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Rosa, Carlo. "Central Bank communication : the case of the European Central Bank." Thesis, London School of Economics and Political Science (University of London), 2007. http://etheses.lse.ac.uk/2725/.
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Following the opening chapter, which surveys existing literature on the transparency of central bank communication, the remaining chapters each address a simple question to better understand central bank communication, and its effects on financial markets using the European Central Bank (ECB) as a case study. Specifically: o How informative is ECB communication. Chapter 2 provides a glossary that translates explicitly the qualitative information of ECB President monthly press conferences into an ordered scale. We show that the predictive ability of these statements is similar to market-based measures of monetary policy expectations. Moreover, we find that ECB words provide complementary information to macroeconomic variables. o Is it possible to measure objectively qualitative statements. Chapter 3 uses Alceste, textual-content analysis software, to categorize each ECB announcement. We find that these categories explain the volatility of financial market expectations of future monetary policy, but are not statistically helpful in predicting future policy actions. o Is the ECB transparent about its monetary policy framework. Chapter 4 proposes an indirect test of transparency. By looking at ECB explanations of its monetary policy decisions we identify new measures of euro area economic activity and price stability. Then, we use these macroeconomic variables to estimate an ECB-specific empirical reaction function, which better forecasts its future actions compared to standard Taylor-type rules. o Do financial intermediaries understand and believe ECB statements. The final chapter shows that innovations in market expectations about future monetary policy can be explained by unexpected ECB announcements. Hence, we conclude that even if the ECB is a relatively young multinational financial institution, it has already acquired a reputation for telling the truth. Moreover, in order to describe properly its monetary policy we need two dimensions: both the current policy rate and its planned future path.
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Kingston, Demelza. "Investigating central nervous system trypanosomosis in working equids in The Gambia." Thesis, University of Glasgow, 2018. http://theses.gla.ac.uk/30682/.
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Working equids, vital to many of the world’s most economically vulnerable people, face many challenges to their health, welfare and productivity. In The Gambia, West Africa, appropriate nutrition, husbandry and veterinary assistance are limited, while infectious disease is a constant threat, particularly the parasitic disease trypanosomosis. The prevalence of generalised trypanosomosis in working equids attending the Gambia Horse and Donkey Trust show in 2013 using PCR was 55.4%. Trypanosoma congolense was most prevalent (47.0%), followed by T. vivax (15.7%) and T. brucei s.l. (2.4%). Mixed infections were common (9.4%) and T. congolense/ T. vivax coinfection appeared to have the greatest clinical effect. Spread of T. brucei parasites to the central nervous system (CNS), confirmed using immunohistochemistry and PCR, causes severe CNS dysfunction. Horses showed spastic paraparesis that rapidly progressed to recumbency, while donkeys more often displayed somnolence and cranial nerve dysfunction with a slower deterioration. The disease was fatal in all cases. Histopathology revealed diffuse lymphocytic-plasmacytic meningoencephalo-myelitis with marked perivascular cuffing, particularly in the white matter. T cells were prominent in this first study of lymphocyte distribution in equine CNS trypanosomosis. Extensive reactive astrocytosis was also demonstrated. Currently, a reliable diagnosis of equine CNS requires post mortem samples. The loop-mediated isothermal amplification (LAMP) assay was assessed for the diagnosis of equine T. brucei infection for the first time in both blood and cerebrospinal fluid (CSF). An entomological survey showed that Glossina morsitans submorsitans was common in dry woodland areas while G. palpalis gambiensis was found in riverine habitats. The prevalence of T. brucei in the midguts of Glossina specimens was 1.7% and equine DNA was found in tsetse bloodmeals, providing evidence for ongoing interaction between host, parasite and vector. Atylotus agrestis, vector of T. vivax and T. congolense, was present in large numbers in village areas. Equine DNA was detected in one A. agrestis specimen, however, no evidence of T. brucei in association with these flies was found. Finally, microsatellite genotyping was used for the first time to investigate T. brucei populations in equine trypanosomosis in The Gambia. The results revealed a heterogenous population, providing further evidence for a tsetse-transmitted mode of transmission. No evidence of population clustering by disease type or host species was detected, suggesting that host factors determine pathogenesis. Initial evidence for the involvement of the tsetse vector supports evaluation of vector control methods although further analysis of T. brucei populations in insect vectors and their relationships with those infecting equids is recommended. The clinicopathological descriptions will be of use in further study of equine CNS trypanosomosis and the development of new therapeutics and LAMP has the potential to facilitate research, especially in the study of CNS infection which has, up to now, relied on post mortem confirmation.
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Gupta, Abhijit Sen. "Essays in central bank policymaking /." Diss., Digital Dissertations Database. Restricted to UC campuses, 2006. http://uclibs.org/PID/11984.
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Debelle, Guy. "Central bank independence and inflation." Thesis, Massachusetts Institute of Technology, 1994. http://hdl.handle.net/1721.1/11969.
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Sen, Gupta Abhijit. "Essays in central bank policymaking /." Diss., Digital Dissertations Database. Restricted to UC campuses, 2006. http://uclibs.org/PID/11984.
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Parra, Julian Andres. "Essays on central bank inflation announcements." Thesis, University of Cambridge, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.609017.
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Spyromitros, Elelftherios. "Theoretical issues on Central Bank transparency." Université Louis Pasteur (Strasbourg) (1971-2008), 2007. http://www.theses.fr/2007STR1EC11.
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Basé sur l’étude pionnière de Cukierman et Meltzer (1986), la transparence de la Banque centrale a attiré l'attention des chercheurs, ce qui a suscité l’émergence de la littérature sur la transparence. Dans un premier temps, nous analysons les conséquences théoriques et empiriques de cette transparence, et ensuite nous concentrons notre travail sur trois aspects théoriques relatifs à cette dernière. Le premier d’entre eux, concerne la relation économique entre la transparence de la Banque centrale et son indépendance. Le deuxième aspect étudie les effets de la transparence de la Banque centrale en intégrant dans le mécanisme de transmission de la politique monétaire le marché du travail et le marché financier. Finalement, nous y émettrons l’hypothèse que les autorités monétaires ne connaissent pas le vrai modèle de l'économie. Sous cette condition, nous analyserons les implications économiques relatives à la désirabilité de la transparence de la Banque centraleBased on the seminal paper by Cukierman and Meltzer (1986), the economic desirability of transparency has attracted attention and the economic literature on transparency has recently started to expand. First, we analyze the theoretical and empirical findings on central bank transparency and then we distinguish three theoretical issues on central bank transparency. The first issue concerns the economic relationship between central bank transparency and central bank independence. The second one is about the effects of central bank transparency when we integrate in the transmission mechanism of monetary policy the labor market and the financial market. Finally, we assume that policymakers do not that know the true model of the economy. Under this assumption, we seek for the economic implications as for the desirability of central bank transparency
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Fasha, Rikie. "Central bank evaluation of bank performance : a case study of Indonesia." Thesis, University of Reading, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.633003.
