Legal Autonomy Of Central Banks

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Legal Autonomy Of Central Banks

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Author : Miguel Reyes Sánchez
language : en
Publisher:
Release Date : 1999

Legal Autonomy Of Central Banks written by Miguel Reyes Sánchez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Banking law categories.

Central Bank Independence

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Author : Jan Kleineman
language : en
Publisher: BRILL
Release Date : 2021-10-18

Central Bank Independence written by Jan Kleineman and has been published by BRILL this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-18 with Law categories.

In December 1999, prior to the forming of a Stockholm Centre for Commercial Law, an international symposium entitled Central Bank Independence was held at the Department of Law at Stockholm University in co-operation with the Swedish Central Bank (The Riksbank) and Queen Mary and Westfield College, London University. The participants were principally political, economic and legal specialists in the field, all with considerable international experience. This led to the topic being examined in detail from many different perspectives. This publication includes contributions by the participants and contains many important facts for those readers who wish to study and understand the different consequences of the yielding of control over financial policymaking by the traditional political organisations to a body of experts. For readers in some countries, who realise that the subject will revolutionise traditional Constitutional and Administrative Law, the topic and therefore this publication, cannot be ignored.

Legal Certainty And Central Bank Autonomy In Latin American Emerging Markets

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Author : Andrea Lucia Tapia-Hoffmann
language : en
Publisher: Springer Nature
Release Date : 2021-04-29

Legal Certainty And Central Bank Autonomy In Latin American Emerging Markets written by Andrea Lucia Tapia-Hoffmann and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-29 with Law categories.

This book provides a comparative analysis of the legal frameworks of six Latin American central banks to determine whether there is legal certainty regarding central bank autonomy. Based on this, it ascertains whether the way in which legal institutions are designed – specifically those that rule the autonomy of the central bank – provides reasons to believe that central banks can keep inflation at bay even if governments face fiscal problems or pursue contradictory objectives. The analysis covers three key areas: a constitutional analysis, a detailed study of the central bank statutes and a study of a number of underexplored threats to central bank autonomy. After defining and identifying different types of legal certainty and linking them to the credibility of government promises, the author goes on to examine the grounds that the law provides for confidence that central banks operate independently of political influence. The second part of the book focuses on a granular analysis of the legal design of the central banks’ objectives and autonomy. Lastly, the third part features two case studies that represent little-known and unusual institutional threats to legal certainty relating to central bank autonomy, such as the interventions by the Constitutional Court of Colombia in the autonomy of the Colombian central bank, and the interventions of the Argentinean executive and legislative branches in the autonomy of Argentina’s central bank through stabilization plans introduced via emergency laws and decrees.In sum, the book suggests that there are serious doubts about the ability of Latin American central banks to maintain price stability over time. Although central banks were granted a degree of autonomy, authorities in Latin American countries are able to affect central bank decisions. Most importantly, a lack of clarity, inconsistencies, or generous exceptions in the law provide ways for authorities to influence central banks even without bending or disregarding the rules.

Legal Protection Liability And Immunity Arrangements Of Central Banks And Financial Supervisors

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Author : Ashraf Khan
language : en
Publisher: International Monetary Fund
Release Date : 2018-08-02

Legal Protection Liability And Immunity Arrangements Of Central Banks And Financial Supervisors written by Ashraf Khan 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 2018-08-02 with Business & Economics categories.

This paper argues that central bank legal protection contributes to safeguarding a central bank and its financial supervisor’s independence, especially for conducting monetary and financial stability policy. However, such legal protection also entails enhanced accountability. To this end, the paper provides a selected overview of legal protection for central banks and financial supervisors (if the supervisor is part of the central bank), focusing on liability, immunity, and indemnification arrangements, and based on the IMF’s Central Bank Legislation Database. The paper also uses data from the IMF’s Article IV and FSAP Database, and the IMF MCM’s Technical Assistance Database. It lists selected country cases for illustrative purposes. It introduces the concepts of “appropriate legal protection” and “function-specific legal protection” as topics for further research.

Democratic Legitimation Of Central Bank Independence In The European Union

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Author : Cornelia Manger-Nestler
language : en
Publisher: Springer Nature
Release Date : 2021-05-29

Democratic Legitimation Of Central Bank Independence In The European Union written by Cornelia Manger-Nestler and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-29 with Law categories.

