Download or read book Central Bank Independence and Monetary Stability written by Otmar Issing and published by . This book was released on 1993 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central bank independence is now a major issue in debates about institutional reforms designed to improve economic performance. Professor Issing's paper is notable for its scholarly discussion of the meaning of 'independence' and his analysis of its effects. Moreover, because of his position inside the Bundesbank which is among the most independent of central banks and which provides a model for the constitution of the proposed European Central Bank he writes with a degree of expertise not available to most authors. Interest in central bank independence arose from the world-wide acceleration of inflation in the 1 970s which stimulated interest in means of 'anchoring' anti-inflation policy. Germany was in advance of other countries in recognising the importance of price stability and es-tablishing an institution to produce it, making the Bundesbank independent in 1957. Professor Issing argues that when independence is coupled with a price stability objective, economic performance appears to improve. Not only is inflation lower, but there is evidence that real growth is higher. In his view, central bank independence comes 'top of the list' of institutional arrangements designed to safeguard the stability of money.
Download or read book Unelected Power written by Paul Tucker and published by Princeton University Press. This book was released on 2019-09-10 with total page 662 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tucker presents guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good.
Download or read book Central Bank Independence written by International Monetary Fund and published by International Monetary Fund. This book was released on 1991-06-01 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: There has been growing interest recently in the scope for promoting monetary stability through the establishment of independent central banks. This paper reviews the issues involved in central bank independence against the background of arrangements in nine countries. The analysis suggests that detailed institutional arrangements would need to be carefully designed if the potential benefits of central bank independence are to be delivered. Particularly important are the nature of arrangements to resolve various types of conflicts involving monetary policy, and arrangements to promote accountability and public monitoring of monetary policy performance.
Download or read book Central Bank Independence and Macro Prudential Regulation written by Mr.Kenichi Ueda and published by International Monetary Fund. This book was released on 2012-04-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider the optimality of various institutional arrangements for agencies that conduct macro-prudential regulation and monetary policy. When a central bank is in charge of price and financial stability, a new time inconsistency problem may arise. Ex-ante, the central bank chooses the socially optimal level of inflation. Ex-post, however, the central bank chooses inflation above the social optimum to reduce the real value of private debt. This inefficient outcome arises when macro-prudential policies cannot be adjusted as frequently as monetary. Importantly, this result arises even when the central bank is politically independent. We then consider the role of political pressures in the spirit of Barro and Gordon (1983). We show that if either the macro-prudential regulator or the central bank (or both) are not politically independent, separation of price and financial stability objectives does not deliver the social optimum.
Download or read book Central Bank Independence and Monetary Stability written by and published by . This book was released on 1993 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Central Bank Independence Accountability and Transparency written by B. Laurens and published by Springer. This book was released on 2016-04-30 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores three key areas of central banking and governance - autonomy, accountability and transparency. It looks at links between the areas, as well as assessing the impact of central bank autonomy on macroeconomic performance. The issues are approached from theoretical and empirical perspectives.
Download or read book Monetary Policy in the New Normal written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 2014-04-04 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: The proposed SDN would take stock of the current debate on the shape that monetary policy should take after the crisis. It revisits the pros and cons of expanding the objectives of monetary policy, the merits of turning unconventional policies into conventional ones, how to make monetary policy frameworks more resilient to the risk of being constrained by the zero-lower bound going forward, and the institutional challenges to preserve central bank independence with regards to monetary policy, while allowing adequate government oversight over central banks’ new responsibilities. It will draw policy conclusions where consensus has been reached, and highlight the areas where more work is needed to get more granular policy advice.
Download or read book Advanced Introduction to Central Banks and Monetary Policy written by de Haan, Jakob and published by Edward Elgar Publishing. This book was released on 2022-08-12 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by two expert economists, this comprehensive Advanced Introduction provides a thorough and up-to-date analysis of central banks and monetary policy, analysing the ways in which views about monetary policy have developed and changed.
Download or read book Institutions and Monetary Policy written by Eric Schaling and published by Edward Elgar Publishing. This book was released on 1995 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central bank independence is a key issue for political and monetary authorities in many countries. In this text, the author looks at the impact of different central banks on price stability and macroeconomic performance, and their optimal degree of legislative independence.
Download or read book Inflation Performance and Constitutional Central Bank Independence written by MissEva Gutierrez and published by International Monetary Fund. This book was released on 2003-03-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the relationship between the constitutional entrenchment of central bank independence and inflation performance. Empirical studies for developing countries have not found a relationship between central bank independence, proxied by the "de jure" independence established in the central bank law, and inflation. We argue that the constitution is likely to be better enforced than ordinary statutes owing to its higher legal rank. Our empirical analysis finds that in a sample of Latin American and Caribbean countries, those countries that entrench the independence of the central bank in the constitution have a better inflation performance.
Download or read book Central Bank Independence written by Jan Kleineman and published by BRILL. This book was released on 2021-10-18 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: In December 1999, prior to the forming of a Stockholm Centre for Commercial Law, an international symposium entitled Central Bank Independence was held at the Department of Law at Stockholm University in co-operation with the Swedish Central Bank (The Riksbank) and Queen Mary and Westfield College, London University. The participants were principally political, economic and legal specialists in the field, all with considerable international experience. This led to the topic being examined in detail from many different perspectives. This publication includes contributions by the participants and contains many important facts for those readers who wish to study and understand the different consequences of the yielding of control over financial policymaking by the traditional political organisations to a body of experts. For readers in some countries, who realise that the subject will revolutionise traditional Constitutional and Administrative Law, the topic and therefore this publication, cannot be ignored.
