Central Bank Ratings

Author : Indranarain Ramlall
Publisher : Unknown
Page : 0 pages
File Size : 52,5 Mb
Release : 2022
Category : Electronic
ISBN : 3030987140

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Central Bank Ratings by Indranarain Ramlall Pdf

"Since the global financial crisis began, central banks have taken a wide range of non-conventional policies in an effort to subdue the effects of economic recessions. Concurrently, the on-going credibility and stability of these banks has been increasingly under the spotlight. This timely and welcome research-based book proposes a new framework for the evaluation of central banks via ratings scores. It will help to fill an important gap in our knowledge by contributing to the debate on the question of central banking quality and how to assess it. As such, it is likely to be required reading for both practitioners and researchers of this topic." -Professor Chris Brooks, Henley Business School, University of Reading, UK When the global financial crisis broke, central banks in both the US and the UK undertook massive asset purchase programmes which resulted in considerable increase in assets. Cross-border spillover effects were noted across global economies. Balance sheet adjustments may eventually gnaw at the profit-earning capacities of central banks, and in extreme cases, negative equity can manifest. This updated book investigates a benchmark for comparing central banks. The author employs a unique and large set of metrics to gauge the quality of central banks and presents an argument to reflect upon international best practices covering 124 banks in this latest study. The study uses different criteria including the accounting body, research, presence of stress-testing exercises, inflation-targeting frameworks, staff efficiency, and languages of communication with the public, amongst others. The book begins by providing an overview of central banking, before exploring some stylized facts about central banks in unique detail. It then presents a ratings methodology for worldwide central banks to analyse the results. A backtesting exercise is included to validate the quality of the ratings obtained. The book concludes by offering insights into the comparison of central banks. Indranarain Ramlall is Associate Professor at the University of Mauritius. Prior to joining the University, he was Credit Corporate Officer at the State Bank of India (Mauritius), and then Fund Manager at Anglo-Mauritius Financial Services Limited. Dr. Ramlall previously worked within the Financial Markets Division and the Financial Stability Unit at the Bank of Mauritius (The Central Bank of Mauritius). At this time, he also served as a member of the Joint Working Group Committee on Debt Management and the Sub-Committee on Treasury Bill Allocation. His research interests include financial stability, central banking, risk management, economics and finance in Mauritius, investment analysis, quantitative techniques and econometric modelling, and the economics of climate change and Green Finance.

Author : Joseph Wang
Publisher : Joseph Wang
Page : 196 pages
File Size : 44,5 Mb
Release : 2020-01-18
Category : Business & Economics
ISBN : 9780999136751

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Central Banking 101 by Joseph Wang Pdf

Central banking is magic. With a few words, the Fed can lift the stock market out of desperation and catapult it towards euphoric highs. With a few keystrokes, the Fed can conjure up trillions of dollars and fund virtually unlimited Federal spending. And with a few poor decisions, the Fed can plunge the entire world into a recession. The Federal Reserve is one of the most powerful institutions in the world, and also one of the most difficult to understand. The Fed acts through its Open Markets Desk, which sits at the heart of the global financial system as the world’s ultimate and limitless provider of dollars. On behalf of policy makers, the Desk gathers market intelligence from all the major market participants, sifts through reams of internal data, and works behind the scenes keep the financial system intact. It is responsible for all of the Fed's market operations, from trillions in quantitative easing to hundreds of billions in repo and FX-swap loans. The financial crises of 2008 and 2020 abated only through the emergency interventions of the Desk. Joseph Wang spent five years studying the monetary system as a trader on the Desk. From that vantage point, Joseph saw firsthand how the Fed operates and how the financial system really works. This book is a distillation of his experience that aims to educate and demystify. After reading this book, you will understand how money is created, how the global dollar system is structured, and how it all fits into the broader financial system. The views in this book do not necessarily reflect those of the Federal Reserve Bank of New York or the Federal Reserve System.

Author : Harold James
Publisher : Cambridge University Press
Page : 569 pages
File Size : 52,6 Mb
Release : 2020-09-17
Category : Business & Economics
ISBN : 9781108835015

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Making a Modern Central Bank by Harold James Pdf

This authoritative guide to the transformation of the Bank of England into a modern inflation-targeting independent central bank examines a revolution in monetary and economic policy and the modernization of British institutions in the late twentieth century.

