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Seiter, Corina. "Vergleich historischer Währungsunionen und Zentralbankensysteme als Lehrstück für die Europäische Wirtschafts- und Währungsunion /." Berlin : Dissertation.de, 2002. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=009800656&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Glatzl, Stefan. "Geldpolitik und Bankenaufsicht im Konflikt : die Pflicht der Mitgliedstaaten zur Unterstützung der EZB im Bereich der Preisstabilität unter besonderer Berücksichtigung der Bankenaufsicht /." Baden-Baden : Nomos, 2009. http://d-nb.info/992704871/04.
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Mendonça, Frederico Cavaleiro de. "Banking supervision in the European Union : the conflict between monetary policy and supervision." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20639.
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Mestrado em Economia Monetária e FinanceiraEsta dissertação analisa a supervisão bancária na União Europeia e o possível conflito de interesses entre política monetária e supervisão, que pode acontecer como consequência da integração das funções de supervisão e regulação bancária no Banco Central Europeu. A secção empírica considera o tema pelo lado da supervisão, tendo como referência o cumprimento dos princípios fundamentais de Basileia para uma supervisão bancária eficaz e procurando avaliar se a estrutura de supervisão tem impacto no cumprimento dos mesmos. Foi considerada uma amostra de 22 países e realizada uma cross-sectional anlysis. Os resultados sugerem que a estrutura de supervisão não tem significância no cumprimento dos princípios em questão. Pelo contrário, a liberdade financeira é uma variável com significância.
This dissertation analyses the banking supervision in the European Union and the possible conflict of interests between monetary policy and supervision due to the integration of banking supervision and regulation duties within the European Central Bank (ECB). The empirical section considers the topic on the supervision side, looking at the compliance with the Basel Core Principles (BCP) for effective supervision as a benchmark, trying to assess whether the banking supervision framework has significant impact on the best supervision practises. A sample of 22 countries and a cross-sectional analysis was considered. The results suggest that the supervisory structure has no significance on the compliance with the BCP. On the contrary, financial freedom is a significant variable.
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Robinson, Kenneth James. "Random-coefficients models of the inflationary consequences of discretionary central-bank behavior." Connect to resource, 1986. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1262786327.
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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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Brassil, Anthony. "Essays on the implementation of monetary policy." Thesis, University of Oxford, 2015. http://ora.ox.ac.uk/objects/uuid:a6b6e277-6238-4989-aa97-ebf4fe534fb0.
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Chapter 1 builds a two-bank bargaining model of the overnight interbank market in which, due to the commitment of the central bank to its interest rate target, bargaining between banks impacts loan sizes rather than interest rates (the converse of existing models). As a result, policy changes have a different impact to what is posited by existing models. The model is applied to a market where the commitment of the central bank is well documented (Australia). With reasonable parameter values, the model replicates five stylised facts of the Australian market. Moreover, the stylised facts are replicated without recourse to any asymmetries. Chapter 2 extends the two-bank model to incorporate a large number of heterogeneous banks. This model is able to replicate the asymmetric shape of banks' end-of-day central bank deposit distributions (despite symmetric initial distributions); a novel contribution to the literature. Moreover, after inputting recent changes in Australian central bank policy, this model produces percentage changes in interbank trading volumes that closely align with the data. Central banks typically supply more overnight deposits than banks desire to hold (in aggregate), but this aggregate is typically small relative to interbank lending. With commitment, this is not required for the central bank to achieve its interest rate target (the typical explanation in the literature). So, to explain this phenomenon, Chapter 3 builds a DSGE model that incorporates commitment and the results from the previous chapters. Due to asymmetric information, there may be stigma associated with borrowing from the central bank's overnight lending facility, which is costly. But while the central bank can reduce use of its lending facility, by increasing aggregate deposits, the resulting fall in interbank lending is also costly; because the interbank market helps banks monitor their counterparties. Therefore, low but positive aggregate deposits can be explained as the welfare-optimising point in the trade-off between stigma and monitoring costs (a novel contribution to the literature).
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Geissler, Johannes. "Lower inflation : ways and incentives for central banks." Thesis, University of St Andrews, 2011. http://hdl.handle.net/10023/1719.
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This thesis is a technical inquiry into remedies for high inflation. In its center there is the usual tradeoff between inflation aversion on the one hand and some benefit from inflation via Phillips curve effects on the other hand. Most remarkable and pioneering work for us is the famous Barro-Gordon model - see (Barro & Gordon 1983a) respectively (Barro & Gordon 1983b). Parts of this model form the basis of our work here. Though being well known the discretionary equilibrium is suboptimal the question arises how to overcome this. We will introduce four different models, each of them giving a different perspective and way of thinking. Each model shows a (sometimes slightly) different way a central banker might deliver lower inflation than the one shot Barro-Gordon game at a first glance would suggest. To cut a long story short we provide a number of reasons for believing that the purely discretionary equilibrium may be rarely observed in real life. Further the thesis provides new insights for derivative pricing theories. In particular, the potential role of financial markets and instruments will be a major focus. We investigate how such instruments can be used for monetary policy. On the contrary these financial securities have strong influence on the behavior of the central bank. Taking this into account in chapters 3 and 4 we come up with a new method of pricing inflation linked derivatives. The latter to the best of our knowledge has never been done before - (Persson, Persson & Svenson 2006), as one of very view economic works taking into account financial markets, is purely focused on the social planer's problem. A purely game theoretic approach is done in chapter 2 to change the original Barro-Gordon. Here we deviate from a purely rational and purely one period wise thinking. Finally in chapter 5 we model an asymmetric information situation where the central banker faces a trade off between his current objective on the one hand and benefit arising from not perfectly informed agents on the other hand. In that sense the central bank is also concerned about its reputation.
