foreign exchange instability and central bank swap lines

... market information 2) PBOC and Synthetic For Forward Exchange (SAFE) regulatory authorities 3) Designated foreign exchange banks and non -bank financial institutions and non-financial enterprises ... expansion of foreign exchange swap activity with the number of market participants increasing and swap exchange rates becoming more flexible H I S T O R I C A L D E V E L O P M E N T (3) 1994 and post-1994 ... central control All the profits or costs occurred in the foreign exchange market had to be recorded or approved by state-owned bank or the People’s Bank Of China(PBOC) (2) 1979-1993 :Foreign Exchange...

Ngày tải lên: 23/12/2015, 15:36

... Triennial Central Bank Survey 2010 I Background on the Triennial Central Bank Survey In April this year, 53 central banks and monetary authorities participated in the eighth Triennial Central Bank ... forwards and foreign exchange swaps This expression excludes currency swaps and currency options, which are under OTC instruments Beginning with the 2010 survey, the expression “global foreign exchange ... five foreign exchange instruments The analysis will henceforth distinguish between spot transactions and other related foreign exchange instruments (outright forwards, foreign exchange swaps,...

Ngày tải lên: 06/03/2014, 02:21

... the MPC and the UK monetary policy process, see Bean (2001) and www.bankofengland.co.uk/monetarypolicy/ framework.htm These are published at www.bankofengland.co.uk Vol No Bank of England Interest ... firms, hedge funds, corporations, and central banks 244 International Journal of Central Banking September 2010 smaller hedge funds, the majority of foreign exchange market customers typically ... Price Discovery in Foreign Exchange. ” American Economic Review 93 (1): 38–62 Bank for International Settlements 2007 “Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity...

Ngày tải lên: 06/03/2014, 14:20

... Chairmen and Board members and can influence legislation Overall: Fed is one of the most independent central banks in the world Copyright  2011 15 - Central Bank Independence Other Central Banks ... in order to influence exchange rates Copyright  2011 15 - Central Banking Services As Canada’s central bank, the Bank of Canada: • serves as the lender of last resort if a bank faces a liquidity ... Debt and Asset Management Services Central Banking Services Monetary Policy Copyright  2011 15 - Bank Note Issue • Before the creation of the Bank, the federal government and the early banks...

Ngày tải lên: 05/01/2014, 16:57

... US Federal Reserve After Central bank rates, market rates and retail bank rates in the euro area in the context of the recent crisis Chart 1 Use of the deposit facility and euro area money market ... Ireland Italy Portugal Spain Source : Thomson Reuters Datastream L –2 2011 L 2009 L 2007 L 2005 L 2003 L 2001 Country level L 1999 2.2 L 1997 –2 Central bank rates, market rates and retail bank ... ensure optimal correspondence between the maturities on public and private bonds 34 Central bank rates, market rates and retail bank rates in the euro area in the context of the recent crisis...

Ngày tải lên: 15/02/2014, 05:20

... and Development 5.4 ECB participation in informal fora for finance ministers and central bank governors 5.4.1 G7 finance ministers and central bank governors 5.4.2 G10 finance ministers and central ... to carry out central bank functions for the euro, and not a single central bank: The establishment of a single central bank for the whole euro area (possibly concentrating central bank business ... compiling and distributing money and banking, balance of payments and other financial statistics for the euro area; • developed frameworks for conducting foreign exchange operations and for holding and...

Ngày tải lên: 16/02/2014, 10:20

... Meirelles, Central Bank of Brazil Lucas Papademos, European Central Bank Tarisa Watanagase, Bank of Thailand Zeti Akhtar Aziz, Central Bank of Malaysia Zhou Xiaochuan, People’s Bank of China BIS: Central ... II) The only mandate held by almost all central banks in the group was the oversight of payment systems The Bank of Thailand was one of the few central banks that had the mandate and powers ahead ... use of public funds Adequate legal protection for central banks and central bank officials is therefore needed BIS: Central bank governance and financial stability 23 II Financial stability responsibilities...

