Central Banking: Theory and Practice in Sustaining Monetary and Financial Stability
Lýsing:
The book discusses how central banks monitor and identify risks to financial stability in the macro-economy, financial intermediaries, and financial markets using various tools and indicators. The tools used for maintenance of financial stability in each of the areas will also be reviewed: (a) the use of monetary policy and macro-prudential measures to maintain stability in the macro-economy; (b) the use of capital requirements (Basel I, II, and III), as well as micro and macro-prudential measures, and liquidity provision to maintain stability of financial intermediaries; (c) the use of monetary policy and liquidity provision to maintain stability in financial markets.
The book reviews the theoretical foundations (e. g. the quantity theory of money, natural rate of unemployment (NAIRU), rational expectations hypothesis, and time-inconsistency problem) and historical experiences (e. g. the great inflation of the 1970s) that support such mandates. It looks at actual practices whereby central banks can achieve such mandates (through an inflation target or an exchange rate target) and why such targets might be chosen, as well as reviews exchange rate theories and how the central banks influence the exchange rates.
Annað
- Höfundur: Thammarak Moenjak
- Útgáfa:1
- Útgáfudagur: 2014-07-03
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- Format:Page Fidelity
- ISBN 13: 9781118832554
- Print ISBN: 9781118832462
- ISBN 10: 1118832558
Efnisyfirlit
- Central Banking: Theory and Practice in Sustaining Monetary and Financial Stability
- Copyright
- Contents
- Preface
- Acknowledgments
- About the Author
- Part One: An Introduction to Central Banking
- Chapter 1: A Brief Look at Central Banking History
- 1.1 Prior to Central Banking
- 1.2 Coin Sorting and Storing
- 1.3 Banknote Issuance
- 1.4 Banker to the Government
- 1.5 Banker to Banks
- 1.6 Protector of the Financial System: Lender of Last Resort
- 1.7 Bank Supervisor
- 1.8 Conductor of Monetary Policy
- The Gold Standard and Passive Monetary Policy
- Bretton Woods and the Move toward Activist Monetary Policy
- Taming Inflation: Money Supply Growth Targeting
- Maintaining Monetary Stability: Inflation Targeting
- Common Currency: The Creation of the Euro
- 1.9 The Current Stage of Central Banking
- Commonalities in Modern Central Banking
- Diversity in Modern Central Banking
- Self-Reexamination after the 2007–2010 Global Financial Crisis
- Summary
- Key Terms
- Questions
- Chapter 2: A Brief Overview of the International Monetary System
- 2.1 Evolution of the International Monetary System: Before the End of World War II
- The Gold Standard
- The Gold Exchange Standard
- The Great Depression and the 1930s: Turmoil in the International Financial System
- 2.2 Evolution of the International Monetary System: The Bretton Woods System
- The Bretton Woods System
- The International Monetary Fund
- Pressures on the Bretton Woods System
- The Demise of the Bretton Woods System
- 2.3 After Bretton Woods
- The Great Inflation of the 1970s
- Speculative Attacks on Advanced European and Emerging-Market Currencies in the 1990s
- The Introduction of the Euro
- The Global Financial Crisis of 2007–2010
- 2.4 Going Forward
- Summary
- Key Terms
- Questions
- 2.1 Evolution of the International Monetary System: Before the End of World War II
- Chapter 3: Modern Central Banking Roles and Functions: What Exactly Is a Central Bank?
- 3.1 Modern Central Banking: An Overview of Roles and Functions
- The Ultimate Creator of Money: Money Issuance
- The Regulation of Money Conditions: The Conduct of Monetary Policy
- Payment Systems Oversight and Provision
- Lender of Last Resort
- Bank Supervisor
- 3.2 To Supervise Banks or Not?
- 3.3 So What Exactly Is a Modern Central Bank after All?
