Should Unconventional Balance Sheet Policies Be Added To The Central Bank Toolkit A Review Of The Experience So Far
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Should Unconventional Balance Sheet Policies Be Added To The Central Bank Toolkit A Review Of The Experience So Far
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Author : Mr.Mark R. Stone
language : en
Publisher: International Monetary Fund
Release Date : 2011-06-01
Should Unconventional Balance Sheet Policies Be Added To The Central Bank Toolkit A Review Of The Experience So Far written by Mr.Mark R. Stone 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 2011-06-01 with Business & Economics categories.
What is the case for adding the unconventional balance sheet policies used by major central banks since 2007 to the standard policy toolkit? The record so far suggests that the new liquidity providing policies in support of financial stability generally warrant inclusion. As the balance sheet policies aimed at macroeconomic stability were used only by a small number of highly credible central banks facing a lower bound constraint on conventional interest rate policy, they are not relevant for most central banks or states of the world. Best practices of these policies are documented in this paper.
Implications Of Central Bank Digital Currencies For Monetary Policy Transmission
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Author : Ms. Mitali Das
language : en
Publisher: International Monetary Fund
Release Date : 2023-09-15
Implications Of Central Bank Digital Currencies For Monetary Policy Transmission written by Ms. Mitali Das 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 2023-09-15 with Business & Economics categories.
This fintech note presents an analysis of the implications of central bank digital currency (CBDC) for monetary policy. In our framework, the implications of CBDC issuance on monetary policy are intermediated by its impact on key parts of the macroeconomic environment. The note also makes a distinction between “level effects”—whereby the introduction of CBDCs could tighten or loosen financial conditions as a shock—and “transmission effects,” whereby CBDCs change the impact of a given monetary policy shock on output, employment, and inflation. In general, the effects of CBDCs on monetary policy transmission are expected to be relatively small in normal times; however, these effects can be more significant in an environment with low interest rates or financial market stress.
Contemporary Topics In Finance
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Author : Iris Claus
language : en
Publisher: John Wiley & Sons
Release Date : 2019-04-29
Contemporary Topics In Finance written by Iris Claus and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-04-29 with Business & Economics categories.
The literature surveys presented in this edited volume provide readers with up-to-date reviews on eleven contemporary topics in finance. Topics include unconventional monetary policy, implicit bank guarantees, and financial fraud - all linked to the exceptional event of the Global Financial Crisis Explores how recent studies on inflation risk premia and finance and productivity have benefitted from new empirical methods and the availability of relevant data Demonstrates how angel investing, venture capital, relationship lending and microfinance have benefitted from increased research as they have become more seasoned Investigates crowdfunding and crypto-currencies which have both arisen from recent technological developments
The Foreign Exchange Matrix
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Author : Barbara Rockefeller
language : en
Publisher: Harriman House Limited
Release Date : 2013-02-11
The Foreign Exchange Matrix written by Barbara Rockefeller and has been published by Harriman House Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-11 with Business & Economics categories.
The foreign exchange market is huge, fascinating and yet widely misunderstood by participants and non-participants alike. This is because its unanswered questions are numerous. For instance, what is the purpose of the $4 trillion per day trading volume? What determines currency trends and who are the players in the FX arena? Does FX drive other financial markets, or is it the passive end-product of all the other markets? FX is without clear supply and demand factors, so how do traders determine sentiment and price direction? Much is written in an effort to answer these questions, but a lot of it is just noise. In the 12 pieces here, Barbara Rockefeller and Vicki Schmelzer draw on their combined 50 years' experience in foreign exchange to cut through the clutter and provide an elegant and razor-sharp look at this market. Their analysis is accurate, useful and enlivened by many anecdotes and examples from historic market events. They cover: - How the matrix concept can help observers understand foreign exchange market action - What professional FX traders take into consideration before entering into positions - Whether the FX market can be forecast - The interplay between foreign exchange and other financial markets - How technology has levelled the playing field between big and small players, and at what cost - Whether the prospect of reserve currency diversification away from the dollar is likely - The toolkit that central banks use to manage national economies and the effect of this on currencies 'The Foreign Exchange Matrix' is the go-to book for anyone seeking a deeper understanding of the world of foreign exchange.
Responding To Financial Crisis
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Author : Adam S. Posen
language : en
Publisher: Peterson Institute for International Economics
Release Date : 2013
Responding To Financial Crisis written by Adam S. Posen and has been published by Peterson Institute for International Economics this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.
The Asian financial crisis of 1997–98 was devastating for the region, but policymakers at least believed that they gained a great deal of knowledge on how to prevent, mitigate, and resolve crises in the future. Fifteen years later, the Asian developing countries escaped the worst effects of the global crisis of 2008–10, in part because they had learned the right lessons from their own experience. In this important study, the Asian Development Bank and Peterson Institute for International Economics join forces to illuminate the con¬trast between Asia’s performance during the more recent crisis with its performance during its own crisis and the gap between what the United States and European Union leaders recommended to Asia then and what they have practiced on themselves since then. The overriding lessons emerging from the essays in this volume are that countries need to prepare for crises as if they cannot be prevented, make room for stabili¬zation policies and deploy them rapidly when crises hit, and address the need for self-insurance globally if they can, or regionally if they must. Contributors include Simon Johnson, William R. Cline, Joseph E. Gagnon, Stephan Haggard, Masahiro Kawai, Peter Morgan, Donghyun Park, Arief Ramayandi, Kwanho Shin, Edwin M. Truman, Shahin Vallee, Changyong Rhee, and Lea Sumulong
Central Bank Digital Currency Initial Considerations
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2023-11-14
Central Bank Digital Currency Initial Considerations 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 2023-11-14 with Business & Economics categories.