Ngày tải lên: 16/02/2014, 10:20

... Pennsylvania), and Simone Manganelli (ECB) The management of foreign exchange reserves is an important task undertaken by central banks Depending on the design of exchange rate arrangements and the ... reserves Central bank foreign reserves risk management can contribute to these objectives by managing and controlling the exposure to financial and operational risks In recent years, many central banks ... described by Cardon and Coche He argues that for central bank foreign risk management, it is crucial to understand the interplay between investment objectives and investment guidelines A thorough...

Ngày tải lên: 16/02/2014, 10:20

... Errors: Reserve Bank, NZIER and the National Bank of New Zealand.” Mimeo, Reserve Bank of New Zealand Rosenberg, I 2007 “Riksbank to Introduce Own Path for the Repo Rate.” Speech at Danske Bank, Stockholm, ... in the United States, the euro area, and New Zealand in light of the communication strategies of central banks We found evidence for New Zealand that central bank forecasts of policy rates influence ... and improve macroeconomic performance Much of the literature on the effect of central bank transparency has focused on the effects of central bank transparency about exogenous state variables and...

Ngày tải lên: 17/02/2014, 03:20

... communications by central banks to identify “news” about their recent programs of asset purchases We concentrate on the programs of the Federal Reserve and the Bank of England These central banks both ... Central Bank Announcements of Asset Purchases and the Impact on Global Financial and Commodity Markets Reuven Glick and Sylvain Leduc Economic Research Department Federal Reserve Bank of ... interest rates, exchange rates, and commodity prices on each announcement day, as well as the cumulative effect over all announcements by the Federal Reserve and Bank of England Tables and report...

Ngày tải lên: 17/02/2014, 03:20

... Lombra and Torto, 1977; Thornton, 1986 and 1994; Cook and Hahn, 1988 and 1989; and Radecki and Reinhart, 1994), the Bank of England (Dale, 1993), the Bank of Canada (Paquet and Pérez, 1995), and ... central bank policy.1 Attention focuses here on the relationship between interbank rates and the interest rates on the two standing facilities of the Deutsche Bundesbank, namely the Lombard and ... prices and other central bank rates (such as that on repurchase operations) and official rates in other countries.2 I The Bundesbank’s Monetary Instruments and Operating Procedures The Bundesbank...

Ngày tải lên: 06/03/2014, 02:21

... turnover in foreign exchange (FX) spot, forwards, and swaps as the foreign exchange part of the survey Trading in forward rate agreements (FRAs), currency and interest rate swaps, foreign exchange ... Survey and the Foreign Exchange Committee’s Semi-Annual Survey of North American Foreign Exchange Volume Since October 2004, the Federal Reserve Bank of New York has collected and published foreign ... in the FXC survey are limited to spot, outright forwards, foreign exchange swaps, and total foreign exchange options Currency swaps and single-currency interest rate derivatives are excluded...

Ngày tải lên: 06/03/2014, 02:21

... by central banks, shall be given the same treatment by national central banks and the ECB as private credit institutions Article 22 Clearing and payment systems The ECB and national central banks ... national central banks may: — establish relations with central banks and financial institutions in other countries and, where appropriate, with international organizations; — acquire and sell spot and ... expanded capital key, between the weighting of the entering national central banks concerned and the weighting of the national central banks already members of the ESCB Each national central bank' s...

Ngày tải lên: 06/03/2014, 10:20

... BIS (1996), Central Bank Survey of Foreign Exchange and Derivatives Market Activity 1995, Bank for International Payment, Basle —— (1999a), Central Bank Survey of Foreign Exchange and Derivatives ... Central Bank Survey of Foreign Exchange and Derivatives Market Activity in 2001, Bank of International Settlement, Basle —— (2005), Triennial Central Bank Survey of Foreign Exchange and Derivatives ... Market Activity in 2004, Bank of International Settlement, Basle —— (2007), Triennial Central Bank Survey of Foreign Exchange and Derivative Market Activity in 2007, Bank of International Settlement,...