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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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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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Madrigal-López, Róger. "The instrument problem under inflation targeting in an open economy the case of Costa Rica /." Connect to this title online, 2004. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1091041288.
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Thesis (Ph. D.)--Ohio State University, 2004.Title from first page of PDF file. Document formatted into pages; contains xi, 96 p. Includes bibliographical references (p. 93-96). Available online via OhioLINK's ETD Center
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Dráská, Johana. "Změna postavení ČNB po vstupu ČR do Eurozóny." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-15852.
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The accession to the European Monetary Union is fundamentally changing the role of the Czech national bank. Aim of this work is to describe and evaluate this new role of the CNB in connection with the transfer of its former powers to the ECB. The theoretical part of the work deals with the role of central banking in general, the role of the CNB before the accession to the EMU and the role of ECB in monetary union. The work reviews compliance with the conditions required for the accession to the EMU. Further it focuses on the analysis of CNB monetary policy in recent years, particularly its interest rates policy. In view of the future situation in the field of monetary policy the work draws on the experience of Slovakia after its entry into the euro zone and respondes to the question of whether uniform monetary policy is equally applicable to all member states of the euro area by using the Theory of Optimum Currency Area. The work also analyzes the actions of the ECB and the CNB caused by the current economic crisis.
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Nhavira, John Davison Gondwe. "Monetary policy transparency in Sub-Saharan Africa evidence and lessons." Thesis, Nelson Mandela Metropolitan University, 2015. http://hdl.handle.net/10948/5262.
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This research deals with achieving and maintaining price stability in Sub-Saharan Africa (SSA) through the practice of monetary-policy transparency (MPT). On the one hand, MPT refers to a monetary strategy whereby the central bank is insulated from political influence and made accountable to society through disclosure of its policies, procedures, economic models, data and forecasts, operations and political practices (such as objectives, personnel independence, and the like). On the other hand, price stability refers to achieving and maintaining low and stable levels of inflation conducive for long-term planning and poverty alleviation. The primary objective of this research was to investigate MPT in SSA as it represents a powerful means whereby economic agents’ expectations may be coordinated and managed by the central bank to achieve its societal, objective function of low inflation. The empirical evidence shows that, first, a dependent central bank is more likely to slip into hyperinflation. Second, a SADC (2008) model central bank law is not independent enough to be used as a benchmark for any central bank or as a charter for a regional central bank. Third, the degree of central bank independence in SSA is relatively lower than that in industrialised economies. Fourth, the determinants of MPT in SSA are trade openness, and financial depth that are important factors influencing policy-makers to adopt monetary-policy transparency. Fifth, MPT is associated with a decline in the inflation rate. Sixth, MPT had no significant effect on economic output, whilst trade openness was positively associated with real GDP.
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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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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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Maziad, Samar. "Monetary frameworks in developing countries : central bank independence and exchange rate arrangements." Thesis, St Andrews, 2008. http://hdl.handle.net/10023/476.
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Comanescu, Anton. "To talk or not to talk: reflections on Central Bank communication from a behavioral perspective." Doctoral thesis, Universite Libre de Bruxelles, 2010. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210078.
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The paper investigates the role of central bank communication for monetary policy implementation. Firstly, we use a multi-disciplinary approach to disentangle several problematic contingencies of central bank communication, analyzing from this perspective the role of complex phenomena such as public opinion, perceptions, beliefs, framing, subjective probability, rhetoric, persuasion, cognitive limits and distortions, psychological and cultural biases etc. The result is a comprehensive survey of theory and practice in central bank communication, from the perspective of political science, social-psychology and media studies. Secondly, we attempt to draw on more psychological realism to central bank communication in the context of financial crises, using a parallel with risk management in the case of natural disasters. Thirdly, we conceive central bank information as a public good, thereby we construct a novel schematic model of supply and demand based on two respective behavioral logistic functions, in order to derive central bank informational equilibrium.Doctorat en Sciences économiques et de gestion
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Pinter, Julien. "Essays on two new central banking debates : central bank financial strength and monetary policy outcome : the instability of the transmission of monetary policy to deposit rates after the global financial crisis." Thesis, Paris 1, 2017. http://www.theses.fr/2017PA01E051.