- Summary
- Key Terms
- Questions
- 3.1 Modern Central Banking: An Overview of Roles and Functions
- Chapter 4: A Brief Review of Modern Central Banking Mandates: What Are the Goals That Modern Central
- 4.1 An Overview of Modern Central Banking Mandates
- The Evolving Nature of Mandates
- The Intertwining Nature of Mandates
- A Note on the Full Employment Mandate
- 4.2 Monetary Stability
- Monetary Stability versus Price Stability
- Why It Is Important
- 4.3 Financial Stability
- Liquidity Shortages
- Overindebtedness of Economic Agents
- Why It Is Important
- 4.4 Full Employment
- Why It Is Important
- 4.5 Balancing among the Three Mandates
- Stylizing the Central Bank’s Monetary Policy Actions: The Taylor Rule
- Pursuit of the Different Mandates
- Summary
- Key Terms
- Questions
- 4.1 An Overview of Modern Central Banking Mandates
- Chapter 1: A Brief Look at Central Banking History
- Chapter 5: Theoretical Foundations of the Practice of Modern Monetary Policy
- 5.1 An Overview of Theoretical Foundations
- 5.2 The Quantity Theory of Money
- The Quantity Theory of Money and Hyperinflation
- 5.3 The Phillips Curve
- The Phillips Curve and Economic Fine-Tuning
- 5.4 The Natural Rate of Unemployment
- Nonaccelerating Inflation Rate of Unemployment (NAIRU)
- NAIRU and the Vertical Long-Run Phillips Curve
- Shifting NAIRU
- 5.5 Rational Expectations
- The Lucas Critique
- The Policy Ineffectiveness Proposition
- Irrationality and Other Technical Matters
- 5.6 Time Inconsistency Problem
- Monetary Policy Rules
- The Central Bank’s Operational Independence
- 5.7 Taking Them All Together
- Summary
- Key Terms
- Questions
- Chapter 6: Monetary Policy Regimes: What Monetary Policy Rules a Central Bank Can Use to Achieve Mon
- 6.1 An Overview of Monetary Policy Rules or Monetary Policy Regimes
- 6.2 Exchange Rate Targeting
- A Stylized Model of Exchange Rate Targeting
- Exchange Rate Targeting in the Real World
- 6.3 Money Supply Growth Targeting
- A Stylized Model of Money Supply Growth Targeting
- Money Supply Growth Targeting in the Real World
- 6.4 The Risk Management Approach
- A Stylized Model of the Risk Management Approach: The Taylor Rule
- The Risk Management Approach in the Real World
- 6.5 Inflation Targeting
- A Stylized Model of Inflation Targeting
- Inflation Targeting in the Real World
- 6.6 Unconventional Monetary Policy
- A Stylized Model of Quantitative Easing
- Unconventional Monetary Policy in the United States
- Challenges to Unconventional Monetary Policy
- Summary
- Key Terms
- Questions
- Chapter 7: Monetary Policy Implementation: Financial Market Operations
- 7.1 Central Bank Operations in the Financial Market: An Overview
- The Money Market
- Central Bank’s Influences in the Money Market
- 7.2 Transmission of Money Market Interest Rates to Other Interest Rates in the Economy
- The Yield Curve
- 7.3 Monetary Policy and the Yield Curve
- The Effects of the Policy Interest Rate on the Long End of the Yield Curve
- The Yield Curve as a Leading Economic Indicator
- Unconventional Monetary Policy and the Yield Curve
- Summary
- Key Terms
- Questions
- 7.1 Central Bank Operations in the Financial Market: An Overview
- Chapter 8: The Monetary Policy Transmission Mechanism: How Changes in Interest Rates Affect Househol
- 8.1 Monetary Policy and Households’ Behavior
- The Intertemporal Substitution Effect: Consumption Today versus Consumption Tomorrow
- The Income Effect
- The Wealth Effect
- The Exchange Rate Effect
- Taking the Four Effects Together: The Effect on Household Consumption and Savings
- 8.2 Monetary Policy and Firms’ Behavior
- The Funding Costs Effect
- The Asset Price Effect
- The Exchange Rate Effect
- 8.3 Expectations and Second-Round Effects on Household and Firm Behavior
- The Expectations Effect
- Second-Round Effects
- 8.4 Monetary Policy and Financial Institutions
- The Credit Channel
- The Balance Sheet Channel
- 8.5 Time Lags and Uncertainty in Monetary Policy Transmission
- The Conduct of Monetary Policy Given Time Lags and Uncertainty
- Summary
- Key Terms
- Questions
- 8.1 Monetary Policy and Households’ Behavior
- Chapter 9: The Exchange Rate and Central Banking
- 9.1 The Exchange Rate, Monetary Stability, Financial Stability, and Macroeconomic Stability
- In Theory
- In Practice
- 9.2 Exchange Rate Regimes
- A Spectrum of Exchange Rate Regimes
- The Rigid Peg End
- The Free-Float End
