Download or read book Global Liquidity through the Lens of Monetary Aggregates written by Kyuil Chung and published by International Monetary Fund. This book was released on 2014-01-24 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how the financial activities of non-financial corporates (NFCs) in international markets potentially affects domestic monetary aggregates and financial conditions. Monetary aggregates reflect, in part, the activities of NFCs, who channel capital market financing into the domestic banking system, thereby influencing funding conditions and credit availability. Periods of capital inflows are also those when the domestic currency is appreciating, and such periods of rapid exchange rate appreciation coincide with increases in the central bank’s foreign exchange reserves, increasing the stock of narrow money. The paper examines economic significance of cross-country panel data on monetary aggregates and other measures of non-core bank liabilities. Non-core liabilities that reflect the activities of NFCs reflect broad credit conditions and predict global trade and growth.
Download or read book Issues in Monetary Policy written by Kent Matthews and published by John Wiley & Sons. This book was released on 2006-02-22 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the Bank of England was made independent in 1997, the conduct of monetary policy has been relatively uncontroversial. The debates between Keyneisans, monetarists and supporters of fixed exchange rate mechanisms now appear very distant. Despite the apparent consensus there are many issues related to the conduct of monetary policy that are not yet settled and which will soon come to the fore. Is the current form of independence for the Bank of England appropriate? Should a central bank target inflation or the prices level? How does a central bank deal with asset price deflation? Should more account be taken of monetary aggregates? Should central banks target asset prices? What is the relationship between the money supply and asset price inflation? How should central banks ensure financial stability? The IEA was at the forefront of changing the parameters of the debate surrounding monetary policy in the 1970s and 1980s. This text, brings together some of the leading authors in the field, including the current Governor of the Bank of England, to discuss current issues in monetary policy and the relationship between monetary policy and financial markets. It is appropriate for undergraduates and postgraduates in economics and finance as well as for practitioners in financial markets.
Download or read book Monetary Policy Strategy written by Frederic S. Mishkin and published by MIT Press. This book was released on 2007 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategydescribes his work over the last ten years, offering published papers, new introductory material, and a summing up, "Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask," which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anch fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.
Download or read book Conditionality in Evolving Monetary Policy Regimes written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-05-03 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.
Download or read book Monetary Policy Implementation Operational Issues for Countries with Evolving Monetary Policy Frameworks written by Nils Mæhle and published by International Monetary Fund. This book was released on 2020-02-07 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses operational issues for countries that want to reform their monetary policy frameworks. It argues that stabilizing short-term interest rates on a day-to-day basis has significant advantages, and thus that short-term interest rates, not reserve money, in most cases should be the daily operating target, including for countries relying on a money targeting policy strategy. The paper discusses how a policy formulation framework based on monetary aggregates can be combined with an operational framework that ensures more stable and predictable short-term rates to enhance policy transmission. It also discusses how to best configure an interest-rate-based operational framework when markets are underdeveloped and liqudity management capacity is weak.
Download or read book Monetary Policy written by N. Gregory Mankiw and published by University of Chicago Press. This book was released on 2007-12-01 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Monetary Policy, leading monetary economists discuss applied aspects of monetary policy and offer practical new research on the timing, magnitude, and channels of central banking actions. Some of the papers in this volume evaluate a variety of policy rules based on monetary aggregates, nominal income, commodity prices, and other economic variables. Others analyze price behavior and inflation, particularly the short-run behavior of prices. Still others examine the monetary transmission mechanism—the channel through which the central bank's actions affect spending on goods and services—with a special focus on the reduction in bank lending that must accompany a reduction in reserves. This new research will be of special interest to central bankers and academic economists.
