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1
Gantt, Ryan Preston. "Central bank holdings of foreign exchange reserves why have they grown so fast? /". Thesis, Montana State University, 2010. http://etd.lib.montana.edu/etd/2010/gantt/GanttR0510.pdf.
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The first decade of the twenty-first century witnessed an historically unprecedented rise in the quantity of assets held as foreign exchange reserves by central banks. The locus of this rise has been in east Asia. By analyzing the change in reserve accumulation behavior which followed the financial crises that swept the globe in the late 1990s, this paper puts forth an explanation of the rise in East Asian reserve holdings based on increased sensitivity to perceived crisis risk by the Asian "Tigers" (including Japan and China). Our findings indicate that not only are reserve holdings worldwide higher since the end of the 1990s in real terms, but that the increase in East Asian reserve holdings has outpaced the rest of the world by a factor of 6. Empirical results corroborate the hypothesis that the relevant channel of influence for this change is through the interaction of exchange rate policy-specifically, a "fixed" exchange rate regime-and the extent to which a country engages in international trade.
2
Byrne, Joseph Paul. "International reserves revisited : long-run determinants and short-run dynamics after Bretton Woods". Thesis, University of Strathclyde, 2000. http://oleg.lib.strath.ac.uk:80/R/?func=dbin-jump-full&object_id=21146.
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This thesis examines a number of issues related to central bank international reserves holdings and foreign exchange intervention. We study the long run determinants of reserves within the context of the post Bretton Woods dirty float period. It is argued that traditional approaches fail to take account of central bank attempts to influence the real exchange rate by foreign exchange intervention. Additionally, we update previous research by employing recent developments in the non-stationary timeseries and panel data literature. In particular, we utilise the Johansen VAR technology and recent innovations in panel cointegration, to assess the long-run determinants of reserves and short-run dynamics. By jointly modelling the UK reserve holdings and the monetary sector we consider the domestic economy impact of reserve changes, the stability of narrow money demand and whether monetary disequilibria effect reserves as suggested by the Monetary Approach to the Balance of Payments. The effects of daily US and German foreign exchange intervention on exchange rate volatility are also studied. We find evidence consistent with other research that US intervention reduces volatility and extend these results to bilateral rates not previously considered. Moreover, we find evidence in favour of the distinction between unilateral and concerted intervention and of the existence of policy externalities, underlining the importance of international policy coordination.
3
Gluhov, Anastasiya. "Analýza trendů v řízení devizových rezerv centrálních bank". Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-192632.
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This diploma thesis is focused on analysis of foreign exchange reserves of central banks. The first part of the work explains the most important theoretical concepts, that are necessary for further understanding of the topic of the work. This section will also describe the main criteria which determines the optimal level of foreign exchange reserves. It will be also discussed about a new trend that is known as accumulation of foreign exchange reserves and about the sourcrces, the lead to accumulation. The following part explains in detail the concept of reserves currency and tells about the currency structure of reserves. The empirical part will be devoted to the analysis and management of the foreign exchange reserve in Israel.
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Bisagni, Elena. "The overnight interbank market in the U.S. and in the Euro area /". Diss., Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 2002. http://wwwlib.umi.com/cr/ucsd/fullcit?p3064476.
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Alla, Zineddine. "Optimal policies in international macroeconomics". Thesis, Paris, Institut d'études politiques, 2017. http://www.theses.fr/2017IEPP0013/document.
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La crise financière mondiale qui a débuté en 2008, et la crise des dettes souveraines en zone euro qui l'a suivie, ont successivement forcé les macroéconomistes à repenser leur cadre conceptuel. Cette thèse est une modeste contribution aux efforts colossaux déployés par les macroéconomistes à travers le monde pour faire face à ce défi: renforcer la compréhension de l'utilisation optimale des outils de politique économique non conventionnels. A cette fin, elle est construite en deux parties. Chaque partie vise à explorer au plan théorique un "contexte macroéconomique-type" au sein duquel des outils de politique économique non conventionnels ont été employés ces dernières années. La première partie, intitulée "Politique Non Conventionelle Optimale en Economie Ouverte", analyse l'utilisation optimale d'instruments de politique économique non conventionels par une banque centrale en économie ouverte. En présence de frictions financières qui modifient la manière dont la politique monétaire affecte l'économie, ou en présence de chocs exogènes qui mettent en défaut la "divine coïncidence", cette partie décrit comment un banquier central devrait combiner un instrument de politique monétaire non conventionnelle et la politique monétaire conventionnelle à des fins de stabilisation macroéconomique. La seconde partie, "Politique Budgétaire Optimale en Union Monétaire", adopte le point de vue du gouvernement d'un pays situé en union monétaire (typiquement la zone euro). Un tel pays ne disposant d'une politique monétaire autonome (au plan national), cette partie étudie la possibilité pour un tel pays d'utiliser la politique budgétaire comme un outil de stabilisation, et décrit l'utilisation optimale des dévaluations fiscales en réponse à des chocs exogènes idiosyncratiquesThe 2008 global financial crisis and the subsequent euro area sovereign debt crisis successively forced macroeconomists to reassess this conceptual framework. This thesis is a modest contribution to the huge efforts undertaken by macroeconomists following the crisis to meet this challenge, i.e. to develop some insights about the optimal use of unconventional policy tools. To do so, this thesis is twofold. Each part intends to explore from a theoretical perspective a fundamental macroeconomic situation that called for the use of unconventional policy instruments in the recent years. The first part, ”Optimal Unconventional Policy in An Open Economy” analyzes the optimal use of unconventional policy instruments by the central bank in an open economy framework. Assuming that the presence of financial frictions changes the way monetary policy affects the economy, or that the occurence of exogenous shocks breaks the ”divine coincidence”, this part describes how a central bank should combine an unconventional policy instrument and conventional monetary policy to favor macroeconomic stabilization. The second part, ”Optimal Fiscal Policy in a Currency Union”, takes the standpoint of the governement of a country located in a currency union (typically the euro area). Such a country being deprived of monetary policy autonomy, this part considers the opportunity of using fiscal policy as a stabilization tool, and describes the optimal use of fiscal devaluations following idiosyncratic exogenous shocks
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Hýblová, Monika. "Vztah nezávislosti a odpovědnosti centrálních bank na příkladu FEDu a ČNB". Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-199086.
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This paper compares economical and political independence to a success rate of monetary policy of national banks, on a case of Fed and the Czech National Bank. Based on my definition of independence and accountability based on literature, I show that price stability defined as a main goal is the key factor. If the goal consists of more indicators, there is space for political pressure and the success rate decreases. Some rate of independence is necessary in order to achieve a healthy economy, however, total independence cannot be the target. Accountability then works towards independence as a system of achieving legitimacy, not as a substitute. Public inflation aversion is also considered as an important factor for achieving price stability.
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Pospíšilová, Kateřina. "Hodnotící komparace ústavněprávních pojetí vybraných centrálních bank světa z aspektu perspektiv ČNB". Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-206650.
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The master´s thesis is about the conceptions of the Czech National Bank, the Federal Reserve System, the European Central Bank and People's Bank of China. It focuses on the comparison of these conceptions with the created universal model of the central bank and its parameters, and finds out that the selected central banks are lot away from this model. Important is also a perspective of the Czech National Bank after joining the euro area and the fact that at this moment her role will be replaced by the European Central Bank. The European Central Bank, compared with the Federal Reserve and the People's Bank deviates the least from its inflation target and therefore is pretty close to reach a price stability. However, ECB clearly financed some government debts, and that is inconsistent with the law. In conclusion can be noted that the central banks of the Czech Republic, the United States and the euro area reach the high level of freedom and are independent of the other components of state power and vice versa People's Bank of China remains strongly dependent on the executive power.