- The Middle Options
- 9.3 Exchange Rate Theories
- Purchasing Power Parity
- Uncovered Interest Parity (UIP)
- Exchange Rate Market Microstructure
- Implications of Exchange Rate Theories for Exchange Rate Policy
- 9.4 Dealing with the Exchange Rate in Practice
- Dealing with the Exchange Rate: The Macro Concepts
- Dealing with the Exchange Rate: The Operations Level
- Management of Official Foreign Reserves: The Other Side of the Central Bank’s Balance Sheet
- Summary
- Key Terms
- Questions
- 9.1 The Exchange Rate, Monetary Stability, Financial Stability, and Macroeconomic Stability
- Chapter 10: Financial Stability: Definition, Analytical Framework, and Theoretical Foundation
- 10.1 Definitions of Financial Stability
- 10.2 A Practical Analytical Framework: The Macroeconomy, Financial Institutions, and Financial Marke
- The Inherent Interrelationships between the Macroeconomy, Financial Institutions, and Financial Mark
- Financial Stability and the Organization of Central Banks
- 10.3 Financial Stability: Theoretical Foundations
- The Macroeconomy: Interaction between Financial and Economic Cycles
- Financial Institutions: Intermediation, Bank Runs, and Banking System Resiliency
- Financial Markets: Reasons for Market Failures
- Summary
- Key Terms
- Questions
- Chapter 11: Financial Stability: Monitoring and Identifying Risks
- 11.1 Monitoring and Identifying Risks in the Macroeconomy
- The Household Sector
- The Corporate Sector
- The Government Sector
- The External Sector
- Asset Price Bubbles
- The Link between the Macroeconomy and Financial Stability
- 11.2 Monitoring and Identifying Risks to Financial Institutions
- Key Types of Risks to Individual Financial Institutions: Credit, Market, Liquidity, and Operational
- Assessing Individual Institutions’ Risks
- Monitoring and Identifying Risks in the Financial Institutions System
- Risk Distribution within the Financial Network
- Risk Concentration: Systemically Important Financial Institutions (SIFIs)
- 11.3 Financial Markets
- Prices and Yields
- Spreads
- Net Open Positions
- Summary
- Key Terms
- Questions
- 11.1 Monitoring and Identifying Risks in the Macroeconomy
- Chapter 12: Financial Stability: Intervention Tools
- 12.1 The Macroeconomy
- The Debate on the Use of Monetary Policy for the Maintenance of Financial Stability
- Sustaining Financial Stability: Dealing with Threats Against the Macroeconomy Ex Ante
- Sustaining Financial Stability: Dealing with Risks within the Macroeconomy Ex Post
- 12.2 Financial Institutions
- Sustaining Financial Stability: Dealing with Threats to Financial Institutions Ex Ante
- Sustaining Financial Stability: Dealing with Threats to Financial Institutions Ex Post
- 12.3 Financial Markets
- Sustaining Financial Stability: Dealing with Threats to Financial Markets Ex Ante
- Sustaining Financial Stability: Dealing with Threats to Financial Markets Ex Post
- Summary
- Key Terms
- Questions
- 12.1 The Macroeconomy
- Chapter 13: Future Challenges for Central Banking
- 13.1 The Intensification of Globalization
- Freer Flows of International Capital
- Freer Cross-Border Flows of Goods and Services and Factor Inputs
- The Rise of International Intermediaries
- 13.2 The Continued Evolution in Financial Activities
- The Rise of Market-Based Financial Activities
- The Rise of Electronic Payments
- 13.3 Unfinished Business from the Global Financial Crisis
- The Heavy Fiscal Debt Burdens in Advanced Economies
- The Normalization of Monetary Policy in the Advanced Economies
- The Push for Regulatory Reforms
- 13.4 Piecing Them Together
- Summary
- Key Terms
- Questions
- 13.1 The Intensification of Globalization
- Chapter 14: Future Central Banking Strategy and Its Execution
- 14.1 Central Banking Strategy
- Strategy and the Central Bank
- Proven Bad Strategies
- The Search for New Central Banking STRATEGY
- Monetary Policy Strategy
- Supervisory Strategy
- 14.2 Effective Execution of Central Banking STRATEGY
- A Public Policy Analysis Framework for Enhancing a Central Bank’s Capacity to Execute Its Chosen S
- Analytical Capacity
- Organizational Capacity
- Political Capacity
- 14.3 Epilogue: From the Past to the Present and Beyond
- Summary
- Key Terms
- Questions
- 14.1 Central Banking Strategy
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- Höfundur : 12011
- Útgáfuár : 2014
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