Download or read book Evolving Monetary Policy Frameworks in Low Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
Download or read book Resilience Dynamism Trust written by Monetary Authority of Singapore and published by Co-Published with World Scientific. This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreword: A Perennial Goal: Coupling Prudence with Innovation (Tharman Shanmugaratnam); MAS Leaders; List of Abbreviations; Evolution of a Central Bank: Establishing the Monetary Authority of Singapore (Hon Sui Sen); Why a Currency Board? (Goh Keng Swee); Prudence, Stability, Confidence: The Fundamentals of Good Government and Sound Central Banking (Goh Chok Tong); Macroeconomic Policies in Singapore: Principles, Milestones and Future Prospects (Richard Hu); Credibility, Confidence, Dynamism: MAS in the New Economic and Financial Landscape (Lee Hsien Loong); MAS at Forty: Past Contributions, Future Challenges (Lee Hsien Loong); Building Credibility (Tharman Shanmugaratnam); Monetary Policy and Reserve Management: How to Cope with Inflation with Particular Reference to Singapore (Michael Wong Pakshong); Which of the Monetary Aggregates Does MAS Watch? (Goh Keng Swee); Why a Strong Singapore Dollar? (Goh Keng Swee); Exchange Rate Policy: Philosophy and Conduct over the Past Decade (Teh Kok Peng and Tharman Shanmugaratnam); MAS Merges with Board of Commissioners of Currency, Singapore (Lim Hng Kiang); Asian Monetary Integration: Will It Ever Happen? (Tharman Shanmugaratnam); Getting in All the Cracks or Targeting the Cracks? Securing Financial Stability in the Post-Crisis Era (Ravi Menon); How Singapore Manages Its Reserves (Ravi Menon); Financial Regulation and Supervision: Supervision of a Regional Financial Centre (Michael Wong Pakshong); Regulation and Development of the General Insurance Industry (Law Song Keng); Strengthening the Framework for Banking Supervision (Goh Keng Swee); Recent Turbulence in the Stockbroking Industry and Lessons for Supervision (J Y Pillay); The Role of a Financial Futures Exchange (J Y Pillay); The Regulation and Development of Financial Markets (Richard Hu); Derivatives Trading and the Importance of Risk Management in Banks (Lee Ek Tieng); New Approach to Regulating and Developing Singapore's Financial Sector (Lee Hsien Loong); Financial Supervision in the New Millennium (Koh Yong Guan); Separation of Financial and Non-Financial Activities of Banking Groups (Lee Hsien Loong); Capital Markets in the New Economy (Lee Hsien Loong); Regulating the Capital Markets: Making Market Discipline Work (Tharman Shanmugaratnam); Consolidation and Liberalisation: Building World-Class Banks (Lee Hsien Loong); Deposit Insurance and Managing the Liberalisation Process (Lim Hng Kiang); Best Practices in Insurance Regulation (Lee Hsien Loong); Sensible Rules, Effective Supervision, Industry Partnership (Heng Swee Keat); Singapore's Approach to the Regulation of Capital Markets (Ravi Menon); Ensuring Strong Anchors in Our Banking System (Tharman Shanmugaratnam); Building a Culture of Trust in the Financial Industry (Ravi Menon); FinTech -- Harnessing its Power, Managing its Risks (Ravi Menon); Singapore's Financial Centre: Resilience, Dynamism, Trust (Ravi Menon); A Flexible Framework for the Regulation of Payment Systems and Payment Service Providers (Ong Ye Kung); Banking Liberalisation's Next Chapter: Digital Banks (Tharman Shanmugaratnam); Financial Centre Development: Development of Singapore as a Financial Centre (Hon Sui Sen); Inauguration of the Institute of Banking and Finance (Hon Sui Sen); Fund Management in Singapore: New Directions (Lee Hsien Loong); Building a Premier Exchange (Lee Hsien Loong); The Future of the Financial Sector in Singapore -- Riding the Challenges, Emerging Stronger (Goh Chok Tong); Key Issues in Asian Financial Markets (Tharman Shanmugaratnam); Singapore as a Global Insurance Marketplace (Ravi Menon); Building Capabilities for the Financial Sector of Tomorrow (Tharman Shanmugaratnam); Positioning for a Technology Driven Future (Heng Swee Keat); Singapore FinTech: Innovation, Inclusion, Inspiration (Ravi Menon); Green Finance for a Sustainable World (Ong Ye Kung); Harnessing the Power of Finance for a Sustainable Future (Ravi Menon)
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
Download or read book The Chicago Plan Revisited written by Mr.Jaromir Benes and published by International Monetary Fund. This book was released on 2012-08-01 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
Download or read book Financial Markets Banking and Monetary Policy written by Thomas D. Simpson and published by John Wiley & Sons. This book was released on 2014-08-04 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: An essential resource for understanding complex modern financial markets, monetary policy, and banking systems The international economic environment has evolved to the point that what constitutes money is not always clear-cut, and monetary aggregates are undependable as guides to overall policy. Central banks have had to turn to very different tactics in order to achieve their stated policy goals. In this in-depth resource, Thomas D. Simpson—a former official with the Federal Reserve System—introduces a new approach to both monetary policy and the overall financial system. Financial Markets, Banking, and Monetary Policy highlights the role of each major financial market and institution and shows how they've become a part of the overall financial system. The book also describes the important features of central banks—along with their responsibility for achieving specific macroeconomic objectives—and reveals how they pursue goals for inflation, employment, and the economy. While highlighting the United States system, Simpson's comprehensive view of banking and monetary policy is equally applicable to the financial systems and economies of other developed nations. This reliable resource is solidly grounded in economic principles and on the key term structure of interest rate relationships. Simpson explores how the term structure relationship plays a central role in the conduct of monetary policy and outlines a framework for understanding financial crises and the systemic risk faced by modern economies. The book explains in detail the evolving integration of central banks' various methods for conducting monetary and financial stability policies. Filled with illustrative examples and charts, this resource delves into the interconnection between financial markets and institutions, monetary policy, and performance of the economy. An indispensible resource for both professionals and students of finance and economics, Financial Markets, Banking, and Monetary Policy offers a clear understanding of Simpson's term structure relationship and how it works throughout the financial system.