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Pýchová, Jitka. "Vztah nezávislosti a odpovědnosti centrálních bank na příkladu kvantitativního uvolňování ECB a FEDu v letech 2005-2016". Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-358886.
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The thesis deals with relation between central bank independence and accountability. The relation is examined on example of quantitative easing implemented in the period 2005 - 2016 by the European central bank and the Federal Reserve System. From the theoretical and practical point of view the thesis proves that the relation between central bank independence and accountability are influenced by the specification of targets of monetary policy to a great extent. The thesis also proves that the specific definition of both central bank independence and accountability influenced the characteristics of quantitative resp. credit easing. Moreover, such monetary policy can potentially endanger the independence of both central banks in many ways. Thus, the implementation of quantitative easing itself and its potential consequences evidences that the contemporary conception of central bank independence and accountability is insufficient and needs to be reviewed.
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Schnidman, Evan A. "Essays on Federal Reserve Bank Evolution, Transparency and Market Interaction". Thesis, Harvard University, 2013. http://dissertations.umi.com/gsas.harvard:11107.
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This three part dissertation begins by "Examining the Origin of Federal Reserve Independence." This paper explores early Fed history with a particular emphasis on the period between 1947 and 1953 in order to provide a complete political account of Fed Independence.Government
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Mitchell, Joseph Pershing. "The Central Bankers: Administrative Legitimacy and the Federal Reserve System". Diss., Virginia Tech, 2000. http://hdl.handle.net/10919/26363.
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In this dissertation, I study the legitimacy of the Federal Reserve System. Administrative legitimacy, I argue, is an evaluative (or subjective) concept consisting of two beliefs: first, administrative institutions have a right to govern; second, they are an appropriate way to handle public tasks.
After discussing scholarship on legitimacy, I examine the Federal Reserve System, asking two questions about it. First, how have its officials attempted to legitimate both their institution and their actions over time? Second, how have elected officials, scholars, and political activists attempted to (de)legitimate the Fed and its officialsâ actions?
While answering my research questions, I tell a story about which strategies the institutionâ s supporters have used to legitimate the Fed and which strategies the institutionâ s opponents have used to delegitimate it. To do so, I examine two things: the public argument about the Fedâ s administrative legitimacy from 1970 to 1995; the Fedâ s interactions with its environment, those with direct implications for its legitimacy, during this time.Ph. D.
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Ahmad, Saad. "A tale of two central banks: how the Federal Reserve and bank of England responded to the financial crisis of 2007". Kansas State University, 2010. http://hdl.handle.net/2097/7027.
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Master of ArtsDepartment of Economics
William F. Blankenau
The financial crisis that began in the summer of 2007 has greatly tested the abilities of central banks to counter financial instability and economic slowdown through traditional monetary policy. This paper will examine in detail the monetary response of both the Federal Reserve Bank of the United States (Fed) and the Bank of England to the turmoil in the financial markets. The Bank of England, which adopted inflation targeting after the Black Wednesday crisis in 1992, and the Fed, which has no such stated policy, allows us to compare two different monetary regimes in the aftermath of a crisis. To counter the financial crisis the Bank of England resorted to unconventional monetary policies that included expansion of liquidity easing operations and a policy of quantitative easing through purchase of debt securities. The Fed also made use of both traditional tools as well as more innovative measures to combat liquidity concerns in the financial market. A multitude of new programs was initiated by the Fed to supply liquidity to susceptible lending institutions and lower the spreads on commercial loans and securities. Overall, we find that the actions of the Bank of England and the Fed were effective in restoring stability to financial markets and preventing a prolonged economic depression. Further, the Bank of England's inflation targeting framework did not hinder its ability to respond to the crisis and there was no major divergence in the policy actions of the two central banks.
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Pasca, Nilda Mercedes Cabrera. "Preferências do banco central de reserva do Peru e regras monetárias ótimas sob o regime de metas de inflação". reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2010. http://hdl.handle.net/10183/25782.
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Detrás das ações levadas pela autoridade monetária, encontra-se uma estratégia sistemática impulsionada pelas preferências relativas à consecução de determinadas metas. Num regime de metas de inflação, apesar de um claro mandato voltado à estabilidade de preços, a autoridade monetária é menos explícito com seus outros objetivos de política monetária. O presente trabalho tem por objetivo identificar as preferências da autoridade monetária peruana sob o regime de metas de inflação através da derivação de regras monetárias ótimas. Para atingir a tal objetivo, empregou-se uma estratégia de calibração. Esta estratégia baseia-se na escolha dos valores dos parâmetros de preferências que minimizem o desvio quadrático entre a verdadeira taxa de juros e a taxa de juros ótima simulada. Os resultados evidenciaram que autoridade monetária tem aplicado um regime de metas de inflação flexível, priorizando a estabilização da inflação, mas sem ter desprezado o gradualismo da taxa de juros. Por outro lado, a preocupação pela estabilização do produto tem sido mínima, revelando que o hiato do produto tem sido importante porque ela contém informação sobre a inflação futura e não porque seja considerada como uma variável meta em si mesma. Finalmente, quando o suavizamento da taxa de câmbio nominal é considerado na função perda da autoridade monetária, a ordem de importância das preferências tem-se mantido e o suavizamento da taxa de câmbio apresentou um peso insignificante. Este último resultado tem sido consistente com o esquema de metas de inflação adotado pelo Peru, dissipando qualquer conflito de objetivos que finalmente coloquem em risco a credibilidade da autoridade monetária que é tão necessária para ancorar as expectativas inflacionarias.Behind the actions taken by the monetary authority, is a systematic strategy driven by preferences for the achievement of certain goals. In a regime of inflation targeting, despite a clear mandate aimed at price stability, the monetary authority is less explicit with its other goals of monetary policy. This study aims to identify the preferences of the monetary authority in the Peruvian regime of inflation targeting through the derivation of optimal monetary rules. To achieve this goal, employed a strategy of calibration. This strategy is based on the choice of values of the parameters of preferences that minimize the square deviation between the true interest rate and interest rate optimal simulation. The results showed that the monetary authority has applied a system of flexible inflation targeting, prioritizing the stabilization of inflation, but without having despised gradualism in interest rates. On the other hand, concern for stabilizing output has been minimal, revealing that the output gap has been important because it contains information about future inflation and not because it is considered a variable goal in itself. Finally, when the smoothing of the nominal exchange rate is considered in the loss function of the monetary authority, the rank order of preferences has been maintained and the smoothing of the exchange rate showed insignificant. The latter result has been consistent with the scheme of inflation targets adopted by Peru, dispelling any conflict of objectives that ultimately jeopardize the credibility of the monetary authority that is so necessary to anchor inflationary expectations.
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Sunduzwayo, Madise. "Developing an independent regulatory framework for the financial sector in Malaŵi". Thesis, University of the Western Cape, 2011. http://hdl.handle.net/11394/1422.
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Naef, Alain. "Sterling and the stability of the International Monetary System, 1944-1971". Thesis, University of Cambridge, 2019. https://www.repository.cam.ac.uk/handle/1810/285170.