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Cette thèse traite de deux nouveaux débats sur le central banking qui ont émergé après la crise financière de 2008: le débat sur les pertes financières aux bilans des banques centrales, et le débat sur le niveau élevé des taux bancaires par rapport aux taux de marché après la crise. Les deux premiers chapitres s’inscrivent dans le premier débat. Le lien entre la solidité financière des banques centrales et l’inflation est étudié empiriquement dans le premier chapitre, en se basant sur un large panel de 82 pays. Théoriquement, ce lien est potentiellement présent lorsque le gouvernement ne soutient pas financièrement la banque centrale et que celle-ci ne peut donc compter que sur elle-même pour améliorer sa situation financière. Les résultats du premier chapitre montrent qu’en pratique tel est effectivement le cas: les détériorations aux bilans des banques centrales s’accompagnent d’une inflation plus forte lorsque la banque centrale n’a pas de soutien fiscal. Les résultats ne montrent pas de lien dans un contexte général, comme la théorie le suggère. Dans le second chapitre, il est analysé et conceptualisé l’argument selon lequel une banque centrale peut mettre fin à un régime de change fixe ou quasi-fixe par peur de futures pertes financières. L’analyse est ensuite appliquée au cas du cours plancher mis en place par la Banque Centrale de Suisse (BNS) entre 2011 et 2015 vis-à-vis de l’euro. Cet argument a été avancé par beaucoup pour expliquer la fin de la politique de cours plancher en Suisse, sans qu’aucune recherche avant celle-ci n’évalue sa pertinence. Les estimations empiriques du Chapitre 2 permettent de montrer que cet argument avait une crédibilité: elles montrent que dans des scénarios crédibles, en cassant le peg avec l’euro 17 mois plus tard, la BNS aurait essuyé une perte considérable, dépassant un seuil perçu comme limite par beaucoup de banquiers centraux. Le dernier chapitre de cette thèse s’intéresse à l’écart entre les taux de dépôts et le taux de marché en zone euro (l’EURIBOR) qui est devenu significativement positif après la crise, conduisant certains à parler de « sur-rémunération » des dépôts. Ce chapitre soutient que la majorité de cet écart ne s’explique non pas par un comportement anormal des dépôts comme certains l’ont avancé, mais au contraire par une perte de pertinence de l’EURIBOR. Construisant une alternative à l’EURIBOR, ce chapitre conclut que le risque bancaire a eu une influence primordiale sur le niveau de rémunération des dépôts dans le monde d’après-criseThis thesis deals with the new debates on central banking which arose after the 2008 global financial crisis. More particularly, two of such debates are addressed: the debates on the financial losses in central banks’ balance sheets, and the debates on the high level of bank rates compared to market interest rates following the financial crisis. The two first chapters are related to the first debate. The link between central bank financial strength and inflation is empirically examined in a large sample of 82 countries. Theoretically, this link is potentially present when the government does not fiscally support the central bank, so that the central bank can only rely on itself to improve its financial situation. The results show that in practice central bank balance sheet deteriorations indeed lead to higher inflation when fiscal support is absent. The results, based on a particularly meticulous and consistent sample selection, do not show the presence of a link between the two variables in a general context, as the theory suggests. In the second chapter, I analyze and conceptualize the argument according to which a central bank can end a peg exchange rate regime by fear of making significant losses in the future, and I apply this analysis to the Swiss franc peg between 2011 and 2015. This argument was brought forward by many commentators to explain the Swiss move, while no research before this one did study the relevance of this argument. The empirical estimates in Chapter 2 show that this argument indeed had some credibility: under some credible scenarios the Swiss central bank would have incurred significant losses by breaking its peg 17 months later, with losses exceeding a threshold judged as relevant by many central bankers. The last chapter of this thesis focuses on the spread between deposit rates and market interest rates in the Eurozone (more specifically, the EURIBOR), which became significantly positive after the financial crisis, leading some commentators to claim that deposits were over-remunerated. This chapter upholds that the major part of this spread is not due to an « abnormal » behavior of deposits but is rather due to the fact that the EURIBOR has become irrelevant after the global financial crisis. Building an alternative to the EURIBOR, the chapter concludes that banking risks have been having a major influence on the level of deposit remuneration
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Li, Kwan-leung. "The European currency crisis : a replay of strains on bretton woods system /." Hong Kong : University of Hong Kong, 1995. http://sunzi.lib.hku.hk/hkuto/record.jsp?B16027644.
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Njaboum, Ngabia William-Carles. "La fonction de prêteur en dernier ressort face à l'évolution des banques centrales : persistance ou déliquescence." Thesis, Aix-Marseille, 2016. http://www.theses.fr/2016AIXM2025.