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Defining organisational culture as organisational (bank) practices 'the way we do things around here', this study investigates the impact of organisational culture on organisational performance and fraud in the whole Indonesian banking system, using a set of panel data for the period of 2005-9. The research was motivated to fill-in the gap and to rectify the imbalance on the literature in the current global financial crisis and fraud still occurring environment, despite having been undergoing a programme of restructuring and transformation after Indonesia economic and currency crisis (1997-1998). Using appropriate econometric methods in analysing the secondary highly restricted and confidential data from Bank Indonesia (the central bank), this thesis answers the questions: (i) does organisational culture (sound banking practices) impact banking performance? in terms of a set of comprehensive performance: capital, assets, earnings, liquidity and fraud; (ii) if so, does organizational culture make different performance? based on different types of ownerships; (iii) if so, does organizational culture differentiate high-and-low bank performance. Using fixed-effects regression analysis and confirmed robustness by cross sectional regression analysis after having done Chow test and Hausmann test, multicollinearity and robustness standard error tests, this thesis results confirm all the research questions and sustain the organisational culture and performance link. The results support the widely believe in the literature that suggests organisational culture is a resource that produces better organisational performance, whilst minimising fraud. There is also acknowledgment that organisational culture differentiates high-and low performance banks, as well as based on different types of ownerships, namely: state, foreign, private and regional government banks. The results also suggest the best practices of high performance banks as finding the right balance between management actions and bank supervision functions. In particular, the result also verifies that the better the management and control function practices work-together effectively towards the same direction, the better the performance of the banks.
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Ayhan, Berkay. "A Critical Approach To Central Bank Independence: The Case Of The Central Bank Of The Republic Of Turkey." Master's thesis, METU, 2008. http://etd.lib.metu.edu.tr/upload/3/12610046/index.pdf.
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From the 1970s onwards, it is argued that central banks should be independent from politicians since the latter have an interest in seeking populist interventions to the conduct of the monetary policy. Additionally, it is often maintained that the sole aim of a central bank should be to seek price stability. Despite the seemingly neutral and objective tone of these arguments, central bank independence can find its meaning as a part of Neoliberalism, which restructured the economic administration of the state. The main objective of this thesis is to analyse the notion of central bank independence and the case of the Central Bank of the Republic of Turkey in a multidisciplinary manner, in order to reveal its political and administrative implications.
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Lara, Sebastian. "The political determinants of central bank independence." Diss., Connect to the thesis, 2008. http://hdl.handle.net/10066/1449.
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Schultefrankenfeld, Guido [Verfasser]. "Essays on central bank forecasting / Guido Schultefrankenfeld." Siegen : Universitätsbibliothek der Universität Siegen, 2014. http://d-nb.info/105197755X/34.
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Costa, Pedro Miguel Mendes Rosa. "Central bank independence and stock market returns." Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10466.
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Mestrado em FinançasA independência dos bancos centrais é considerada tanto pela literatura como pelos decisores políticos como essencial para atingir estabilidade nos níveis de inflação estável e bem estar económico a longo prazo nas economias modernas. Geralmente, é uma teoria suportada pela ideia de que a independência dos bancos centrais permite atingir essa estabilidade sem prejudicar outras variáveis da economia. Até agora, e salvo raras exceções, os estudos feitos pela literatura sobre a relação da independência dos bancos centrais e as variáveis macroeconómicas têm negligenciado os retornos agregados dos mercados financeiros. Usando um conjunto de 21 países desenvolvidos, calculamos os respetivos retornos dos índices financeiros utilizando os índices MSCI, cotados em dólares americanos, e testamos se é possível encontrar algum impacto causado pelos vários níveis de independência dos bancos centrais. A nossa análise abrange um período de 20 anos e os resultados levam-nos a concluir que a hipótese de "free lunch" que acompanha os defensores da independência dos bancos centrais não é rejeitada quando estudamos o seu impacto nos retornos dos mercados financeiros.
Central bank independence is regarded by both literature and policymakers as essential for achieving stability in inflation and long term welfare in modern economies, and it is usually supported by the idea that it accomplishes such stability without harming other variables in the economy. Until very recently, the literature studies of its effect on several macroeconomic variables have neglected the analysis of stock market returns. Using a set of 21 developed countries, we calculate the respective yearly stock returns using the MSCI indices, quoted in US Dollars, and test if it is possible to trace an impact caused by the levels of independence of the countries' central banks. Our analysis spans for a period of 20 years and the results lead us to conclude that the free lunch hypothesis behind central bank independence cannot be rejected when its impact is studied on stock market returns.
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San, Miguel Olga Arratibel. "Monetary policy, credibility and central bank constitutions." Thesis, University of Warwick, 1996. http://wrap.warwick.ac.uk/4017/.
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Although most macroeconomists agree that the control of inflation may involve losses of output, there is no consensus about why. New Classical economists, focusing on the issue of credibility, have identified incentive problems as important obstacles to price stability. On the contrary, many new Keynesians regard credibility problems as secondary. They focus on the microeconomic details of wage and price adjustments as potential sources of disinflationary costs. Yet, if the costs and the benefits of anti-inflationary policy are strictly related to the market structure of the economy, so will be the incentives tempting the monetary authority to inflate. Indeed, what we show in this thesis is that the microeconomic aspects of wage and price setting not only affect the costs (benefits) of credible disinflationary (inflationary) policy, but that they need to be considered to determine whether those disinflationary (inflationary) policies can be perceived as credible or not. Despite the relevance of this problem, the economic analysis of microfoundations has received little attention at the time of designing efficient resolutions for the credibility problem of monetary policy. This idea has been illustrated in different ways. First, Rogoff's idea of delegation does not seem very attractive, if the wage setting process appears to be dominated by insider workers. Moreover, we have underlined the difficulties that a country like Spain, with a highly distorted labour market, may face in fighting inflation. Second, interesting patterns of inflation and output behaviour may be generated by the interaction of both credibility problems and staggered wage setting. Finally, although the difficulties of implementing anti-inflationary policies are emphasised in all our examples, they are particularly severe when near-rational behaviour or, alternatively, costs of changing prices are taken into account.
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Faye, Sainey. "An examination and analysis of bank corporate governance regulation in The Gambia : a grounded theory approach." Thesis, University of Plymouth, 2014. http://hdl.handle.net/10026.1/3155.