This short monograph examines the tense relationship between central bank independence and democratic legitimation, which has changed as the European Central Bank (ECB) has been entrusted with new tasks and faced unprecedented challenges. The financial and sovereign debt crisis, in particular, has affected the ECB's position within the Economic and Monetary Union without substantial changes in the Union's legal framework. However, the evolution of an institution primarily obligated to maintain price stability into an actor involved in sustaining financial stability, performing banking supervision and supporting economic policy raises the question of whether the high level of autonomy granted to the ECB is justified with regard to the principle of democracy that demands adequate accountability and control. This book identifies requirements for the democratic legitimation of central bank action in relation to specific tasks. Further, it analyses other scales of independence encountered in EU law in order to allow readers to gain a better conceptual understanding of central bank independence.

Central Bank Legal Frameworks In The Aftermath Of The Global Financial Crisis

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Author : Ashraf Khan
language : en
Publisher: International Monetary Fund
Release Date : 2017-05-02

Central Bank Legal Frameworks In The Aftermath Of The Global Financial Crisis written by Ashraf Khan 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 2017-05-02 with Business & Economics categories.

Drawing on the 2016 update of the IMF’s Central Bank Legislation Database, this paper examines differences in central bank legal frameworks before and after the Global Financial Crisis. Examples from select countries show that many central bank laws have undergone changes in objectives, decision-making, accountability, and data collection. A wider cross-country survey illustrates the common occurrence of price stability in central bank objectives, and varying practices in defining financial stability, “independence” versus “autonomy,” and who within a central bank determines monetary policy. The highlighted facts illustrate the uses of the database and could be a starting point for further analyses.

Current Developments In Monetary And Financial Law Vol 4

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2008-11-06

Current Developments In Monetary And Financial Law Vol 4 written by International Monetary Fund 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 2008-11-06 with Business & Economics categories.

The Legal Department and the Institute of the IMF held their ninth biennial seminar for legal advisors of IMF member countries’ central banks, and the papers published in this volume are based on presentations made by officials attending this seminar. The seminar covered a broad range of topics, including sovereign debt restructuring, money laundering and the financing of terrorism, financial system and banking supervision, conflicts of interest and market discipline in the financial sector, insolvency, and other issues related to central banking.

Legal Aspects Of The European System Of Central Banks

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Author : Liber Amicorum
language : en
Publisher:
Release Date : 2005

Legal Aspects Of The European System Of Central Banks written by Liber Amicorum and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Banking law categories.

"The book contains a collection of articles on the European Union and the European System of Central Banks (ESCB), the Eurosystem, monetary law, central bank independence and central bank statutes as well as on financial law. The authors are current or former members of the Legal Committee of the ESCB (LEGCO). This book commemorates ten years of work by the Working Group of Legal Experts of the European Monetary Institute and by the LEGCO. It is dedicated to Mr Paolo Zamboni Garavelli, former Head of the Legal Department at the Banca d'Italia and member of LEGCO, who died in 2004."--Editor.

Central Bank Autonomy And Inflation And Output Performance In The Baltic States Russia And Other Countries Of The Former Soviet Union 1995 1997

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Author : Mr.Tonny Lybek
language : en
Publisher: International Monetary Fund
Release Date : 1999-01-01

Central Bank Autonomy And Inflation And Output Performance In The Baltic States Russia And Other Countries Of The Former Soviet Union 1995 1997 written by Mr.Tonny Lybek 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 1999-01-01 with Business & Economics categories.

A higher degree of de jure autonomy and accountability of the central banks of the Baltic states, Russia, and other countries of the former Soviet Union appears to be positively correlated with lower average inflation. There also seems to be some positive correlation between greater central bank autonomy and higher average real growth, after the initial period of reforms. Central banks with a higher degree of autonomy and accountability have apparently also reformed their operations more aggressively.

The Legal Articulation Of Central Bank Independence

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Author : Mary Papaschinopoulou
language : en
Publisher:
Release Date : 2002

The Legal Articulation Of Central Bank Independence written by Mary Papaschinopoulou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Banks and banking, Central categories.