Artículos de revistas: "Central bank reserves"

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Shubbar, Haidar Diphil y Andrey Vladimirovich Girinsky. "Reserve assets as sources of replenishing resource base of banking sector and improving its stability". Vestnik of Astrakhan State Technical University. Series: Economics 2019, n.º 4 (16 de diciembre de 2019): 130–36. http://dx.doi.org/10.24143/2073-5537-2019-4-130-136.

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The paper focuses on the importance of using reserve assets in order to increase the bank financial stability and the banking system as a whole. The essential requirements for reserving commercial banks have been presented. The methods of regulating the required reserves have been studied. The specific features of applying the required reserves in banking activities (reserve requirements and liquidity, monetary policy, reserve requirements as a monetary tool, reserve requirements as a fiscal tool) have been revealed. The schedule of averaging periods of required reserves for 2019 is being considered. The general principles which credit organizations are guided by when creating reserves are the following: obligatory availability of reserves for all credit organizations throughout their existence; forming reserves in relation to liabilities to legal entities and individuals; possibility of removing from the list obligations for which reserves have been created. It has been mentioned that the main objectives of the reserve requirement system are to provide banks with sufficient liquidity and to regulate the money supply. Particular attention is paid to the Central Bank as a reserve requirements regulator. In accordance with the changes of the Central Bank of July 1, 2019, the established standards on reserve requirements for deposits in national currency are set at 4%, in foreign currency at 14%. Manipulating the required reserve rate will provide the Central Bank with the opportunity to adjust the liquidity and solvency both of an individual bank and the entire banking system. The method of averaging required reserves includes the possibility for a commercial bank not to transfer reserves to the Central Bank based on a certain sum of money. The averaging coefficient is set at 0.25 to the standard volume of required reserves

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2

Gopinath, Gita y Jeremy C. Stein. "Trade Invoicing, Bank Funding, and Central Bank Reserve Holdings". AEA Papers and Proceedings 108 (1 de mayo de 2018): 542–46. http://dx.doi.org/10.1257/pandp.20181065.

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We develop a model that shows how the currency denomination of a country's imports influences the funding structure of its banking system, and in turn, the currency composition of its central bank's reserve holdings. The link between the dollar's role in bank funding and its role as a central bank reserve currency is stronger when the country's fiscal capacity is limited, and when exchange rates are volatile. In the data, there is a pronounced cross-country relationship between the fraction of imports that are dollar invoiced, and the fraction of central-bank foreign-exchange reserves that are held in dollars.

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3

Ngotran, Duong. "Interest on reserves, helicopter money and new monetary policy". PLOS ONE 16, n.º 7 (19 de julio de 2021): e0253956. http://dx.doi.org/10.1371/journal.pone.0253956.

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We build a nonlinear dynamic model with currency, demand deposits and bank reserves. Monetary base is controlled by central bank, while money supply is determined by the interactions between central bank, commercial banks and public. In economic crises when banks cut loans, monetary policy following a Taylor rule is not efficient. Negative interest on reserves or forward guidance is effective, but deflation is still likely to be persistent. If central bank simultaneously targets both interest rate and money supply by a Taylor rule and a Friedman’s k-percent rule, inflation and output are stabilized. An interest rate rule policy is just a subset of a more general monetary policy framework in which central bank can move interest rate and money supply in every direction.

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4

Brière, Marie, Valérie Mignon, Kim Oosterlinck y Ariane Szafarz. "Towards greater diversification in central bank reserves". Journal of Asset Management 17, n.º 4 (12 de mayo de 2016): 295–312. http://dx.doi.org/10.1057/jam.2016.14.

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5

Kashyap, Anil K. y Jeremy C. Stein. "The Optimal Conduct of Monetary Policy with Interest on Reserves". American Economic Journal: Macroeconomics 4, n.º 1 (1 de enero de 2012): 266–82. http://dx.doi.org/10.1257/mac.4.1.266.