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The purpose of this research is to carry out an empirical investigation of bank corporate governance regulation in The Gambia. The aim is to determine what contributions, if any, effective governance systems can make to the management of the needs of different stakeholder groups within the financial sector. Through the application of grounded theory methodology this research aims to build a substantive theory of corporate governance regulation within The Gambian banking sector. The substantive theory identified the main phenomena and as such outlined the model of corporate governance currently prevailing in The Gambian banking sector. The grounded theory methodology adopted for this research includes a three stage process of analysing data namely open coding, axial coding and selective coding. Firstly, through the application of comparative method in open coding semi structured interviews and focus groups discussions were conducted with senior bank executives, employees and customers, as well as regulators across The Gambian banking sector. Open coding process enables the development and identification of properties and dimensions. The interviews were informed by survey questionnaires designed to sensitise and gain access to the identified participants and subsequently guided the semi structured interview questionnaires and focus groups that followed. Secondly, through axial coding, the open categories were incorporated into wider categories. The use of the paradigm model establishes the relationship among these categories. This led to the development of the human factor model of bank corporate governance regulation in The Gambian banking system. Finally, selective coding identified the core category through the verification of the second set of semi structured interviews and established its’ relationship with other sub categories. The substantive theory was further explored Categorical Imperative theoretical framework leading to a more formal substantive theory that considers corporate governance issues of financial sector stakeholders. It concluded that there is no consistency between banks when it comes to corporate governance mechanisms and codes partly due to obstacles such as environment, culture and policies. Thus, regulatory compliance and ethics are therefore necessary to serve as a moral compass in the absence of a mandatory regulatory framework. Finally, this thesis also explored the phenomenon of corporate governance, grounded theory and Categorical Imperative in an unexplored context. Thus, providing a new approach to corporate governance understanding to inform and to improve corporate governance practice. The identification of the substantive theory will also help key stakeholders to address the challenges, thus, minimising the risk of bank failures and improve the corporate governance regulation framework in The Gambia. Finally, this research also proposed an ethical code of conduct for The Gambia. The proposed code of conduct will influence future behaviour and subsequently improve the robustness of the banking system.
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Maneschiöld, Per-Ola. "Essays on exchange rates and central bank credibility." [Göteborg : Nationalekonomiska institutionen, Göteborgs universitet], 2002. http://www.handels.gu.se/epc/data/html/html/PDF/ManeschioldNE.pdf.
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Ilieva, Janet Bogomilova. "Redefining central bank independence : a pan-national perspective." Thesis, Manchester Metropolitan University, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.404543.
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Tupits, Andres. "Legal framework for the Eurosystem national central bank." Thesis, Queen Mary, University of London, 2010. http://qmro.qmul.ac.uk/xmlui/handle/123456789/1281.
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This thesis analyses legal issues related to the participation in the Eurosystem by a national central bank (NCB). My aim is to develop principles that could be used for a national central bank law for a European Union Member State that has adopted the euro. The transfer of monetary policy to the supranational level has substantially changed the European central banking framework and confronted the NCBs with their new role as members of the Eurosystem. This membership has affected the governance structures of NCBs, with the emphasis on Governors and their independence. Most of the changes relate to the fulfilment of tasks of the Eurosystem and the level of independence needed by the NCBs to carry out these tasks. I have found that although there are differences amongst the Member States, the understanding of central bank independence is fairly similar throughout the EU. The accountability of the NCBs is driven not by the EU but by national rules, which is why the extent of reporting commitments varies between the Member States. The same is true of transparency, with some NCBs tending to be more open towards the general public than the others. However, it remains debatable whether there should be a harmonisation of rules on transparency and accountability at the EU level and whether the establishment of such harmonised rules would set higher standards than the current average. A debate on whether the prudential supervision of credit institutions should be a European rather than a national matter has been going on for a number of years, and I would like to add to the discussion as far as the financial stability and ESCB-related tasks are concerned. Finally, on the basis of the Estonian NCB Statute, I suggest amendments reflecting best practices for central bank tasks, independence and accountability.
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Politsidis, Panagiotis N. "Essays on financial markets and central bank policy." Thesis, University of Surrey, 2017. http://epubs.surrey.ac.uk/813755/.
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This Thesis consists of three chapters examining the interaction and comovement between different financial assets in terms of their price, liquidity and volatility, and analysing the impact of the central bank's monetary policy stance on this interaction. ''The interaction of the Stock, Bond and CDS markets: An empirical analysis'' examines the price co-movements between the stock, bond, and CDS markets finding differences in the timing with which information is reflected in these asset-markets. It further identifies the factors that generate order flow in these markets focusing on the instruments controlled closely by the central bank. The examination of those instruments includes a comparison between standard and non-standard monetary policy measures and the identification of the monetary transmission channel. ''Sovereign Bond and CDS Market Liquidity. Arbitrage Activities and Central Bank Interventions'' analyses the joint dynamics of sovereign bond and CDS market liquidity taking into account the no-arbitrage relationship between them, i.e., the CDS-bond basis, and provides evidence of asymmetric liquidity interaction between the two asset-markets. The examination of central bank interventions and regulatory changes reveals that the ECB's open market purchases and the EU's naked CDS ban managed to limit the mispricing in the sovereign bond and CDS markets and improved the bond-CDS liquidity interaction. ''Volatility and Integration in the European Sovereign Bond and CDS Markets'' studies the strength and direction of volatility linkages between European sovereign bond yields and CDS spreads and assesses whether volatility linkages lead to stronger cross-asset integration. The analysis points to the existence of two blocs within the EMU according to the level of bond-CDS integration, a level which in the EMU South is inversely related to the CDS-bond basis. It additionally lends support to the implementation of non-standard monetary policy measures, since an easing in the ECB's policy stance improves the level of cross-asset integration.
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Hayat, Muhammad Azmat. "Essays on central bank independence and public support." Thesis, Lille 1, 2011. http://www.theses.fr/2011LIL12010/document.
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Cette thèse traite de certaines questions importantes d'économie politique, plus particulièrement liées à l'indépendance des banques centrales. Le premier chapitre de la thèse montre que la probabilité de remplacement d'un gouverneur de banque centrale est positivement liée à la part du mandat déjà effectuée, aux crises bancaires et monétaires, aux élections, aux réformes des statuts des banques centrales, ainsi qu'à l'inflation. Dans le deuxième chapitre, nous montrons que le grand public connaît très bien la question de l'indépendance de la banque centrale. Cette question est analysée pour des échantillons représentatifs de 15 pays Européens, interrogés sur la proposition de créer une Banque Centrale Européenne (BCE) indépendante. Nous montrons que le comportement de l'inflation n'est pas suffisant pour expliquer la préférence des agents pour une banque centrale indépendante: les caractéristiques personnelles et les circonstances ont un impact plus fort, avec le sexe, l'emploi, le niveau d'éducation, de revenu, et le degré d'information et le souci civique montrant une significativité particulière. Le troisième chapitre de l'étude traite de la question du soutien de la banque centrale par le public. Nous employons un riche ensemble de déterminants potentiels, en combinant les données macro-économiques et socio-démographiques pour expliquer la confiance dans la BCE. Nous constatons que les personnes ayant un niveau de revenu élevé, d'éducation élevé et une orientation politique centriste ou de droite ont tendance à plus soutenir la BCE. La pertinence politique de ces résultats est importante pour la stratégie de communication de la BCE avec le public de l'UEThis thesis addresses some important issues in the political economy particularly related to central bank independence. The first chapter of the thesis explores the determinants of removal of central bankers and shows that the probability of replacing a central bank governor is positively related to the time already spent in office, to banking and currency crises, the occurrence of elections, central bank independence reforms, and inflation. In the second chapter, we demonstrate that general public adheres the issue and importance of independence of central bank very well. Using data from Eurobarometer surveys for 1998 to 2000 for 15 EU countries, which included a specific question on this issue, we show that inflation performance is not sufficient to explain people's preferences for an independent central bank: personal characteristics and circumstances have a stronger impact, with gender, employment status, education level, income, and degree of information and civic concern showing particular relevance. The third chapter of the study deals with the issue of support of the central bank in public. We employ a rich set of potential determinants, combining macroeconomic and socio-demographic data, to explain trust in the ECB. We find that people with higher level of income and education and centre to right-wing political orientation tend to support the ECB, as well as people with optimistic expectations on the economic situation. The policy relevance of this dissertation is important for the central banks' communication policy along general policies and also for the ECB's communication strategy with the EU public
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Bang, Kisun. "Central bank independence, budget deficits, seigniorage and inflation /." free to MU campus, to others for purchase, 1998. http://wwwlib.umi.com/cr/mo/fullcit?p9924863.
