Currencies Capital And Central Bank Balances

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Currencies, Capital, and Central Bank Balances

John Cochrane,Kyle Palermo,John Taylor
Currencies Capital and Central Bank Balances Book PDF

Author : John Cochrane,Kyle Palermo,John Taylor
Publisher : Hoover Press
Page : 368 pages
File Size : 53,8 Mb
Release : 2019-04-01
Category : Business & Economics
ISBN : 9780817922368

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Currencies, Capital, and Central Bank Balances by John Cochrane,Kyle Palermo,John Taylor Pdf

Drawing from their 2018 conference, the Hoover Institution brings together leading academics and monetary policy makers to share ideas about the practical issues facing central banks today. The expert contributors discuss U.S. monetary policy at individual central banks and reform of the international monetary and financial system. The discussion is broken down into seven key areas: 1) International Rules of the Monetary Game; 2) Banking, Trade and the Making of the Dominant Currency; 3) Capital Flows, the IMF's Institutional View and Alternatives; 4) Payments, Credit and Asset Prices; 5) Financial Stability, Regulations and the Balance Sheet; 6) The Future of the Central Bank Balance Sheet; and 7) Monetary Policy and Reform in Practice. With in-depth discussions of the volatility of capital flows and exchange rates, and the use of balance sheet policy by central banks, they examine relevant research developments and debate policy options.

Central Bank Balances and Reserve Requirements

Mr.Simon Gray
Central Bank Balances and Reserve Requirements Book PDF

Author : Mr.Simon Gray
Publisher : International Monetary Fund
Page : 57 pages
File Size : 40,5 Mb
Release : 2011-02-01
Category : Business & Economics
ISBN : 9781455217908

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Central Bank Balances and Reserve Requirements by Mr.Simon Gray Pdf

Most central banks oblige depository institutions to hold minimum reserves against their liabilities, predominantly in the form of balances at the central bank. The role of these reserve requirements has evolved significantly over time. The overlay of changing purposes and practices has the result that it is not always fully clear what the current purpose of reserve requirements is, and this necessarily complicates thinking about how a reserve regime should be structured. This paper describes three main purposes for reserve requirements - prudential, monetary control and liquidity management - and suggests best practice for the structure of a reserves regime. Finally, the paper illustrates current practices using a 2010 IMF survey of 121 central banks.

Central and Commercial Bank Balance Sheet Risk Before, During, and After the Global Financial Crisis

Joseph Crowley
Central and Commercial Bank Balance Sheet Risk Before During and After the Global Financial Crisis Book PDF

Author : Joseph Crowley
Publisher : International Monetary Fund
Page : 54 pages
File Size : 47,5 Mb
Release : 2015-02-27
Category : Business & Economics
ISBN : 9781475564273

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Central and Commercial Bank Balance Sheet Risk Before, During, and After the Global Financial Crisis by Joseph Crowley Pdf

This paper presents an overview of exposures in the balance sheets of central banks, banks, and other depository institutions during the past decade, with emphasis on asset growth and currency composition. It exploits the IMF’s SRF-based monetary data to show: (i) there was a widely observed buildup of assets prior to the global financial crisis, but there has been no significant reduction in its wake; (ii) the foreign currency composition of the balance sheets of banks and other depository institutions remained remarkably constant in spite of the crisis, significant changes in the composition of balance sheets, and globalization, and does not seem to have been significantly influenced by the behavior of exchange rates; and (iii) exposure to households increased prior to the crisis, but this increased risk was offset by increased capitalization.

Do Central Banks Need Capital?

Mr.Peter Stella
Do Central Banks Need Capital Book PDF

Author : Mr.Peter Stella
Publisher : International Monetary Fund
Page : 40 pages
File Size : 51,9 Mb
Release : 1997-07-01
Category : Business & Economics
ISBN : 9781451850505

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Do Central Banks Need Capital? by Mr.Peter Stella Pdf

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.

Capitalizing Central Banks

Mr.Alain Ize
Capitalizing Central Banks Book PDF

Author : Mr.Alain Ize
Publisher : International Monetary Fund
Page : 27 pages
File Size : 46,5 Mb
Release : 2005-01-01
Category : Business & Economics
ISBN : 9781451860344

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Capitalizing Central Banks by Mr.Alain Ize Pdf

This paper provides a simple, quantitative, net worth-based, approach to assessing the need for central bank capital. It derives a concept of "core capital" (a function of the central bank's operating expenditures and the carrying cost of its international reserves) as the minimum capital needed by a central bank to ensure the credibility of its inflation target. The approach is illustrated with the published accounts of three loss-making central banks and selected accounting entries for a broader sample of central banks. Policy implications are explored. In particular, the paper argues that central bank capitalizations cannot be automatic and require instead a broad policy debate.