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In a world with interest on reserves, the central bank has two distinct tools that it can use to raise the short-term policy rate: it can either increase the interest it pays on reserve balances, or it can reduce the quantity of reserves in the system. We argue that by using both of these tools together, and by broadening the scope of reserve requirements, the central bank can simultaneously pursue two objectives: it can manage the inflation-output tradeoff using a Taylor-type rule, and it can regulate the externalities created by socially excessive short-term debt issuance on the part of financial intermediaries. (JEL E43, E52, E58, G21)

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6

Horst, Maximilian y Ulrike Neyer. "The Impact of Quantitative Easing on Bank Loan Supply and Monetary Policy Implementation in the Euro Area". Review of Economics 70, n.º 3 (28 de enero de 2020): 229–65. http://dx.doi.org/10.1515/roe-2019-0033.

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AbstractIn March 2015, the Eurosystem launched its QE programme. The asset purchases induced a rapid and strong increase in excess reserves, implying a structural liquidity surplus in the euro area banking sector. Against this background, the first part of this paper analyses the Eurosystem’s liquidity management during normal times, crisis times and times of too low inflation. With a focus on the latter, the second part of this paper develops a relatively simple theoretical model in which banks operate under a structural liquidity surplus. The model shows that increasing excess reserves have no or even a contractionary impact on bank loan supply. As the newly created excess reserves are heterogeneously distributed across euro area countries, the impact of QE on bank loan supply may differ across countries. Moreover, we derive implications for monetary policy implementation. Increases in the central bank’s main refinancing rate as well as in the minimum reserve ratio and decreases in the central bank’s deposit rate develop expansionary effects on loan supply – contrary to the case in which banks face a structural liquidity deficit.

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7

Tindall, Michael L. y Roger W. Spencer. "Central bank reserve management: Aggregate targets and interest payments on reserves". International Advances in Economic Research 6, n.º 2 (mayo de 2000): 178–91. http://dx.doi.org/10.1007/bf02296100.

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8

Kim, Young Sik. "LIQUIDITY, INTERBANK MARKET, AND THE SUPERVISORY ROLE OF THE CENTRAL BANK". Macroeconomic Dynamics 7, n.º 2 (16 de enero de 2003): 192–211. http://dx.doi.org/10.1017/s136510050101015x.

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This paper provides an explanation for the supervisory role of the central bank in a monetary general equilibrium model of bank liquidity provision. Under incomplete information on the individual banks' liquidity needs, individual banks find it optimal to invest solely in bank loans holding no cash reserves, and rely on the interbank market for their withdrawal demands. Using the costly state verification approach under uncertainty in aggregate liquidity demands, the supervisory role of the central bank as a large intermediary arises as an incentive-compatible arrangement by which banks hold the correct level of cash reserves. First, it takes up a delegated monitoring role for the banking system. Second, it engages in discount-window lending at a penalty rate, where the discount margin covers exactly the monitoring cost incurred. Finally, under the central banking mechanism, currency premium no longer exists in the sense that currency is worth the same as deposits having an equal face value.

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9

Stevens, Jacob. "Money creation in the modern economy: an appraisal". Review of Keynesian Economics 9, n.º 1 (19 de enero de 2021): 43–60. http://dx.doi.org/10.4337/roke.2021.01.03.

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This paper models a representative bank, and uses this model to explore the assumptions and implications of a selection of money-creation theories. It is shown that the money-supply process tends toward the logic of exogeneity as banks' fears about liquidity stress increases. At present, banks do not fear liquidity stress because central banks are operating under a floor system with a superabundance of reserves following unsterilized quantitative easing. Secondly, a role for a ‘central-bank digital currency’ is suggested as a useful complement to reserves policy in an economy with large or collusive banks.

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10

Chelekbay, A. D. y N. A. Almerekov. "Ways to regulate bank liquidity by managing assets and liabilities". Bulletin of "Turan" University, n.º 3 (4 de octubre de 2020): 153–59. http://dx.doi.org/10.46914/1562-2959-2020-1-3-153-159.

