The Age of Central Banks

The Age of Central Banks

According to Curzio Giannini s neo-institutionalist methodological approach, social institutions are, in fact, essential in the coordination of individual decisions as they minimize transaction costs, overcome information asymmetries and ...

Author: Curzio Giannini

Publisher: Edward Elgar Publishing

ISBN: 9780857932143

Category: Business & Economics

Page: 298

View: 618

Curzio had one of the most fertile and original minds ever to be deployed on questions relating, first, to the interactions between Central Banks, private sector financial intermediaries and the government, and second to the working of the international monetary system in general, and to the role of the IMF specifically within that. His approach has been to apply a theory of history , which provides a beautifully written and illuminating book, much easier and nicer to read and more rounded than the limited mathematical models that have so monopolised academia in recent decades. From the foreword by Charles A.E. Goodhart Curzio Giannini s history of the evolution of central banks illustrates how the most relevant institutional developments have taken place at times of widespread confidence crises and in response to deflationary pressures. The eminent and highly-renowned author provides an analytical perspective to study the evolution of central banking as an endogenous response to crisis and to the ever increasing needs of economic growth. The key argument of the analysis is that crucial innovations in the payment technology (from the invention of coinage to the development of electronic money) could not have taken place without an institution i.e. the central bank - that could preserve confidence in the instruments used as money. According to Curzio Giannini s neo-institutionalist methodological approach, social institutions are, in fact, essential in the coordination of individual decisions as they minimize transaction costs, overcome information asymmetries and deal with incomplete contracts. This enlightening and revealing historical theory perspective on central banking will prove a thought-provoking read for academic and institutional economists, economic historians, and economic policymakers involved in the task of crafting a new institutional arrangement for central banking in the globalized economy.
Categories: Business & Economics

The Evolution of Central Banking Theory and History

The Evolution of Central Banking  Theory and History

However, while lending of last resort is unquestionably one of the most important
missions entrusted to central banks, it is in no way the only one. This point was
made in the early 2000s by Curzio Giannini in his The Age of Central Banks.31 ...

Author: Stefano Ugolini

Publisher: Springer

ISBN: 9781137485250

Category: Business & Economics

Page: 330

View: 825

This book is the first complete survey of the evolution of monetary institutions and practices in Western countries from the Middle Ages to today. It radically rethinks previous attempts at a history of monetary institutions by avoiding institutional approach and shifting the focus away from the Anglo-American experience. Previous histories have been hamstrung by the linear, teleological assessment of the evolution of central banks. Free from such assumptions, Ugolini’s work offers bankers and policymakers valuable and profound insights into their institutions. Using a functional approach, Ugolini charts an historical trajectory longer and broader than any other attempted on the subject. Moving away from the Anglo-American perspective, the book allows for a richer (and less biased) analysis of long-term trends. The book is ideal for researchers looking to better understand the evolution of the institutions that underlie the global economy.
Categories: Business & Economics

Central Bank Ratings

Central Bank Ratings

The age composition of central banks shows wide disparities for the distinct
countries under consideration. The closing period pertains to December 2012.
The horizontal axis captures the age of the central bank. While the youngest
central ...

Author: Indranarain Ramlall

Publisher: Springer

ISBN: 9781137524010

Category: Business & Economics

Page: 230

View: 545

When the global financial crisis broke, central banks in both the US and the UK undertook massive asset purchase programmes which resulted in considerable increase in assets. Cross-border spillover effects were noted across global economies. Balance sheet adjustments may eventually gnaw at the profit-earning capacities of central banks, and in extreme cases, negative equity can manifest. This study investigates a benchmark for comparing central banks. The author employs a unique and large set of metrics to gauge the quality of central banks and presents an argument to reflect upon international best practices. The study uses different criteria including the accounting body, research, presence of stress-testing exercises, inflation-targeting frameworks, staff efficiency, and languages of communication with the public, amongst others. The book begins by providing an overview of central banking, before exploring some stylized facts about central banks in unique detail. It then presents a ratings methodology for worldwide central banks to analyse the results. A backtesting exercise is included to validate the quality of the ratings obtained. The book concludes by offering insights into the comparison of central banks.
Categories: Business & Economics

Investing in the Age of Democracy

Investing in the Age of Democracy

Central. Banks. Lose. Control. As a student, I remember that when inflation and
hyperinflation were discussed, every presenter or professor would state that the
difference between the two was only one of degree. The argument went like this:
 ...

