Negative Interest Rates And Financial Stability
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Financial Markets And Financial Crises
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Author : R. Glenn Hubbard
language : en
Publisher: University of Chicago Press
Release Date : 1991-08-13
Financial Markets And Financial Crises written by R. Glenn Hubbard and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-08-13 with Business & Economics categories.
Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse? Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisis—including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeast—and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.
Negative Interest Rates And Financial Stability
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Author : Karol Rogowicz
language : en
Publisher: Taylor & Francis
Release Date : 2022-12-01
Negative Interest Rates And Financial Stability written by Karol Rogowicz and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-12-01 with Business & Economics categories.
This book sheds new light on a recently introduced monetary tool – negative interest rates policy (NIRP). It provides in-depth insight into this phenomenon, conducted by the central banks in several economies, for example, the Eurozone, Switzerland and Japan, and its possible impact on systemic risk. Although it has been introduced as a temporary policy instrument, it may remain widely used for a longer period and by a greater range of central banks than initially expected, thus the book explores its effects and implications on the banking sector and financial markets, with a particular focus on potentially adverse consequences. There is a strong accent on the uniqueness of negative policy rates in the context of financial stability concerns. The authors assess whether NIRP has any – or in principle a stronger – impact on systemic risk than conventional monetary policy. The book is targeted at presenting and evaluating the initial experiences of NIRP policy during normal, i.e. pre-COVID, times, rather than in periods in which pre-established macroeconomic relations are rapidly disrupted or, specifically, when the source of the disruption is not purely economic in nature, unlike in systemic crisis. The authors adopt both theoretical and practical approaches to explore the key issues and outline the policy implications for both monetary and macroprudential authorities, with respect to negative interest rate policy, thus the book will provide a useful guide for policymakers, academics, advanced students and researchers of financial economics and international finance.
Negative Interest Rates
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Author : Luís Brandão Marques
language : en
Publisher: International Monetary Fund
Release Date : 2021-03-03
Negative Interest Rates written by Luís Brandão Marques 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 2021-03-03 with Business & Economics categories.
This paper focuses on negative interest rate policies and covers a broad range of its effects, with a detailed discussion of findings in the academic literature and of broader country experiences.
Finance Development June 2020
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2020-06-01
Finance Development June 2020 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 2020-06-01 with Business & Economics categories.
Finance & Development, June 2020
Unconventional Monetary Policy And Financial Stability
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Author : Alexis Stenfors
language : en
Publisher: Routledge
Release Date : 2020-07-15
Unconventional Monetary Policy And Financial Stability written by Alexis Stenfors and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-07-15 with Business & Economics categories.
Since the financial crisis of 2008-09, central bankers around the world have been forced to abandon conventional monetary policy tools in favour of unconventional policies such as quantitative easing, forward guidance, lowering the interest rate paid on bank reserves into negative territory, and pushing up prices of government bonds. Having faced a crisis in its banking sector nearly a decade earlier, Japan was a pioneer in the use of many of these tools. Unconventional Monetary Policy and Financial Stability critically assesses the measures used by Japan and examines what they have meant for the theory and practice of economic policy. The book shows how in practice unconventional monetary policy has worked through its impact on the financial markets. The text aims to generate an understanding of why such measures were introduced and how the Japanese system has subsequently changed regarding aspects such as governance and corporate balance sheets. It provides a comprehensive study of developments in Japanese money markets with the intent to understand the impact of policy on the debt structures that appear to have caused Japan’s deflation. The topics covered range from central bank communication and policymaking to international financial markets and bank balance sheets. This text is of great interest to students and scholars of banking, international finance, financial markets, political economy, and the Japanese economy.
Negative Euro Area Interest Rates And Spillovers On Western Balkan Central Bank Policies And Instruments
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2017-05-04
Negative Euro Area Interest Rates And Spillovers On Western Balkan Central Bank Policies And Instruments 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 2017-05-04 with Business & Economics categories.
Proceedings of a conference co-hosted by the Bank of Albania and the International Monetary Fund in May 2017.
Benefits And Costs Of Bank Capital
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Author : Jihad Dagher
language : en
Publisher: International Monetary Fund
Release Date : 2016-03-03
Benefits And Costs Of Bank Capital written by Jihad Dagher 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 2016-03-03 with Business & Economics categories.
The appropriate level of bank capital and, more generally, a bank’s capacity to absorb losses, has been at the core of the post-crisis policy debate. This paper contributes to the debate by focusing on how much capital would have been needed to avoid imposing losses on bank creditors or resorting to public recapitalizations of banks in past banking crises. The paper also looks at the welfare costs of tighter capital regulation by reviewing the evidence on its potential impact on bank credit and lending rates. Its findings broadly support the range of loss absorbency suggested by the Financial Stability Board (FSB) and the Basel Committee for systemically important banks.
Monetary Policy With Negative Interest Rates Decoupling Cash From Electronic Money
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Author : Mrs.Renee A-Jaoudi
language : en
Publisher: International Monetary Fund
Release Date : 2018-08-27
Monetary Policy With Negative Interest Rates Decoupling Cash From Electronic Money written by Mrs.Renee A-Jaoudi 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 2018-08-27 with Business & Economics categories.
Monetary policy space remains constrained by the lower bound in many countries, limiting the policy options available to address future deflationary shocks. The existence of cash prevents central banks from cutting interest rates much below zero. In this paper, we consider the practical feasibility of recent proposals for decoupling cash from electronic money to achieve a negative yield on cash which would remove the lower bound constraint on monetary policy. We discuss how central banks could design and operate such a system, and raise some unanswered questions.
Law Financial Stability
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Author : International Monetary Fund. Legal Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2020-01-21
Law Financial Stability written by International Monetary Fund. Legal Dept. 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 2020-01-21 with Business & Economics categories.
This volume comprises a selection of papers prepared in connection with a high-level seminar on Law and Financial Stability held at the IMF in 2016. It examines, from a legal perspective, the progress made in implementing the financial regulatory reforms adopted since the global financial crisis and highlights the role of the IMF in advancing these reforms and charting the course for a future reform agenda, including the development of a coherent international policy framework for resolution and resolution planning. The book’s unique perspective on the role of the law in promoting financial stability comes from the contribution of selected experts and representatives from our membership who share their views on this subject.
Banking In A Steady State Of Low Growth And Interest Rates
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Author : Qianying Chen
language : en
Publisher: International Monetary Fund
Release Date : 2018-08-27
Banking In A Steady State Of Low Growth And Interest Rates written by Qianying Chen 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 2018-08-27 with Business & Economics categories.
A prolonged low-interest-rate environment presents a significant challenge to banks and is likely to entail major changes to their business models over the long-run. Lower returns to maturity transformation in the face of flatter yield curves and an inability to offer deposit rates significantly below zero combine to compress bank earnings in this environment. Smaller, deposit-funded, less diversified banks are hurt most, increasing consolidation pressures and reach-for-yield incentives, presenting new financial stability challenges.To the extent that such an economic environment reflects a new, steady-state with lower equilibrium growth driven by population aging and slower productivity growth, lower credit demand is likely to drive banking toward provision of fee-based, utility services.