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Thornton, J. S. "Bank rediscounting at the central bank : Theories and some evidence for Germany, 1974-1982." Thesis, City University London, 1985. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.373357.
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Tymoigne, Eric Wray L. Randall. "Central banking, asset prices, and financial fragility what role for a central bank? /." Diss., UMK access, 2006.
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Thesis (Ph. D.)--Dept. of Economics and Social Sciences Consortium. University of Missouri--Kansas City, 2006."A dissertation in economics and social sciences." Advisor: L. Randall Wray. Typescript. Vita. Title from "catalog record" of the print edition Description based on contents viewed Dec. 19, 2007. Includes bibliographical references (leaves 422-452). Online version of the print edition.
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Stanek, Piotr. "Efficiency of decision making in central banks : lessons for the European Central Bank." Lille 1, 2007. https://pepite-depot.univ-lille.fr/LIBRE/Th_Num/2007/50374-2007-13.pdf.
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Cette thèse s'attache â comprendre les facteurs influencant l'efficacité de la prise de décision au sein des banques centrales. La littérature économique propose plusieurs facteurs pouvant influencer la qualité des decisions prise par un comité de politique monétaire tels que le nombre de membres, la règle de décision, les caractèristiques des décideurs ou encore les modalités de communication entre eux. Cette thèse se focalise sur la précision d'information comme la variable déterminant l'efficacité des décisions: plus elle est élevé meilleurs sont les résultats de la politique monétaire et cette politique devient plus réactive. La précision d'information acquise par le décideur dépend de son habilleté, de la cible de politique ainsi que des institutions de prise de décision. Empiriquement il a été montré que l'expérience professionnelle des membres de comité de politique monétaire influence le niveau d'inflation et leur niveau d'éducation influence la réactivité. L'existence d'une taille optimale du comité a aussi été confirmé. Finalement, la récente réforme du système de prise de décision au sein de la BCE a été évaluée et critiquée ainsi qu'une proposition alternative correspondante au critères proposés a été spécifiée.
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Harahap, Sofyan Syafri. "The Central Bank and commercial bank control relationships in Indonesia : a field based case study /." Title page, contents and abstract only, 1999. http://web4.library.adelaide.edu.au/theses/09PH/09phh254.pdf.
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Saacke, Peter. "Technical analysis, central bank interventions and exchange rate regimes." [S.l. : s.n.], 1999. http://www.sub.uni-hamburg.de/disse/69/diss.htm.
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McPhilemy, Samuel. "Financial stability and central bank power : a comparative perspective." Thesis, University of Warwick, 2015. http://wrap.warwick.ac.uk/78999/.
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This thesis provides a comparative analysis of how the power of the United States Federal Reserve, the Bank of England and the European Central Bank has changed as a consequence of the reorientation of central banking towards financial stability since the global financial crisis. Drawing on a wide range of primary and secondary sources, including more than 30 interviews with central bankers and other public officials, the thesis demonstrates that to different extents, each of these organisations has exhibited a more authoritative relationship with its key interlocutors in recent years. The thesis attributes this variegated transformation to the policy entrepreneurship of transgovernmentally networked central bankers, who acted in concert with sympathetic executive politicians to operationalise new ‘macroprudential’ policy frameworks after the financial crisis. Central bankers’ collective policy entrepreneurship was guided by shared normative beliefs about their appropriate role in respect of financial stability, but their embrace of macroprudential ideas was far from uniform. Central bankers in each jurisdiction pursued subtly different policy objectives within idiosyncratic political, cultural and institutional terrains, leading to distinctive local varieties of reform. The thesis argues that central banks’ heightened authority since the financial crisis has been underpinned by an increase in their structural power, which owed to the heightened reliance of politicians and financial market actors on central banks’ unique ability to create new base money. It also demonstrates how transformations in central banks’ authority and structural power feed into their overall capacity to achieve their financial stability objectives. The thesis argues that in the post-crisis regulatory framework, central banks are at risk of underdelivering on their mandates. A bias towards inaction in the face of uncertainty and insufficient willingness to break with pre-crisis economic tropes threaten to undermine central banks’ efforts to maintain financial stability over the medium term.
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Kearns, Jonathan. "Nominal exchange rates, commodity prices and central bank policy." Thesis, Massachusetts Institute of Technology, 2002. http://hdl.handle.net/1721.1/8172.
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Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2002.Includes bibliographical references.
This thesis consists of three independent chapters on nominal exchange rates. The first chapter adds to the forward bias puzzle by noting that while the exchange rate of a small commodity-exporting economy can be closely tied to commodity prices, a portfolio of commodity futures exhibits little if any bias. This is demonstrated for Australia. Using a dependent economy model in which the exchange rate is a function of export prices, three potential explanations for the bias of exchange rate futures, but not commodity futures, are considered. Peso problems do not seem capable of explaining the puzzle. Monetary policy could explain some of the bias, though unlikely the full extent. Systematic expectation errors about the monetary process, while requiring strong assumptions, receive some empirical support from the behaviour of the exchange rate. The second chapter attempts to resolve the endogeneity of exchange rates and central bank intervention. Using a change in Reserve Bank of Australia intervention policy for identification, simulated GMM is used to estimate a model that includes the contemporaneous impact of intervention. Intervention is found to have an economically significant contemporaneous effect. A $US100m purchase of the domestic currency will appreciate the exchange rate by 1.35 to 1.81 per cent. Further, intervention is found to have the majority of its impact during the day in which it is conducted, with a smaller effect on subsequent days. Australian central bank intervention policy is confirmed to be characterised by leaning against the wind.
(cont.) The third chapter estimates the dependent economy model outlined in Chapter 1 for the Australian, Canadian and New Zealand dollars. The model provides a good representation of the exchange rates for all three countries up to 1995. In out-of-sample projections the Australian and Canadian models outperform a random walk. The New Zealand model breaks down during the Asian crisis. Commodity futures are used to construct forecasts of the Australian dollar, which at horizons of around one year are more accurate than no-change forecasts.
by Jonathan Kearns.
Ph.D.
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Staker, Shawn W. "A dynamic term structure model of Central Bank policy." Thesis, Massachusetts Institute of Technology, 2009. http://hdl.handle.net/1721.1/53304.