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This dissertation studies the role of sterling during the Bretton Woods period (1944-1971). The Bretton Woods system has often been described as a dollar system with sterling having lost its relevance as reserve currency. However, despite being a secondary reserve currency and having lost importance, sterling was the 'first line of defence for the dollar' as contemporaries put it. They frequently stressed the fact that a sterling crisis would have consequences on the stability of the Bretton Woods system but economic historians have never tested this empirically. This dissertation argues that sterling played an important role in the stability of the international monetary system. Foreign exchange market participants globally monitored sterling and US policymaker stepped in to avoid devaluation of the British currency. US support to sterling was mainly due to the fear of a British devaluation, which could trigger a run on the dollar. When the UK finally devalued the pound in 1967, it marked the beginning of an instable period for the international monetary system. The Gold Pool, a syndicate to defend the US gold parity, collapsed in 1968 and this prefigured the end of the Bretton Woods system. This dissertation presents new data along with novel archival material from seven archives across continents to demonstrate how contagion from sterling to the dollar occurred. Modern econometric methods are used to analyse a new dataset with over 80,000 observations of offshore exchange rates, central bank intervention and reserves. This evidence shows that a secondary reserve currency can still play a key role in the stability of the international monetary system.
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Mendoza, Bellido Waldo. "The Macroeconomics of Dirty Float In A Primary Export Economy: The Case of Peru". Economía, 2017. http://repositorio.pucp.edu.pe/index/handle/123456789/118129.
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The current Peruvian exchange regime is neither pegged nor free-floating. The Peruvian Central Bank sails against the wind in the exchange market, tending to buy dollars when the exchange rate falls, and tending to sell when the exchange rate rises. It is a dirty float regime. In this paper we present a simple macroeconomic model where the central bank fixes the interest rate and maintains a dirty floating exchange rate regime, assuming a small, open, and partiallydollarized economy that exports raw materials, faces imperfect capital mobility, and has a structural fiscal deficit limit as a rule for its fiscal policy. The predictions of the model are consistent with the rule of foreign exchange intervention by the Central Bank and the main stylized facts of the Peruvian economy since the decline in the international price of raw materials in late 2011: drastic fall in private investment, decline of GDP growth, rising nominal exchange rate and reduction of international reserves.El régimen de tipo de cambio en el Perú no es fijo ni flotante. El Banco Central de Reserva del Perú (BCRP) rema en contra de la corriente en el mercado cambiario. Tiende a comprar dólares cuando el tipo de cambio baja, y tiende a vender cuando el tipo de cambio sube. Es un esquema de flotación sucia. En este artículo se presenta un modelo macroeconómico sencillo donde el banco central fija la tasa de interés y mantiene un régimen cambiario de flotación sucia, en el contexto de una economía pequeña, abierta, parcialmente dolarizada, exportadora de materias primas, con movilidad imperfecta de capitales y una política fiscal que opera con un límite al déficit fiscal estructural. Las predicciones del modelo son consistentes con la regla de intervención del BCRP y los principales hechos estilizados de la economía peruana desde el inicio del descenso del precio internacional de las materias primas a fines de 2011: caída drástica de la inversión privada, descenso del crecimiento del PBI, alza del tipo de cambio nominal y reducción de las reservas internacionales.
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Albuquerque, Lucas André Marques Queiroz. "A política monetária do Federal Reserve (2001-2019) : uma visão austríaca". Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20684.
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Mestrado em Economia Internacional e Estudos EuropeusEste trabalho tem como objetivo descrever, segundo a Escola Austríaca de Economia, como os governos (sobretudo através dos bancos centrais) geram crises e enfraquecem a economia ao longo do tempo. O caso analisado é a política monetária do Federal Reserve (Fed) - banco central dos EUA - no período 2001-2019. Os economistas austríacos defendem que a taxa de juros é um fenómeno real que reflete a taxa de preferência temporal presente nos indivíduos. A interferência dos bancos centrais na taxa de juro provoca uma distorção na alocação de recursos e a maus investimentos (não sustentáveis) que eventualmente terão de ser liquidados por uma recessão, processo através do qual a alocação de recursos se alinha à real taxa de preferência temporal presente na sociedade. A análise da política monetária do Fed é dividida em dois períodos: 2001-2008 e 2008- 2019. No período 2001-2008 é demostrado como as intervenções do Fed na taxa de juro, provocaram a bolha imobiliária e a crise de 2008. No período 2008-2019 são demostradas as principais mudanças na política monetária do Fed e como este evitou uma recessão mais intensa ao manter a taxa de juros no patamar próximo a 0% (Zero Percent Interest Rate Policy - ZIRP) por um longo período e ao realizar QE (Quantitative Easing) e QL (Qualitative Easing), apreciando artificialmente os ativos financeiros. Porém, ao fazê-lo, enfraqueceu a economia, que passou a ser mais dependente de taxas de juro artificialmente baixas e mais vulnerável a crises de liquidez.
This thesis aims to describe, according to the Austrian School of Economics, how governments (mainly through central bank policies) generate crises and make the economy weaker over time. The case to be studied is the monetary policy of the Federal Reserve (Fed) - the US central bank - from 2001 to 2019. Austrian economists argue that the interest rate is a real phenomenon that reflects society's rate of time preference. Central banks' interference with interest rates creates a distortion of the allocation of resources and malinvestments (unsustainable) that eventually must be settled through a recession, a process through which the allocation of resources is aligned with the actual society's rate of time preference. The analysis of the Fed's monetary policy is divided into two periods: 2001-2008 and 2008-2019. In the section regarding the period 2001-2008, it is argued that the Fed's intervention with the interest rate caused the 2000?s housing bubble and the 2008 financial crisis. The section regarding the period 2008-2019 is dedicated to the Fed's monetary policy in response to the crisis and how it avoided a more severe recession by keeping interest rates barely above 0% (Zero Percent Interest Rate Policy - ZIRP) for a long period and doing QE (Quantitative Easing) and QL (Qualitative Easing), artificially appreciating financial assets. However, in so doing, it made the economy weaker, by making it more dependent on artificially low interest rates and more vulnerable to liquidity crises.
info:eu-repo/semantics/publishedVersion
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Pozděchová, Lenka. "Měnová poltika americké centrální banky a její vliv na vývoj americké ekonomiky". Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-76275.
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The aim of this thesis is monetary policy of the Federal Reserve during the global financial crisis and its impact on the U.S. economy. Intensively carried out the financial crisis in 2007 - 2009. At that time, the Fed has created several tools to support liquidity of depository institutions and primary dealers, which are represented mainly by investment banks and other businesses, such as money market funds. The balance sheet of the central bank has fundamentally transformed. Securities accepted in open market operations have expanded and amount of the balance sheet has increased several times. Operations that change size of liabilities and composition of assets are called quantitative easing. After the interventions of the U.S. central bank the financial markets stabilized and Fed set aside some of the new tools. From December 2007 to June 2009 was the U.S. economy officially in recession. Since then has economic activity been growing but only very slowly.
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Fajnor, Tomáš. "Global financial crisis and monetary policies of central banks (examples of chosen countries)". Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75615.
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The purpose of this Master's thesis is divided into two steps. The first step sums up all the relevant theory about financial crises and monetary policies. The second step analyzes not only the past but focuses mainly on the global financial crisis which started in 2007. The cornerstones of this analytical bloc are monetary policies of central banks in China, Venezuela, Denmark and the Czech Republic. Two hypotheses are stated in the beginning of this Master's thesis. These focus on fixed exchange rate regimes and foreign exchange reserves. The analytical part of Master's thesis tries to prove whether these hypotheses can be marked as valid or invalid.