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Insufficient level of liquid funds in banking activity is the main reason for its financial difficulties and, accordingly, the appearance of a shortage of payment funds. The article describes various methods of liquidity management. One of them is the optimal placement of your own and equivalent funds. The method requires maintaining a certain level of highly liquid assets. This method is used by banks in an undeveloped financial market. The second method of managing liquidity is to regulate the volume and structure of liabilities, which are secured by attracting external loans. This method is used by large banks. The article notes that each of these methods has liquidity management tools. In foreign countries, assets are classified into primary and secondary reserves. Secondary reserves are a complement to primary. The article shows that a large amount of money on deposit accounts of commercial banks can lead to rampant inflation. To regulate the money supply, the Central Bank conducts a policy of credit expansion or credit restriction. The authors note, a more effective tool is an increase or decrease in the base rate (discount), the use of which reduces or increases the excess reserves of banks and their ability to create new money. The participation of the Central Bank in the open market for the purchase and sale of securities, the establishment of minimum reserve requirements for commercial banks also allows you to reduce or increase the creation of new deposits. The authors show that the regulation of commercial banks' liquidity management methods maximizes revenue and minimizes banking services.

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11

Cheng, Gong. "A GROWTH PERSPECTIVE ON FOREIGN RESERVE ACCUMULATION". Macroeconomic Dynamics 19, n.º 6 (10 de marzo de 2014): 1358–79. http://dx.doi.org/10.1017/s1365100513000862.

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Based on a dynamic open-economy macroeconomic model, this paper analyzes the motive for foreign reserve accumulation in fast-growing emerging economies. The demand for foreign reserves stems from the interaction between productivity growth and underdevelopment of the domestic financial market. As domestic firms are credit-constrained, domestic saving instruments are necessary to increase their retained earnings in order to invest in capital. The central bank plays the role of a financial intermediary and provides liquid public bonds while investing the bond proceeds abroad in the form of foreign reserves. Foreign reserve accumulation is thus part of a catching-up strategy in an economy facing financial frictions. During economic transition, foreign reserve accumulation is proved to be welfare-improving as long as private capital flows are controlled. This joint strategy enables the central bank to channel sufficient external funding to the domestic economy while keeping domestic interest rates under control to cope with positive productivity shocks.

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12

Binswanger, Mathias. "Lässt sich die Geldschöpfung der Geschäftsbanken noch kontrollieren? – Geldpolitik seit der jüngsten Finanzkrise 2007/2008". Vierteljahrshefte zur Wirtschaftsforschung 87, n.º 3 (1 de septiembre de 2018): 47–63. http://dx.doi.org/10.3790/vjh.87.3.47.

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Zusammenfassung: Als Folge der jüngsten Finanzkrise ist der Einfluss der Zentralbanken auf die Geldschöpfung weitgehend verloren gegangen. Denn die Kontrolle über Reserven funktioniert nur solange, wie diese knapp sind und deren Bezug an bestimmte Bedingungen geknüpft werden kann. Seither halten die Geschäftsbanken in den ökonomisch wichtigsten Ländern de facto dermaßen viele Reserven, dass sie nicht mehr auf die jeweilige Zentralbank angewiesen sind. Diese Entwicklung lässt sich sowohl für die FED als auch für die EZB aufzeigen. Dies führt zu geldpolitisch neuen Herausforderungen, die bisher kaum beachtet wurden. Die Einflussmöglichkeit der Zentralbanken auf den Geldschöpfungsprozess der Geschäftsbanken wurde noch nie in so großem Stil ausgehebelt. Deshalb müssen Zentralbanken in Zukunft ihr Repertoire an geldpolitischen Massnahmen erweitern. Nur mit dem Drehen an der Zinsschraube wird man den Geldschöpfungsprozess in Zukunft kaum mehr in gewünschter Weise beeinflussen können. Summary: As a result of the recent financial crisis, the influence of central banks on money creation has largely disappeared. Controlling this process only works as long as money creation of commercial banks also leads to a need for additional reserves from the central bank. However, the large asset purchase programs of monetary authorities after the financial crises resulted in an enormous increase in reserves at commercial banks. Therefore, commercial banks have enough reserves to create additional money at large amounts and do not depend on central banks any more. This development is indicative for both the FED and the ECB. Therefore central banks face the challenge how they can restore their influence on the process of money creation. Just lowering or increasing interest rates, which was the major way of conducting monetary policy in the past, will not work anymore in the future.

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13

Kuo, Chau-Jung. "Bank Reserve's Setting for Minimizing the Price Fluctuations: Taiwan's Case Studies". Review of Pacific Basin Financial Markets and Policies 02, n.º 03 (septiembre de 1999): 317–40. http://dx.doi.org/10.1142/s0219091599000187.

