Institutional Change In The Payments System And Monetary Policy

Author : Stefan W. Schmitz,Geoffrey Wood
Publisher : Routledge
Page : 190 pages
File Size : 44,8 Mb
Release : 2007-01-24
Category : Business & Economics
ISBN : 9781134175116

Get Book

Institutional Change in the Payments System and Monetary Policy by Stefan W. Schmitz,Geoffrey Wood Pdf

"Central bankers worldwide welcome the recent increase of research on payment systems. This volume, providing an expert overview on this timely subject, should be required reading for us all". - Erkki Liikanen, Governor of the Bank of Finland Monetary policy has been at the centre of economic research from the early stages of economic thought, but payment system research has attracted increased academic attention only in the past decade. This book’s succeeds in merging these two so far largely separated fields. Innovative and groundbreaking, Schmitz and Woods initiate research on the interdependence of institutional change in the payments system and monetary policy, examining the different channels via which payment systems affect monetary policy. It explores important themes such as: conceptualization and methods of analysis of institutional change in the payments system determinants of institutional change in the payments system – political-economy versus technology empirics of institutional change in the retail and in the wholesale payments systems – policy initiatives and new technologies in the payments system implications of institutional change in the payments system for monetary policy and the instruments available to central banks to cope with it. The result is an accessible overview of conceptual and methodological approaches to institutional change in payment systems, and a comprehensive and yet thorough assessment of its implications for monetary policy. The insights this timely book provides will be invaluable for researchers and practitioners in the field of monetary economics.

Author : Stefan W. Schmitz,Geoffrey Edward Wood
Publisher : Taylor & Francis
Page : 177 pages
File Size : 45,7 Mb
Release : 2006
Category : Business & Economics
ISBN : 0415384028

Get Book

Institutional Change in the Payments System and Monetary Policy by Stefan W. Schmitz,Geoffrey Edward Wood Pdf

"Central bankers worldwide welcome the recent increase of research on payment systems. This volume, providing an expert overview on this timely subject, should be required reading for us all". - Erkki Liikanen, Governor of the Bank of Finland Monetary policy has been at the centre of economic research from the early stages of economic thought, but payment system research has attracted increased academic attention only in the past decade. This book's succeeds in merging these two so far largely separated fields. Innovative and groundbreaking, Schmitz and Woods initiate research on the interdependence of institutional change in the payments system and monetary policy, examining the different channels via which payment systems affect monetary policy. It explores important themes such as: conceptualization and methods of analysis of institutional change in the payments system determinants of institutional change in the payments system – political-economy versus technology empirics of institutional change in the retail and in the wholesale payments systems – policy initiatives and new technologies in the payments system implications of institutional change in the payments system for monetary policy and the instruments available to central banks to cope with it. The result is an accessible overview of conceptual and methodological approaches to institutional change in payment systems, and a comprehensive and yet thorough assessment of its implications for monetary policy. The insights this timely book provides will be invaluable for researchers and practitioners in the field of monetary economics.

Author : Mr.Omotunde E. G. Johnson
Publisher : International Monetary Fund
Page : 30 pages
File Size : 44,9 Mb
Release : 1998-05-01
Category : Business & Economics
ISBN : 9781451973389

Get Book

The Payment System and Monetary Policy by Mr.Omotunde E. G. Johnson Pdf

Achieving the primary objective of price stability without unduly compromising the operational efficiency of the payment system constitutes a major problem for central banks. Routine monetary policy presumes a given institutional and technological framework, including aspects of the payment system. Such a monetary policy concerns itself with intraday and interday credit for payments settlements and with float. Liquidity shocks and panics sometimes pose an additional challenge. In recent years, major and rapid institutional and technological changes in the payment system (mainly to lower risks and augment operational efficiency) have affected the monetary policy decision-making process, particularly in the short run.

Author : Stephen Millard,Andrew Haldane,Victoria Saporta
Publisher : Routledge
Page : 287 pages
File Size : 53,7 Mb
Release : 2007-09-17
Category : Business & Economics
ISBN : 9781134071302

Get Book

The Future of Payment Systems by Stephen Millard,Andrew Haldane,Victoria Saporta Pdf

Drawing on wide-ranging contributions from prominent international experts and discussing some of the most pressing issues facing policy makers and practitioners in the field of payment systems today, this volume provides cutting-edge perspectives on the current issues surrounding payment systems and their future. It covers a range of continually important topics, including: the form payment systems might take in the future the risks associated with this evolution the techniques being deployed to assess these risks and the implications these risks have for the respective roles of the public and private sector. Produced in association with the Bank of England, this book is fascinating reading for practitioners and policy makers in the field of payment systems, as well as students and researchers engaged with the economics of payments and central banking policy.

