Securing Financial Independence In The Legal Basis Of A Central Bank
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Securing Financial Independence In The Legal Basis Of A Central Bank
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Author : Fabian Amtenbrink
language : en
Publisher:
Release Date : 2009
Securing Financial Independence In The Legal Basis Of A Central Bank written by Fabian Amtenbrink and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Together with institutional, functional and organizational independence, financial independence constitutes one of the cornerstones of central bank independence, the economic ratio of which has been demonstrated extensively in the literature. In broad terms financial independence may be defined as referring to the legal and practical arrangements identifying the finances of a central bank and the extent to which the bank is subject to outside influence in this regard. In the (legal) debate on central bank accountability, arguably arrangements relating to central bank finances have sometimes been treated in a rather step motherly fashion. Yet, with the wider debate on good governance structures having reached central banking, more attention is paid to such detailed arrangements. This contribution focuses on and aims at providing an overview on the impact on central bank independence of the legal arrangements relating to several aspects of central bank finances. While government access to central bank money undoubtedly has an impact on the financial position of the central bank, this contribution focuses on those elements, which are arguably more directly linked to the financial position of a central bank, including capitalization and recapitalization, the determination of the central bank budget and the arrangements on profit and loss distribution. In legal studies these arrangements have certainly received less attention. To this end a critical assessment of the role which the legal basis of a central bank plays in enhancing or undermining the financial position of a central bank vis-a-vis government and, thereafter. In this context, legal arrangements which do not only support the financial independence of a central bank but also enhance its accountability are observed. Where appropriate, references are included to legal arrangements in existing central bank systems so to provide for negative and positive examples.
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.
Issues In Central Bank Finance And Independence
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Author : Åke Lönnberg
language : en
Publisher: International Monetary Fund
Release Date : 2008
Issues In Central Bank Finance And Independence written by Åke Lönnberg 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 with Business & Economics categories.
Conventional economic policy models focus only on selected elements of the central bank balance sheet, in particular monetary liabilities and sometimes foreign reserves. The canonical model of an "independent" central bank assumes that it chooses money (or an interest rate), unconstrained by a need to generate seignorage for itself or government. While a long line of literature has emphasized the dangers of fiscal dominance influencing the conduct of monetary policy the idea that an independent central bank could be constrained in achieving its policy objectives by its own balance sheet situation is a relatively novel idea considered in this paper. If one accepts this potential constraint as a valid concern, the financial strength of the central bank as a stand alone entity becomes highly relevant for ascertaining monetary policy credibility. We consider several strands of evidence that clearly indicate fiscal backing for central banks cannot be assumed and hence financial independence is relevant to operational independence. First we examine 135 central bank laws to illustrate the variety of legal approaches adopted with respect to central bank financial independence. Second, we examine the same data set with regard to central bank recapitalization provisions to show that even in cases where the treasury is nominally responsible for maintaining the central bank financially strong, it may do so in purely a cosmetic fashion. Third, we show that, in actual practice, treasuries have frequently not provided central banks with genuine financial support on a timely basis leaving them excessively reliant on seignorage to finance their operations and/or forcing them to abandon policy objectives.
Issues In Central Bank Finance And Independence
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Author : Ake Lonnberg
language : en
Publisher:
Release Date : 2014
Issues In Central Bank Finance And Independence written by Ake Lonnberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Conventional economic policy models focus only on selected elements of the central bank balance sheet, in particular monetary liabilities and sometimes foreign reserves. The canonical model of an quot;independentquot; central bank assumes that it chooses money (or an interest rate), unconstrained by a need to generate seignorage for itself or government. While a long line of literature has emphasized the dangers of fiscal dominance influencing the conduct of monetary policy the idea that an independent central bank could be constrained in achieving its policy objectives by its own balance sheet situation is a relatively novel idea considered in this paper. If one accepts this potential constraint as a valid concern, the financial strength of the central bank as a stand alone entity becomes highly relevant for ascertaining monetary policy credibility. We consider several strands of evidence that clearly indicate fiscal backing for central banks cannot be assumed and hence financial independence is relevant to operational independence. First we examine 135 central bank laws to illustrate the variety of legal approaches adopted with respect to central bank financial independence. Second, we examine the same data set with regard to central bank recapitalization provisions to show that even in cases where the treasury is nominally responsible for maintaining the central bank financially strong, it may do so in purely a cosmetic fashion. Third, we show that, in actual practice, treasuries have frequently not provided central banks with genuine financial support on a timely basis leaving them excessively reliant on seignorage to finance their operations and/or forcing them to abandon policy objectives.