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Cette thèse constitue une analyse historique évolutionniste de la fonction de prêteur en dernier ressort à travers les mutations du cadre institutionnel et opérationnel des Banques Centrales. L’enjeu de ce travail de recherche est de se pencher sur les origines de l’apparition de cette théorie d'un point de vue historique comme outil d’analyse des problématiques de gestion des crises modernes. Il convient de démontrer que le dévoiement de la doctrine du PDR entraîne une incompatibilité avec le cadre institutionnel de la politique monétaire de la Banque Centrale. Ainsi, les interventions « non conventionnelles » des Banques Centrales confirment qu’il est nécessaire de sortir du cadre institutionnel censé assurer une gestion efficiente de la politique monétaire. Par conséquent, ce cadre institutionnel qui garantit notamment l’indépendance de la Banque Centrale parait inadéquat à la nouvelle pratique du prêteur en dernier ressort. L’étude historique de cette fonction permet de mettre en perspective l’évolution du rôle de prêteur en dernier ressort en tant qu’outil de prédation monétaire pour les gouvernements. En définitive, les évolutions divergentes du cadre institutionnel et opérationnel de la Banque Centrale constituent l’un des principaux signes d’une déliquescence du système bancaire centralisé (Central Banking). L’exercice de la fonction de prêteur en dernier ressort par la BCE au sein de la zone euro représente un cadre d’analyse pertinent afin d’étudier les difficultés de cette fonction dans la gouvernance d'une zone économique hétérogène et politiquement inaboutieThis paper offers an historical analysis of the evolution of lenders of last resort (LOLR) through the institutional and operational mutations of Central Banks framework. The aim of this research is to examine the origins of the appearance of this theory from a historical perspective. It should demonstrate that the perversion of the doctrine of LOLR causes incompatibility with the institutional framework of the Central Bank’s monetary policy. Thus, the "unconventional" interventions of central banks confirm the need to exit the institutional framework meant to ensure the efficient management of monetary policy. Therefore, this institutional framework which guarantees the independence of the Central Bank seems inadequate in the context of the new practice of the lender of last resort. Ultimately, diverging trends of the institutional and operational framework of the Central Bank is a major sign of demise of Central Banking. Last resort lending by the ECB in the euro zone provides a useful analytical framework to study the difficulties of the function of LOLR in the governance of a heterogeneous and politically unfulfilled economic zone
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Nkodia, Kibo Mathat. "Les relations entre le trésor public francais et les banques centrales de la zone franc." Thesis, Paris 2, 2014. http://www.theses.fr/2014PA020004.
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Les rapports entre le Trésor français et les banques centrales africaines de la zone franc sont fondés sur la garantie de convertibilité externe que la France accorde aux francs CFA. De la sorte, le Trésor français convertit de manière illimitée les francs CFA en euro et en d’autres monnaies. Par ailleurs, la BCEAO et la BEAC sont protégées contre le risque d’épuisement des réserves de change car, elles peuvent puiser théoriquement de façon illimitée en cas de rupture de changes sur les réserves françaises. La mise en oeuvre de cette solidarité repose sur un mécanisme particulier appelé : comptes d’opérations. Hérité de la période coloniale, ce principe oblige les instituts d’émission africains en vertu des accords de coopération monétaire signés avec la France au lendemain des indépendances et rénovés en 1972 et 1973, à déposer 65 % de leurs réserves de change sur ces comptes. Cette quotité a été ramenée depuis la réforme de 2005 à 50%. Le Trésor français verse des intérêts à ces comptes lorsqu’ils sont créditeurs alors qu’il prélève des intérêts en cas de débit. Cette coopération vise deux objectifs principaux : la solidarité monétaire et le développement économique par le biais d’une solidarité monétaire sécurisée. Cette coopération a donné naissance à des institutions qui oeuvrent en vue d’atteindre ces objectifs. Lors de l’adoption de l’euro à l’échelle européenne en 1999, la France a pu obtenir de ses partenaires européens la reconnaissance de la nature budgétaire des accords qui la lient à ses anciennes possessions d’Afrique pour continuer à garantir les francs CFA. Cette coopération comporte cependant beaucoup d’inconvénients qui incitent au dépassement du cadre actuelThe monetary agreements of France and the CFA franc zone are based on the permanent free convertibility of the CFA. In this case, the French Treasury supports the free convertibility of the CFA franc into Euros and other currencies with a fixed change rate. The BCEAO and the BEAC accordingly cannot suffer from the lack of changes risk for, they are both guaranteed by France. Such a parity and interdependence principles inherited from the colonial period was renewed in the 1960's up to 2005 reforms. The main goals of this cooperation are the economical development and monetary solidarity safety. Some institutions have been created in order to achieve those goals. In anticipation of the coming of the Euro in 1999, the competent French authorities convinced the European Union to maintain the monetary agreements France has with the African countries using the CFA currency. Nevertheless, such agreements compound some shortcomings which require new ideas
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Gonzo, Prosper. "Central Bank policy and the exchange rate under an inflation targeting regime: a case dtudy of South Africa." Thesis, University of Fort Hare, 2013. http://hdl.handle.net/10353/d1015043.
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This work examined the optimality of the inclusion of the exchange rate in the reaction function of the Central Bank in an inflation targeting framework. The study attempts to answer the question whether the exchange rate should have an independent role in an open economy Taylor-type rule. To this end, a Taylor-type rule is incorporating the exchange rate is estimated by the cointegration and vector error correction modeling (VECM) using quarterly data for the period of 1995 to 2009. The empirical studies point out the importance of the exchange rates in explaining and forecasting the behaviour of the South African Reserve Bank monetary policy control variable.
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Wu, Guo Jian. "Examining the Expectations Hypothesis of the Term Structure of Interest Rates and the Predictive Power of the Term Spread on Future Economic Activity in New Zealand." Thesis, University of Canterbury. Economics and Finance, 2009. http://hdl.handle.net/10092/3394.
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This thesis consists of two parts: the first examines the Expectations Hypothesis of the Term Structure for New Zealand, and the latter examines the predictive power of the term spread on future economic activity in New Zealand. For both parts, I divide the sample period into two sub-sample periods – the pre-OCR period and the OCR period.