Author : Board of Governors of the Federal Reserve System
Publisher : Unknown
Page : 0 pages
File Size : 50,9 Mb
Release : 2002
Category : Banks and Banking
ISBN : 0894991965

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The Federal Reserve System Purposes and Functions by Board of Governors of the Federal Reserve System Pdf

Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 100 pages
File Size : 46,5 Mb
Release : 2022-09-28
Category : Business & Economics
ISBN : 9798400221248

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Canada by International Monetary Fund. Monetary and Capital Markets Department Pdf

The Bank of Canada (BOC) sets a high benchmark for transparency, which is recognized by its stakeholders, thus maintaining a high level of trust and accountability. The BOC’s transparency practices are broadly aligned with expanded and comprehensive practices as defined by the IMF Central Bank Transparency Code (see Table 1). This is acknowledged by the BOC’s external stakeholders, who view the central bank as an open, dynamic, and transparent public institution.

Author : Mr.Mark Zelmer
Publisher : International Monetary Fund
Page : 25 pages
File Size : 48,6 Mb
Release : 2001-12-01
Category : Business & Economics
ISBN : 9781451971583

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Monetary Operations and Central Bank Balance Sheets in a World of Limited Government Securities by Mr.Mark Zelmer Pdf

The limited supply of government securities in some industrial countries has important ramifications for the operating techniques used by central banks to implement monetary policy, provide credit to the financial sector, and also for the assets they hold on their balance sheets. The paper reviews the salient facts regarding industrial central bank balance sheets and operating techniques, and outlines different options for dealing with a limited supply of government securities. The main conclusion is that central banks may wish to consider extending credit using a broad range of assets as collateral, and engage in outright transactions of securities guaranteed by financial institutions.

Author : Mr.Mark R. Stone,Kotaro Ishi,Mr.Kenji Fujita
Publisher : International Monetary Fund
Page : 72 pages
File Size : 48,8 Mb
Release : 2011-06-01
Category : Business & Economics
ISBN : 9781455268467

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Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit? a Review of the Experience so Far by Mr.Mark R. Stone,Kotaro Ishi,Mr.Kenji Fujita Pdf

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.

Author : Christopher Adolph
Publisher : Cambridge University Press
Page : 389 pages
File Size : 49,9 Mb
Release : 2013-04-15
Category : Political Science
ISBN : 9781139620536

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Bankers, Bureaucrats, and Central Bank Politics by Christopher Adolph Pdf

Most studies of the political economy of money focus on the laws protecting central banks from government interference; this book turns to the overlooked people who actually make monetary policy decisions. Using formal theory and statistical evidence from dozens of central banks across the developed and developing worlds, this book shows that monetary policy agents are not all the same. Molded by specific professional and sectoral backgrounds and driven by career concerns, central bankers with different career trajectories choose predictably different monetary policies. These differences undermine the widespread belief that central bank independence is a neutral solution for macroeconomic management. Instead, through careful selection and retention of central bankers, partisan governments can and do influence monetary policy - preserving a political trade-off between inflation and real economic performance even in an age of legally independent central banks.

Author : Indranarain Ramlall
Publisher : Springer
Page : 230 pages
File Size : 53,8 Mb
Release : 2015-12-08
Category : Business & Economics
ISBN : 9781137524010

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Central Bank Ratings by Indranarain Ramlall Pdf

When the global financial crisis broke, central banks in both the US and the UK undertook massive asset purchase programmes which resulted in considerable increase in assets. Cross-border spillover effects were noted across global economies. Balance sheet adjustments may eventually gnaw at the profit-earning capacities of central banks, and in extreme cases, negative equity can manifest. This study investigates a benchmark for comparing central banks. The author employs a unique and large set of metrics to gauge the quality of central banks and presents an argument to reflect upon international best practices. The study uses different criteria including the accounting body, research, presence of stress-testing exercises, inflation-targeting frameworks, staff efficiency, and languages of communication with the public, amongst others. The book begins by providing an overview of central banking, before exploring some stylized facts about central banks in unique detail. It then presents a ratings methodology for worldwide central banks to analyse the results. A backtesting exercise is included to validate the quality of the ratings obtained. The book concludes by offering insights into the comparison of central banks.

Author : Central Bank of Malta
Publisher : Unknown
Page : 590 pages
File Size : 50,7 Mb
Release : 1981
Category : Malta
ISBN : UOM:35128001608858

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Quarterly Review by Central Bank of Malta Pdf

Author : Perry Warjiyo,Solikin M. Juhro
Publisher : Emerald Group Publishing
Page : 592 pages
File Size : 42,8 Mb
Release : 2019-07-25
Category : Business & Economics
ISBN : 9781789737516

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Central Bank Policy by Perry Warjiyo,Solikin M. Juhro Pdf

Central Bank Policy: Theory and Practice analyses various policies, theories and practices adopted by central banks, as well as the institutional arrangements underlying the principles of good governance in policy-making. It is the first book to comprehensively discuss the latest theories and practices of central bank policy.