Author : Board of Governors of the Federal Reserve System
Publisher : Unknown
Page : 0 pages
File Size : 43,8 Mb
Release : 2002
Category : Banks and Banking
ISBN : 0894991965

Get Book

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 : Mr.Richard K. Abrams,Mr.Omotunde E. G. Johnson,Mr.Tonny Lybek,Mr.Mark Swinburne,Mr.Jean-Marc Destresse,Mr.Nicholas Roberts
Publisher : International Monetary Fund
Page : 276 pages
File Size : 44,8 Mb
Release : 1998-03-18
Category : Business & Economics
ISBN : 1557756260

Get Book

Payment Systems, Monetary Policy and the Role of the Central Bank by Mr.Richard K. Abrams,Mr.Omotunde E. G. Johnson,Mr.Tonny Lybek,Mr.Mark Swinburne,Mr.Jean-Marc Destresse,Mr.Nicholas Roberts Pdf

A payment system encompasses a set of instruments and means generally acceptable in making payments; the institutional and organizational framework governing such payments, including prudential regulation; and the operating procedures and communications network used to initiate and transmit payment information from payer to payee and to settle payments. This book, by Omotunde E.G. Johnson, with Richard K. Abrams, Jean-Marc Destresse, Tony Lybek, Nicholas Roberts, and Mark Swinburne, identifies main policy and strategic issues in payment system reform, describes the structure of payment systems in selected countries, highlights areas of consensus, and suggests the direction for future policy analysis.

Author : William H. Wallace
Publisher : Springer
Page : 0 pages
File Size : 44,7 Mb
Release : 2016-08-23
Category : Business & Economics
ISBN : 3319379518

Get Book

The American Monetary System by William H. Wallace Pdf

Today’s financial system is considerably more complex than in years past, as new financial instruments have been introduced that are not well understood even by the people and institutions that invest in them. Numerous high-risk opportunities are available, and the number of people who unwittingly wander into such ventures seems to grow daily. There is also the realization that people’s lives are affected by the financial system without their overt participation in it. Despite no active participation, pensions can be emasculated by a sudden decline in interest rates, or a rise in rates can increase the monthly payments on a mortgage, credit cards or other debt. This book looks at the history of the American banking system, including the passage of the Federal Reserve Act in 1913, the implementation of deposit insurance, along with certain other provisions of the Glass-Steagall Act of 1933, the Bretton-Woods agreements, the forces of technological innovation and the Dodd-Frank Act, passed by Congress in 2010 for regulatory reform. This book will be of interest to undergraduate and graduate level students that want to gain a broad understanding of how the financial system works, why it is important to the economy as a whole, and what its strengths and weaknesses are. Also, readers should gain an understanding of what the Federal Reserve, other regulators and other central banks are doing, and will be in a position to critique their actions and say with some depth of understanding why they agree or disagree with them.

Author : Stephen Bell,Hui Feng
Publisher : Harvard University Press
Page : 360 pages
File Size : 50,9 Mb
Release : 2013-06-10
Category : Business & Economics
ISBN : 9780674073616

Get Book

The Rise of the People’s Bank of China by Stephen Bell,Hui Feng Pdf

With $4.5 trillion in total assets, the People’s Bank of China now surpasses the U.S. Federal Reserve as the world’s biggest central bank. The Rise of the People’s Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China. Stephen Bell and Hui Feng trace the bank’s ascent to Beijing’s policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC—benefitting from political patronage and perceptions of its unique professional competency—found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China’s exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People’s Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.

Author : Robert Triffin
Publisher : Unknown
Page : 104 pages
File Size : 46,9 Mb
Release : 1964
Category : Business & Economics
ISBN : UOM:49015001169599

Get Book

The Evolution of the International Monetary System by Robert Triffin Pdf

Author : Forrest Capie,Geoffrey Wood
Publisher : Oxford University Press
Page : 378 pages
File Size : 55,7 Mb
Release : 2012-07-26
Category : Business & Economics
ISBN : 9780199655120

Get Book

Money Over Two Centuries by Forrest Capie,Geoffrey Wood Pdf

This collection of essays by the eminent financial and monetary historians Capie and Wood examines and offers explanations of the parts played by money and the banking system in the British economy over the last two centuries. It deals with financial crises, periods of stability, and Britain in the international system.

