Monetary Policy Operations And The Financial System

Author : Ulrich Bindseil
Publisher : OUP Oxford
Page : 328 pages
File Size : 55,7 Mb
Release : 2014-09-11
Category : Business & Economics
ISBN : 9780191026454

Get Book

Monetary Policy Operations and the Financial System by Ulrich Bindseil Pdf

Since 2007, central banks of industrialized countries have counteracted financial instability, recession, and deflationary risks with unprecedented monetary policy operations. While generally regarded as successful, these measures also led to an exceptional increase in the size of central bank balance sheets. The book first introduces the subject by explaining monetary policy operations in normal times, including the key instruments (open market operations, standing facilities, reserve requirements, and the collateral framework). Second, the book reviews the basic mechanics of financial crises as they have hit economies many times. The book then explains what central banks need to do to when financial markets and banks are impaired to fulfil their monetary policy and financial stability mandates. Besides demonstrating the need for non-conventional monetary policy measures, the book also highlights their dangers, such as moral hazard and increased central bank risk taking. The book draws a number of lessons from the crisis on non-conventional monetary policy operations, assessing what measures have worked well, and how a framework should be designed in future normal times such as to contribute to make financial crises less likely. Central bank monetary policy operations have traditionally been considered as a matter of practice, while the macroeconomic modelling of the transmission mechanism of monetary policy is regarded as a discipline relying on substantial theory ('monetary economics'). However, monetary policy operations can equally benefit from a theory, and from a normative framework to guide policy choices. The limited interest that monetary policy operations have found for many decades in academic economics may well have contributed to the many misunderstandings on central bank actions over recent years. This book provides a basis for a better theoretical understanding of real-world monetary policy operations.

Author : Ulrich Bindseil
Publisher : Oxford University Press, USA
Page : 337 pages
File Size : 47,7 Mb
Release : 2014
Category : Business & Economics
ISBN : 9780198716907

Get Book

Monetary Policy Operations and the Financial System by Ulrich Bindseil Pdf

An introduction to the way that central banks implement monetary policy through market operations. It explains monetary policy operations in normal times, reviews the basic mechanics of financial crises, and explains what central banks need to do to fulfil their monetary policy and financial stability mandates when markets and banks are impaired.

Author : Charles Albert Eric Goodhart
Publisher : MIT Press
Page : 560 pages
File Size : 51,6 Mb
Release : 1995
Category : Business & Economics
ISBN : 0262071673

Get Book

The Central Bank and the Financial System by Charles Albert Eric Goodhart Pdf

As economic advisor to the Bank of England for many years, C. A. E. Goodhart is uniquely positioned to assess the role of the central bank in the modern financial system. This book brings together twenty-one of his previously published articles dealing with the changing functions of central banks over time, recent efforts to maintain price stability, and debates over specific financial regulation proposals in the UK. Although the current day-to-day operations of central banks are subject to continuous comment and frequent criticism, their structural role within the economic system as a whole has generally been accepted without much question, despite several attempts by economists in recent decades to challenge the value of the institution. C. A. E. Goodhart brings his knowledge of both the theoretical arguments and the actual working of central banks to bear in these essays. Part I looks at the general purposes and functions of central banks within the financial system and their evolution over time. Part II concentrates on the current objectives and operations of central banks, and the maintenance of price stability in particular. Part III analyzes the broader issues of financial regulation.

Author : Board of Governors of the Federal Reserve System
Publisher : Unknown
Page : 0 pages
File Size : 53,7 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 : William H. Wallace
Publisher : Springer Science & Business Media
Page : 228 pages
File Size : 50,9 Mb
Release : 2014-01-04
Category : Business & Economics
ISBN : 9783319029078

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 : Paul M. Horvitz
Publisher : Prentice Hall
Page : 604 pages
File Size : 48,5 Mb
Release : 1974
Category : Business & Economics
ISBN : UOM:39015002525536

Get Book

Monetary Policy and the Financial System by Paul M. Horvitz Pdf

Author : Mr.Garry J. Schinasi
Publisher : International Monetary Fund
Page : 19 pages
File Size : 44,9 Mb
Release : 2003-06-01
Category : Business & Economics
ISBN : 9781451854404

Get Book

Responsibility of Central Banks for Stability in Financial Markets by Mr.Garry J. Schinasi Pdf

What is the role of central banks in ensuring financial stability? This paper addresses this controversial subject, in part by drawing on the experiences in Europe, Japan, and the United States, and by examining four questions. What is meant by financial stability? Do central banks have a natural role in ensuring financial stability? What does a central bank need to execute this role effectively? How far have central banks actually gone in safeguarding financial stability? The experience drawn on in the paper suggest that central banks: have a natural role to play; at times may require supervisory information to execute this natural role; and have incurred risks to their balance sheets to ensure financial stability.