Download or read book Central Banks at a Crossroads written by Michael D. Bordo and published by Cambridge University Press. This book was released on 2016-06-09 with total page 719 pages. Available in PDF, EPUB and Kindle. Book excerpt: Throughout their long history, the primary concern of central banks has oscillated between price stability in normal times and financial stability in extraordinary times. In the wake of the recent global financial crisis, central banks have been given additional responsibilities to ensure financial stability, which has sparked intense debate over the nature of their role. Bankers and policy makers face an enormous challenge finding the right balance of power between the central bank and the state. This volume is the result of an international conference held at Norges Bank (the central bank of Norway). International experts and policy makers present research and historical analysis on the evolution of the central bank. They specifically focus on four key aspects: its role as an institution, the part it plays within the international monetary system, how to delineate and limit its functions, and how to apply the lessons of the past two centuries.
Download or read book Central Bank Independence and Unconventional Monetary Policies written by Marianne Ojo D Delaney PhD and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of unconventional monetary tools and particularly, the resort by central banks to asset purchase programs instigated as a means of addressing prolonged periods of low inflation has not only generated new and innovative approaches to monetary policy channels aimed at facilitating the goals and objectives of central banking, but also led to the realization of the need to engage in more effective communication beyond the scope and ambit of traditional central banking. How have these developments shaped the definition that is, or rather, that should be attributed to Central Bank Independence? Which actors are assuming greater prominence and roles in a financial environment dynamically shaped by Information Technology and the digital (Modern) economy?"Central bank independence is not an end in itself. Its purpose is to ensure that the central bank is credible in its pursuit of price stability while making sure that monetary policy is never subservient to fiscal policy - what is known as monetary dominance."Further, the ECB President adds that, "central bank independence does not preclude communication with governments when it is clear that mutually aligned policies would deliver a faster return to price stability- and that rather, it only imposes limits on what such alignment could entail.....Specifically, it means that alignment between policies WHERE NEEDED must serve the objective of monetary stability and not work to its detriment. " (emphasis added)To what extent and limits is it necessary to engage unconventional monetary policies such that they do not subject monetary policy goals to fiscal policy needs? The dangers of prolonged periods of zero interest rates- coupled with low inflation are also brought to light in the academic literature. Hence whilst this chapter considers the merits and draw backs of certain unconventional monetary policies, it also contributes to the literature by justifying their implementation and rationales for recent global trends. This is facilitated by way of recommendations in respect of recent innovative optimal coordinated policy combinations adopted and put forward by selected jurisdictional central banks aimed at addressing gaps in monetary policy.
Download or read book Central Bank Independence and the Legacy of the German Past written by Simon Mee and published by Cambridge University Press. This book was released on 2019-09-12 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of the power struggle between Germany's central bank and the West German government to control monetary policy in the post-war era.
Download or read book Central Bank Regulation and the Financial Crisis written by Miao Han and published by Springer. This book was released on 2015-10-20 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: The respective legal frameworks that control central banks are shaped by whether they are market oriented or government controlled. However such stark distinction between these two categories has been challenged in view of the varying styles of crisis management demonstrated by different central banks during the crisis. This book uses comparative analysis to investigate how the global financial crisis challenged the role played by central banks in maintaining financial stability. Focusing on four central banks including the US Federal Reserve System, the Bank of England, the Bank of Japan and the People's Bank of China, it illustrates the similarities between the banks prior to the crisis, and their similar policy responses in the wake of the crisis. It demonstrates how each operated with varying levels of independence while performing very differently and facing different tasks. The book identifies some central explanatory variables for this behavior, addressing the mismatch of similar risk management solutions and varying outcomes. Central Bank Regulation and The Financial Crisis: A Comparative Analysis explores the legal challenges within central bank regulation presented by the global financial crisis. It emphasizes the importance of, and the limitations involved in, legal order and argue that in spite of integration and globalization, significant differences exist in central banks' approaches to risk management and financial stability.
Download or read book Financial Citizenship written by Annelise Riles and published by Cornell University Press. This book was released on 2018-07-15 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: Government bailouts; negative interest rates and markets that do not behave as economic models tell us they should; new populist and nationalist movements that target central banks and central bankers as a source of popular malaise; new regional organizations and geopolitical alignments laying claim to authority over the global economy; households, consumers, and workers facing increasingly intolerable levels of inequality: These dramatic conditions seem to cry out for new ways of understanding the purposes, roles, and challenges of central banks and financial governance more generally. Financial Citizenship reveals that the conflicts about who gets to decide how central banks do all these things, and about whether central banks are acting in everyone’s interest when they do them, are in large part the product of a culture clash between experts and the various global publics that have a stake in what central banks do. Experts—central bankers, regulators, market insiders, and their academic supporters—are a special community, a cultural group apart from many of the communities that make up the public at large. When the gulf between the culture of those who govern and the cultures of the governed becomes unmanageable, the result is a legitimacy crisis. This book is a call to action for all of us—experts and publics alike—to address this legitimacy crisis head on, for our economies and our democracies.
Download or read book Should We Have Faith in Central Banks written by Otmar Issing and published by . This book was released on 2002 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central bank independence is now in vogue because of previous experience of politicisation of monetary policy. But can the central bankers be trusted more than the politicians? In this Occasional Paper, Professor Otmar Issing, the leading monetary economist and one of Europe's most influential central bankers, argues that price stability is a 'common good' and that it is better in the hands of an independent central bank with a clear price stability mandate. The independent central bank with such a manadate, in effect, represents a set of rules which impose constraints on the abuse of power either by politicians or by central bankers. Central bankers operate best in institutions which have a clear objective and are held accountable to the public. Professor Geoffrey Wood adds a commentary which puts Issing's paper in the context of the 'rules versus discretion' debate and deals with three related issues: the meaning of 'price stability', the importance of stable money to the functioning of a market economy and the central bank's role in maintaining financial stability.