Using Mankiw & Miron’s (1986) approach for testing the expectations hypothesis, the findings in this paper suggest that the theory is consistent with New Zealand data during the OCR period. I attribute the success of the theory to the introduction of the Official Cash Rate system in March 1999. The change from targeting the settlement cash balance to targeting an interest rate variable has substantially improved the predictability of short-term interest rates.
In regards to the predictive power of the spread, the findings in this paper support the conventional view that the spread is positively related to future economic activity. Using Hamilton & Kim’s (2002) approach, I decomposed the term spread into an expectation component and a term premium in an attempt to find out whether these two variables have distinctly separate effect on future economic activity. My findings are in contrast to that reported by Hamilton & Kim. In particular, I find that the term premium in some cases is significant and negatively related to future economic activity in New Zealand. I attribute the negative relationship to lower long-term interest rates and a fallen term premium in New Zealand.
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Hompashe, Dumisani MacDonald. "Is inflation targeting a viable option for a developing country?: the case of Malawi." Thesis, Rhodes University, 2009. http://hdl.handle.net/10962/d1002676.
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The distinctive features of inflation targeting include the publishing of the formal (official) target band or point target for the rate of inflation at one or more time horizons and the explicit confirmation that low and steady inflation is the long-run objective of monetary policy. There are four main preconditions of inflation targeting: 1) an independent central bank that is free from fiscal and political pressures; 2) a central bank that has both the ability to forecast inflation and the capability to model inflation data; 3) the presence of fully deregulated prices and an economy that is affected by changes of commodity prices, as well as exchange rates; and 4) the presence of sound banking system and well developed capital markets. In most developing countries, the use of seigniorage revenues as a source of financing government debts, the lack of commitment by monetary authorities to low inflation as a primary goal, the absence of the central bank’s functional independence, and of powerful models to make domestic inflation forecasts, prevent the satisfaction of these preconditions. This dissertation investigates the extent to which Malawi meets the preconditions for inflation targeting by comparing the situation in that country to other developing countries, which have already adopted the framework. Malawi is committed to the central bank’s functional independence as well as the pursuit of prudent fiscal policy measures for the attainment of low inflation. Despite the failure to meet all the preconditions, this study recommends that Malawi should adopt an inflation targeting framework due to the strength of commitment of the monetary authorities in satisfying these preconditions.
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Cosser, Leigh Emma. "Asset prices and inflation-targeting : implications for South Africa." Thesis, Rhodes University, 2005. http://hdl.handle.net/10962/d1020849.
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An analysis of the current monetary policy framework in South Africa, which followed the exampie of a number of developed countries by implementing an inflation-targeting regime in 2000, is presented. The primary goal of the framework is to establish price stability, with financial stability a secondary objective. However, as has been evident in other countries, price stability does not guarantee financial stability. Movements in asset prices and the development of asset price bubbles have resulted in a number of episodes of financial instability, which negatively impacted on the growth and development of the countries involved. In addition, the majority of these episodes have occurred in periods of low and stable inflation. The dissertation analyses whether monetary policy would be more efficient if asset price movements were incorporated within the inflation-targeting regime. International experience indicates that early intervention of monetary policy can dampen the negative effects that result when an asset price bubble "bursts". However, if the monetary authorities act too early the effects on the economy can be just as disruptive. The literature is scrutinized to establish what the most effective form of monetary policy should be. The results are then transposed within the South African context to establish how the South African Reserve Bank can best ensure both price and financial stability.
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Mitchell-Innes, Henry Alexander. "The relationship between interest rates and inflation in South Africa : revisiting Fisher's hypothesis." Thesis, Rhodes University, 2006. http://eprints.ru.ac.za/920/.
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Mo, Ke. "Is money targeting an option for the People's Bank of China?" Diss., Lincoln University, 2009. http://hdl.handle.net/10182/1105.
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This study examines which monetary aggregates, namely nominal M0, M1 and M2, can be used by the People’s Bank of China to conduct monetary policy. The model includes real M0, M1 and M2 as the dependent variable respectively and their determinants, such as real income, real inflation rate, and real rate of one-year saving deposit. Johansen (1988) and Johansen and Juselius’s (1990) procedures are used to estimate the long-run relationship between the monetary aggregates and their variables. Short-run model is applied to M0, M1 and M2 respectively to see whether the error term is negative to validate the significance of the long-run relationship using the Ordinary Least Square estimation.
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Zia, Mujtaba. "Bank Capital, Efficient Market Hypothesis, and Bank Borrowing During the Financial Crisis of 2007 and 2008." Thesis, University of North Texas, 2014. https://digital.library.unt.edu/ark:/67531/metadc699938/.
