Quasi Fiscal Implications Of Central Bank Crisis Interventions
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Quasi Fiscal Implications Of Central Bank Crisis Interventions
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Author : John Hooley
language : en
Publisher: International Monetary Fund
Release Date : 2023-06-02
Quasi Fiscal Implications Of Central Bank Crisis Interventions written by John Hooley 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 2023-06-02 with Business & Economics categories.
We develop a stylized balance sheet framework to help identify ‘quasi-fiscal’ components of central bank crisis interventions and show how sources of fiscal risk are created from both the new claims and how they are funded. Combining central bank balance sheet data with survey evidence from intervention announcements, we document the risks to the public sector balance sheet from central banks’ interventions in response to the Covid-19 crisis, including non-conventional lending to the financial and non-financial sectors and large-scale purchases of government securities. Case study analysis indicates that management of fiscal risks from central bank crisis interventions varies greatly across countries, although several good practices can be identified.
Quasi Fiscal Implications Of Central Bank Crisis Interventions Case Studies
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Author : John Hooley
language : en
Publisher: International Monetary Fund
Release Date : 2023-06-02
Quasi Fiscal Implications Of Central Bank Crisis Interventions Case Studies written by John Hooley 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 2023-06-02 with Business & Economics categories.
This paper presents case studies of central bank crisis interventions during the Covid-19 and the Global Financial Crises in four jurisdictions (Canada, Chile, the United Kingdom, and the United States). The paper serves as an Annex to the main IMF Working Paper WP/23/114 ‘Quasi-Fiscal Implications of Central Bank Crisis Interventions.’
The Real Effects Of Financial Sector Interventions During Crises
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Author : Mr.Luc Laeven
language : en
Publisher: International Monetary Fund
Release Date : 2011-03-01
The Real Effects Of Financial Sector Interventions During Crises written by Mr.Luc Laeven 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 2011-03-01 with Business & Economics categories.
We collect new data to assess the importance of supply-side credit market frictions by studying the impact of financial sector recapitalization packages on the growth performance of firms in a large cross-section of 50 countries during the recent crisis. We develop an identification strategy that uses the financial crisis as a shock to credit supply and exploits exogenous variation in the degree to which firms depend on external financing for investment needs, and focus on policy interventions aimed at alleviating the bank capital crunch. We find that the growth of firms dependent on external financing is disproportionately positively affected by bank recapitalization policies, and that this effect is quantitatively important and robust to controlling for other financial sector support policies. We also find that fiscal policy disproportionately boosted growth of firms more dependent on external financing. These results provide new evidence of a quantitatively important role of credit market frictions in influencing real economic activity.
Quasi Fiscal Operations Of Central Banks In Transition Economies
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Author : Malgorzata Markiewicz
language : en
Publisher:
Release Date : 2001
Quasi Fiscal Operations Of Central Banks In Transition Economies written by Malgorzata Markiewicz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Banks and banking, Central categories.
This paper reviews issues associated with quasi-fiscal operations (QFO) of central banks in a sample of countries in Central and Eastern Europe and the former Soviet Union. The concern is the problem of transparency in fiscal and monetary accounts when the central bank undertakes quasi-fiscal operations and the government falls short of providing full coverage of fiscal operations. QFO can also jeopardize monetary policy designed to maintain price stability. A simple framework is developed to estimate the extent of QFO. In some cases, the magnitude of QFO is significant in indicating underestimation of fiscal deficit figures. We claim that the lack of transparency in fiscal accounts of transition countries warrants serious concern.
Central Bank Finances
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Author : David Archer
language : en
Publisher:
Release Date : 2013
Central Bank Finances written by David Archer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
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.
Do Central Banks Need Capital
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Author : Mr.Peter Stella
language : en
Publisher: International Monetary Fund
Release Date : 1997-07-01
Do Central Banks Need Capital written by Mr.Peter Stella 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 1997-07-01 with Business & Economics categories.
Central banks may operate perfectly well without capital as conventionally defined. A large negative net worth, however, is likely to compromise central bank independence and interfere with its ability to attain policy objectives. If society values an independent central bank capable of effectively implementing monetary policy, recapitalization may become essential. Proper accounting practice in determining central bank profit or loss and rules governing the transfer of the central bank’s operating result to the treasury are also important. A variety of country-specific central bank practices are reviewed to support the argument.
Effectiveness Of Central Banks And Their Role In The Global Financial Crisis
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Author : Shamshad Akhtar
language : en
Publisher: Asian Development Bank
Release Date : 2009-12-01
Effectiveness Of Central Banks And Their Role In The Global Financial Crisis written by Shamshad Akhtar and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-01 with Business & Economics categories.
This study examines the role and performance of central banks in low-income countries that have faced a range of domestic and external fragilities, aggravated by the global financial crisis that started in the United States and other advanced economies. It focuses on a select group of developing member countries of the Asian Development Bank in the Caucasus, Central Asia, and South Asia that have been and will continue to be vulnerable to adverse external developments.
The Long Shadow Of The Global Financial Crisis Public Interventions In The Financial Sector
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Author : Ms.Deniz O Igan
language : en
Publisher: International Monetary Fund
Release Date : 2019-07-30
The Long Shadow Of The Global Financial Crisis Public Interventions In The Financial Sector written by Ms.Deniz O Igan 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 2019-07-30 with Business & Economics categories.
We track direct public interventions and public holdings in 1,114 financial institutions over the period 2007–17 in 37 countries based on publicly available information. We use aggregate official data to validate this new dataset and estimate the fiscal impact of interventions, including the value of asset holdings remaining in state hands at end-2017. Direct public support to financial institutions amounted to $1.6 trillion ($3.5 trillion including guarantees), with larger amounts allocated to lower capitalized and less profitable banks. As of end-2017, only a few countries had fully divested the initial support they provided during the crisis. Public holdings were divested faster in better capitalized, more profitable, and more liquid banks, and in countries where the economy recovered faster. In countries where the government stake remained high relative to the initial intervention, private investment and credit growth were slower, financial access, depth, efficiency, and competition were worse, and financial stability improved less.
Emde Central Bank Interventions During Covid 19 To Support Market Functioning
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Author : Mr. Kelly Eckhold
language : en
Publisher: International Monetary Fund
Release Date : 2024-05-17
Emde Central Bank Interventions During Covid 19 To Support Market Functioning written by Mr. Kelly Eckhold 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 2024-05-17 with Business & Economics categories.
This paper examines emerging market and developing economy (EMDE) central bank interventions to maintain financial stability during the COVID-19 pandemic. Through empirical analysis and case study reviews, it identifies lessons for designing future programs to address challenges faced in EMDEs, including less-developed financial markets and lower levels of institutional credibility. The focus is on the functioning of the financial markets that are key to maintaining financial stability—money, securities, and FX funding markets. Several lessons emerge, including: (i) objectives should be well-specified and communicated to facilitate eventual exit; (ii) intervention triggers should prioritize liquidity metrics over prices; (iii) actions should be sufficiently large to address market dysfunction; (iv) the risks of fiscal dominance and moral hazard should be minimized; and (v) program design should incentivize self-liquidation by appropriate pricing or through short-term operations that quickly liquidate. While interventions may increase risks to central bank balance sheets, potentially challenging policy solvency and operational independence, a well-designed framework can significantly mitigate these risks.