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Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Electrical Engineering and Computer Science, 2009.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 115-118).
This thesis investigates the implications of explicitly modeling the monetary policy of the Central Bank within a Dynamic Term Structure Model (DTSM). We follow Piazzesi (2005) and implement monetary policy by including the Fed target rate as a state variable. The discontinuous target dynamics are accurately modeled via a non-linear switching process, while still maintaining affine requirements under the pricing measure ensuring tractability. To ensure a flexible risk specification we turn to the parametrization of Cheridito et al (2007), with extensions to the target jump process. Model parameters are estimated via a simulated maximum likelihood estimation scheme with importance sampling. A Bayesian particle filter is used as a robustness check, and it's use for static parameter estimation in a DTSM framework is explored. Our results support those in Piazzesi (2005), revealing a substantial improvement in pricing errors especially on the short end of the yield curve. The model construction provides a natural framework to inspect monetary policy information embedded in yields, which is found to be substantial. We find the addition of the target rate greatly improves the model's ability to explain excess return. An ability which is increased with the inclusion of the full term structure of target rates, as measured from Fed future contracts. We postulate the improved performance is due to the target as a proxy for short term rates, and a conduit to express the information content of the term structure of target rates.
by Shawn W. Staker.
Ph.D.
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Vari, Miklos. "The impact of central bank policies on money markets." Thesis, Paris 1, 2017. http://www.theses.fr/2017PA01E062.
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Cette thèse est une tentative de mieux comprendre l’impact des différentes mesures prises par les banques centrales depuis 2008, et en particulier en zone Euro. Elle se concentre sur les effets des différents politiques non-conventionnelles sur le marché monétaire. Le chapitre 1 montre comment la fragmentation du marché interbancaire perturbe la transmission de la politique monétaire. Le phénomène de fragmentation est introduit dans un modèle standard de marché interbancaire. On voit alors que de la liquidité excédentaire apparaît de façon endogène dans le modèle. Cela conduit les taux d’intérêt à court terme à s’éloigner du taux de la banque centrale. Le modèle est utilisé pour analyser les politiques conventionnelles et non conventionnelles de l’Eurosystème. Le chapitre 2 explique comment le programme d’achat de titres souverains de l’Eurosystème (le PSPP) a poussé certains taux du marché monétaire en dessous du taux de la facilité de dépôt de l’Eurosystème, qui est pourtant sensé être un plancher. Le chapitre explore empiriquement les interactions entre le PSPP et les taux d’intérêts collatéralisés. Le chapitre 3 montre comment des régulations très proches de celles de Bâle III étaient utilisées par les banques centrales dans les trois décennies qui ont suivi la Seconde Guerre mondiale. A l’époque ces régulations étaient utilisées pour stabiliser l’inflation et la production, un rôle qui serait aujourd’hui typiquement attribué à la politique monétaire (et non à la régulation bancaire). Les expériences historiques que nous décrivons montrent clairement que la régulation de la liquidité a des effets restrictifs sur l’activitéThe first chapter shows how interbank market fragmentation disrupts the transmission of monetary policy. Fragmentation is the fact that banks, depending on their country of location,have different probabilities of default on their interbank borrowings. Once fragmentation is introduced into standard theoretical models of monetary policy implementation, excess liquidity arises endogenously. This leads short-term interest rates to depart from the central bank policy rates. Using data on cross-border financial flows and monetary policy operations,it is shown that this mechanism has been at work in the Euro-Area since 2008. The model is used to analyze conventional and unconventional monetary policy measures. The second chapter shows how the Euro area money market rates have been standing below the deposit facility rate since 2015, which financial markets perceive as a byproduct of Eurosystem's public sector purchase program (PSPP). This paper explores empirically the interactions between the PSPP and short term secured money market rates (repo rates). We document different channels through which asset purchases may affect the various segments of the Euro area repo market. Using proprietary data from the PSPP and individual repo transactions made on the repo market for specific securities, our results show that the PSPP has contributed to push down repo rates. Purchasing 1% of a bond outstanding is associated with a decline in its repo rate of -0.75 bps
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Sathitsuksanoh, Noppadon Thompson Henry L. "Recent portfolio investment and central bank policy in Thailand." Auburn, Ala, 2008. http://hdl.handle.net/10415/1504.
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From, Christensen Lene. "Centralbankers kommunikation : inflationsmålsætning og pengepolitisk gennemsigtighed = Central Bank communication /." Aarhus : Institut for Økonomi, Aarhus Universitet, 2007. http://mit.econ.au.dk/Library/Specialer/20011427.pdf.
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Beblavý, Miroslav. "Constrained discretion : monetary policy frameworks, central bank independence and inflation in Central Europe, 1993-2001." Thesis, University of St Andrews, 2004. http://hdl.handle.net/10023/14194.
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The thesis has two overarching objectives. One is to understand monetary policy in the Czech Republic, Hungary, Poland and Slovakia during 1990s and early 2000s; the other to use these findings to shed light on monetary policy in less developed, but highly open and financially integrated market economies. In order to achieve its aims, it analyses specific factors with significant influence on the conduct or outcomes of monetary policy in these countries; it analyses the transmission mechanism of monetary policy in Central Europe, based on a technique called vector autoregression; and examines use of principal types of constraints on policy discretion, such as central bank independence, exchange rate commitments and domestic targets for monetary policy, in countries of the sample. The thesis finds that strong internal and external pressures, together with frequent bouts of fiscal irresponsibility and sizeable additive and parametric uncertainty regarding the working of the economy, led, in all four countries, to pronounced macroeconomic vulnerability and a need for periodic adjustment to dangerous fiscal and external imbalances. Reaction of policy-makers in countries of the sample to this environment can be characterized as discretion constrained by a strong nominal anchor and real exchange rate considerations. Experience of Central European countries shows that various elements of a commitment by monetary authorities are not duplicatory or contradictory, but interdependent in contributing to the goal of constraining discretion. During the period studied, the two key overall developments in policy were the gradual shift of emphasis from exchange rate targets to domestic targets and (within domestic targets) a shift from monetary targets to inflation targets. This approach has been largely successful.
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Ozdemir, Kazim Azim. "Fiscal issues, the Central Bank and monetary policy in Turkey." Thesis, University of Sheffield, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.419279.
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Craft, Vanessa. "Central bank credibility, endogenous beliefs and short-run Phillips curves." Diss., Virginia Polytechnic Institute and State University, 1987. http://hdl.handle.net/10919/49839.
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Sungu, Burak. "Three Essays on Central Bank Independence, Dependence and Economic Interaction." The Ohio State University, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=osu1250701872.
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Willershausen, Gerold [Verfasser]. "European Sovereign Bond Liquidity and Central Bank Interventions. / Gerold Willershausen." Berlin : Duncker & Humblot GmbH, 2020. http://d-nb.info/1238497012/34.
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Wood, Justine A. "Central bank transparency : examining volatility in output and financial markets." Thesis, Loughborough University, 2014. https://dspace.lboro.ac.uk/2134/18931.