Advancing the Monetary Policy Toolkit Through Outright Transfers

Sascha Buetzer
Advancing the Monetary Policy Toolkit Through Outright Transfers Book PDF

Author : Sascha Buetzer
Publisher : International Monetary Fund
Page : 60 pages
File Size : 40,7 Mb
Release : 2022-05-06
Category : Business & Economics
ISBN : 9798400209949

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Advancing the Monetary Policy Toolkit Through Outright Transfers by Sascha Buetzer Pdf

This paper argues that in reserve currency issuing economies at the effective lower bound, outright transfers from the central bank to households are both more equitable and more effective in achieving monetary policy objectives than asset purchases or negative interest rates. It shows that concerns pertaining to central banks’ policy solvency and equity position can be addressed through a careful assessment of a central bank's loss absorbing capacity and, if need be, tiered reserve remuneration policies. It also spells out key differences to a debt or money financed fiscal stimulus, which are particularly pronounced in a currency union without a central fiscal capacity. The paper concludes by discussing broader institutional, political, and legal considerations.

Central Banking, Monetary Policy and the Future of Money

Vallet, Guillaume,Kappes, Sylvio,Rochon, Louis-Philippe
Central Banking Monetary Policy and the Future of Money Book PDF

Author : Vallet, Guillaume,Kappes, Sylvio,Rochon, Louis-Philippe
Publisher : Edward Elgar Publishing
Page : 325 pages
File Size : 45,8 Mb
Release : 2022-08-16
Category : Business & Economics
ISBN : 9781800376403

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Central Banking, Monetary Policy and the Future of Money by Vallet, Guillaume,Kappes, Sylvio,Rochon, Louis-Philippe Pdf

Part of The Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large, focusing on the specific relationship between central banking, monetary policy and the future of money.

Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems

Inutu Lukonga
Monetary Policy Implications Central Bank Digital Currencies Perspectives on Jurisdictions with Conventional and Islamic Banking Systems Book PDF

Author : Inutu Lukonga
Publisher : International Monetary Fund
Page : 43 pages
File Size : 46,5 Mb
Release : 2023-03-17
Category : Electronic
ISBN : 9798400236532

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Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems by Inutu Lukonga Pdf

Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems

Monetary Operations and Central Bank Balance Sheets in a World of Limited Government Securities

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

Author : Mr.Mark Zelmer
Publisher : International Monetary Fund
Page : 25 pages
File Size : 55,7 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.

Exchange Rate Developments and Policies in the Caucasus and Central Asia

Mr.Mark A. Horton,Hossein Samiei,Mr.Natan P. Epstein,Mr.Kevin Ross
Exchange Rate Developments and Policies in the Caucasus and Central Asia Book PDF

Author : Mr.Mark A. Horton,Hossein Samiei,Mr.Natan P. Epstein,Mr.Kevin Ross
Publisher : International Monetary Fund
Page : 43 pages
File Size : 54,6 Mb
Release : 2016-05-16
Category : Business & Economics
ISBN : 9781484343869

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Exchange Rate Developments and Policies in the Caucasus and Central Asia by Mr.Mark A. Horton,Hossein Samiei,Mr.Natan P. Epstein,Mr.Kevin Ross Pdf

Since late 2014, exchange rates (ERs) and ER regimes of the Caucasus and Central Asia (CCA) countries have come under strong pressure. This reflects the decline of oil and other commodity prices, weaker growth in Russia and China, depreciation of the Russian ruble, and appreciation of the U.S. dollar, to which CCA currencies have historically been linked. Weaker fiscal and current account balances and increased dollarization have complicated the picture. CCA countries entered this period with closely managed ER regimes and, in many cases, currencies assessed by IMF staff to be overvalued. CCA central banks have price stability as their main policy objective, and most have relied on ER stability to achieve this objective. Thus, the first policy response involved intervention in local foreign exchange (FX) markets, often with limited communication. In this context, the IMF staff has reviewed ER policy advice and implementation strategies for CCA countries.

Central Banking Without Central Bank Money

Mr.Alain Ize,Mr.Arto Kovanen,Timo Henckel
Central Banking Without Central Bank Money Book PDF

Author : Mr.Alain Ize,Mr.Arto Kovanen,Timo Henckel
Publisher : International Monetary Fund
Page : 43 pages
File Size : 46,9 Mb
Release : 1999-07-01
Category : Business & Economics
ISBN : 9781451851571

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Central Banking Without Central Bank Money by Mr.Alain Ize,Mr.Arto Kovanen,Timo Henckel Pdf

Given the rapidly declining demand for central bank reserves and their gradual replacement in wholesale payments by alternative forms of money—clearinghouse moneyand treasury money—this paper discusses whether the complete extinction of base money could undermine monetary control. It argues that such concerns are misplaced since central banks can target interest rates and inflation even in the absence of base money. The paper explores implications for current and future central banking, including monetary and foreign exchange operations, lender of last resort, coordination between public debt and monetary management, and design of operating rules in currency boards.