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During the Great Recession of 2007 and 2008, liquidity and credit dried up, threatening the stability of financial institutions, particularly the banking firms. Traditional source of funds from the last resort, the Discount Window of the Federal Reserve System, failed to remedy the liquidity problem. To assuage the liquidity and credit problem, the Federal Reserve System established several emergency lending facilities and provided unprecedented amount of loans to the banking industry. Using a dataset published by Bloomberg LLP in the aftermaths of the financial crisis, which contains daily loan balances from the Fed, I conduct an event study to test whether financial markets are efficient in reflecting all public, anticipated and classified information in security prices. The most important contribution of this dissertation to the finance discipline and literature is the investigation and analysis of the Fed’s unprecedented loans to the banking industry during the Great Recession and the market reaction to it. The second major contribution of this study is the empirical test of strong form efficient market hypothesis, which has not been feasible due to legal data challenges. This dissertation has other contributions to the finance discipline and banking research. First, I develop an algorithm for measuring the amount of borrowing by banks. Second, I introduce a new “loan balance” ratio to traditional list of bank financial ratios. Third, I use event study methodologies to allow for cross-correlation, heteroscedasticity and event induced-variance change in studying US banks’ performance during the Great Recession.
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Barnor, Joel A. "An analysis of the money market linkages between South Africa and selected major world economies." Thesis, Rhodes University, 2009. http://hdl.handle.net/10962/d1002690.
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Globalisation and financial liberalisation has increased the linkages across countries in recent times. The existence of money market links has important implications for both domestic monetary policy and for investment decisions. This study examines the linkages between South Africa’s money market and selected major international money markets. The objectives of the study are firstly to examine the links between the repo rate of South Africa and the central bank rates of the EU, Japan, UK and US. Secondly, is to compare the influence of domestic and foreign monetary policy decisions on South Africa’s money market. The third objective is to examine the long run relationship between the South African money market and the money markets of its major trading partners. Three estimation techniques are used to examine the different links. Principal components analysis, four tests of cointegration, and stationarity tests of the spreads/risk premium between South Africa’s interest rates and the interest rates of the other countries. All three techniques show that there is no long-run link between South Africa’s central bank rates and the central bank rates of the other countries. This shows that the repo rate does not depend on movements in other central bank rates. Domestic money market interest rates respond strongly to changes in the repo rate whilst showing no dependence on central bank rates of the other countries. This confirms the autonomy of the South African Reserve Bank in carrying out policy objectives. When the risk premium is accounted for under the third technique, evidence of integration is found. This indicates that the risk premium plays a crucial part in the level of integration between South Africa and the countries included in the study.
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Curto, Millet Fabien. "Inflation expectations, labour markets and EMU." Thesis, University of Oxford, 2007. http://ora.ox.ac.uk/objects/uuid:9187d2eb-2f93-4a5a-a7d6-0fb6556079bb.
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This thesis examines the measurement, applications and properties of consumer inflation expectations in the context of eight European Union countries: France, Germany, the UK, Spain, Italy, Belgium, the Netherlands and Sweden. The data proceed mainly from the European Commission's Consumer Survey and are qualitative in nature, therefore requiring quantification prior to use. This study first seeks to determine the optimal quantification methodology among a set of approaches spanning three traditions, associated with Carlson-Parkin (1975), Pesaran (1984) and Seitz (1988). The success of a quantification methodology is assessed on the basis of its ability to match quantitative expectations data and on its behaviour in an important economic application, namely the modelling of wages for our sample countries. The wage equation developed here draws on the theoretical background of the staggered contracts and the wage bargaining literature, and controls carefully for inflation expectations and institutional variables. The Carlson-Parkin variation proposed in Curto Millet (2004) was found to be the most satisfactory. This being established, the wage equations are used to test the hypothesis that the advent of EMU generated an increase in labour market flexibility, which would be reflected in structural breaks. The hypothesis is essentially rejected. Finally, the properties of inflation expectations and perceptions themselves are examined, especially in the context of EMU. Both the rational expectations and rational perceptions hypotheses are rejected. Popular expectations mechanisms, such as the "rule-of-thumb" model or Akerlof et al.'s (2000) "near-rationality hypothesis" are similarly unsupported. On the other hand, evidence is found for the transmission of expert forecasts to consumer expectations in the case of the UK, as in Carroll's (2003) model. The distribution of consumer expectations and perceptions is also considered, showing a tendency for gradual (as in Mankiw and Reis, 2002) but non-rational adjustment. Expectations formation is further shown to have important qualitative features.
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Abrantes, Metz Rosa Maria Fontes de. "Before and after the EMU : financial integration, monetary policy and welfare changes /." 2002. http://wwwlib.umi.com/dissertations/dlnow/3048358.
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Mahmoudi, Ayough BABAK. "Essays in Monetary Policy and Banking." Thesis, 2014. http://hdl.handle.net/1974/8616.
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This dissertation investigates the impact of central banks' asset purchase programs on the economy and the role of frictions in the corporate loan markets. It builds a series of models with trading and information frictions in goods market and credit market. Chapter 1 introduces the main idea in this thesis and presents a review on central banks' asset purchase programs and unconventional monetary policies.
Chapter 2 constructs a model of the monetary economy with multiple nominal assets. Assets differ in terms of the liquidity services they provide. I show that the central bank can control the overall liquidity and welfare of the economy by changing the relative supply of assets. A liquidity trap exists away from the Friedman rule that has a positive real interest rate; the central bank's asset purchase/sale programs may be ineffective in instances of low enough inflation rates. My model also enables me to study the welfare effects of a restriction on trading with government bonds.
