or central bank balance sheet policies

CURRENCY BOARD OR CENTRAL BANK? Lessons from the Irish Pound''''s Link with Sterling, 1928-79 ppt

CURRENCY BOARD OR CENTRAL BANK? Lessons from the Irish Pound''''s Link with Sterling, 1928-79 ppt
Ngày tải lên : 06/03/2014, 14:20
... Broken?"), Central Bank of Ireland, Annual Report, 82-90 32 Table 1: CENTRAL BANK OF IRELAND: SIMPLIFIED BALANCE SHEET / -End-March -\ £ million 1935 1945 1955 1965 Assets Foreign ... authorities" contained in the Bank' s 1950-51 Annual Report This led to a protracted public controversy which was followed by the early retirement of the Bank' s Governor For how long did the Central ... the Minister for Finance rather than the Central Bank who attempted moral suasion over bank interest rates Such persuasion was effective for the first time in 1955, when the Irish banks were prevailed...
  • 39
  • 480
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
To Cut or Not to Cut? That is the (Central Bank’s) Question In Search of the Neutral Interest Rate in Latin America pdf

To Cut or Not to Cut? That is the (Central Bank’s) Question In Search of the Neutral Interest Rate in Latin America pdf
Ngày tải lên : 15/03/2014, 14:20
... Numbers: E43, E52, E58, E61 Keywords: central bank, neutral interest rate, monetary stance, macrorpudential policies Authors’ E-Mail Addresses: nmagud@imf.org; etsounta@imf.org The paper has benefited ... Montoro, and V Tuesta, 2006, “Measuring the Natural Interest Rate for the Peruvian Economy," Working Paper 2006-003, Central Reserve Bank of Peru Central Bank of Brazil, 2012, Inflation Report, ... Segura (2012) and Central Bank of Brazil (2012) for details) 17 Next, results for each approach are described in more detail Static methodologies are usually more appropriate for economies with...
  • 48
  • 504
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Thuyết trình tài chính quốc tế Can central bank’s monetary policy be described by a linear (augmented) Taylor rule or by a monetary rule

Thuyết trình tài chính quốc tế Can central bank’s monetary policy be described by a linear (augmented) Taylor rule or by a monetary rule
Ngày tải lên : 14/07/2015, 08:34
... controlling for nonlinearities, the ECB and the nonlinearities, the ECB and the other two cen- tral banks are still other two cen- tral banks are still (or not) reacting to the information (or not) ... of orthogonality conditions is imposed ) is a vector of  Where vt (vt∈ instrumental variables within the central bank s information set at the time it chooses the interest rate and that are orthogonal ... Taylor rule for both countries The Fed has been following an average target for inflation of about 3.5% from 10/1982 to 12/2007 and about 2% for the BOE 10/1992-12/2007 • These two central banks...
  • 59
  • 1.1K
  • 0
  1. Tài Chính - Ngân Hàng
  2. Tài chính doanh nghiệp
Tại sao gọi là FED mà không gọi là Central Bank

Tại sao gọi là FED mà không gọi là Central Bank
Ngày tải lên : 17/10/2013, 13:15
... FED Bank New York (Federal Reserve Bank of New York) nắm đa số cổ phần, chiếm 53% cổ phần định toàn hoạt động FED Trong FED Bank New York Citibank J.P.Morgan Chase Co nắm đa số cổ phần Citibank ... Vanderlip – Chủ tịch National Bank City; Henry P Davision – cổ đông cao cấp Công ty J.P.Morgan; Charles D.Norton – Chủ tịch First National Bank; Benjamin Strong – trợ lý J.P.Morgan Nhóm làm việc Nelson ... J.P Morgan, James J.Hill, George Berk (Chủ tịch First National Bank) trực thuộc Tập đoàn Morgan; người lại John Rockefeller, William Rockefeller, James Stillman (Chủ tịch National City Bank) ,...
  • 11
  • 568
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Tài liệu Central bank rates, market rates and retail bank rates in the euro area in the context of the recent crisis docx