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This research utilizes the seminal index from Dincer and Eichengreen (2013), which includes values for 120 countries from 1998 to 2010, to examine the effects of the level of central bank transparency on output and financial market volatility. In addition, this paper explores whether a degree of optimal transparency exists.
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Maloy, James Ronald. "The Political Economy of Partisan Politics, Elections and Central Bank Independence." Thesis, Royal Holloway, University of London, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.487571.
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This thesis investigates the political economy of partisan politics, elections and central bank independence. . The first chapter, 'Partisan Business Cycles and Central Bank Independence,' is an empirical investigation of how independent central banks affect the existence of partisan inflation cycles. No systematic evidence is found of any consistent link between the degree of central bank independence and the existence of partisan cycles in inflation·data; indeed, some of the evidence indicates that partisan differences in inflation are more noticeable in nations with more independent central banks. . The subsequent chapter, 'Elections and Central Bank Independence,' builds on these results to investigate the impact of electoral timing and central bank independence on ip.flation outcomes. It is hypothesised that inflation expectations under an independent central bank will be lower than under politically determined inflation. As inflation expectations are a significant factor in decision-making, higher central bank independence is expected to have a negative marginal effect on inflation in the period immediately following an election. Evidence is found of such an effect; the duration is sensitive to whether an incumbent party or challenger wins an election as well as the time period under consideration. The final chapter, 'Wage Bargaining, Politically-Induced Inflation Uncertainty and Central Bank Independence: An Experimental Investigation,' studies bargaining in which payoffs are affected by the infl~ionrate. The purpose of this chapter is to '3.nalyse the effect ofpolitically-induced inflation uncertainty on wage bargaining, and the effect of reducing this uncertainty by granting political independence to the central bank. Average,agreements are typically close to the expected value of inflation in most treatments, although the variance is large. Switching from politically-determined inflation to an independent central bank has no significant impact on average agreements even if the independent central bank pursues inflation lower than the expected value under politics. Agreements are influenced by factors including bargaining power and past agreements.
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Bernal, Oscar. "Financial information flows and central bank interventions: the case of Japan." Doctoral thesis, Universite Libre de Bruxelles, 2007. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210599.
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La thèse comporte deux parties. Dans la première partie (Chapitres 1 et 2), un examen des déterminants des interventions officielles sur le marché des changes est proposée. Dans la second partie (Chapitres 3 et 4), c'est la problématique des interventions dites « secrètes » qui est étudiée. Chapitre 1: « Talks, financial operations or both »
Ce chapitre propose une nouvelle approche aux fonctions de réaction permettant d’examiner, dans un même modèle, les déterminants des différents types d’interventions (les interventions effectives et les interventions orales). Le modèle permet de mieux comprendre les choix stratégiques des autorités (opérations financières ou simple politique de communication) et d’en évaluer le degré de substituabilité ou de complémentarité.
Chapitre 2 :« The institutional organization underlying interventions »
La structure institutionnelle sous-jacente au processus d’intervention (interactions entre le Ministère des finances et la banque centrale) est explicitement incorporée dans le modèle proposé dans ce chapitre. Cette approche permet d’évaluer, dans quelle mesure, le Ministère des finances (l’autorité responsable de la politique de change), en intervenant sur le marché, internalise les objectifs de la banque centrale(l’agent du Ministère pour l’implémentation des ordres d’intervention).
Chapitre 3 :« The secrecy puzzle »
Ce chapitre propose une évaluation empirique des différents arguments théoriques expliquant le recours aux interventions secrètes. Le travail repose sur l’examen économétrique d’une fonction de stratégie, dans laquelle, des déterminants relatifs à la décision d’intervenir secrètement d’une part et, d’autre part, des déterminants relatifs à la détection des interventions par le marché sont incorporés.
Chapitre 4 :« A unified approach to interventions »
Un modèle unique, permettant d’expliquer les trois étapes du processus d’intervention, est proposé dans ce chapitre. Ces trois étapes sont relatives (i) au choix d’intervenir, (ii) au choix d’intervenir de façon secrète et (iii) à la perception des interventions par le marché. Grâce à l’inclusion de déterminants spécifiques pour ces différentes étapes, cette approche multidimensionnelle permet d’appréhender leurs interrelations et, donc, de mieux comprendre les différents arbitrages réalisés par les autorités lorsqu’elles décident d’intervenir.
Doctorat en Sciences économiques et de gestion
info:eu-repo/semantics/nonPublished
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Kulkarni, Jeffrey Kishor. "Central bank independence as ideology : disinflation, dissimulation and labour market deregulation." Thesis, University of Oxford, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.425033.
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Al, Sayed Mohammed Bassam Hashim. "The role of the Central Bank in an Islamic Banking System." Thesis, University of Wales Trinity Saint David, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.503612.
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Beyer, Andreas H. "Monetary transmission mechanisms and central bank policy : essays in econometric modelling." Thesis, University of Southampton, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.262907.
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Hasegawa, Sánchez Alejandra Harumi. "Does the Central Bank of Peru respond to exchange rate movements?" Bachelor's thesis, Pontificia Universidad Católica del Perú, 2018. http://tesis.pucp.edu.pe/repositorio/handle/123456789/13098.
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El objetivo de esta investigación es investigar si los movimientos del tipo de cambio nominal
afectan la fijación de la tasa de interés de política monetaria en Perú. Estimamos un
modelo de equilibrio general dinámico estocástico (DSGE, siglas en inglés) neokeynesiano
de una economía pequeña y abierta con hogares, dos sectores productivos de exportación
(commodities y manufacturados) y un sector externo, basado en el modelo desarrollado
por Schmitt-Grohé y Uribe (2017). El modelo considera mercados incompletos, rigidez de
precios a la Calvo y una regla de política monetaria que responde a cambios en la infación, el
producto bruto interno y tipo de cambio nominal. Adicionalmente, se incluye una condición
de paridad de la tasa de interés modificada que captura la intervención cambiaria, que ha
sido utilizada activamente por el Banco Central del Perú desde principios de los años 90.
Estimamos cuatro especi caciones del modelo por métodos bayesianos para los periodos
1T2002-4T2017 y 1T2010-4T2017, cuando el Banco Central del Perú sigue un régimen de
metas de in ación. El principal resultado sugiere que la importancia del tipo de cambio
nominal en la regla de política monetaria del Banco Central del Perú ha disminuido desde
el 2010, lo que puede atribuirse al proceso de desdolarización de la economía peruana y la
consolidación del régimen de metas de in ación. Durante el período 1T2020-4T2017, el
Banco Central racionaliza su esquema de metas de inflación con instrumentos para limitar
los riesgos vinculados a la dolarización e interviene en el mercado de divisas. Además,
encontramos que la intervención en el mercado cambiario ha sido una característica relevante
del mercado cambiario en Perú y de la determinación del tipo de cambioThe aim of this paper is to investigate whether exchange rate movements affect the monetary policy interest rate setting in Peru. We estimate a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model of a small open economy with households, two productive export sectors (commodities and manufacturing) and a foreign sector, based on the model developed by Schmitt-Grohé and Uribe (2017). The model considers incomplete markets, sticky prices a la Calvo and a monetary policy rule that responds to changes in in- ation, output and in the nominal exchange rate. Additionaly, we include a modi ed interest rate parity condition that captures foreign exchange intervention, which has been actively used by the Central Bank of Peru since early 90s. We estimate four speci cations of the model by Bayesian methods for the periods 2002Q1-2017Q4 and 2010Q1-2017Q4, when the Central Bank of Peru follows an in ation targeting regime. The main result suggests that the importance of the nominal exchange rate in the Central Bank of Peru's interest rate policy rule has decreased since 2010, which can be attributed to the de-dollarization process of the Peruvian economy and the consolidation of the in ation targeting regime. During 2010Q1-2017Q4, the Central Bank rationalizes its in ation targeting scheme with instruments to limit risks linked to dollarization and intervenes in the foreign exchange market. In addition, we nd that foreign exchange market intervention has remained a relevant feature of the foreign exchange market in Peru and of the determination of the exchange rate.
