bank actions over recent years. This book provides a basis for a better theoretical understanding of real-world monetary policy operations.