The paper briefs the Executive Board on the initial considerations on CBDC. These cover a framework to guide countries’ CBDC exploration, as well as implications for monetary policy transmission, capital flow management measures, and financial inclusion.
Financial Cultures And Crisis Dynamics
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Author : Bob Jessop
language : en
Publisher: Routledge
Release Date : 2014-10-17
Financial Cultures And Crisis Dynamics written by Bob Jessop and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-17 with Business & Economics categories.
The recent financial crisis exposed both a naïve faith in mathematical models to manage risk and a crude culture of greed that embraces risk. This book explores cultures of finance in sites such as corporate governance, hedge funds, central banks, the City of London and Wall Street, and small and medium enterprises. It uses different methods to explore these cultures and their interaction with different financial orders to improve our understanding of financial crisis dynamics. The introduction identifies types of cultural turn in studies of finance. Part I outlines relevant research methods, including comparison of national cultures viewed as independent variables, cultural political economy, and critical discourse and narrative policy analysis. Part II examines different institutional cultures of finance and the cult of entrepreneurship. Part III offers historical, comparative, and contemporary analyses of financial regimes and their significance for crisis dynamics. Part IV explores organizational cultures, modes of calculation, and financial practices and how they shape economic performance and guide crisis management. Part V considers crisis construals and responses in the European Union and China. This book’s great strength is its multi-faceted approach to cultures of finance. Contributors deploy the cultural turn creatively to enhance comparative and historical analysis of financial regimes, institutions, organizations, and practices as well as their roles in crisis generation, construal, and management. Developing different paradigms and methods and elaborating diverse case studies, the authors illustrate not only how and why ‘culture matters’ but also how its significance is shaped by different financial regimes and contexts.
Central Bank Balance Sheet Policies And Spillovers To Emerging Markets
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Author : Mr.Manmohan Singh
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-26
Central Bank Balance Sheet Policies And Spillovers To Emerging Markets written by Mr.Manmohan Singh 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 2017-07-26 with Business & Economics categories.
We develop a theoretical model that shows that in the near future, the monetary policies of some key central banks in advanced economies (AEs) will have two dimensions—changes in short-term policy rates and balance sheet adjustments. This will affect emerging market economies (EMs), especially those with a pegged exchange rate, as these EMs primarily use a single monetary policy tool, i.e., the short-term policy rate. We show that changes in policy rates and balance sheet adjustments in AEs may differ in their respective financial spillovers to pegged EMs. Thus, it will be difficult for EMs to mitigate different types of spillovers with a single monetary policy tool. In that context, we use the model to show how EMs might use additional tools—capital controls and/or macro-prudential policy—to complement their monetary policy and financial stability toolkit. We also discuss how balance sheet adjustments that affect long-term interest rates may percolate to influence short-term interest rates via financial plumbing.
Unconventional Monetary Policies Recent Experiences And Prospects Background Paper
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2013-04-18
Unconventional Monetary Policies Recent Experiences And Prospects Background Paper written by International Monetary Fund. Fiscal Affairs 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 2013-04-18 with Business & Economics categories.
This paper provides background information to the main Board paper, “The Role and Limits of Unconventional Monetary Policy.” This paper is divided in five distinct sections, each focused on a different topic covered in the main paper, though most relate to bond purchase programs. As a result, this paper centers on the experience of the United States Federal Reserve (Fed), the Bank of England (BOE) and the Bank of Japan (BOJ), mostly leaving the European Central Bank (ECB) aside given its focus on restoring the functioning of financial markets and intermediation. Section A explores whether bond purchase programs were effective at decreasing bond yields and, if so, through which channels. Section B goes one step further in evaluating whether bond purchase programs had—or can be expected to have—significant effects on real growth and inflation. Section C studies the spillover effects of bond purchases on both advanced and emerging market economies, using very similar methods as introduced in the first section. Section D breaks from the immediate focus on bond purchases to discuss how inflation might decrease the debt burden in advanced economies, in light of possible pressures that could fall (or be perceived to fall) on central banks. Finally, Section E discusses the possible risks of exiting given the very large central bank balance sheets.
The Ascent Of Money
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Author : Niall Ferguson
language : en
Publisher: Penguin
Release Date : 2008-11-13
The Ascent Of Money written by Niall Ferguson and has been published by Penguin this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-11-13 with History categories.
The 10th anniversary edition, with new chapters on the crash, Chimerica, and cryptocurrency "[An] excellent, just in time guide to the history of finance and financial crisis." —The Washington Post "Fascinating." —Fareed Zakaria, Newsweek In this updated edition, Niall Ferguson brings his classic financial history of the world up to the present day, tackling the populist backlash that followed the 2008 crisis, the descent of "Chimerica" into a trade war, and the advent of cryptocurrencies, such as Bitcoin, with his signature clarity and expert lens. The Ascent of Money reveals finance as the backbone of history, casting a new light on familiar events: the Renaissance enabled by Italian foreign exchange dealers, the French Revolution traced back to a stock market bubble, the 2008 crisis traced from America's bankruptcy capital, Memphis, to China's boomtown, Chongqing. We may resent the plutocrats of Wall Street but, as Ferguson argues, the evolution of finance has rivaled the importance of any technological innovation in the rise of civilization. Indeed, to study the ascent and descent of money is to study the rise and fall of Western power itself.