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Author: Leyli Allanazarova
Publisher: Logos Verlag Berlin GmbH
ISBN: 3832526110
Category : Business & Economics
Languages : en
Pages : 87
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Book Description
The Eurosystem Approach to Monetary Policy and Liquidity Management is related to the banking system, liquidity management, and the efficiency of monetary policy implementation necessary for the monetary and financial stability. Starting from the financial analysis of the current situation in the Eurosystem the effects of the financial crises on liquidity volume are examined. The future perspectives of the Eurosystem's liquidity management are evaluated and its method of monetary policy implementation is compared with the one of the Federal Reserve System. The focus of the work is liquidity management, which is conducted for the sake of permanent provision of liquidity in the interbank market (or money market) that gives the opportunities to more counterparties to receive the appropriate amount of credits. The efficient liquidity management can stimulate the business, and promote economic development. Therefore, the study of liquidity-changing composition and its influences on the overall monetary policy is essential, especially nowadays, when the need to improve the financial systems after the crises has risen.
Author: Leyli Allanazarova
Publisher: Logos Verlag Berlin GmbH
ISBN: 3832526110
Category : Business & Economics
Languages : en
Pages : 87
Get Book Here
Book Description
The Eurosystem Approach to Monetary Policy and Liquidity Management is related to the banking system, liquidity management, and the efficiency of monetary policy implementation necessary for the monetary and financial stability. Starting from the financial analysis of the current situation in the Eurosystem the effects of the financial crises on liquidity volume are examined. The future perspectives of the Eurosystem's liquidity management are evaluated and its method of monetary policy implementation is compared with the one of the Federal Reserve System. The focus of the work is liquidity management, which is conducted for the sake of permanent provision of liquidity in the interbank market (or money market) that gives the opportunities to more counterparties to receive the appropriate amount of credits. The efficient liquidity management can stimulate the business, and promote economic development. Therefore, the study of liquidity-changing composition and its influences on the overall monetary policy is essential, especially nowadays, when the need to improve the financial systems after the crises has risen.
Author: Ulrich Bindseil
Publisher: OUP Oxford
ISBN: 0191608475
Category : Business & Economics
Languages : en
Pages : 288
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Book Description
The first of its kind, this book is entirely dedicated to the implementation of monetary policy. Monetary policy implementation has gone through tremendous changes over the last twenty years, which have witnessed the quiet end of 'reserve position doctrine' and the return of an explicit focus on short-term interest rates. Enthusiastically supported by Keynes and later by the monetarist school, reserve position doctrine was developed mainly by US central bankers and academics during the early 1920s, and at least in the US became the unchallenged dogma of monetary policy implementation for sixty years. The return of interest rate targeting also corresponds largely to the restoration of central banking principles established in the late 19th century. Providing a simple theory of monetary policy implementation, Bindseil goes on to explain the role of the three main instruments (open market operations, standing facilities, and reserve requirements) and reviews their use in the twentieth century. In closing, he summarizes current views on efficient monetary policy implementation.
Author: International Monetary Fund. Monetary and Capital Markets Department
Publisher: International Monetary Fund
ISBN: 1484369483
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
The flexibility shown by the ECB/Eurosystem in adapting its framework, as required by circumstances, has helped improve funding and liquidity conditions. Compared to the situation pre-crisis, the ECB/Eurosystem has provided liquidity against a broader range of collateral and for as long as four years in terms of maturity; extended liquidity in foreign currency; conducted outright purchases of public and private sector assets (now tapering off); and reduced interest rates into negative territory. In these arrangements, policy is directed from the center, but is implemented mostly by the National Central Banks (NCBs); risks are largely shared. Market participants are complimentary about the role the ECB/Eurosystem has played in backstopping the financial system and its forward guidance on monetary policy.
Author: Mr.Simon Gray
Publisher: International Monetary Fund
ISBN: 1455217905
Category : Business & Economics
Languages : en
Pages : 57
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Book Description
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: Otmar Issing
Publisher: Cambridge University Press
ISBN: 9780521788885
Category : Business & Economics
Languages : en
Pages : 220
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Book Description
A non-technical analysis of the monetary policy strategy, institutions and operational procedures of the Eurosystem, first published in 2001.
Author: Marc Dobler
Publisher: International Monetary Fund
ISBN: 1513567780
Category : Business & Economics
Languages : en
Pages : 63
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Book Description
The global financial crisis (GFC) has renewed interest in emergency liquidity support (sometimes referred to as “Lender of Last Resort”) provided by central banks to financial institutions and challenged the traditional way of conducting these operations. Despite a vast literature on the topic, central bank approaches and practices vary considerably. In this paper we focus on, for the most part, the provision of idiosyncratic support, approaching it from an operational perspective; highlighting different approaches adopted by central banks; and also identifying some of the issues that arose during the GFC.
Author: European Central Bank
Publisher:
ISBN:
Category : Banks and banking, Central
Languages : en
Pages : 136
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Book Description
Author: Peter J. N. Sinclair
Publisher: Routledge
ISBN: 1135179778
Category : Business & Economics
Languages : en
Pages : 402
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Book Description
Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Author: Nouriel Roubini
Publisher: Peterson Institute
ISBN: 9780881325300
Category : Business & Economics
Languages : en
Pages : 462
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Book Description
The study calls for a two-track strategy: first, deep multilateral liberalization involving phased but complete elimination of industrial-county protection and deep reduction of protection by at least the middle-income developing countries, albeit on a more gradual schedule; and second, immediate free entry for imports from high risk low-income countries (heavily indebted poor countries, least developed countries, and sub-Saharan Africa), coupled with a 10-year tax holiday for direct investment in these countries.
Author: William Arrata
Publisher: International Monetary Fund
ISBN: 1484386914
Category : Business & Economics
Languages : en
Pages : 45
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Book Description
Most short-term interest rates in the Euro area are below the European Central Bank deposit facility rate, the rate at which the central bank remunerates banks’ excess reserves. This unexpected development coincided with the start of the Public Sector Purchase Program (PSPP). In this paper, we explore empirically the interactions between the PSPP and repo rates. We document different channels through which asset purchases may affect them. Using proprietary data from PSPP purchases and repo transactions for specific (“special") securities, we assess the scarcity channel of PSPP and its impact on repo rates. We estimate that purchasing 1 percent of a bond outstanding is associated with a decline of its repo rate of 0.78 bps. Using an instrumental variable, we find that the full effect may be up to six times higher.