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Tóthová, Jana. "Měnová politika Federální reservní soustavy v letech 2007-2010". Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-72151.
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The thesis describes the chain of causation that leads from the causes of the financial crisis over its consequencies towards the reactions of the Federal Reserve System. After the consequencies of the Crisis have been identified, the author deals in detail with the measures taken -- with their characteristics and the way they function. Afterwards, the author evaluates efficiency of these meausures and describes the role they played in the overall attitude of the Federal Reserve System to handling the Crisis.
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Reid, Monique Brigitte. "Communication as a strategic monetary policy tool : an evaluation of the effectiveness of the South African Reserve Bank's communication". Thesis, Stellenbosch : Stellenbosch University, 2011. http://hdl.handle.net/10019.1/17787.
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Thesis (PhD)--Stellenbosch University, 2011.ENGLISH ABSTRACT: The effectiveness of monetary policy depends importantly on the expectations of the private sector, as it is largely through this channel of the transmission mechanism that policy changes are transmitted to long-term interest rates. This has increased the emphasis on the role of central bank communication as a monetary policy tool. Successful communication is essential both to enhance the effectiveness of monetary policy and to build support for the institutional framework within which monetary policy is implemented. While the large and growing literature on central bank communication over the past decade has delivered strong support for the important role of central bank communication, there is less agreement about what the optimal communication strategy is. Furthermore, research has been limited mainly to studies of communication between central banks and the financial markets. In an evaluation of progress in the literature, Blinder et al. (2008) highlight the need to examine the interaction between central banks and the rest of the private sector (the general public) as well. The objective of this PhD dissertation is to evaluate the South African Reserve Bank’s (SARB’s) use of communication as a monetary policy tool. Special focus is given to communication with the inattentive general public, who set prices in the labour market and the market for goods and services. Different aspects of the SARB’s communication were studied, including the consistency of the South African Reserve Bank’s communication, the transmission of this communication via the media to the general public, and the process by which the general public gathers and processes the information on inflation. An evaluation of the SARB’s communications (its original messages) provided some evidence that the SARB has succeeded in communicating consistently over the inflation targeting period. This was followed by an assessment of the role of the media in transmitting the original communications to the general public. The results suggest that South African media reports generally show a lack of critical assessment of monetary policy decisions and that the inter-meeting communication by the SARB is ineffective at influencing these. An important challenge is for the SARB to consider how it can participate more actively in the economic discussion at this level and how it can build productive strategic relationships with the media. The final section of this dissertation explores the process by which the general public forms its inflation expectations, relying on epidemiological models to describe the spread of inflation information and to estimate the speed at which the general public, in aggregate, updates their inflation expectations. This estimate of the speed of adjustment will be valuable to future research that aims to build a Phillips curve in a new way for South Africa. A well-modelled Phillips curve will both improve the monitoring of the impact of monetary policy and inform future policy design and implementation.
AFRIKAANSE OPSOMMING: Die doeltreffendheid van die monetêre beleid is beduidend afhanklik van die verwagtinge in die privaat sektor, aangesien beleid hoofsaaklik deur hierdie kanaal langtermyn rentekoerse beïnvloed. Hierdie bewustheid het die klem op die rol van sentrale bank kommunikasie as ‘n monetêre instrument versterk. Suksesvolle kommunikasie is noodsaaklik om beide die effektiwiteit van monetêre beleid te verseker sowel as om ondersteuning vir die institusionele raamwerk waarbinne die monetêre beleid geïmplimenteer word, te bou. Hoewel daar ‘n groot en groeiende literatuur is wat die belangrikheid van sentrale bank kommunikasie oor die afgelope dekade beklemtoon, is daar nie eenstemmigheid oor wat die optimale kommunikasie strategie behels nie. Daarbenewens is meeste studies beperk tot die kommunikasie tussen monetêre owerhede en die finansiële sektor. In ‘n evaluering van die literatuur het Blinder et al. (2008) die noodsaaklikheid beklemtoon om die wisselwerking tussen monetêre owerhede en die res van die privaat sektor (die publiek) te bestudeer. Die doel van hierdie proefskrif is om die Suid-Afrikaanse Reserwebank (SARB) se gebruik van hierdie kommunikasie instrument te evalueer. Spesiale aandag word geskenk aan kommunikasie met die onoplettende publiek wat pryse bepaal in die arbeidsmark en markte vir goedere en dienste. Verskillende aspekte van die SARB se kommunikasie strategie word bestudeer, insluitende die konsekwentheid van kommunikasie, die oordrag van hierdie kommunikasie via die media aan die publiek, asook die proses waarmee die publiek informasie rakende inflasie versamel en verwerk. ‘n Evaluering van die SARB se kommunikasie (die oorspronklike boodskappe) lewer bewys dat die SARB daarin geslaag het om konsekwent te kommunikeer tydens die inflasie teikeningsperiode. Dit word gevolg deur ‘n evaluering van die rol van die media om oorspronklike informasie suskesvol aan die publiek oor te dra. Die resultate dui daarop dat berigte in die Suid Afrikaanse media oor die algemeen aan kritiese evaluering van die monet.re beleidsbesluite ontbreek en die SARB se kommunikasie tussen monetêre beleidsvergaderings is ook oneffektief gevind. ‘n Belangrike uitdaging vir die SARB is dus om te bepaal hoe dit op hierdie vlak tot die ekonomiese debat kan toetree en hoe dit produktiewe strategiese verhoudings met die media kan bou. Die laaste afdeling van die proefskrif bestudeer die proses waarvolgens die publiek hul inflasieverwagtinge formuleer deur gebruik te maak van epidemiologiese modelle wat die verspreiding van inflasie verwagtinge, asook die spoed waarteen die publiek oor die algemeen hul inflasieverwagtinge opdateer, beskryf. Die snelheid waarmee die publiek hul verwagtinge opdateer behoort veral van waarde te wees vir toekomstige studies wat poog om ‘n Phillips kurwe met ‘n nuwe aanslag vir Suid Afrika te skort. ‘n Goed geformuleerde Phillips kurwe sal monitering van monetêre beleide se impak verbeter, en sal ook as ‘n goeie riglyn vir toekomstige beleidsontwerp en -implimentering dien.
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Madise, Sunduzwayo. "Developing an independent regulatory framework for the financial sector in Malaŵi". University of the Western Cape, 2011. http://hdl.handle.net/11394/2902.
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Haloun, Martin. "Konkurence v oblasti peněz". Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-124917.
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This paper is concerned with theoretical assumptions and consequences of a free banking system. The main theme is critical inquire of Hayek`s notion of creating the system of free banks independent of central bank, which issue differentiated currencies. The main purpose of this system is to force the government institution to provide a currency more stable than it does now. However there are some crucial objections which target the possibility of operating such system in practice. The main theme is further widen by the question about fractional and full reserve banking. Based on the comparison of the different reserve system, there is a notion of a system combining both, but keeping them strictly separated. The foundation of the paper is analysis of money definition from the austrian school point of view. These arguments are applied to the inflation and deflation. The object of research are conditions of existence and consequences of both effects. The inflation analysis is used to describe current system of central institution and the net of commercial banks.