Author : Bank for International Settlements
Publisher : Unknown
Page : 62 pages
File Size : 50,6 Mb
Release : 1993
Category : Banks and banking, Central
ISBN : IND:30000035493208

Get Book

Central Bank Payment and Settlement Services with Respect to Cross-border and Multi-currency Transactions by Bank for International Settlements Pdf

Author : Israel Fainboim Yaker,Sailendra Pattanayak
Publisher : International Monetary Fund
Page : 23 pages
File Size : 49,8 Mb
Release : 2011-10-17
Category : Business & Economics
ISBN : 9781475504699

Get Book

Treasury Single Account by Israel Fainboim Yaker,Sailendra Pattanayak Pdf

This technical note and manual addresses the following main issues: 1. Discusses the problems of fragmented government banking arrangements and how a treasury single account (TSA) could address them. 2. Explains the concept of a TSA and describes its features. 3. Discusses the design issues that need to be considered in setting up a TSA system. 4. Discusses the preconditions and key sequencing and implementation issues that need to be addressed in establishing a TSA.

Author : International Monetary Fund. External Relations Dept.
Publisher : International Monetary Fund
Page : 60 pages
File Size : 42,9 Mb
Release : 2012-03-14
Category : Business & Economics
ISBN : 9781451922141

Get Book

Finance & Development, March 2012 by International Monetary Fund. External Relations Dept. Pdf

Young people, hardest hit by the global economic downturn, are speaking out and demanding change. F&D looks at the need to urgently address the challenges facing youth and create opportunities for them. Harvard professor David Bloom lays out the scope of the problem and emphasizes the importance of listening to young people in "Youth in the Balance." "Making the Grade" looks at how to teach today's young people what they need to get jobs. IMF Deputy Managing Director, Nemat Shafik shares her take on the social and economic consequences of youth unemployment in our "Straight Talk" column. "Scarred Generation" looks at the effects the global economic crisis had on young workers in advanced economies, and we hear directly from young people across the globe in "Voices of Youth." Renminbi's rise, financial system regulation, and boosting GDP by empowering women. Also in the magazine, we examine the rise of the Chinese currency, look at the role of the credit rating agencies, discuss how to boost the empowerment of women, and present our primer on macroprudential regulation, seen as increasingly important to financial stability. People in economics - C. Fred Bergsten, American Globalist. Back to basics - The multi-dimensional role of banks in our financial systems.

Author : Ben S. Bernanke,Thomas Laubach,Frederic S. Mishkin,Adam S. Posen
Publisher : Princeton University Press
Page : 393 pages
File Size : 51,6 Mb
Release : 2018-06-05
Category : Business & Economics
ISBN : 9780691187396

Get Book

Inflation Targeting by Ben S. Bernanke,Thomas Laubach,Frederic S. Mishkin,Adam S. Posen Pdf

How should governments and central banks use monetary policy to create a healthy economy? Traditionally, policymakers have used such strategies as controlling the growth of the money supply or pegging the exchange rate to a stable currency. In recent years a promising new approach has emerged: publicly announcing and pursuing specific targets for the rate of inflation. This book is the first in-depth study of inflation targeting. Combining penetrating theoretical analysis with detailed empirical studies of countries where inflation targeting has been adopted, the authors show that the strategy has clear advantages over traditional policies. They argue that the U.S. Federal Reserve and the European Central Bank should adopt this strategy, and they make specific proposals for doing so. The book begins by explaining the unique features and advantages of inflation targeting. The authors argue that the simplicity and openness of inflation targeting make it far easier for the public to understand the intent and effects of monetary policy. This strategy also increases policymakers' accountability for inflation performance and can accommodate flexible, even "discretionary," monetary policy actions without sacrificing central banks' credibility. The authors examine how well variants of this approach have worked in nine countries: Germany and Switzerland (which employ a money-focused form of inflation targeting), New Zealand, Canada, the United Kingdom, Sweden, Israel, Spain, and Australia. They show that these countries have typically seen lower inflation, lower inflation expectations, and lower nominal interest rates, and have found that one-time shocks to the price level have less of a "pass-through" effect on inflation. These effects, in turn, are improving the climate for economic growth. The authors warn, however, that the success of inflation targeting depends on operational details, such as how the targets are defined and when they are announced. They also show that inflation targeting is not a panacea that can make inflation perfectly predictable or reduce it without economic costs. Clear, balanced, and authoritative, Inflation Targeting is a groundbreaking study that will have a major impact on the debate over the right monetary strategy for the coming decades. As a unique comparative study of what central banks actually do in different countries around the world, this book will also be invaluable to anyone interested in how economic policy is made.

Author : Frank Hespeler
Publisher : Cuvillier Verlag
Page : 289 pages
File Size : 45,5 Mb
Release : 2008
Category : Electronic
ISBN : 9783867277600

Get Book

Electronic Money and the Monetary Transmission Process by Frank Hespeler Pdf