Sebanyak 1592 item atau buku ditemukan

Central Bank Reserve Management

New Trends, from Liquidity to Return

This book addresses the welfare gains and costs of accumulating foreign exchange reserves and the implications for the functioning of the global financial system. The tremendous growth of central bank reserves has led to an increased focus on raising returns in addition to the traditional preference central banks have for maintaining liquid portfolios. Issues such as asset and currency diversification, the impact of new accounting rules and the profit distribution agreements with the government are analysed, adding new insights to the current debate on the optimal size of central bank reserves. This book brings together a wide range of experts from central banks, investment banks and the academic community.

The obligor is the Treasury in the former case and both the Treasury and the
Bangko Sentral in the latter case. Another exception among monetary authorities
is Hong Kong, where only a small fraction of reserves are financed with
Exchange ...

Bank Indonesia

menuju independensi bank sentral

Independency of Bank Indonesia, the central bank of Indonesia.

Independency of Bank Indonesia, the central bank of Indonesia.

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 ...