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Sousa, João Miguel Nogueira de. "Expectativas dos investidores implícitas nos preços das opções : reacções às políticas monetárias do BCE e da FED". Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/11380.
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Mestrado em FinançasOs derivados financeiros possuem propriedades que permitem extrair informação valiosa acerca das expectativas dos investidores. É possível estimar a função densidade de probabilidade neutra ao risco (DNR) implícita nos preços das opções para o activo subjacente na sua data de vencimento. As técnicas de extracção de informação baseiam-se na natureza prospectiva das opções, possuindo significativas vantagens face aos métodos baseados em dados históricos. Durante a crise financeira actual, a Fed e o BCE assumiram um papel-chave através dos estímulos que fornecem às economias. O presente estudo pretende avaliar as reacções de curto prazo dos investidores através de activos subjacentes de distintos níveis de risco (índices accionistas e taxas de juro de curto prazo) e áreas geográficas (Zona Euro e EUA), no contexto de decisões de política monetária, permitindo assim caracterizar de forma abrangente o perfil de expectativas dos investidores. Os eventos em estudo contribuíram para o aumento do valor esperado dos índices accionistas, sendo acompanhados por uma diminuição da incerteza e da probabilidade de realizações extremas. Relativamente às taxas de juro de curto prazo, os efeitos das reuniões foram menos evidentes. Os efeitos descritos são mais significativos no âmbito da reunião do BCE apesar do anúncio da continuidade da política monetária não-convencional da Fed através do programa de Quantitative Easing.
Financial derivatives have properties that allow the extraction of valuable information about the investors? expectations. It?s possible to estimate the risk-neutral probability density function (DNR) implied in option prices for the underlying asset at maturity. The forward-looking nature of options makes the information extraction to have significant advantages over the methods based in historical data. During the actual financial crisis, Fed and ECB assume a key-role through stimulus they give to the economies. The present study examines the short-term reactions of the investors behind underlying assets with distinct levels of risk (equity indices and short term interest rate) and geographical areas (Euro Zone and USA) in the scope of policy monetary decisions enabling a complete analysis of the investors? profile. The studied events contribute to rise the expected value of equity indices, along with lower uncertainty and probability of extreme outcomes. Concerning interest rates, the effect of the meetings were less evident. Those described effects are more significative on the ECB meeting despite the Fed announcement to continue non-standard monetary policy, with the program of Quantitative Easing.
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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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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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Nortier, Charene. "The role of the South African regulatory authorities in combating money laundering and terrorist financing perpetrated through alternative remittance systems". Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/27922.
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Money Service Businesses provide people and institutions with a way to send money (remit) from one place to another. This service is most often associated with migrants, who typically wish to send money or value home. Remittances can be sent both on a domestic and on a cross-border basis. The methods used to remit money or value can be used for both legitimate and illegal purposes. The question posed by this research is whether the Money Service Businesses that operate in South Africa and provide crossborder remittance services are adequately regulated, to ensure that it is not used for the purposes of money laundering and/or terror financing. CopyrightDissertation (MPhil)--University of Pretoria, 2010.
Accounting
unrestricted
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Imamovic, Arnela. "Cash is [no longer] king: is an e-krona the answer? : - a de lege ferenda investigation of the Swedish Riksbank's issuing mandate and other legal callenges in relation to economic effects on the payment market". Thesis, Linköpings universitet, Filosofiska fakulteten, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-156410.
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For the past decades, the Swedish public’s payment habits have changed, where the majority of the public has abandoned the old way of making payments, using cash, and instead opted for more modern payment solutions, digital money. The difference between cash and digital money is that cash is physical and only issued by the Riksbank, whereas digital money is created by and stored on accounts at commercial banks. The question of what role the state should have on the payment market is an important point of discussion. But it is not categorically a new question; the Swedish government is tackling essentially the same problem today as it has been doing many times before. Today’s problem is to some extent however manifested in a different way. During the 20th century, discussions were held whether or not the Riksbank should have the exclusive right to issue banknotes. It was considered unnecessary, inappropriate and dangerous. The idea that the Riksbank could cover the entire economy’s need for banknotes was, according to the commercial banks, unreasonable. Nonetheless, in 1904 the exclusive right became fait accompli; the government intervened and gave the Riksbank the banknote monopoly. We are now finding ourselves facing a similar situation, where there is a difference of opinion regarding the Riksbank’s role on the payment market. It is therefore nothing new, but rather an expected task for the government, and thus the central bank, to analyze major changes and draw conclusions from them. The problem is essentially about cash being phased out by digital means of payment. In order to therefore solve the problem, the Riksbank has started a project to investigate whether or not the Riksbank should issue digital cash to the Swedish public, what the Riksbank calls an e-krona. To introduce an e-krona would be a major step, but for the public to not have access to a government alternative, seeing as cash usage is declining, is also a major step. No decision has been made yet regarding whether the e-krona will be introduced on the market or not. A decision that however has been made, is that the Riksbank is now working on building an e-krona to develop and assess the technique. Nonetheless, an introduction would undoubtedly have consequences for both the Riksbank and the commercial banks, which ultimately means it would have effects on the economy as a whole. What about regulatory aspects; is the Riksbank even allowed to issue an e-krona under current legislation? The answer is affirmative, to a certain extent. There are furthermore many other uncertainties regarding how an e-krona would affect the economy; the Riksbank does not fully answer many of the system issues in its project reports. The question of whether or not it even is up to the Riksbank to make a decision on the matter of an introduction is also questioned by the author in the thesis.
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Kamenská, Monika. "Centrální banka, její zlaté rezervy a nezávislost". Master's thesis, 2019. http://www.nusl.cz/ntk/nusl-406045.
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In this thesis, we aim to unveil potential relation between gold in the reserves of central banks and the independence of these institutions. As a reaction to several statements of central bank representatives, we assume that gold might be a determinant of central banks' independence. Following these statements, the key contribution of this thesis was defined: to verify these declarations and the general belief of gold's role within central banks' reserves in the relation to their independence, using empirical data. For that purpose, we examine panel data consisting of information from 145 countries between years 1970 and 2012. As for the control variables, economic variables such as GDP per capita, inflation, exchange rate regime, current account to GDP and broad money and political variables from the range of word governance indicators are employed. The regression results of basic model obtained by fixed effects estimation suggest that, indeed, there might be a significant effect of share of gold on the central bank independence index. However, as the results imply negative relation, we cannot confirm if the effect is real due to endogeneity problem. Moreover, the effect of gold reserves on the central bank independence was not confirmed when employing a different estimation technique -...
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Hui-Tzu, Lee y 李慧慈. "The Management of Foreign Reserves of Central Bank-The VaR Perspective". Thesis, 2002. http://ndltd.ncl.edu.tw/handle/73493397104996506658.
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碩士東吳大學
國際貿易學系
90
Central banks hold foreign reserves o facilitate international trade and as a mean of financing exchange rate interventions in the foreign exchange market. Moreover, foreign exchange reserves can be regarded to cumulate assets or capital, and guarantee foreign debt to promote international credit or lower down risk of financial crisis. Traditional management of foreign reserves tends to over passive and conventional. The purpose of this paper is try to investigate a more aggressive and efficient management method for central bankers. A fundamental component of this framework is value-at-risk (VaR), an estimate of maximum potential loss to be expected over a given period a certain percentage of the time. This paper examines four VaR approaches: SMA, EWMA, historical simulation and Monte Carlo simulation approach. According to the classification of IMF annual report, we calculate portfolio VaR of three divisions between 1995 and 2000. Comparing their accuracy and efficiency by Basel regulation and LR test to select a relative better method, which is historical simulation in our research. Next, introducing the concept of risk-adjusted performance measurement (RAPM) to consider risk and return at the same time and compare the results of industrial and developing countries. This index also provides a useful tool for following research. As Euro has become the unit currency in Europe, we discuss the effect of Euro by adjust the weights of US dollar and Euro. In addition, decomposing the portfolio VaR with marginal VaR and component VaR to outline more efficient management of foreign reserves. Finally, a comparison of different approach presents the result that wrong decision would be made if a wrong approach was selected in the beginning.
