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Author : International Monetary Fund Publisher : International Monetary Fund Page : 52 pages File Size : 46,9 Mb Release : 1993-04-01 Category : Business & Economics ISBN : 9781451978445
Reserve Requirements and Monetary Management by International Monetary Fund Pdf
Reserve requirements are widely used by central banks as a means to improve monetary control, an instrument for policy implementation, a source of revenue, and a safeguard of bank liquidity. The effectiveness of reserve requirements in fulfilling these functions is reviewed, and the detailed modalities of their use are examined. Reserve requirements in a sample of developing countries are described.
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.
Author : Mr.Tomás J. T. Baliño,Lorena M. Zamalloa Publisher : International Monetary Fund Page : 316 pages File Size : 41,8 Mb Release : 1997-09-07 Category : Business & Economics ISBN : 1557755981
Instruments of Monetary Management by Mr.Tomás J. T. Baliño,Lorena M. Zamalloa Pdf
Many countries have reformed their monetary instruments over the last few years. Edited by Tomas J.T. Balino and Lorena M. Zamalloa, this volume deals with the design, implementation, and coordination of major monetary policy instruments, highlighting relevant country experiences. In particular, it discusses how to adapt those instruments to the financial environment as well as how to help this environment to develop.
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
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 : Jukka Pihlman,Han van der Hoorn Publisher : International Monetary Fund Page : 29 pages File Size : 48,8 Mb Release : 2010-06-01 Category : Business & Economics ISBN : 9781455201334
Procyclicality in Central Bank Reserve Management by Jukka Pihlman,Han van der Hoorn Pdf
A decade-long diversification of official reserves into riskier investments came to an abrupt end at the beginning of the global financial crisis, when many central bank reserve managers started to withdraw their deposits from the banking sector in an apparent flight to quality and safety. We estimate that reserve managers pulled around US$500 billion of deposits and other investments from the banking sector. Although clearly not the main cause, this procyclical investment behavior is likely to have contributed to the funding problems of the banking sector, which required offsetting measures by other central banks such as the Federal Reserve and Eurosystem central banks. The behavior highlights a potential conflict between the reserve management and financial stability mandates of central banks. This paper analyzes reserve managers’ actions during the crisis and draws some lessons for strategic asset allocation of reserves going forward.
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.
On October 30-31,1981, the Center for the Study of American Business and the Federal Reserve Bank of St. Louis cosponsored their sixth annual conference, "Improving Money Stock Control: Problems, Solutions, and Consequences." This book contains the papers and comments delivered at that conference. The Federal Reserve System has moved, over the last decade, toward setting policy in terms of explicit and publicly announced monetary aggre gate targets - specifically, growth ranges for alternative measures of the money supply. This conference, as the title suggests, was wide ranging in its discussions of monetary control. But rather than dealing with the merits of monetary aggregate targeting, its focus was instead on solving the problems associated with, and evaluating the consequences of, im proved monetary control. The initial paper outlines the current operating procedures followed by the Federal Reserve and suggests reforms to improve monetary control. The following three discussion papers in Part I critically examine the Fed's operating procedures. The two papers in Part II discuss the experi ence of other countries with monetary aggregate targeting - the United Kingdom and Switzerland, respectively - and Part III examines the con sequences of improved monetary control.
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.