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This paper presents a stochastic financial model from which one can derive the optimal reserves ratio for stabilizing price level. It is shown that the optimal reserves ratio is a function of the structure of unanticipated shocks to liquid asset market and high-powered money market. An important policy implication, drawn from my model, suggests that it may help for the stabilization of price level if a lower level of the reserve requirements was adopted by the central bank when the shock exists solely in liquid asset market. An application of the presented model to the financial assets in Taiwan suggests that the optimal reserves ratio for stabilizing price level is approximately 5.7717 per cent in the case of the 2-SLS estimation, and 4.2442 per cent in the case of the SUR estimation, below the weighted average of actual 7.7575 per cent up to the end of 1997. The empirical findings further suggest Taiwan's monetary authority would thus have to accept a lower level of the reserve requirements in order to reduce the price fluctuations.

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14

ORHAN, Mehmet y Halil Ä°brahim Ã‡ELÄ°KEL . "The Spillover Effects of Fedâ€™s Policies with Emphasis to the Fragile Five". Journal of Economics and Behavioral Studies 6, n.º 12 (30 de diciembre de 2014): 1011–20. http://dx.doi.org/10.22610/jebs.v6i12.557.

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Since the Bretton Woods Agreement, the U.S. dollar has played the role of dominant global currency. As a result, the Federal Reserve Bank has many privileges such as the ability to run trade deficits without foreign exchange reserves. In the world, foreign exchange rates of currencies are quoted against the dollar, and majority of currency trading involves the dollar. Besides, international trade in primary commodities, such as oil, wheat, gold and coffee are bought and sold in U.S. dollar. The central banks of countries hold major positions of their international reserves in dollars. Any changes in its interest rates automatically alter the revenues of all world assets. With deregulated financial markets, the spillover effects of the Federal Reserve Bankâ€™s decisions have increased. In this paper, we examine the impacts of Federal Reserve Bank policies over the Fragile Five that is a sub group of the weaker emerging markets namely Brazil, India, Indonesia, South Africa and Turkey. We are mainly focusing on the consequences of changes in Fedâ€™s policies on the fragile fiveâ€™s basic indicators; exchange rate, interest rate, and the stock exchange indices. All Fragile Five currencies have been depreciated by about 10 to 25% after the Fed tapering decisions. In addition we test for mean and volatility spillover of Wall Street on stock exchange indices of the Fragile Five in GARCH in mean framework and document the existence of such spillovers in almost all cases.

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AL- Huneiti, Hana y YOUSEF HANI ABD AL-GHANI. "Towards Building an Early Warning Model to Predict the Financial Crises of Jordanian Islamic Banks". Journal of Management Research 8, n.º 2 (5 de marzo de 2016): 48. http://dx.doi.org/10.5296/jmr.v8i2.9044.

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<p>This study aimed to build an early warning model to predict financial crisis at the Jordanian Islamic banks during (2000-2013). So, the study included thirteen independent variables, and four dependent variables.</p><p>Among the most important findings of the study there is no significant Effect of the economic indicators and indicators of the financial performance of the financial crisis, as measured by the real exchange rate due to growing confidence in the dinar, achievements of monetary stability reflected positively on the Jordanian economy, and the international reserves due to the central bank's policy to keep a basket of foreign currencies as reflected positively on the Jordanian economy. While total bank deposits is due to the adoption of central bank control policy and legislative prudent on the banking system, an increasing demand for Islamic banks in light of the crisis, which was reflected positively on the increased size deposits in particular. Finally, total bank reserves is due to the retention of Islamic banks with capital and high reserves, protected from exposure to any financial crisis. The most important, as recommended by the study, is that Islamic banks are advised to use these four models as an early warning system protects them from exposure to any risks arising from the financial crisis.</p>

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16

Fetisov, G. "Official Reserves of Russia: Volume, Structure, Management". Voprosy Ekonomiki, n.º 1 (20 de enero de 2005): 49–62. http://dx.doi.org/10.32609/0042-8736-2005-1-49-62.

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Criteria of sufficiency of gold and foreign exchange reserves of Russia are considered in the article. Their minimum size by different criteria is equal to 25 bln. USD. So the Central Bank of Russia can trade part of these reserves for Russian Federation's debts to foreign countries. It is also possible to use gold and foreign exchange reserves to refinance commercial banks credits to exporters and implement modernization projects in the economy. This will decrease foreign borrowings of the private sector, improve structure and efficiency of using gold and foreign exchange reserves without damaging stability of the ruble.