Author: Morten Arisson

Publisher: Springer

ISBN: 9783319959030

Category: Business & Economics

Page: 167

View: 147

This book offers a structured, deductive approach to Austrian investing, beginning with an analysis of the current investing paradigm. There are five economic concepts on which the Austrian School of Economics has a unique view: Entrepreneurship, Class Probability, Capital, the Interest Rate, and Institutions. This book explains, lesson by lesson, how each of theseshapes our thinking about investing. If we follow them through their logical consequences, they leave us with a unique approach to investing. Except for the theory of probability, there has not been a comprehensive analysis of the linkages between these concepts, when it comes to investing. Although they would have been obvious to the average investor before the age of democracy, since the French and American revolutions, government interventions have steadily transformed the way we think about them (and the way we invest). Above all, Entrepreneurship and Institutions are downplayed today, while investors use Case Probability, and confuse the concepts of Money and Capital. This book offers a historical review of these interventions, to shed light on how we went from what was common sense to the status quo. Offering a sometimes technical analysis, the book examines a series of fundamental investment fallacies, their origins and how not to fall for them.
Categories: Business & Economics

Central Banking in the Twentieth Century

Central Banking in the Twentieth Century

Louis Rasminsky, Governor of the Bank of Canada, 1966 (Rasminsky 1987: 57)
The central banks of South and East Asia are ... an ... The age of decolonisation,
between 1945 and 1970, was also an era of central bank proliferation. Most were
 ...

Author: John Singleton

Publisher: Cambridge University Press

ISBN: 9781139495202

Category: Business & Economics

Page:

View: 749

Central banks are powerful but poorly understood organisations. In 1900 the Bank of Japan was the only central bank to exist outside Europe but over the past century central banking has proliferated. John Singleton here explains how central banks and the profession of central banking have evolved and spread across the globe during this period. He shows that the central banking world has experienced two revolutions in thinking and practice, the first after the depression of the early 1930s, and the second in response to the high inflation of the 1970s and 1980s. In addition, the central banking profession has changed radically. In 1900 the professional central banker was a specialised type of banker, whereas today he or she must also be a sophisticated economist and a public official. Understanding these changes is essential to explaining the role of central banks during the recent global financial crisis.
Categories: Business & Economics

The Age of Oversupply

The Age of Oversupply

So without getting too far into the plumbing, consider whatKeynes suggested:
The creation of an inter-central-bank “currency” unitthat all global
currenciescould bemarked against andthat transactions among centralbanks (i.e.
trade)would ...

Author: Daniel Alpert

Publisher: Penguin UK

ISBN: 9780241968833

Category: Business & Economics

Page: 288

View: 381

The Age of Oversupply looks at why Western capitalism is broken and how the US can recover its global economic leadership status The invisible hand of capitalism is broken. Economic and political forces are preventing markets from correcting themselves. Governments and central banks across the developed world have tried every tool imaginable, yet our economies remain sluggish. How did we get here, and how can advanced nations prosper once more? In this bold call to arms, economic policy expert Daniel Alpert argues that oceans of cheap global labour and capital have shackled the economies of the West. Distracted by a technology boom and debt bubble, they failed to respond to the challenges unleashed by the BRICs (Brazil, Russia, India and China) and beyond. Global oversupply and the lack of domestic growth are intertwined, Alpert shows. We cannot understand the housing bubble and the financial crisis without appreciating how the rise of emerging nations distorted the economies of rich countries. And we can't chart a path for growth without recognizing that many of these forces are still at work. The Age of Oversupply offers a bold, fresh approach to fixing the West's economic woes. It also delivers a vigorous challenge to proponents of austerity economics. 'An elegantly argued explanation of the anemic stagnation that has followed the recent financial crisis' -Nouriel Roubini, author of Crisis Economics Daniel Alpert is a founding managing partner of investment bank Westwood Capital, LLC. He is widely quoted in the business media and was featured in the Academy Award-winning documentary Inside Job. Alpert is also a fellow of the Century Foundation, the United States' oldest policy think tank. He lives in New York.
Categories: Business & Economics

Central Bank Reserve Management

Central Bank Reserve Management

Central Bank Reserve Management: Trends and Issues Age F.P. Bakker and
Ingmar R.Y. van Herpt 1.1 INTRODUCTION Reserve management at central
banks has been a relatively under-researched area of the finance literature.
Whereas ...

Author: Age Bakker

Publisher: Edward Elgar Publishing

ISBN: 9781782541677

Category: Business & Economics

Page: 257

View: 627

This book addresses the welfare gains and costs of accumulating foreign exchange reserves and the implications for the functioning of the global financial system. The tremendous growth of central bank reserves has led to an increased focus on raising returns in addition to the traditional preference central banks have for maintaining liquid portfolios. Issues such as asset and currency diversification, the impact of new accounting rules and the profit distribution agreements with the government are analysed, adding new insights to the current debate on the optimal size of central bank reserves. This book brings together a wide range of experts from central banks, investment banks and the academic community.
Categories: Business & Economics

Central Banking in Developing Countries

Central Banking in Developing Countries

But in October 1992its central bank, the Banco Central de la Republica Argentina
(BCRA), was given anewCharter, aspart of the country's sweepingcurrency and
financialreform process. Following this reform BCRA now assesses itself as ...