Author : David Mayes,Jan Toporowski
Publisher : Routledge
Page : 368 pages
File Size : 47,9 Mb
Release : 2007-05-24
Category : Business & Economics
ISBN : 9781134114351

Get Book

Open Market Operations and Financial Markets by David Mayes,Jan Toporowski Pdf

A mixture of academic and practitioner research, this is the most detailed book available that provides an account of open market operations. With broad international appeal it includes discussions of central bank operations in Europe, North America, Australia and Japan. Exploring the effectiveness of short-term interest rates and other modern central bank activities in monetary policy and the effect of structural changes in the securities markets and greater liquidity upon them, this volume represents a unique exchange of views between central bankers. It covers a range of topics including: bankers recent experience of open market operations monetary and financial economists on the impact of monetary policy on the yield curve the practitioners in banking and finance on recent and prospective operations in money and capital markets. Covering the full range of the subject, both the issues and geographically, in a logical order and in a coherent style the, this set of carefully selected papers on a common theme are an essential read for undergraduate and postgraduate students studying Macroeconomics, international finance and banking.

Author : Maureen Burton,Bruce Brown
Publisher : Routledge
Page : 710 pages
File Size : 49,8 Mb
Release : 2014-12-18
Category : Business & Economics
ISBN : 9781317456865

Get Book

The Financial System and the Economy by Maureen Burton,Bruce Brown Pdf

Attempts to assess whether the United States is in economic decline. Appropriate to general readers as well as economics students and scholars, this book examines the fears of Americans about their economic future.

Author : H. H. Binhammer
Publisher : Unknown
Page : 608 pages
File Size : 47,5 Mb
Release : 1972
Category : Banks and banking
ISBN : UCAL:$B665674

Get Book

Money, Banking and the Canadian Financial System by H. H. Binhammer Pdf

Author : Mr.Mark Zelmer
Publisher : International Monetary Fund
Page : 25 pages
File Size : 48,8 Mb
Release : 2001-12-01
Category : Business & Economics
ISBN : 9781451971583

Get Book

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 : George G. Kaufman
Publisher : Rand McNally
Page : 648 pages
File Size : 40,7 Mb
Release : 1977
Category : Finance
ISBN : UOM:35128000078673

Get Book

Money, the Financial System, and the Economy by George G. Kaufman Pdf

Author : A. B. Cramp
Publisher : Routledge
Page : 141 pages
File Size : 55,9 Mb
Release : 2017-04-21
Category : Business & Economics
ISBN : 9781351744096

Get Book

Monetary Management by A. B. Cramp Pdf

The aim of this book, first published in 1971, is to give the student of monetary economics a clear understanding of the theoretical potentialities of monetary policy as well as the practical limitations that prevent these potentialities from being realised. This volume discusses the central bank’s operations in both long- and short-term financial markets, the effects of foreign inflows and outflows of funds, the implications of government budgetary policy, and the repercussions of the activity of non-bank financial institutions. Monetary Management should be of interest to students of finance and to all those concerned by controversies about the operation of monetary policy.

Author : Weir B Brown
Publisher : Routledge
Page : 148 pages
File Size : 45,7 Mb
Release : 2019-08-26
Category : Political Science
ISBN : 9780429713002

Get Book

Keeping The Central Bank Central by Weir B Brown Pdf

In the period just before and after the founding of the Federal Reserve System in 1913, bankers, economists, and legislators were intensely absorbed in discussing how to assure a proper functional relationship between the future central bank and the commercial banking system. During the sixty-odd years that followed, many changes have occurred to affect one side or the other of the Federal Reserve-banking system relationship. Much less attention has been devoted, however, to the current state of the relationship between the banking system and the Federal Reserve in regard to the conduct of national monetary policy. It is to this area-in the fundamentally important field of macroeconomic policy-that this book is addressed. The field is large, and the Federal Reserve Board shares responsibility with other important economic decision-makers for guiding the course of the economy. The book does not undertake to cover the whole subject of macroeconomic policy. What it does seek to examine are two areas that stand squarely at the common border where Fed monetary control meets the banking system.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 359 pages
File Size : 41,5 Mb
Release : 2007-10-19
Category : Business & Economics
ISBN : 9781589066151

Get Book

Building Monetary and Financial Systems by International Monetary Fund Pdf

This book includes 21 case studies of technical assistance provided by the IMF's former Monetary and Financial Systems Department during 2003-06. These studies cover issues related to monetary policy and operations, financial markets, payment systems, and financial regulation and supervision, with an emphasis on both the substance of the issues and the modalities of technical support. The book illustrates that the formulation of sound monetary and financial policies needs to be complemented by proper and efficient implementation. It shows how weaknesses in institutional capacity can hinder policy implementation and how these weakenesses can be overcome to achieve a desirable level of monetary and financial stability. In addition to traditional elements of the official financial infrastructure, such as the capacity to conduct monetary and foreign exchange operations or effectively supervise banks and other financial institutions, the book also presents information on recent developments in governance arrangements.