|
Showing 1 - 25 of
29 matches in All Departments
Central banks have evolved over many years, and sometimes
centuries, as policy-making, not profit-making, institutions, and
yet they are structured legally and financially like 'for-profit'
companies of the twenty-first century. The question is what is an
appropriate level of equity, or capital, for a central bank to have
so that it can function for policy effectiveness over
profit-maximisation, without hindrance to the achievement and
maintenance of policy goals?
This collection takes the reader through historical, theoretical
and factual discussions on why central banks exist and the role -
actual and intended - they have in assisting their home nation in
achieving monetary and financial stability. The contributions
analyse the different ways central banks are funded and how funding
arrangements may impact on their independence. The objective is to
explore these themes first from the academic and practitioner's
views - those of the economist, accountant and lawyer's - and then
to introduce practical experiences from a range of different
central banks, in terms of their economic and socio-political
environments. It will be the first time that the theorist and
practitioner, the accountant, the economist and the lawyer come
together in one volume. The reader will be able to access the full
breadth of views on this important subject.
The main observations are that there is no single, quantifiable
formula that central banks can use to calculate capital levels.
Factors to consider are the historical context of central banks and
whether capital was ever appropriate to needs at their foundation;
the cultural, social and political contexts; and, in terms of the
presentation of financial statements, profit and loss sharing
arrangements and what accounting conventions are being used. If
these are considered alongside the, often idiosyncratic, mandates
individual central banks have, a qualitative understanding of what
is an appropriate level of capital is achieved. This collection
will be of interest to postgraduates and researchers focusing on
the role of central banks in monetary economics; as well as a
professional audience of central bankers, the BIS, the IMF, World
Bank, EBRD and government departments.
Central banks have evolved over many years, and sometimes
centuries, as policy-making, not profit-making, institutions, and
yet they are structured legally and financially like 'for-profit'
companies of the twenty-first century. The question is what is an
appropriate level of equity, or capital, for a central bank to have
so that it can function for policy effectiveness over
profit-maximisation, without hindrance to the achievement and
maintenance of policy goals? This collection takes the reader
through historical, theoretical and factual discussions on why
central banks exist and the role - actual and intended - they have
in assisting their home nation in achieving monetary and financial
stability. The contributions analyse the different ways central
banks are funded and how funding arrangements may impact on their
independence. The objective is to explore these themes first from
the academic and practitioner's views - those of the economist,
accountant and lawyer's - and then to introduce practical
experiences from a range of different central banks, in terms of
their economic and socio-political environments. It will be the
first time that the theorist and practitioner, the accountant, the
economist and the lawyer come together in one volume. The reader
will be able to access the full breadth of views on this important
subject. The main observations are that there is no single,
quantifiable formula that central banks can use to calculate
capital levels. Factors to consider are the historical context of
central banks and whether capital was ever appropriate to needs at
their foundation; the cultural, social and political contexts; and,
in terms of the presentation of financial statements, profit and
loss sharing arrangements and what accounting conventions are being
used. If these are considered alongside the, often idiosyncratic,
mandates individual central banks have, a qualitative understanding
of what is an appropriate level of capital is achieved. This
collection will be of interest to postgraduates and researchers
focusing on the role of central banks in monetary economics; as
well as a professional audience of central bankers, the BIS, the
IMF, World Bank, EBRD and government departments.
The transmission mechanism of monetary policy explains how monetary
policy works - which variables respond to interest rate changes,
when, why, how, how much and how predictably. It is vital that
central banks and their observers, worldwide, understand the
transmission mechanism so that they know what monetary policy can
do and what it should do to stabilize inflation and output. The
volume sets out different aspects of the transmission mechanism.
Some chapters scrutinize the relevance of practical issues such as
asymmetries, recent structural changes and estimation errors using
data on the USA, the Euro area and developing countries. Other
chapters focus on modelling crucial aspects such as productivity,
the exchange rate and the monetary sector. These issues are
counterpointed by contributions that analyse monetary policy in
Japan and the UK.
|
|