Author: Álvaro Almeida

Publisher: Routledge

ISBN: 9781134759743

Category: Business & Economics

Page: 208

View: 397

This book examines the current state of central banking in 44 developing countries. The authors analyse the banks' achievement in their primary objective of price stability and discuss the reasons behind the general lack of success. The book covers: * government financing * foreign exchange systems * domestic banking systems. Rich in data, the book contains original financial information from Africa, Asia, the Middle East, Europe, Latin America and the Caribbean. The lay-out is user-friendly and generously illustrated with tables, figures, boxed material and useful appendices. The book is published in association with the Bank of England and presents the definitive account of the role of central banks in developing countries.
Categories: Business & Economics

Bankers Bureaucrats and Central Bank Politics

Bankers  Bureaucrats  and Central Bank Politics

Bankers, Bureaucrats, and Central Bank Politics Most studies of the political
economy of money focus on the laws protecting central banks from government
interference; this book turns to the overlooked people who actually make
monetary ...

Author: Christopher Adolph

Publisher: Cambridge University Press

ISBN: 9781107032613

Category: Business & Economics

Page: 357

View: 523

Adolph illustrates the policy differences between central banks run by former bankers relative to those run by bureaucrats.
Categories: Business & Economics

Econometric Models of the Euro area Central Banks

Econometric Models of the Euro area Central Banks

11. Central. Bank. and. Financial. Services. Authority. of. Ireland's. model. Kieran
McQuinn, Nuala O'Donnell and Mary Ryan 1 INTRODUCTION The Irish
component of the MCM (multi-country model) is estimated and maintained within
the ...

Author: Gabriel Fagan

Publisher: Edward Elgar Publishing

ISBN: 9781845428037

Category: Business & Economics

Page: 336

View: 964

This book provides a description of the main macroeconomic models used by the European Central Bank and the euro area national central banks (Eurosystem). These models are used to help prepare economic projections and scenario analysis for individual countries and the euro area as a whole. The volume takes stock of the current macroeconometric modelling infrastructure available within the Eurosystem, highlighting not only the structures and main features of the models used but also their purposes and underlying model-building philosophies. A bird s eye view of the key details of the design, structure and characteristics of the models is provided, along with information on the responses of these models to a series of standard economic and policy shocks. This is the first time that a comprehensive description and systematic comparison of the main macroeconomic models has been published. This book will be of great interest to Central Bank and government economists, as well as academics, economists and students with an interest in central banking, econometric modelling, forecasting and macroeconomic policy.
Categories: Business & Economics

The Capital Needs of Central Banks

The Capital Needs of Central Banks

11. How. ALM. techniques. can. help. central. banks. Age Bakker, Han van der
Hoorn and Leonard Zwikker1,2. 1. Introduction. Financial risk management in
central banks has recently received wide attention, from academics, policy
makers, ...

Author: Sue Milton

Publisher: Routledge

ISBN: 9781136895890

Category: Business & Economics

Page: 224

View: 838

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.
Categories: Business & Economics

Central Bank Independence

Central Bank Independence

It is noteworthy that the ESCB - together with the Reserve Bank of New Zealand -
was the first central bank with the single ... The Bundesbank operated in the age
of central bank secrecy, while the ECB is clearly part of the more transparent ...

Author: Emmanuel Pamu Mulenga

Publisher:

ISBN: STANFORD:36105028504582

Category: Banks and banking, Central

Page: 74

View: 485

Categories: Banks and banking, Central

A History of Central Banking in Great Britain and the United States

A History of Central Banking in Great Britain and the United States

Businessman Theodore Gilman supplied an argument when he wrote that the
system needed a “ grade of banks higher than our ordinary commercial banks
that could support the ... Elmus , Wicker , Banking Panics of the Gilded Age , pp .

Author: John H. Wood

Publisher: Cambridge University Press

ISBN: 0521850134

Category: Business & Economics

Page: 439

View: 439

This 2005 treatment compares the central banks of Britain and the United States.
Categories: Business & Economics

Capitalmarkets in the Age

Capitalmarkets in the Age

First, this is an area of interest also of central banks, as shown by the extensive
work done by the Bank for International Settlements (BIS) in the last decade and
by the joint CPSS–IOSCO Task Force. Settlement systems, in particular, have ...

Author: Ferrarini

Publisher: Kluwer Law International B.V.

ISBN: 9789041117373

Category: Law

Page: 607

View: 101

28 authors discuss the current and future issues affecting investment, conduct of business rules, stock exchanges, trading and company law. Includes conflict of law issues; on-line trading; clearing and settlement systems; takeovers; and relevant soft law.
Categories: Law

The Evolution of General Banking

The Evolution of General Banking

But the bank was clearly beginning to develop into something other than a
private institution. It had many characteristics of a modern central bank and its
behavior was encouraged by people like Henry Thornton. But even in nineteenth
century ...