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.
National Experience In Addressing The Issue Of Independence In Central Bank Statutes Lithuania
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Author : Gintautas Pošiūnas
language : en
Publisher:
Release Date : 2018
National Experience In Addressing The Issue Of Independence In Central Bank Statutes Lithuania written by Gintautas Pošiūnas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
The principle of central bank independence vis-à-vis institutions of legislative and executive power of the European Union and of the Member States of the EU is built up in Article 130 of the Treaty on the Functioning of the European Union (the TFEU), Article 7 of the Protocol (No. 4) on the Statute of the European System of Central Banks and of the European Central Bank (the ESCB/ECB statute) and Article 8 of the Protocol on the Statute of the European Monetary Institute.The criteria of central bank independence are laid down in detail in the statutory requirements to be fulfilled for national central banks (the NCBs) of the Member States to become an integral part of the European System of Central Banks (the ESCB). These requirements were approved by the European Monetary Institute (the EMI) , and further refined by the European Central Bank (the ECB).The TFEU and the ESCB/ECB statute distinguish between four basic criteria of central bank independence: functional independence, institutional independence, personal independence and financial independence. The assessment of compliance with each criterion is carried out in accordance with the features set out by the EMI and the ECB.The Bank of Lithuania is the central bank of the Republic of Lithuania. The Constitution of the Republic of Lithuania, the Law on the Bank of Lithuania and other laws are designed to ensure the implementation of the principle of independence of the Bank of Lithuania in all constitutive parts of the legal system of Lithuania.Article provides the information on the adaptation of the Law on the Bank of Lithuania and other laws with the indicated sources of the EU law. Compatibility of national law is assessed in the course of preparation of Convergence reports by the ECB and the European Commission. On the basis of these reports the Council of the EU is authorised to decide whether the certain EU Member State complies the requirements set in the TFEU for the adoption of the EU single currency - the euro.
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.
Financial Independence And Accountability For Central Banks
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Author : Kenneth Sullivan
language : en
Publisher:
Release Date : 2014
Financial Independence And Accountability For Central Banks written by Kenneth Sullivan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Banks and banking, Central categories.
Central bank balance sheets have changed considerably in the years following the crisis and central banks face heightened scrutiny from government and stakeholders over the composition of their assets and liabilities, and volatility in reported income. Drawing on a range of experiences from central banks around the world, this book offers practical insights into how central banks can respond in presenting their financial statements and improve accountability.
The Capital Needs Of Central Banks
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Author : Sue Milton
language : en
Publisher: Routledge
Release Date : 2010-10-12
The Capital Needs Of Central Banks written by Sue Milton and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-10-12 with Business & Economics categories.
Central banks have evolved over many years, and sometimes centuries, as policy-making, not profit-making, institutions, and yet they are structured legally and financially like ‘for-profit’ companies of the twenty-first century. The question is what is an appropriate level of equity, or capital, for a central bank to have so that it can function for policy effectiveness over profit-maximisation, without hindrance to the achievement and maintenance of policy goals? This collection takes the reader through historical, theoretical and factual discussions on why central banks exist and the role – actual and intended – they have in assisting their home nation in achieving monetary and financial stability. The contributions analyse the different ways central banks are funded and how funding arrangements may impact on their independence. The objective is to explore these themes first from the academic and practitioner’s views – those of the economist, accountant and lawyer’s – and then to introduce practical experiences from a range of different central banks, in terms of their economic and socio-political environments. It will be the first time that the theorist and practitioner, the accountant, the economist and the lawyer come together in one volume. The reader will be able to access the full breadth of views on this important subject. The main observations are that there is no single, quantifiable formula that central banks can use to calculate capital levels. Factors to consider are the historical context of central banks and whether capital was ever appropriate to needs at their foundation; the cultural, social and political contexts; and, in terms of the presentation of financial statements, profit and loss sharing arrangements and what accounting conventions are being used. If these are considered alongside the, often idiosyncratic, mandates individual central banks have, a qualitative understanding of what is an appropriate level of capital is achieved. This collection will be of interest to postgraduates and researchers focusing on the role of central banks in monetary economics; as well as a professional audience of central bankers, the BIS, the IMF, World Bank, EBRD and government departments.
International Convergence Of Capital Measurement And Capital Standards
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Author :
language : en
Publisher: Lulu.com
Release Date : 2004
International Convergence Of Capital Measurement And Capital Standards written by and has been published by Lulu.com this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Bank capital categories.