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Iureva, Lidiia. "In this research, we study the reserve requirement policies implemented by the Central Bank of Russia and European Central Bank. First, we analyse the legal framework of central banking activity in Russia and Europe and we investigate the main rules and features of reserve requirements policies both in Russia and Europe". Master's thesis, 2018. http://hdl.handle.net/10316/84488.
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Dissertação de Mestrado em Economia apresentada à Faculdade de EconomiaO objetivo deste trabalho é estudar a política de reservas obrigatórias implementada por dois bancos centrais, o Banco Central da Rússia (BCR) e o Banco Central Europeu (BCE). Analisa-se o enquadramento legal da atividade do BCR e do BCE e estuda-se comparativamente as principais regras e características da política de reservas na Rússia e na Europa. Sendo assim, um primeiro objetivo deste projeto de pesquisa é caracterizar as regras e características particulares dos requisitos de reserva implementados pelo BCR e pelo BCE e detalhar os procedimentos de implementação de reservas obrigatórias dos dois bancos centrais. A análise comparativa realizada permite destacar as semelhanças e diferenças no comportamento do CBR e do BCE. Por outro lado, um segundo objetivo consiste na análise do modo como o comportamento de procura de reservas das instituições de crédito se altera ao longo do tempo,como os bancos mantêm as suas reservas mínimas e também constituem reservas excedentáriasem períodos económicos diferentes. Para realizar esta análise divide-se o período estudado em 3 partes: antes, durante e depois da crise financeira internacional. Também nesta análise se destacam as semelhanças e diferenças no comportamento do CBR e do BCE. A informação utilizada neste estudo é a informação acerca das reservas constituídas pelas instituições de crédito que é disponibilizada pelo BCR e pelo BCE nos seus sitesEste trabalho está organizado da seguinte forma: a seção 2 apresenta a revisão da literatura e a seção 3 apresenta uma descrição dos sistemas de constituição de reservas mínimasna Zona Euro e na Rússia.Aseção 4 apresenta uma comparação de como as instituições de créditoeuropeiase russas mantêm as suas reservas no período2006-2018, com destaque para a constituição de reservas excedentárias.Finalmente, a seção 5 apresenta as conclusões do trabalho.
In this research, we study the reserve requirement policies implemented by the Central Bank of Russia and European Central Bank. First, we analyse the legal framework of central banking activity in Russia and Europe and we investigate the main rules and features of reserve requirements policies both in Russia and Europe. We also investigated how the behaviour of credit institutions in the demand for reserves may change along the time. We divide our period in 3 parts: before, during and after the financial crisis period. According to the available information we conduct a comparison between Russian and European Central bank policies and also compare the behaviour of banks in the maintenance of reserves.The main objectives of this research project are:1) To characterize the rules and particular features of reserve requirements implemented by the Bank of Russia and European Central Bank;2) To study the procedures of the implementation of mandatory reserves on the basis of legislative and instructive material of the Bank of Russia and European Central Bank;3) To investigate how banks maintain their required and excess reserves before, during and after the worldwide financial crisis;4) To highlight similarities and differences in the behaviour of the CBR and the ECB.The data necessary for this project is provided by European Central Bank and Central Bank of Russia in open access on the official web-sites of such authorities.The paper is organized as follows: section 2 presents literature review, section 3 presents a description of Reserve requirements system in Euro Zone and Russia, section 4 presents a comparison of how European and Russian Central Banks hold their reserves in 2006-2018 and finally, section 5 presents the conclusions of the paper.
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Keblúšek, Martin. "Mají devizové rezervy centrálních bank dopad na inflaci?" Master's thesis, 2020. http://www.nusl.cz/ntk/nusl-435052.
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01 Abstract Foreign exchange reserves are a useful tool and a buffer but maintaining an amount that is too large can be costly to the economy. Recent accumulation of these reserves points to the importance of this topic. This thesis focuses on one specific part of the effect of FX reserves on the economy - the inflation. I use panel data for 74 countries from the year 1996 to the year 2017. There is a certain degree of model uncertainty for which this thesis accounts for by using Bayesian model averaging (BMA) estimation technique. The findings from my model averaging estimations show FX reserves to not be of importance for inflation determination with close to no change when altering lags, variables, when limiting the sample to fixed FX regimes nor when limiting the sample to inflation targeting regimes. The most important variables are estimated to be a central bank financial strength proxy, exchange rate depreciation, money supply, inflation targeting, and capital account openness. These results are robust to lag changes, prior changes, and for the most part remain the same when Pooled OLS is used.
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Barros, Maria Teresa Botto Quintans Sousa. "Central banks gold reserves : hedge or weapon?" Master's thesis, 2020. http://hdl.handle.net/10400.14/29850.
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Gold remains one of the safest assets in the world. In 2018, the central banks' gold reserves reached a maximum of almost 34,000 tonnes of gold, making it the third largest reserve asset in the world. Thus, throughout the use of an innovative econometric model, we conduct an extensive empirical analysis of the determinants of gold holdings for both developed and developing countries, for the time-frame between 2000 and 2018. We find evidence that both groups of economies tend to hold a lower level of gold when there is a higher risk of government default, therefore, using it as a source of liquidity. These results are consistent with the view that investors still consider gold as a substitute investment in times of considerable uncertainty, and also that the central bank's gold position signals economic strength. Further, our findings expose the real consequences of the Trade War, which started in 2014 and intensified under Trump's administration. We show that US sanctions and Imports from China are playing a significant role in the emerging market's gold reserves adjustments. This work has led to the conclusion that the central banks use gold as both collateral and substitute.O ouro continua a ser um dos ativos mais seguros do mundo. Em 2018, as reservas de ouro dos bancos centrais atingiram um máximo de quase 34.000 toneladas, tornando-o no terceiro maior ativo de reserva do mundo. Assim, através do uso de um modelo econométrico inovador, realizámos uma extensa análise empírica dos determinantes das reservas de ouro para os países desenvolvidos e em desenvolvimento, no período de 2000 a 2018. Encontrámos evidências de que quanto maior for o risco de incumprimento do governo, menor será o nível de ouro para ambas economias, mostrando, portanto, que os bancos centrais usam o ouro como fonte de liquidez. Os resultados são consistentes com a visão de que os investidores ainda consideram o ouro como um investimento substituto em tempos de considerável incerteza, como também, que a posição de ouro do banco central transparece força económica. Além disso, os nossos resultados expõem as reais consequências da Guerra Comercial, que iniciou em 2014 e intensificou-se com a administração de Donald Trump. Mostrámos que as sanções impostas pelos EUA e as importações da China estão a desempenhar um papel significativo nos ajustes das reservas de ouro para os países em desenvolvimento. Esta tese leva à conclusão de que os bancos centrais usam ouro tanto como garantia, como substituto.