Author: Forest Capie

Publisher: World Bank Publications

ISBN: 9786101915535

Category:

Page: 15

View: 361

Categories:

Canadian Public Budgeting in the Age of Crises

Canadian Public Budgeting in the Age of Crises

G20 meetings involved initially annual meetings of finance ministers and also
central bank governors. Following its first eight years, the G20 was given only
passing marks largely because it was assessed to be mainly an entity that
supported ...

Author: G. Bruce Doern

Publisher: McGill-Queen's Press - MQUP

ISBN: 9780773588530

Category: Political Science

Page: 288

View: 759

In the aftermath of the 2008 financial crunch, a pending era of budgetary austerity looms over Canada. Canadian Public Budgeting in the Age of Crises provides a roadmap through the difficult fiscal decisions that have characterized contemporary federal politics across four decades. The authors provide an accessible and comprehensive overview of the constraints that have affected budgetary outcomes in the recent past and that will affect the near future, with analysis spanning micro, macro, social, environmental, and intergenerational domains. They examine the current Harper government's Conservative era, but also look at public budgeting under Chrétien, Mulroney, and Trudeau. Set in the crucial context of macroeconomic policy shifts and in a global comparative context, Canadian Public Budgeting in the Age of Crises broadens and deepens our understanding of government spending, borrowing, and taxing. Budgetary domains - complex realms of fiscal content, choice, and governance - are introduced and balanced against an analysis of these domains with pertinent and up-to-date discussions on institutional influences, dominant actors, and shifting power imbalances.
Categories: Political Science

Report on Old Age Pensions Charitable Relief and State Insurance in England and on the Continent of Europe

Report on Old Age Pensions  Charitable Relief and State Insurance in England and on the Continent of Europe

The Pension Funds enjoy the same privileges as regards fiscal exemptions as
the Pension funds ordinary and Postal Savings Banks . The deeds founding the
Central and Local Funds , and any future modifications in their Statutes , or the ...

Author: New South Wales. Commissioner on old age pensions and charitable relief

Publisher:

ISBN: WISC:89098686405

Category: Old age pensions

Page: 515

View: 581

Categories: Old age pensions

Challenges in Central Banking

Challenges in Central Banking

As all sensible central bank officials know,it is just when (over) confidence during
periods of boom and expansion ... Yet much of the world, including Europe, North
America, and most of Asia, has been living in such a golden age in the last 15 ...

Author: Pierre L. Siklos

Publisher: Cambridge University Press

ISBN: 9781139488440

Category: Business & Economics

Page: 416

View: 181

Changes in the field of central banking over the past two decades have been nothing short of dramatic. They include the importance of central bank autonomy, the desirability of low and stable inflation, and the vital role played by how central banks communicate their views and intentions to the markets and the public more generally. There remains considerable diversity nevertheless in the institutional framework affecting central banks, the manner in which the stance of monetary policy is determined and assessed, and the forces that dictate the conduct of monetary policy more generally. The global financial crisis, which began in the United States in 2007, only serves to highlight further the importance of central bank policies. The aim of this volume is to take stock of where we are in the realm of the practice of central banking and considers some of the implications arising from the ongoing crisis.
Categories: Business & Economics

Banking Panics of the Gilded Age

Banking Panics of the Gilded Age

The fact that it occurred after the passage of the National Banking Act in 1863 is
not of as much significance as the ... that it effectively converted the NYCH into a
central bank with reserve power greater than that of any European central bank.

Author: Elmus Wicker

Publisher: Cambridge University Press

ISBN: 0521025478

Category: Business & Economics

Page: 160

View: 240

This is the first major study of post-Civil War banking panics in almost a century. The author has constructed for the first time estimates of bank closures and their incidence in each of the five separate banking disturbances. The author also reevaluates the role of the New York Clearing House in forestalling several panics and explains why it failed to do so in 1893 and 1907, concluding that structural defects of the National Banking Act were not the primary cause of the panics.
Categories: Business & Economics

Unions Employers and Central Banks

Unions  Employers  and Central Banks

1 COMPARATIVE POLITICAL ECONOMY : A NORTHERN EUROPEAN
PERSPECTIVE Torben Iversen and Jonas Pontusson Whereas the golden age of
postwar economic expansion was a period of relative economic and institutional
 ...

Author: Professor Torben Iversen

Publisher: Cambridge University Press

ISBN: 0521788846

Category: Political Science

Page: 339

View: 538

Focuses on important political-economic changes in industrialized countries, namely unemployment and inequality.
Categories: Political Science