Tài liệu Central bank rates, market rates and retail bank rates in the euro area in the context of the recent crisis docx
Ngày tải lên : 15/02/2014, 05:20
... short-term loans to non-financial corporations Long-term lending rates correspond to the interest rates on loans of more than one year In general, the same observations can be made as for short-term ... of short-term interest rates offered to non-financial corporations is attributable to the relatively high level of very short-term maturities for loans to and deposits of non-financial corporations  ... weakening of their balance sheets With respect to lending rates, interest rates on shortterm loans to non-financial corporations include rates on loans of less than one year for amounts above and...
  • 26
  • 1K
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Tài liệu INFLATION-LINKED BONDS FROM A CENTRAL BANK PERSPECTIVE pptx

Tài liệu INFLATION-LINKED BONDS FROM A CENTRAL BANK PERSPECTIVE pptx
Ngày tải lên : 16/02/2014, 02:20
... inflation-linked debt under independent central banks and pricestability oriented monetary policies The independence of central banks and stabilityoriented monetary policies are also likely to curb ... indicators of expected inflation, and their importance as a tool for monetary policy will increase over time The usefulness of monitoring BEIRs for a central bank, however, hinges on the information ... by the private sector A closely related but more subtle argument against indexing of the public debt is that its issuance could reduce support for the central bank in its efforts to maintain price...
  • 50
  • 601
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Tài liệu THE EUROPEAN CENTRAL BANK: HISTORY, ROLE AND FUNCTIONS pptx

Tài liệu THE EUROPEAN CENTRAL BANK: HISTORY, ROLE AND FUNCTIONS pptx
Ngày tải lên : 16/02/2014, 10:20
... central bank governors 5.4.1 G7 finance ministers and central bank governors 5.4.2 G10 finance ministers and central bank governors 5.4.3 G20 finance ministers and central bank governors 5.4.4 Financial ... Stability Forum 5.4.5 Bank for International Settlements and central bank fora 143 143 145 146 146 148 149 149 150 150 151 151 CHAPTER The ECB as a corporate entity 6.1 Mission statement 6.2 Corporate ... international organisations 5.3.1 International Monetary Fund 5.3.2 Organisation for Economic Co-operation and Development 5.4 ECB participation in informal fora for finance ministers and central bank...
  • 232
  • 1.3K
  • 1
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Tài liệu Central bank governance and financial stability: A report by a Study Group doc

Tài liệu Central bank governance and financial stability: A report by a Study Group doc
Ngày tải lên : 16/02/2014, 10:20
... central bank needs to have control over its balance sheet The greater the responsibility afforded the central bank for emergency actions to support financial stability, the greater the central bank s ... Banks None or very minor Intermediate Major or full Source: BIS survey of participating central banks, conducted in 2009 Recalling from Table that in our sample the central bank played a major ... crisis measures for payment systems, central bank mandates for crisis actions are typically grounded in law explicitly – at least among this set of central banks (Table 5) For central banks’ role...
  • 91
  • 725
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Tài liệu RISK MANAGEMENT FOR CENTRAL BANK FOREIGN RESERVES pdf

Tài liệu RISK MANAGEMENT FOR CENTRAL BANK FOREIGN RESERVES pdf
Ngày tải lên : 16/02/2014, 10:20
... 315 331 343 361 Foreword Risk management is a key element of sound corporate governance in any financial institution, including central banks In particular, central banks, in performing their policy ... guidelines for the management of central bank foreign reserves is substantially more difficult compared to the portfolio management world of private sector financial institutions, pension funds, or other ... relative to foreign exchange reserves In general, the 50 Claessens and Kreuser structure of balance sheets, whether of the sovereign, the banking system or the corporate sector, have received more attention...
  • 370
  • 1.6K
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Tài liệu Which Bank Is the “Central” Bank? An Application of Markov Theory to the Canadian Large Value Transfer System doc