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17

Ryczkowski, Maciej. "Macroeconomic effects of unconventional balance sheet policies in the United States and The Euro area". Panoeconomicus 67, n.º 5 (2020): 627–55. http://dx.doi.org/10.2298/pan170910023r.

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Post Great Recession vector autoregression analysis revealed that the reserves? creation of the European Central Bank (ECB) until 2015 had an impact on the perceived credit risk that was either statistically insignificant or opposite to the expected one. The ECB?s unconventional measures returned the real GDP growth merely to an equilibrium of nil growth. In the United States, unconventional balance sheet policies of the Federal Reserve System (the Fed) significantly increased the real GDP by between 3.2% and 5.3% and reduced the initial rise of the perceived credit risk. We argue that the plausible reason for the discrepancy between the Fed and the ECB?s outcomes were the contrasting goals of both central banks. The major conclusion is that creation of money by the central bank may support the economy after a crisis, but it cannot deliver long-run prosperity. The positive effects of balance sheet policies were found to be short-lasting.

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18

Benigno, Pierpaolo. "A Central Bank Theory of Price Level Determination". American Economic Journal: Macroeconomics 12, n.º 3 (1 de julio de 2020): 258–83. http://dx.doi.org/10.1257/mac.20190008.

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This paper develops a theory in which the central bank can control the price level without fiscal backing. It is shown that the remittances policy and the balance sheet of the central bank are important elements to specify. A central bank that is appropriately capitalized can succeed in controlling prices by setting the interest rate on reserves, holding short-term assets, and rebating its income to the treasury from which it has to maintain financial independence. (JEL E31, E52, E58)

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Christensen, Jens H. E. y Signe Krogstrup. "Transmission of Quantitative Easing: The Role of Central Bank Reserves". Economic Journal 129, n.º 617 (11 de diciembre de 2018): 249–72. http://dx.doi.org/10.1111/ecoj.12600.

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Ferrandis, Pablo, José M. Herranz y Juan J. Martínez-Sśnchez. "FIRE IMPACT ON A MAQUIS SOIL SEED BANK IN CABAÑEROS NATIONAL PARK (CENTRAL SPAIN)". Israel Journal of Plant Sciences 47, n.º 1 (12 de abril de 1999): 17–26. http://dx.doi.org/10.1080/07929978.1999.10676747.

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The direct impact of fire on the soil seed bank and the changes observed one year later were studied by analysis of seed content in sample layers at depths of 0–2 cm and 2–5 cm. Fire had a severe but selective impact on the soil seed bank: species with transient seed reserves accumulating on the soil surface were eliminated, whereas species with persistent buried seed reserves tended to remain in the soil after the passage of fire. Thick seed coats were shown to be an efficient mechanical protection barrier to fire. One year after fire, trade-off between input and output into seed bank produced a conspicuous recovery of seed density and species richness on the soil surface, and a pronounced impoverishment in the 2–5-cm-depth soil layer. In general, seed banks of woody species were severely depleted due to the lack of replacement following fire, with the exception of Erica, which maintained a high seed bank density in the upper soil layer. The post-fire recovery of soil seed populations was mainly due to two clearly differentiated groups of annuals. The first group was of species whose seeds survived fire, germinated, and completed their phenological cycle. They were mainly fire-ephemerals. The second group consisted of wind-dispersed species whose soil seed banks had suffered a very severe (even total) depletion by fire. They were mainly Gramineae and Compositae species which behaved as opportunistic fire-sensitive invaders.

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21

Astuty, Fuji. "Pengaruh Produk Domestik Bruto, Ekspor Dan Kurs Terhadap Cadangan Devisa Di Indonesia". JPEK (Jurnal Pendidikan Ekonomi dan Kewirausahaan) 4, n.º 2 (25 de diciembre de 2020): 301–13. http://dx.doi.org/10.29408/jpek.v4i2.2998.