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Kalilombe, Lukes. "Central bank governance, accountability and independence : the case of the Reserve Bank of Malawi". Thesis, 2008. http://hdl.handle.net/10413/575.
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This dissertation measured using appropriate methodology the degree of independence of
the Reserve Bank of Malawi based on the Reserve Bank of Malawi Act of 1989.
Furthermore the dissertation assessed the vulnerability of this independence in the
context of good governance and a variety of internal and external threats on the
independence. This comes from the understanding that even though central banks are
accorded independence, there are situations where practice deviates from what the
charters state. Therefore the dissertation provides recommendations on how to strengthen
the Reserve Bank Act to support its legal independence.Thesis (M.A.)-University of KwaZulu-Natal, 2008.
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Tessari, Cristina. "Essays in international finance and central bank policy". Thesis, 2021. https://doi.org/10.7916/d8-phab-0n74.
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This dissertation studies topics in international finance and central bank policy. In the first chapter, "Common idiosyncratic volatility and carry trade returns", I provide new evidence that incomplete consumption risk sharing across countries is an important determinant of carry trade returns. I show that there is a strong co-movement in idiosyncratic volatilities over time, and that shocks to the common idiosyncratic volatility (CIV) factor, defined as the equally weighted average of the idiosyncratic volatilities in the cross-section, are priced. I find that high-interest rate currencies deliver low returns when the CIV increases, which are bad times for investors. Low-interest rate currencies provide a hedge by yielding positive returns. CIV shocks remain an empirically powerful risk factor in explaining the cross-section of carry trade returns after controlling for global foreign exchange (FX) volatility risk. Furthermore, CIV risk is correlated with cross-country income risk faced by households. My findings are consistent with a heterogeneous-agent model with persistent, uninsurable idiosyncratic shocks in consumption growth. The calibrated model quantitatively accounts for the cross-sectional differences in average returns across CIV-beta sorted portfolios for plausible market prices of CIV risk.
In the second chapter, "Fed-implied market conditions", we propose a novel text processing technique to extract views of market conditions that are implicit in the Fed's policy statements and minutes. The method is easy to apply and addresses several problems inherent in the use of changes in interest rates as a proxy for central bank policy. First, we project market variables into the text of FOMC statements and minutes (separately) using support vector regressions (SVRs) to predict the levels of 10-year yields, 3-month yields, 2s10s, DXY index, VIX, high-yield (HY) and investment-grade (IG) spreads. We then define measures of monetary policy (``FDIF'' variables) as the Fed-implied deviation away from the market variable: the out-of-sample value of the market variable implied by the SVR minus the corresponding value of the market variable the day before the statement (minutes) release. We show that different markets respond differently to monetary policy news in the short-run, in a way that has independent and complementary implications for market movements in the long-run. Fed news also has important long-run implications for macroeconomic outcomes. Our Fed measures outperform Bernanke-Kuttner and changes in 2-year yields for forecasting macro and financial outcomes in the future. Finally, we show that there are Fed-risky and Fed-hedging industries, and these earn risk premia on Fed statement days.
Finally, in the third chapter, "Does the counterparty of central banks in derivatives-based foreign exchange interventions matter?", we study how the central bank counterparty in foreign exchange interventions affect the supply of hedge against FX risks to the private sector. We use Brazilian data where derivatives-based interventions have been used in tandem for almost two decades. The analysis finds evidence of a link between central bank counterparties in FX swap operations and the supply of hedge through FX futures contracts. The main central bank counterparty in foreign exchange interventions uses the liquidity provided by the central bank to increase the supply of hedge to the private sector. Other counterparties use the US dollars provided by the central bank to reduce their own foreign exchange exposure.
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Melnychuk, Olena. "Zlatá rezerva Centrální banky a cenová stabilita". Master's thesis, 2019. http://www.nusl.cz/ntk/nusl-392641.
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There is a traditional view that central banks should hold enough gold in their reserves to be considered financially secure and keep low inflation. However, after the fall of the Bretton-Woods system, many central banks have been decreasing its gold reserves by converting gold into other assets and still they do not experience high inflation. This thesis aims to answer the question if gold reserves of central banks indeed positively affect price stability. We use the panel data for 110 countries for the period from 2000 to 2016. We find that there is a significant negative effect of central banks' gold reserves on inflation but only if we control the proxy variables for the financial strength of central banks. Furthermore, the significance holds only for the inflation-targeting countries, there are no significant effects for the whole data sample. JEL Classification: E31, E52, E58, F41, G11, G21 Keywords: Gold reserves, Central Banks, Inflation rate, Price Stability Author's e-mail: 73099909@fsv.cuni.cz Supervisor's e-mail: tomas.havranek@fsv.cuni.cz
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Ferreira, Leonor Mateus. "Monetary policy responses to the recent crisis: Federal Reserve vs. European Central Bank". Master's thesis, 2015. http://hdl.handle.net/10071/9960.
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In responding to the recent crisis, the American and European central banks implemented unlike approaches to monetary policy with different results. In order to understand their decisions and their actual outcomes, as well as prepare further situations like this one, it matters to analyze the monetary policy measures undertaken by both central banks and compare them. The present work particularly focus on unconventional monetary policy measures and examines credit easing implemented by the European Central Bank, in comparison to the Federal Reserve Bank’s quantitative easing. The results, emphasizing the decrease in bond yields due the increase in the banks’ balance sheets, the capacity to control inflation and unemployment and the ability to enhance production, reveal that the Fed was more effective and prompt in taking action against the crisis. In addition, the Fed was also more successful in its communications, with a better management of expectations, capacity to adapt to the markets’ response to quantitative easing and faster implementation of forward looking guidance, a feature determinant to the success of monetary policy. Moreover, the differences between the two banks that may limit the implementation of unconventional monetary policy measures and comprise additional challenges for the ECB are also discussed.Em resposta à presente crise, os bancos centrais norte-americano e europeu implementaram abordagens diferentes à política monetária, com resultados também eles distintos. Por forma a compreender as decisões tomadas e os seus resultados efetivos, bem como preparar futuras situações similares a esta, importa analisar as medidas de política monetária implementadas pelos dois bancos centrais e compará-las. A presente tese foca-se particularmente em medidas não-convencionais de política monetária e estuda a aplicação de credit easing pelo Banco Central Europeu, em comparação ao quantitative easing da Reserva Federal Norte-Americana. Os resultados, salientando a descida no valor de títulos em consequência do aumento das folhas de balanço dos dois bancos, a capacidade de controlar a inflação e o desemprego, e a aptidão para impulsionar a produção, demonstram que o Fed teve mais sucesso e foi mais rápido em agir em resposta à crise. Adicionalmente, o Fed foi também mais bem-sucedido no que diz respeito à comunicação, com melhor capacidade de gerir expectativas, de se adaptar às respostas dos mercados ao quantitative easing e uma mais rápida adoção de forward looking guidance, uma questão determinante para o sucesso da política monetária. São ainda discutidas as diferenças entre os dois bancos centrais que podem limitar a implementação de políticas monetárias não-convencionais, bem como constituir obstáculos adicionais para o sucesso do BCE.
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Steiner, Andreas [Verfasser]. "The accumulation of international reserves by central banks : exploring causes and consequences / vorgelegt von Andreas Steiner". 2009. http://d-nb.info/1000777839/34.