Tesis
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VERVLOET, WERTHER TEIXEIRA DE FREITAS. "BRAZIL`S CENTRAL BANK STERILIZED INTERVENTIONS` EFFECTS ON THE EXCHANGE RATE." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2010. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=16657@1.
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Foco de grandes controvérsias quanto seus efeitos sobre a taxa de câmbio, as intervenções cambiais tem sido amplamente utilizadas no processo de recomposição de reservas internacionais brasileiras. Muito embora não seja o principal objetivo do Banco Central do Brasil afetar o nível da taxa de câmbio, é possível que isso ocorra. Portanto, este trabalho busca responder à seguinte indagação: teriam as intervenções cambiais esterilizadas efeitos sobre a taxa de câmbio? Os resultados encontrados dão indícios de que tais efeitos existem, mas são de magnitude muito reduzida e de curta duração.Central object of big controversies regarding its effects on the exchange rate, sterilized interventions have been largely used by Brazil`s Central Bank on the buildup of the country`s international reserves. Although it is not his objective to affect the exchange rate level when buying foreign currency, there is a chance that it might happen. In this line, the primary question of this work is: Does sterilized interventions on the exchange market affect the exchange rate? The found results give some evidence that such effects exist, but are very small on its magnitude and of low duration.
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Seerattan, Dave Arnold. "The effectiveness of central bank interventions in the foreign exchange market." Thesis, Brunel University, 2012. http://bura.brunel.ac.uk/handle/2438/7361.
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The global foreign exchange market is the largest financial market with turnover in this market often outstripping the GDP of countries in which they are located. The dynamics in the foreign exchange market, especially price dynamics, have huge implications for financial asset values, financial returns and volatility in the international financial system. It is therefore an important area of study. Exchange rates have often departed significantly from the level implied by fundamentals and exhibit excessive volatility. This reality creates a role for central bank intervention in this market to keep the rate in line with economic fundamentals and the overall policy mix, to stabilize market expectations and to calm disorderly markets. Studies that attempt to measure the effectiveness of intervention in the foreign exchange market in terms of exchange rate trends and volatility have had mixed results. This, in many cases, reflects the unavailability of data and the weaknesses in the empirical frameworks used to measure effectiveness. This thesis utilises the most recent data available and some of the latest methodological advances to measure the effectiveness of central bank intervention in the foreign exchange markets of a variety of countries. It therefore makes a contribution in the area of applied empirical methodologies for the measurement of the dynamics of intervention in the foreign exchange market. It demonstrates that by using high frequency data and more robust and appropriate empirical methodologies central bank intervention in the foreign exchange market can be effective. Moreover, a framework that takes account of the interactions between different central bank policy instruments and price dynamics, the reaction function of the central bank, different states of the market, liquidity in the market and the profitability of the central bank can improve the effectiveness of measuring the impact of central bank policy in the foreign exchange market and provide useful information to policy makers.
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Tcaciuc, Luciana. "Translation practices at the European Central Bank with reference to metaphors." Thesis, Aston University, 2013. http://publications.aston.ac.uk/19561/.
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The European Union institutions represent a complex setting and a specific case of institutional translation. The European Central Bank (ECB) is a particular context as the documents translated belong to the field of economics and, thus, contain many specialised terms and neologisms that pose challenges to translators. This study aims to investigate the translation practices at the ECB, and to analyse their effects on the translated texts. In order to illustrate the way texts are translated at the ECB, the thesis will focus on metaphorical expressions and the conceptual metaphors by which they are sanctioned. Metaphor is often associated with literature and less with specialised texts. However, according to Lakoff and Johnson’s (1980) conceptual metaphor theory, our conceptual system is fundamentally metaphorical in nature and metaphors are pervasive elements of thought and speech. The corpus compiled comprises economic documents translated at the ECB, mainly from English into Romanian. Using corpus analysis, the most salient metaphorical expressions were identified in the source and target texts and explained with reference to the main conceptual metaphors. Translation strategies are discussed on the basis of a comparison of the source and target texts. The text-based analysis is complemented by questionnaires distributed to translators, which give insights into the institution’s translation practices. As translation is an institutional process, translators have to follow certain guidelines and practices; these are discussed with reference to translators’ agency. A gap was identified in the field of institutional translation. The translation process in the EU institutions has been insufficiently explored, especially regarding the new languages of the European Union. By combining the analysis of the institutional practices, the texts produced in the institution and the translators’ work (by the questionnaires distributed to translators), this thesis intends to bring a contribution to institutional translation and metaphor translation, particularly regarding a new EU language, Romanian.
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M'Baye, Cheick Kader. "Theoretical and empirical essays on inflation targeting and central bank transparency." Thesis, Lyon 2, 2013. http://www.theses.fr/2013LYO22010.