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This study aims to analyze the effect of gross domestic product, exports and exchange rate on foreign exchange reserves in Indonesia. This research is in the form of quantitative based on quantitative data and is associative to see the relationship between variables or more. The data used is time series data from 2001 to 2018 using Eviews 9.0. And sourced from Bank Indonesia, the Central Bureau of statistics and the Federal Reserve Bank of St. Louis. This research uses data analysis technique is multiple linear analysis. The results showed that the variables of gross domestic product, exports and exchange rates have a positive and significant effect on Indonesia’s foreign exchange reserve. The R-square value in this study is 95.36, indicating that 95,36% of the variation in foreign exchange reserves can be explained by the gross domestic product, exchange rates and exports, while the remaining 4.64% is explained by other variables outside of this research model

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22

Ahmad, Muhsin Ibrahim. "Assessing the Effectiveness of the Central Bank of Iraq in Managing Foreign Reserves (2005-2017)". Journal of University of Human Development 5, n.º 1 (3 de abril de 2019): 119. http://dx.doi.org/10.21928/juhd.v5n1y2019.pp119-133.

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The management of foreign reserves is an important issue because achieving an appropriate and secure level of these reserves contributes to maintaining internal and external stability by ensuring stability in the general level of prices and maintaining the value of the local currency to prevent the flight of capital abroad. In addition to its role in the face of shocks and external crises. That is, the size of the safe reserves is considered the safety valve for the economy towards the internal and external crises that the economy can face. The research proved the effectiveness of the Central Bank of Iraq in the management of foreign reserves for the period (2005-2017) by achieving two objectives at the same time, which is to maintain adequate and appropriate size of these reserves in accordance with international standards and indicators adopted on the one hand, in addition to maintaining the stability of the general level of prices and reducing inflation rates , Through the stability of the local currency exchange rate, which is one of the indicators of economic stability, on the other.

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Ahmad, Muhsin Ibrahim. "Assessing the Effectiveness of the Central Bank of Iraq in Managing Foreign Reserves (2005-2017)". Journal of University of Human Development 5, n.º 1 (24 de marzo de 2019): 119. http://dx.doi.org/10.21928/juhd.v5n1y2019.pp119-134.

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The management of foreign reserves is an important issue because achieving an appropriate and secure level of these reserves contributes to maintaining internal and external stability by ensuring stability in the general level of prices and maintaining the value of the local currency to prevent the flight of capital abroad. In addition to its role in the face of shocks and external crises. That is, the size of the safe reserves is considered the safety valve for the economy towards the internal and external crises that the economy can face. The research proved the effectiveness of the Central Bank of Iraq in the management of foreign reserves for the period (2005-2017) by achieving two objectives at the same time, which is to maintain adequate and appropriate size of these reserves in accordance with international standards and indicators adopted on the one hand, in addition to maintaining the stability of the general level of prices and reducing inflation rates , Through the stability of the local currency exchange rate, which is one of the indicators of economic stability, on the other.

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24

Ariyasinghe, Ayesh y N. S. Cooray. "The Nexus Of Foreign Reserves, Exchange Rate And Inflation: Recent Empirical Evidence From Sri Lanka". South Asia Economic Journal 22, n.º 1 (7 de febrero de 2021): 29–72. http://dx.doi.org/10.1177/1391561420987106.

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The conventional mandates of the central banks on meeting stability objectives and maintaining a growth-maximizing inflation rate have come under some criticism since the global financial crises. Maintaining adequate foreign reserves is seen as a viable solution to foreign exchange liquidity needs during crisis periods. Since the end of 2011, many Asian economies, including China and Japan, led from the forefront in central bank-led reserves build-up. However, reserves build-up remains challenging and sensitive for small open economies. Such policies help create ‘risk-neutral’ buffers for monetary and fiscal authorities to absorb transitory current account shocks and foreign exchange stress to smoothen the balance of payments. This study is motivated by the importance of identifying the inflation–foreign reserves nexus that may affect inflation in a manner counterproductive to the central bank mandate of maintaining price stability. It probes the debate of the sustainability of reserves build-up in the long and the short term. The outcome of the study poses several vital questions for fiscal and monetary policymakers concerning their respective mandates. The reserves–inflation nexus and its magnitude is determined using monthly data spanning two decades, through engaging an autoregressive distributed lag (ARDL) model and relevant bounds-testing techniques proposed by Pesaran et al. The vector autoregression (VAR), error correction and Johansen cointegration methods supplement the robustness checks. Exchange rate is introduced to enrich the discussion on the reserves–inflation nexus and shows a cointegration relationship in the long run. The study provides an insight into the influence of exchange rate on reserves and inflation. The variance decomposition shows the presence of a lukewarm response from foreign reserves and exchange rate on inflation. Policymakers concerned with inflationary expectations in the medium-to-long term need to consider these signals, as reserves build-up is one of the important policy-driven objectives for a number of economies. JEL: C50, C32, E31, E52, E58, F30, F31, F39