Tài liệu Which Bank Is the “Central” Bank? An Application of Markov Theory to the Canadian Large Value Transfer System doc
Ngày tải lên : 16/02/2014, 12:20
... topology, interbank, money markets Bech: Federal Reserve Bank of New York (e-mail: morten.bech@ny.frb.org) Chapman: Bank of Canada (e-mail: jchapman@bankofcanada.ca) Garratt: University of California, ... probability matrix for the LVTS using the normalized BCL vectors for each bank This approach is based on the premise that money flows out of a bank in the proportions given by the BCLs the bank has with ... The algorithm was started at θi equal to 0.5 for all banks except for bank eleven which was set at (roughly) 0.3 After this, the MCMC algorithm was run for 530,000 iterations and a posterior sample...
  • 20
  • 438
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Tài liệu Central Bank Policy Rate Guidance and Financial Market Functioning∗ doc

Tài liệu Central Bank Policy Rate Guidance and Financial Market Functioning∗ doc
Ngày tải lên : 17/02/2014, 03:20
... one-for-one with surprises in central bank forecasts This may suggest that market participants ignore central bank forecasts to a large degree, which may be perceived as damaging the central bank s ... Vol No Central Bank Policy Rate Guidance 199 CB rate on the day before publication of the forecast, and Et−1 fn (t) is the market’s expectation of the central bank s forecast on the day prior to ... about the central banks’ intentions (which is not to say that the content of the forecast does not convey information about the central banks’ intentions).15 However, if a central bank only sometimes...
  • 34
  • 973
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Tài liệu Do Central Bank Liquidity Facilities Affect Interbank Lending Rates? ppt

Tài liệu Do Central Bank Liquidity Facilities Affect Interbank Lending Rates? ppt
Ngày tải lên : 17/02/2014, 03:20
... swap, and corporate yields They use two factors to describe Treasury yields, two factors for the credit spreads of financial corporate bonds, one factor for LIBOR rates, and one factor for swap rates—with ... Statistics for Six-Factor Model Fitted Errors This table provides the mean and RMSE of the model fitted errors in basis points for Treasury bond yields, LIBOR rates, and corporate bond yields for U.S banks ... curvature factors In addition, the LIBOR factor influences the dynamics of the corporate slope factor, the Treasury slope factor and the Treasury curvature factor This result suggests that short-term...
  • 38
  • 376
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Tài liệu Central Bank Announcements of Asset Purchases and the Impact on Global Financial and Commodity Markets docx

Tài liệu Central Bank Announcements of Asset Purchases and the Impact on Global Financial and Commodity Markets docx
Ngày tải lên : 17/02/2014, 03:20
... several channels through which central bank asset purchases may affect longterm interest rates One channel works through the portfolio balance effects of central bank asset purchases that reduce ... program has been financed by the issuance of central bank reserves, leading to a sharp increase in its balance sheet More recently, in the fall 2010, the Bank of Japan also announced a new asset-purchase ... announcement that makes investors feel that conditions are worse than originally perceived or that heightens risk concerns may lead investors to increase their demand for Treasuries, lowering their...
  • 48
  • 1.5K
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Anticipation and Surprises in Central Bank Interest Rate Policy ppt

Anticipation and Surprises in Central Bank Interest Rate Policy ppt
Ngày tải lên : 06/03/2014, 02:21
... share the approach of using two official rates to form a corridor for short-term rates; the decision has been taken that the European Central Bank will also have two standing facilities There ... efficient for this procedure to be valid, because the errors in the estimates of expectations will be orthogonal to other error terms by construction Moreover, since changes in the central bank rates ... different before 1985 when open market operations were much less important 656 DANIEL C HARDY recorded on Thursday and those recorded on Friday Therefore, the corresponding information sets...
  • 25
  • 428
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Triennial Central Bank Survey: Foreign exchange and derivatives market activity in April 2010 pptx

Triennial Central Bank Survey: Foreign exchange and derivatives market activity in April 2010 pptx
Ngày tải lên : 06/03/2014, 02:21
... Background on the Triennial Central Bank Survey In April this year, 53 central banks and monetary authorities participated in the eighth Triennial Central Bank Survey of Foreign Exchange and Derivatives ... same time as most participating central banks and monetary authorities release their national survey results.5 The BIS plans to publish a more detailed report for foreign exchange markets in November ... Korean won, have benefited at the margin from a refinement in the data collection process, which encouraged reporting banks to report turnover for a more comprehensive set of currency pairs For...
  • 27
  • 614
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
WORKING PAPER SERIES NO 868 / FEBRUARY 2008: PURDAH ON THE RATIONALE FOR CENTRAL BANK SILENCE AROUND POLICY MEETINGS pptx