Ngày tải lên: 07/03/2014, 18:20

... central bank   Fear of centralized power Distrust of moneyed interests • First U.S experiments with a central bank terminated in 1811 and in 1836 • No lender of last resort   Nationwide bank ... 12-18 European Central Bank • Patterned after the Federal Reserve • Central banks from each country play similar role as Fed banks • Executive Board   President, vice-president and four other ... the Federal Reserve Banks (cont’d) • Act as liaisons between the business community and the Federal Reserve System • Examine bank holding companies and statechartered member banks • Collect data...

Ngày tải lên: 10/03/2014, 19:20

... central banks send, concentrating mainly on three major central banks: the Federal Reserve System, the Bank of England, and the European Central Bank. 14 We first split the vector of central bank ... the Bank of England were early and enthusiastic converts to greater transparency, and Norges Bank (the central bank of Norway) and Sveriges Riksbank (the central bank of Sweden) may now be in ... for years by the Reserve Bank of New Zealand (RNBZ) and, more recently, by Norges Bank and Sveriges Riksbank New Zealand has the longest history of doing so by far, and David Archer (2004) provides...

Ngày tải lên: 15/03/2014, 10:20

... Employers, and Central Banks: Wage Bargaining and Macroeconomic Performance in an Integrating Europe Cambridge: Cambridge University Press Froyen, R T and Waud, R N (1995) Central bank independence and ... P and Stasavage, D (1999) Bureaucratic delegation and political institutions: when are independent central banks irrelevant? World Bank, mimeo Kilponen, J (1999a) Central bank independence and ... Loungani, K P and Sheets, N (1997) Central bank independence, inflation, and growth in transition economies Journal of Money, Credit and Banking, 29, 381±399 Mangano, G (1998) Measuring central bank independence:...

Ngày tải lên: 15/03/2014, 10:20

... have been made by the inflation-targeting central banks, among which banks such as the Sveriges Riksbank, the Bank of England, and the Reserve Bank of New Zealand have been especially important innovators ... central- bank communication is developed especially in Amato, Morris and Shin (2002) and Amato and Shin (2003) 16 See, for example, the discussion in the Economist (2004), and by Kohn (2005) and ... within the bank, but that is also used to explain the bank s decisions to the public 1.1 Central Banking as Management of Expectations It is important for the public to understand the central bank s...

Ngày tải lên: 15/03/2014, 10:20

... are those of the authors and not necessarily represent those of the European Central Bank or of the Eurosystem Banco de España European Central Bank © European Central Bank, 2001 Address Kaiserstrasse ... a central bank One of these reasons is related to the notion of credibility Credibility is ultimately driven by the ability and track record of the central bank in fulfilling its mandate, and ... EUROPEAN CENTRAL BANK W O R K I N G PA P E R S E R I E S WORKING PAPER NO 192 IS THE EUROPEAN CENTRAL BANK (AND THE UNITED STATES FEDERAL RESERVE) PREDICTABLE? BY GABRIEL PEREZ-QUIROS1 AND JORGE...

Ngày tải lên: 15/03/2014, 14:20

... discussion and provoke comments Any references to discussion papers should clearly state that the paper is preliminary Materials published in this series may be subject to further publication Central Bank ... Jul-05 -20000 Dec-05 -1000 -8000 -1000 Feb-05 -10000 -400 -3000 deposits of the banking sector w ith the central bank -500 -500 sterilization Apr-04 -200 FX interventions 500 FX interventions ... mértékben a román jegybank által bejelentett hivatalos céllal egybeesik Ez csak részben mondható el Szlovákia és Törökország esetében Úgy találjuk, hogy Horvátország kivételével a jegybankok a devizapiaci...

Ngày tải lên: 15/03/2014, 14:20