Chapter 3 investigates the effects of open-market operations on the distributions of assets and prices. It offers a theoretical framework to incorporate multiple asset holdings in a tractable heterogeneous-agent model. This model features competitive search, which produces distributions of money and bond holdings as well as price dispersion among submarkets. At a high enough bond supply, the equilibrium shows segmentation in the asset market; only households with good income shocks participate in the bond market. Segmentation in the asset market is generated endogenously without assuming any rigidities or frictions in the asset market. Numerical exercises show that when the asset market is segmented, the central bank can improve welfare by purchasing bonds and supplying money.
Chapter 4 develops a model of loan markets in which lenders post an array of heterogeneous contracts, then borrowers tradeoff terms of loan contracts and matching probability between themselves. I show that a unique separating equilibrium exists where each type of borrower applies to a certain type of contract. Chapter 4 also provides empirical evidence of both price dispersion and credit rationing in the corporate loan market. Chapter 5 offers concluding remarks and possible extensions.Thesis (Ph.D, Economics) -- Queen's University, 2014-02-03 10:31:40.883
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Jia, Chengcheng. "Essays on monetary policy with informational frictions." Thesis, 2008. https://doi.org/10.7916/D8418D69.
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This dissertation contains three essays on monetary policy under informational frictions. All three chapters study the situation in which the private sector has imperfect information about the underlying economy and extracts information about the unobserved shocks from the central bank's interest rate decisions. In this situation, monetary policy has an informational effect, in addition to its direct effect on the nominal budget of the household.
Chapter 1 studies how the equilibrium interest rate of an optimizing discretionary central bank is changed when the interest rate has an informational effect. I build a New Keynesian model in which firms are subject to both nominal frictions and informational frictions. There are two types of aggregate shocks in the private sector: the natural-rate shock, which is mapped from the aggregate component of technology shocks, and the cost-push shock, which is mapped from the aggregate component of wage-markup shocks. The central bank has perfect information on the realization of shocks, and has only one policy instrument which is the nominal interest rate. Private agents do not observe the realization of shocks, and use the interest rate as a public signal to extract information about the shocks. I show that the equilibrium discretionary monetary policy reacts more aggressively to natural-rate shocks and less aggressively to cost-push shocks, relative to the optimal response under perfect information.
Chapter 2 analyzes the how the informational effect of interest rates leads to the gains from commitment, and its implications on optimal direct communication strategy. Built upon the model in the previous chapter, I show how commitment to a state-contingent policy rule can change the sensitivity of expected shocks to the interest rate. The key mechanism that yields the gains from commitment is analyzed through the lens of the Phillips curve, which shows the output gap versus inflation trade-off becomes endogenous to the central bank's interest-rate decisions. In addition to optimally control the beliefs in the private sector through policy commitment, this chapter also studies the optimal direct communication strategy which interacts with the informational effect through policy rates.
Finally, Chapter 3 explores the optimal strategy for the central bank to conduct monetary policy when both the private sector and the central bank face imperfect information. Forward guidance is modeled as the central bank providing its expectations on monetary policy, conditional on its own imperfect information. I compare three strategies of forward guidance. The first strategy is called instrument-based forward guidance, in which case the central bank announces and commits to its estimate of future policy actions conditional on its information which is currently noisy. The second strategy is called Delphic forward guidance, in which case the central bank only reveals its noisy information, and waits to decide the actual monetary policy when perfect information becomes available. I show that the optimal Delphic forward guidance involves the central bank doing backward induction, where it takes into account the change in the beliefs in the private sector due to its re-optimization in later periods. Lastly, I show the optimal monetary policy is rule-based Odyssean forward guidance, which is a state-contingent commitment that specifies how the central bank reacts to both the actual shock and the noise in its own information.
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Perez-Gea, Armando. "Three essays on central banking and credit policy in Mexico." 1993. http://catalog.hathitrust.org/api/volumes/oclc/30695593.html.
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Hillbrecht, Ronald Otto. "Monetary policy and seigniorage in Brazil open access and the role of state banks /." 1996. http://catalog.hathitrust.org/api/volumes/oclc/38041303.html.
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Santiprabhob, Veerathai. "Essays on financial liberalization in East and Southeast Asia." 1994. http://catalog.hathitrust.org/api/volumes/oclc/33026528.html.
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Ntuyenabo, Fidele. "The legal foundation of the independence of central banks : a comparative study." Thesis, 2009. http://hdl.handle.net/10500/3085.
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De, Hart Petrus Jacobus. "Monetary policy and uncertainty in South Africa." Thesis, 2013. http://hdl.handle.net/10500/10197.
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Even though major advances in economic theory and modelling have in some
cases furthered our understanding of how the economy works, the system as a
whole has become more complex. If policymakers had perfect knowledge about
the actual state of the economy, the various transmission mechanisms as well as
the true underlying model, monetary intervention would be greatly simplified. In
reality, however, the monetary authorities have to contend with considerable
uncertainty in relation to the above-mentioned factors.
This said, uncertainty has mostly been neglected in both the theoretical and
empirical literature focusing on monetary policy analysis. Nonetheless, findings
from a review of theoretical literature that does exist on this topic suggest that
optimal central banks act more conservatively when faced with uncertainty.