Global Liquidity through the Lens of Monetary Aggregates

Kyuil Chung,Jong-Eun Lee,Ms.Elena Loukoianova,Mr.Hail Park,Mr.Hyun Song Shin
Global Liquidity through the Lens of Monetary Aggregates Book PDF

Author : Kyuil Chung,Jong-Eun Lee,Ms.Elena Loukoianova,Mr.Hail Park,Mr.Hyun Song Shin
Publisher : International Monetary Fund
Page : 49 pages
File Size : 42,6 Mb
Release : 2014-01-24
Category : Business & Economics
ISBN : 9781484383339

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Global Liquidity through the Lens of Monetary Aggregates by Kyuil Chung,Jong-Eun Lee,Ms.Elena Loukoianova,Mr.Hail Park,Mr.Hyun Song Shin Pdf

This paper examines how the financial activities of non-financial corporates (NFCs) in international markets potentially affects domestic monetary aggregates and financial conditions. Monetary aggregates reflect, in part, the activities of NFCs, who channel capital market financing into the domestic banking system, thereby influencing funding conditions and credit availability. Periods of capital inflows are also those when the domestic currency is appreciating, and such periods of rapid exchange rate appreciation coincide with increases in the central bank’s foreign exchange reserves, increasing the stock of narrow money. The paper examines economic significance of cross-country panel data on monetary aggregates and other measures of non-core bank liabilities. Non-core liabilities that reflect the activities of NFCs reflect broad credit conditions and predict global trade and growth.

Liquidity Management under Fixed Exchange Rate with Open Capital Account

Mariam El Hamiani Khatat,Mr.Romain M Veyrune
Liquidity Management under Fixed Exchange Rate with Open Capital Account Book PDF

Author : Mariam El Hamiani Khatat,Mr.Romain M Veyrune
Publisher : International Monetary Fund
Page : 57 pages
File Size : 52,7 Mb
Release : 2019-03-18
Category : Business & Economics
ISBN : 9781498304313

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Liquidity Management under Fixed Exchange Rate with Open Capital Account by Mariam El Hamiani Khatat,Mr.Romain M Veyrune Pdf

This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived from the price-specie flow mechanism of David Hume. The framework highlights that the risk of short-term money market rates un-anchoring from the uncovered interest rate parity due to money and foreign exchange market frictions could jeopardize financial stability and market development. The paper then discusses operational solutions that stabilize money market rates close to the level implied by the Uncovered Interest Rate Parity (UIP). Liquidity management under fixed exchange rate with an open capital account presents specific challenges due to: (1) the larger liquidity shocks induced by foreign reserve swings that challenge the development of money markets; and (2) more complicated liquidity forecasts. The theoretical framework is empirically tested based on the estimate of “offset” coefficients for Denmark and Hong Kong SAR.

The Federal Reserve System Purposes and Functions

Board of Governors of the Federal Reserve System
The Federal Reserve System Purposes and Functions Book PDF

Author : Board of Governors of the Federal Reserve System
Publisher : Unknown
Page : 0 pages
File Size : 51,6 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.

The Cost of Foreign Exchange Intervention

Gustavo Adler,Rui Mano
The Cost of Foreign Exchange Intervention Book PDF

Author : Gustavo Adler,Rui Mano
Publisher : International Monetary Fund
Page : 37 pages
File Size : 55,8 Mb
Release : 2016-04-08
Category : Business & Economics
ISBN : 9781484323076

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The Cost of Foreign Exchange Intervention by Gustavo Adler,Rui Mano Pdf

The accumulation of large foreign asset positions by many central banks through sustained foreign exchange (FX) intervention has raised questions about its associated fiscal costs. This paper clarifies conceptual issues regarding how to measure these costs both from an ex-post and an ex-ante (relevant for decision making) perspective, and estimates both marginal and total costs for 73 countries over the period 2002-13. We find ex-ante marginal costs for the median emerging market economy (EME) in the inter-quartile range of 2-5.5 percent per year; while ex-ante total costs (of sustaining FX positions) in the range of 0.2-0.7 percent of GDP per year for light interveners and 0.3-1.2 percent of GDP per year for heavy interveners. These estimates indicate that fiscal costs of sustained FX intervention (via expanding central bank balance sheets) are not negligible.