Author : Massimo Rostagno,Carlo Altavilla,Giacomo Carboni,Jonathan Yiangou
Publisher : Oxford University Press
Page : 449 pages
File Size : 41,6 Mb
Release : 2021
Category : Business & Economics
ISBN : 9780192895912

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Monetary Policy in Times of Crisis by Massimo Rostagno,Carlo Altavilla,Giacomo Carboni,Jonathan Yiangou Pdf

The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 32 pages
File Size : 46,7 Mb
Release : 2023-03-15
Category : Business & Economics
ISBN : 9798400236327

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The Central Bank Transparency Code—Findings Of The Pilot Reviews by International Monetary Fund. Monetary and Capital Markets Department Pdf

This paper reports to the Executive Board on the outcomes of the Central Bank Transparency Code (CBT) pilot reviews. The pilot CBT reviews helped central banks evaluate their transparency practices and strengthen dialogue with external stakeholders. The CBT pilots provided valuable information on the resources required for the reviews going forward. Staff will continue to offer CBT reviews to the rest of the membership. The staff will report back to the Board in FY2026 on the progress of the CBT reviews and an update to the Code following five years of implementation.

Author : Peter Conti-Brown
Publisher : Princeton University Press
Page : 372 pages
File Size : 51,9 Mb
Release : 2017-10-10
Category : Business & Economics
ISBN : 9780691178387

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The Power and Independence of the Federal Reserve by Peter Conti-Brown Pdf

An in-depth look at the history, leadership, and structure of the Federal Reserve Bank The independence of the Federal Reserve is considered a cornerstone of its identity, crucial for keeping monetary policy decisions free of electoral politics. But do we really understand what is meant by "Federal Reserve independence"? Using scores of examples from the Fed's rich history, The Power and Independence of the Federal Reserve shows that much common wisdom about the nation's central bank is inaccurate. Legal scholar and financial historian Peter Conti-Brown provides an in-depth look at the Fed's place in government, its internal governance structure, and its relationships to such individuals and groups as the president, Congress, economists, and bankers. Exploring how the Fed regulates the global economy and handles its own internal politics, and how the law does—and does not—define the Fed's power, Conti-Brown captures and clarifies the central bank's defining complexities. He examines the foundations of the Federal Reserve Act of 1913, which established a system of central banks, and the ways that subsequent generations have redefined the organization. Challenging the notion that the Fed Chair controls the organization as an all-powerful technocrat, he explains how institutions and individuals—within and outside of government—shape Fed policy. Conti-Brown demonstrates that the evolving mission of the Fed—including systemic risk regulation, wider bank supervision, and as a guardian against inflation and deflation—requires a reevaluation of the very way the nation's central bank is structured. Investigating how the Fed influences and is influenced by ideologies, personalities, law, and history, The Power and Independence of the Federal Reserve offers a uniquely clear and timely picture of one of the most important institutions in the United States and the world.

Author : Annelise Riles
Publisher : Cornell University Press
Page : 117 pages
File Size : 40,5 Mb
Release : 2018-07-15
Category : Business & Economics
ISBN : 9781501732744

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Financial Citizenship by Annelise Riles Pdf

Government bailouts; negative interest rates and markets that do not behave as economic models tell us they should; new populist and nationalist movements that target central banks and central bankers as a source of popular malaise; new regional organizations and geopolitical alignments laying claim to authority over the global economy; households, consumers, and workers facing increasingly intolerable levels of inequality: These dramatic conditions seem to cry out for new ways of understanding the purposes, roles, and challenges of central banks and financial governance more generally. Financial Citizenship reveals that the conflicts about who gets to decide how central banks do all these things, and about whether central banks are acting in everyone’s interest when they do them, are in large part the product of a culture clash between experts and the various global publics that have a stake in what central banks do. Experts—central bankers, regulators, market insiders, and their academic supporters—are a special community, a cultural group apart from many of the communities that make up the public at large. When the gulf between the culture of those who govern and the cultures of the governed becomes unmanageable, the result is a legitimacy crisis. This book is a call to action for all of us—experts and publics alike—to address this legitimacy crisis head on, for our economies and our democracies.