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Central Bank Autonomy

The Federal Reserve System in American Politics

First Published in 1998. Routledge is an imprint of Taylor & Francis, an informa company.

Before turning to the institutional choices that may expand the autonomy of
central bankers, there is an empirical question that needs to be answered. Do
decision makers within the Fed value autonomy? The question at first seems
transparent ...

A European Central Bank?

Perspectives on Monetary Unification After Ten Years of the EMS

The papers in this volume analyse the issues of having a single European currency.

Shaw was vilified in both the academic and popular press for his attempts to turn
the Treasury into a functioning central bank.28 The opposition to his actions
arose both from those who thought that central banking actions were undesirable
, ...

Central Banking without Central Bank Money

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.

In the textbook monetary paradigm, central banks influence interest rates through
controlling monetary aggregates, which are linked to the supply of central bank
liabilities through a money multiplier. Hence, central banks' ability to control the ...

The Euro and Its Central Bank

Getting United After the Union

This history and analysis of the euro and the European Central Bank traces the process of European monetary integration from its beginnings as a utopian vision in the aftermath of World War II through the establishment of a single currency managed by a central bank. Tommaso Padoa-Schioppa, a central banker who has been involved in the making of European monetary unification since 1979, offers an accessible guide to the euro and the European Central Bank for scholars, students, and the general reader, discussing the related economic, financial, monetary, and international political issues. In the process he also provides an overview of central banking in general and the multiple activities of a central bank; as the case of the European Central Bank illustrates, central banking involves not only monetary analysis and policy but much else, including banknote printing and handling, market operations, payment systems, bank supervision, and coordinating with other public institutions.Padoa-Schioppa begins with the historical background of European monetary integration, starting with the 1957 Treaty of Rome, which lay the foundation for the Common Market, and covering the 1992 Maastricht Treaty, the development of an anchor currency, and the "euroskepticism" of the U.K. Subsequent chapters are devoted to economic policy, monetary policy, the euro as unifier in the financial system, the payment system, the euro as an international actor outside "euroland," and the challenges ahead for the still relatively young project of European monetary integration.

2 A Profile of the Eurosystem: The Newest Central Bank In the history of central
banking, the Treaty of Maastricht is a milestone comparable to the Federal
Reserve Act of 1913 and the Bundesbank Act of 1957. The former created the
first ...

Central Bank Reform in the Transition Economies

Since 1992, the central banks of the Baltic states and the Commonwealth of Independent States have undertaken comprehensive reform of their monetary and exchange arrangements in support of their stabilization efforts. Their efforts have been supported by extensive technical assistance provided by the IMF and 23 central banks. This book edited by V. Sundararajan, Arne B. Peterson, and Gabriel Sensenbrenner, contains the background papers prepared for the second joint coordinating meeting of participants. That meeting focused on the progress of structural reforms in central banking and bank restructuring and identified priorities for the deepening of reforms. The book documents the remarkable progress achieved by the Baltic and CIS central banks and the catalytic role they have played in financial market development.

These reforms have also included improvements in internal control processes
and the setting up of a separate Internal Audit Department at the central bank. A
number of accounting reforms have been introduced at the central bank, and a
new ...

Malta Central Bank & Financial Policy Handbook

In May 2004, when Malta joined the European Union, it became an integral part
of the European System of Central Banks. It was responsible for, amongst other
things, issuing Maltese lira banknotes and coins, before Malta adopted the euro
in ...

Policymaking in the European Central Bank

The Masters of Europe's Money

Drawing on numerous interviews with high-ranking and founding members of the European Central Bank (ECB), Karl Kaltenthaler identifies and explains the factors that shape the bank's domestic and international monetary strategies. The policy-making model that offers the best roadmap to a healthy economy is that of the German Bundesbank. To secure the long-term needs of the economy, the decisionmakers in the ECB have created a model that attempts to replicate the Bundesbank's success at the European level and to lend credibility to their own policies. Offering unprecedented access to internal decisionmaking at the ECB, Policymaking in the European Central Bank will interest readers who want to understand this important European institution.

Because the ECB has operated very similarly to the Bundesbank, I argue not only
that the institutional structure of the German central bank has been copied but
that the preferences and norms of the German central bankers have been ...

Central Bank Independence, Targets, and Credibility

Political and Economic Aspects of Delegation Arrangements for Monetary Policy

This book integrates new political and economic elements into the analysis of monetary policy credibility and central bank independence. The author considers imperfect monetary control, rational voters, distributional issues and uncertainty about future policy objectives in his welfare analysis of central banking. The role played by the different institutional elements that contribute to the making of an independent central bank is also assessed. A distinction is made between central bank independence and targets offering new insights into how a more inflation averse monetary policy may actually be achieved. Finally, explanations for the variation of central bank independence and conservatism across different countries are provided. This book will appeal to researchers, academics and policy makers in the fields of monetary policy, financial economics, money and banking and political economy.

Central. Bank. Independence,. Targets. and. Credibility: Motivation. and.
Overview. 1.1. INTRODUCTION. The idea that a welfare gain can be expected
from the creation of an independent central bank has been much debated in the
last ...

Payment Systems, Monetary Policy and the Role of the Central Bank

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.

to assure the private sector that adequate liquidity (that is, base money) will be
supplied by the central banks to the economy as a whole to guarantee a level of
operational efficiency of the system no less than what would be attained under a
 ...

Central Bank Strategy, Credibility, and Independence

Theory and Evidence

Alex Cukierman is well known for his work on central bank behavior. This book brings together a large body of Cukierman's research and integrates it with recent developments in the political economy of monetary policy. Filled with applications and carefully worked out technical detail, it provides a valuable comprehensive analysis of central bank decisions, of the various effects of policy on inflation, and of the feedback from inflationary expectations to policy choices. Cukierman uncovers and analyzes the reasons for positive inflation and rates of monetary expansion. He shows that the money supply, and therefore inflation, are not exogenous. They are influenced by interactions involving distributional considerations, private information, personal motives, and the political environment. This point of view makes it possible to identify the institutional, political, and other features of a country that may be conducive to inflationary environments. Cukierman presents new multidimensional evidence on both legal and actual central bank independence for a sample of up to 70 countries and uses it to investigate the interconnections between the distributions of inflation and of central bank independence. He takes up such issues as why some countries have more independent central banks than others and identifies reasons for the substantial cross country variation in seigniorage. He provides positive explanations for the tendency of central banks, like the US Federal Reserve, to smooth interest rates and to be secretive. Observing that it is likely that the European Economic Community will have a monetary union before the turn of the century, Cukierman applies the techniques of modern political economy to discuss the effect of this change on the commitment to price stability. The book includes simple and advanced materials as well as informal summaries of the major technical results. The introduction contains a modular guide for reading and teaching the material.

Aspects of Central Bank Independence and Their Impact on Policy Outcomes
and the Distribution of Inflation 18.1 Introduction There is a widespread feeling
among economists and other observers of monetary policy that the degree of ...