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TUNG, TI-TI y 董帝禔. "The central banks’ reserve of gold worldwide and its price prediction: An empirical study". Thesis, 2019. http://ndltd.ncl.edu.tw/handle/q5ubm2.
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碩士佛光大學
應用經濟學系
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In the past, most of the research on gold prices focused on the external factors that affect the price of gold, such as crude oil prices, inflation rates, exchange rates, etc., and few of them were on the chip. This study will continue Chen et al. (2014) research and explore the chip face of the gold market. The core point of Chen et al. (2014) is that gold is a non-interest asset and there is no reason for countries to hold too many gold reserves, so there should be an optimal gold reserve. The study used the optimal gold reserve ratio as the proxy variable for the optimal gold reserve, and the four countries that smoothly passed the financial crisis, the weighted average of the reserve ratios of Germany, France, Canada, Australia as the optimal reserve ratio. This study proposes a new methodology and a comprehensive visual analysis to verify the blind spots of the research methods, and the assumption of optimal gold reserves should be a reasonable hypothesis. We use the R system to sort the gold reserve ratio from 0.01 to 1 for dividing the buyers and sellers of central bank worldwide. The GARCH model is performed on each of the groups of buyers and sellers, and the highest Log Likelihood value is determined from each regression to determine the optimal gold reserve ratio. According to the definition of the optimal gold reserve ratio, the largest part of the gold market, the central bank, is divided into a pure buyer (below the gold reserve ratio) and a pure seller (higher than the gold reserve ratio), which countries pushed up the price of gold. The results of the final study show that the optimal gold reserve ratio cannot be proved due to the inability to control the foreign exchange reserve. However, after a visual analysis, it was found that in the top 10 countries with 10 gold holdings in the world, regardless of the rise or fall in gold prices, their gold reserves have shown a constant trend over the past 20 years, and some countries have a small and the same reserve for a long period. Therefore, although it is impossible to obtain significant evidence from an empirical perspective, it is difficult to reject the assumption that the gold reserve has an optimum value from the perspective of data visualization.
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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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Madise, Sunduzwayo. "Developing an independent regulatory framework for the financial sector in Malaà µi". Thesis, 2011. http://etd.uwc.ac.za/index.php?module=etd&action=viewtitle&id=gen8Srv25Nme4_6514_1362391682.
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Madise, Sunduzwayo. "Developing an independent regulatory framework for the financial sector in Malaŵi". Thesis, 2011. http://etd.uwc.ac.za/index.php?module=etd&action=viewtitle&id=gen8Srv25Nme4_3573_1363788771.
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Rodrigues, Maria Inês Duarte. "O Quantitative Easing e as obrigações do tesouro da Zona Euro: Uma análise comparativa (1999-2019)". Master's thesis, 2019. http://hdl.handle.net/10071/19460.
Texto completoResumen
Face a momentos de crise financeira, os Bancos Centrais perceberam que a política monetária convencional não estava a ser eficaz para alcançar os seus objetivos para a economia.
Neste contexto, foram implementadas medidas de política monetária de carácter não convencional, entre elas o QE. Este programa consiste na compra massiva de títulos por parte dos Bancos Centrais e serviu para alivar a tensão dos mercados financeiros.
Embora o início do QE na Zona Euro (2015) tenha sido anunciado mais tarde do que nos EUA (2008) e que no Reino Unido (2009), o BCE implementou outras medidas não convencionais.
Na presente dissertação são descritos os programas de QE da Fed, do BoE e do BCE, bem como é feita uma análise comparativa do efeito dos programas de QE nas yields das OT dos EUA, do Reino Unido e de quatro países representativos da heterogeneidade económica da Zona Euro – Alemanha e França, como principais países, Portugal e Itália, como países periféricos.
Os resultados permitiram concluir que, no geral, as yields das OT descem e que o efeito do QE nas yields das OT da Zona Euro aparenta ser modesto comparativamente ao efeito do QE nas yields das OT dos EUA e do Reino Unido. Entre os países representativos da Zona Euro, o maior impacto acumulado evidencia-se nos países periféricos.
Decorridos seis meses depois de o BCE ter posto um término ao seu programa de QE, foi possível constatar que a experiência europeia não segue o caminho da experiência dos EUA.In the face of times of financial crisis, Central Banks realized that conventional monetary policy was not being effective in achieving its goals for the economy. In this context, unconventional monetary policy measures, including the QE, were implemented. This program consists of the massive purchase of securities by Central Banks and served to ease the tension of the financial markets. Although the start of QE in the Eurozone (2015) was announced later than in the United States of America (2008) and the United Kingdom (2009), the ECB implemented other unconventional measures. The present study aims to describe the Fed, BoE and ECB QE programs, as well as analyzing in comparative manner the effect of QE programs on government bond yields of the United States of America, United Kingdom and four countries representing the economic heterogeneity of the Eurozone - Germany and France, as main countries, Portugal and Italy, as peripheral countries. The results show that, overall, government bond yields decrease and the effect of QE on Eurozone government bonds yields appears to be more modest when compared to the effect of QE on United States of America and United Kingdom government bonds yields. Among the representative countries of the Eurozone, the greatest cumulative impact is evident in peripheral countries. Six months after the ECB terminated its QE program, it appears that the European experience does not follow the United States of America experience of ending the QE.
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Perlman, Leon Joseph. "Legal and regulatory aspects of mobile financial services". Thesis, 2012. http://hdl.handle.net/10500/13362.
Texto completoResumen
The thesis deals with the emergence of bank and non-bank entities that provide a range of unique
transaction-based payment services broadly called Mobile Financial Services (MFS) to unbanked,
underserved and underbanked persons via mobile phones.
Models of MFS from Mobile Network Operators (MNOs), banks, combinations of MNOs and banks, and
independent Mobile Financial Services Providers are covered. Provision by non-banks of ‘bank-type’
services via mobile phones has been termed ‘transformational banking’ versus the ‘additive banking’
services from banks. All involve the concept of ‘branchless banking’ whereby ‘cash-in/cash out’ services
are provided through ‘agents.’
Funds for MFS payments may available through a Stored Value Product (SVP), particularly through a
Stored Value Account SVP variant offered by MNOs where value is stored as a redeemable fiat- or mobile
‘airtime’-based Store of Value.
The competitive, legal, technical and regulatory nature of non-bank versus bank MFS models is discussed,
in particular the impact of banking, payments, money laundering, telecommunications, e-commerce and
consumer protection laws. Whether funding mechanisms for SVPs may amount to deposit-taking such that
entities could be engaged in the ‘business of banking’ is discussed. The continued use of ‘deposit’ as the
traditional trigger for the ‘business of banking’ is investigated, alongside whether transaction and paymentcentric
MFS rises to the ‘business of banking.’
An extensive evaluation of ‘money’ based on the Orthodox and Claim School economic theories is
undertaken in relation to SVPs used in MFS, their legal associations and import, and whether they may be
deemed ‘money’ in law.
Consumer protection for MFS and payments generally through current statute, contract, and payment law
and common law condictiones are found to be wanting. Possible regulatory arbitrage in relation to MFS in
South African law is discussed.
The legal and regulatory regimes in the European Union, Kenya and the United States of America are
compared with South Africa. The need for a coordinated payments-specific law that has consumer
protections, enables proportional risk-based licensing of new non-bank providers of MFS, and allows for a
regulator for retail payments is recommended. The use of trust companies and trust accounts is
recommended for protection of user funds.
| viPublic, Constitutional and International Law
LLD