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Cette thèse contribue au débat sur les politiques de ciblage d’inflation et de transparence des banques centrales en présentant notamment trois essais théoriques et empiriques sur le sujet. Dans le premier essai, nous étudions théoriquement les conditions sous lesquelles il serait optimal pour une banque centrale d’adopter explicitement un régime de ciblage d’inflation. Nous proposons un nouveau cadre théorique qui combine les deux principales raisons avancées dans la littérature pour expliquer les effets réels à court terme de la politique monétaire et qui sont d’une part, la présence d’informations hétérogènes entre les agents économiques (Phelps, 1970 ; Lucas, 1972), et d’autre part, la rigidité des salaires ou des prix (Taylor, 1980 ; Calvo, 1983). Nous analysons ensuite notre problématique dans ce nouveau cadre en considérant l’interaction entre le degré de rigidité des prix, et le degré de complémentarités stratégiques dans la fixation de prix des firmes. Nos résultats montrent que l’adoption d’un régime de ciblage d’inflation dépend fortement de l’importance relative des paramètres du modèle. En particulier, nous montrons que le ciblage d’inflation devrait être toujours adopté lorsque les complémentarités stratégiques sont faibles, alors que dans le cas contraire, il est optimal uniquement lorsque les prix sont assez rigides et que la banque centrale détient des informations suffisamment précises sur les fondamentaux de l’économie. Dans le second essai, nous utilisons la macroéconomie expérimentale afin d’évaluer dans quelle mesure l’annonce de la cible d’inflation est pertinente dans un cadre de ciblage de l’inflation. Nos résultats montrent que lorsque la banque centrale ne se soucie que de la stabilisation de l’inflation, l’annonce de la cible d’inflation n’apporte pas de gain supplémentaire en termes de performances macro-économiques, par rapport à une politique monétaire active (type règle de Taylor). Cependant, si la banque centrale intègre également la stabilisation de l’activité économique dans ses objectifs, la communication de la cible contribue à réduire la volatilité de l’inflation, du taux d’intérêt, et de l’écart de production, bien que leurs niveaux moyens ne soient pas affectés. Ce résultat fournit ainsi une justification pour l’adoption d’un régime de ciblage flexible d’inflation par la majorité des pays ciblant l’inflation. Enfin dans le troisième essai, nous appliquons une analyse transversale ainsi que la technique des variables instrumentales, afin d’analyser les effets de la transparence des banques centrales sur les résultats macroéconomiques dans les pays émergents. Nous construisons un nouvel indice de transparence qui combine certains aspects de l’indice de transparence globale d’Eijffinger et Geraats (2006), avec ceux de l’indice de transparence sur le comité de politique monétaire de Hayo et Mazhar (2011). Nous analysons ensuite le rôle individuel de chaque composante du nouvel indice en termes de réduction du niveau de l’inflation et de sa volatilité, ainsi que de la volatilité du produit. Contrairement à la littérature antérieure, nous trouvons que le nouvel indice de transparence ainsi que ses aspects économique, politique, procédurale et de transparence sur la politique monétaire impactent négativement le niveau moyen de l’inflation, mais pas sa volatilité dans ces pays. L’unique composante du nouvel indice qui permet de réduire à la fois la volatilité de l’inflation et celle de la production est la transparence opérationnelle. Ces résultats s’avèrent robustes aux différentes spécifications de modèles économétriques utilisés dans cet essaiThis dissertation contributes to the debate on inflation targeting and central bantransparency by presenting three theoretical and empirical essays on the topic. In the first essay, we theoretically investigate the conditions under which it would be optimal for a central bank to explicitly adopt an inflation targeting regime. We propose a new theoretical framework that combines the two main frictions put forward in the literature to explain the real short run effects of monetary policy that is, heterogeneous information among agents (Phelps, 1970; Lucas, 1972), and wage or price rigidities (Taylor, 1980; Calvo, 1983). We then analyze our issue in this new framework by considering the interaction between the degree of price stickiness, and the degree of strategic complementarities in firms’ price setting. Our results show that adopting an inflation targeting regime crucially depends on the relative importance of the model’s parameters. In particular, we show that inflation targeting should always be adopted when strategic complementarities are low, while in the opposite case, it is optimal only if prices are sticky enough and the central bank holds sufficiently accurate information on the fundamentals of the economy. In the second essay, we use experimental macroeconomics to evaluate to what extent communication of the inflation target is relevant in an inflation targeting framework. Our results show that first, when the central bank only cares about inflation stabilization, announcing the inflation target does not make a difference in terms of macroeconomic performance compared to a standard active monetary policy. However, if the central bank also cares about the stabilization of the economic activity, communicating the target helps to reduce the volatility of inflation, interest rate, and output gap although their average levels are not affected. This finding provides a rationale for the adoption of flexible inflation targeting by the majority of inflation targeting countries. In the third essay, using a cross-sectional analysis and instrumental variables technique, we analyze the impact of central bank transparency on macroeconomic outcomes in emerging economies. We build a new index of transparency that combines some aspects of the overall Eijffinger and Geraats (2006) transparency index, with those of monetary policy committee transparency developed in Hayo and Mazhar (2011). We then analyze the individual role of each component of the new index in mitigating inflation and its volatility, as well as output volatility. By contrast to the previous literature, we interestingly find that the overall new index of transparency as well as its political, economic, procedural, and policy aspects negatively impact the average level of inflation, but not its volatility in these countries. The unique component of the new index that reduces the volatility of both inflation and output is operational transparency, and these results are robust to different econometric and instruments setting specifications
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Sowe, Mariam Jaye, and 孫莉娜. "An Investigation of Factors Affecting Bank Employees’ Retention in The Gambia." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/42712023002721260922.
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碩士國立臺灣師範大學
國際人力資源發展研究所
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This research was conducted in The Gambia whose population is about 1.8 million with a total of 13 banks and over 70 branches in all in the country. With the market greatly liberalized which has eventually resulted in an increased competition in the domestic financial system, banks end up competing for the same customers who are increasingly aware of their many choices. In addition, as job mobility increases, a high rate of turnover and job hopping has been created with bank employees moving from one job to another and this has created a growing interest on what needs to be done to retain employees. Thus, this research investigated job satisfaction, organizational commitment and compensation satisfaction as factors that can affect employee retention for the attainment of greater organizational performance of bank employees in The Gambia. The samples included employees in the top five banks in The Gambia and purposeful sampling was used to select the cases for inclusion in this research. 155 people responded to the questionnaire by submitting hard copies as well as online submissions. The study adopted validated measurement instruments from researchers who have conducted studies in these constructs. Data for this research was analyzed using quantitative research method. Descriptive statistics, correlation analysis and multiple regressions were used to analyze the data. Based on results of this study, job satisfaction and organizational commitment are found to be significant predictors of retention while compensation satisfaction had an inverse relationship with retention. Based on the findings and the research process, some recommendations are provided.
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Chen, Ying-You, and 陳盈佑. "Discussion Central Bank Intervention Policy." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/06014491225364600979.
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Tindleni, Bongiwe. "Central bank independence in an inflation targeting regime : an assessment of South Africa's central Bank independence." Diss., 2007. http://hdl.handle.net/2263/23690.
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Since the early 1990’s IT has particularly become popular with most central banks, largely due to a failure of both monetary aggregate and exchange rate policies in bringing about price stability ( Angeris and Arestiz, 2005).The literature, however raises concerns about the ability of emerging markets in implementing inflation targeting (Mishkin, 2004). In particular, concerns are raised about the commitment to maintain central bank independence, identified as a crucial pre-requisite in the implementation of IT. South Africa, implemented IT in February 2000 and it being an emerging market, questions about the level of the independence of the central bank are relevant. To assess legal independence an index developed by Cukierman (Cukeirman, 1992) is used. In assessing actual independence, two approaches are used. These included interviews with a representative from the South African Reserve Bank (SARB) as well as eleven economists from the private and academic sector. Findings reveal a central bank that has significantly higher actual independence than legal independence, a strange phenomenon for an emerging market. The Bank seems to have largely succeeded in maintain its independence since the implementation of inflation targeting despite the fact that South Africa is an emerging market. The lower legal score, however, raises concerns about the lack of sufficient provision for independence of the central bank in the law.Dissertation (MBA)--University of Pretoria, 2010.
Gordon Institute of Business Science (GIBS)
unrestricted