Download or read book The Theory of Monetary Aggregation written by W.A. Barnett and published by Elsevier Science Limited. This book was released on 2000-06-30 with total page 712 pages. Available in PDF, EPUB and Kindle. Book excerpt: William Barnett, the coeditor of this volume, introduced modern economic index number theory into monetary economics and this book comprises a focussed and unified collection of his most important publications in this area. It provides a clear and systematic development of the state-of-the-art in monetary and financial aggregation theory.
Download or read book Monetary Stability as a Common Concern in International Law written by Lucía Satragno and published by BRILL. This book was released on 2022-02-28 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: The open access publication of this book has been published with the support of the Swiss National Science Foundation. In Monetary Stability as a Common Concern in International Law, Lucía Satragno argues that monetary stability is a global public good that must be promoted and protected at all levels of governance. In doing so, the book accomplishes two tasks. On one hand, it provides an up to date analysis of the role of law and institutions in the international monetary field since the collapse of the Bretton Woods system. On the other hand, it applies the methodological approach proposed by the novel doctrine of Common Concern of Humankind to monetary stability as a case study. Accordingly, the book examines not only the status quo of the international monetary system, but also looks at the ‘new and different realism’ that would be envisaged in monetary affairs in the case of a fully-fledged principle of Common Concern.
Download or read book The Formulation of Monetary Policy written by Paul Atkinson and published by [Paris, France] : OECD. This book was released on 1986 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Inflation written by Thomas M. Humphrey and published by . This book was released on 2001-09 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains articles on the subject of inflation, most of which originally appeared in the Federal Reserve Bank of Richmonds Economic Review. Collectively the articles summarize the major issues current in contemporary discussions of the inflation problem. Topics covered include theories of inflation, reasons for its persistence, models of the inflationary transmission mechanism, the relationship between inflation and unemployment, the formulation of inflationary expectations, inflation and the demand for money, interest rates and inflation, international aspects of inflation under fixed and floating exchange rates, and the feasibility of alternative anti-inflationary policies. These topics are examined from the perspective of the history of economic doctrines as well as from that of modern economic analysis. The purpose is to indicate the basic similarities in classical and current analyses of inflation and to demonstrate that virtually all of the ideas, arguments, and policy views underlying modern inflation debates have their roots in earlier policy controversies. In this connection, the collection incorporates additional essays dealing with the monetarist-nonmonetarist debate, the exchange rate doctrines of early monetary theorists, the historical evolution of the money demand concept, and the policy lessons of the German hyperinflation. Finally, because inflation is primarily a monetary phenomenon in the sense that it cannot long continue without the monetary growth necessary to sustain it, this volume emphasizes inflation theories that highlight the relationship between money and prices and that strongly support a policy of strong, noninflationary growth.Additional essays deal with Keynes views on inflation, with Adam Smiths theory of the international adjustment mechanism, with a terms-of-trade-augmented model of the monetary approach to exchange rates, with David Humes and Henry Thorntons reconciliation of the quantity theory of money with the notion of a stable long-run trade-off between unemployment and inflation, with the early history of the Fisherian distinction between real and nominal interest rates, with the classical conception of the duties of the lender of last resort, and with the anti-growth views prevalent in the early 1970s. These topics are also examined from a monetarist doctrinal/historical position.There are articles on the Phillips curve, the MV=PQ equation of exchange, and the notion of the short-run nonneutrality of money. The text shows how these tools have been employed in inflation analysis, past and present.
Download or read book Monetary Policy Strategy written by Frederic S. Mishkin and published by MIT Press. This book was released on 2009-08-21 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading academic authority and policymaker discusses monetary policy strategy from the perspectives of both scholar and practitioner, offering theory, econometric evidence, and extensive case studies. This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategy describes his work over the last ten years, offering published papers, new introductory material, and a summing up, “Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask,” which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anchor; fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.