WORKING PAPER SERIES NO 868 / FEBRUARY 2008: PURDAH ON THE RATIONALE FOR CENTRAL BANK SILENCE AROUND POLICY MEETINGS pptx
Ngày tải lên : 06/03/2014, 09:22
... information coupled with central banks’ focal role as market coordinator; although Svensson (2006) challenges that central bank information may not be sufficiently noisier than private information In a ... of the information content of central bank communication is not ensured This special case study therefore yields important insights into the limits to central bank transparency ECB Working Paper ... certain circumstances central banks consider communication to be undesirable – even if, or precisely because they have superior information – thus stressing the limits to central bank transparency...
  • 39
  • 669
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
PROTOCOL ON THE STATUTE OF THE EUROPEAN SYSTEM OF CENTRAL BANKS AND OF THE EUROPEAN CENTRAL BANK pdf

PROTOCOL ON THE STATUTE OF THE EUROPEAN SYSTEM OF CENTRAL BANKS AND OF THE EUROPEAN CENTRAL BANK pdf
Ngày tải lên : 06/03/2014, 10:20
... right to authorize the issue of banknotes within the Community The ECB and the national central banks may issue such notes The banknotes issued by the ECB and the national central banks shall ... accordance with Article 101 of this Treaty, overdrafts or any other type of credit facility with the ECB or with the national central banks in favour of Community institutions or bodies, central ... national central banks in accordance with guidelines to be established by the Governing Council 32.3 If, after the start of the third stage, the balance sheet structures of the national central banks...
  • 14
  • 1K
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Central Bank pptx

Central Bank pptx
Ngày tải lên : 10/03/2014, 19:20
... Addison-Wesley All rights reserved 16-10 Implicit Nominal Anchor • Forward looking and preemptive • Advantages    Uses many sources of information Avoids time-inconsistency problem Demonstrated ... real output is an important concern  Output gap is an indicator of future inflation as shown by Phillips curve • NAIRU  Rate of unemployment at which there is no tendency for inflation to change ... making decisions • Increased transparency of the strategy • Increased accountability of the central bank Copyright © 2007 Pearson Addison-Wesley All rights reserved 16-6 Inflation Targeting II...
  • 18
  • 440
  • 0
  1. Ngoại Ngữ
  2. Anh văn thương mại
Central Bank and FED pptx

Central Bank and FED pptx
Ngày tải lên : 10/03/2014, 19:20
... commercial banks in the district that are members of the Fed system • Member banks elect six directors for each district; three more are appointed by the Board of Governors    Three A directors are ... directors are professional bankers Three B directors are prominent leaders from industry, labor, agriculture, or consumer sector Three C directors appointed by the Board of Governors are not allowed ... officers, employees, or stockholders of banks Copyright © 2007 Pearson Addison-Wesley 12-5 Federal Reserve Banks (cont’d) • Member banks elect six directors for each district; three more are appointed...
  • 25
  • 862
  • 1
  1. Ngoại Ngữ
  2. Anh văn thương mại
WORKING PAPER SERIES NO 898 / MAY 2008: CENTRAL BANK COMMUNICATION AND MONETARY POLICY A SURVEY OF THEORY AND EVIDENCE doc

WORKING PAPER SERIES NO 898 / MAY 2008: CENTRAL BANK COMMUNICATION AND MONETARY POLICY A SURVEY OF THEORY AND EVIDENCE doc
Ngày tải lên : 15/03/2014, 10:20
... addition, the central bank may have, or may be believed to have, superior information on the economic outlook Central banks usually devote many more resources than private sector forecasters to forecasting ... 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 ... Reserve Bank of New Zealand and 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...
  • 57
  • 1.2K
  • 0
  1. Tài Chính - Ngân Hàng
  2. Ngân hàng - Tín dụng
Xem thêm