Similarly, empirical findings from the literature also favour conservatism. However,
there is some evidence to suggest that this is not always the case. These results
suggest that central banks do not always act optimally when faced with uncertainty. The limited number of industrial country cases examined prevents any
generalised view from emerging. If anything, the literature findings suggest that
central bank behaviour differs across countries.
This thesis aims to contribute to the empirical literature by studying the effects of
uncertainty on monetary policy in the developing country case of South Africa. In
simplest terms, the thesis seeks to establish whether or not the South African
Reserve Bank (SARB) responded optimally to uncertainty as suggested by
theoretical models thereof. To this end, the thesis employs a theoretical model
which resembles a structural rule-based approach. The optimal interest rate rule
was derived given a set of structural equations relating to demand, the Phillips
curve and the real exchange rate.
To incorporate uncertainty, it is assumed that the coefficients are dependent on
the variances of the exogenous variables, namely inflation, the output gap and the
exchange rate. The uncertainty adjusted model allows us to investigate whether
monetary policy is more aggressive or passive when uncertainty about the relevant
exogenous variable increases. Inflation, output gap and exchange rate uncertainty
estimates were derived through GARCH-model specifications related to the
structural equations as defined in the theoretical model.
The investigation considered both indirect and direct uncertainty effects with a
sample period stretching from 1990 to 2011. The findings reported in this thesis provide strong evidence in support of the
notion that uncertainty plays a significant role within the South African monetary
policy landscape and contributes towards explaining the SARB’s actions.
Furthermore, the results suggest that the SARB did in fact act optimally in
responding more conservatively to target variable fluctuations on average. Also,
the findings could potentially strengthen the case for inflation targeting as a
monetary policy regime, as the results indicate a marked decline in the effects of
uncertainty under inflation targeting than before.Economics
D. Com. (Economics)
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Semecký, Petr. "Česká národní banka, právní postavení a náplň činnosti." Doctoral thesis, 2011. http://www.nusl.cz/ntk/nusl-311447.
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disertační práce Petr Semecký Česká národní banka, právní postavení a náplň činnosti 5 Abstract A. Objectives The main goal of the dissertation "The Czech National Bank, legal status and content of activity" is to quantify, qualify and draw as exact as possible conclusions about some aspects of the development, status and activities of the Czech National Bank in the future. To solve this task, the author has used in the introduction of this work three following key questions: 1. What are the implications for the Czech National Bank of the new bodies supervising the financial markets at european level? 2. What are the benefits and negatives of adopting the euro for the Czech Republic and should the Czech Republic actually join the European Monetary Union? 3. What impact will have the amendment of the Capital Adequacy Directive (the "Basel II") on the activities of the Czech National Bank? B. Methods By creating this work was used a wide range of research methods to ensure that there will be drawn conclusions with the best possible informative value. It is possible to mention particularly the method of recherche, abstraction, comparison and synthesis. C. Sources As the most important sources used by creating the work can be mentioned ecpecially, scientific publications, monographs, articles published...
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Pateguana, Carmelia. "The Bank of Mozambique : historical review from 1975 to 2010." Diss., 2016. http://hdl.handle.net/10500/21785.
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The Banco de Moçambique (Bank) was established in May 17, 1975. The 1920 Brussels Conference recommended that in countries without a central bank, it should be created. The ‘Bank’ followed the new model of emerging countries’ central banks (mid-1950s), where those central banks regulated and controlled an existing financial system and promoted the emergence of a money and capital market.
From 1975 the Bank performed commercial functions until 1992, when the functions of commercial banking and central banking were separated. Mozambique tried to establish a socialist society. The prevailing financial system, primarily consisting of of expatriate banks, was reorganised under the state bank. This was a restructuring and integration process. In 1980 the Metical, the new currency of Mozambique, was introduced.
In the 1980s weakening economic conditions in Mozambique mandated the reconsideration of post-independence economic policies. In 1984 Mozambique accepted assistance from the Bretton Woods institutions and from 1987 the country embraced the Economic Rehabilitation Program. The Bank embarked on monetary, credit, supervisory and regulatory policies reforms, to consolidate conventional central bank functions.History
M.A. (History)
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Kropjok, Vít. "Dohled nad bankovnictvím v zemích Evropské unie." Master's thesis, 2014. http://www.nusl.cz/ntk/nusl-335029.
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The goal of my thesis on Supervision over the banking industry in the EU member states is to describe critically and to define newly engendering concept of the banking union. It is a very actual topic because the effective mechanism creation, which should solve problems of the European banking sector, is currently one of the primary goals of the European Union. The study is divided into three chapters. The first chapter is the theoretical one. The definition and differentiation of the essential terms such as supervision and surveillance can be found there. Further the basic theoretical modules can be found there, from which it is possible to stem during the banking supervision implementation in practice. The second and the third chapters are the analytical parts. The introduction of the second chapter glances at the backgrounds of the legislative proposals acceptance in this area. Afterwards the chapter is already focused on four pillars of the proposed Banking union. The first pillar is formed with so called "single rule book", thus the uniform regulatory rules that are the implementation of the requirements expressed in so called Basel III. In this part of the study there is outlined why it is not quite happy at present to burden the credit institutions in the European Union even more through...