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Kresak, Michał. "Mnożnik kreacji pieniądza – pojęcie, ograniczenia i krytyka". Ekonomia 25, n.º 1 (13 de mayo de 2019): 35–54. http://dx.doi.org/10.19195/2084-4093.25.1.3.

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Money multiplier — the concept, limitations and criticismThe article presents the money creation process in the modern economy, including the role of the central bank and commercial banks in this process. The concept of money multiplier is described and set in the context of Fed’s monetary policy since 1970s. Special attention is paid to the decrease of the M1 multiplier below the value of one, which accompanied the quantitative easing after the crisis arousal in 2008. Then, the main constraints are mentioned of commercial banks in the process of money creation impeding the full utilization of the multiplier potential: bank profitability and competitiveness, risk of bank runs, demand for currency, limitations concerning credit collaterals and those resulting from monetary policy, prudential regulations, and the behaviors of bank clients. The paper also reports on arguments critical toward the multiplier approach and suggests to perceive the money supply in the modern economy as an endogenously determined phenomenon: first, commercial banks grant as many credits thus creating money as they can owing to the market situation; then, they turn to the central bank to provide reserves. The latter provides reserves monetary base as the lender of last resort, aiming to control the interest rate, and not money quantity itself. The conclusions are significant for monetary policy and economic education, as the endogenous approach to money supply can explain why the quantitative easing, contrary to some concerns, did not automatically translate into a considerable increase of credit expansion and price inflation.

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Riduwan, Riduwan y Rofiul Wahyudi. "Contribution of macroprudensial policy of central bank on microprudensial Islamic banking". INFERENSI: Jurnal Penelitian Sosial Keagamaan 11, n.º 2 (26 de marzo de 2018): 291–308. http://dx.doi.org/10.18326/infsl3.v11i2.291-308.

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The purpose of this research will be to answer the contribution of the macroprudential policy of Central Bank to the microprudential of islamic banking during the period of January 2008 - February 2016. The method used by quantitative analysis with panel data regression to be able to describe macroprudential policy contribution to FDR of islamic banking in Indonesia. Macroprudential policy instruments use Loan-to-Value Ratio (LTR), Statutory Reserves (GWM) based on Loan-to-Funding Ratio (LFR) and Countercyclical Capital Buffer (CCB). The islamic bankingmicroprudential instrument used is Financing to Deposit Ratio (FDR). The result shows that macroprudential policy contribution through LTV instrument to FDR has negative and significant influence. Statutory Reserves based on LFR on FDR have a positive and significant influence and CCB on FDR of Indonesia’s islamic banking shows negative and significant influence.

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Ivanov, S. A. "Restructuring of reserves of the Central Bank of Russia in 2018". Finance and Credit 25, n.º 6 (28 de junio de 2019): 1328–35. http://dx.doi.org/10.24891/fc.25.6.1328.

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28

Beaupain, Renaud y Alain Durré. "Central bank reserves and interbank market liquidity in the euro area". Journal of Financial Intermediation 22, n.º 2 (abril de 2013): 259–84. http://dx.doi.org/10.1016/j.jfi.2012.10.001.

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29

Tanaka, Atsushi. "Monetary Base Controllability after an Exit from Quantitative Easing". Journal of Central Banking Theory and Practice 9, n.º 3 (1 de septiembre de 2020): 123–34. http://dx.doi.org/10.2478/jcbtp-2020-0040.

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AbstractThis study examines the problem that a central bank may face after exiting a monetary quantitative easing policy. It develops a simple dynamic optimization model of a central bank, which finds that if the bank needs to absorb a substantial amount of excess reserves when exiting, the monetary base may become uncontrollable. In this case, the bank has no option but to increase the monetary base by more than the target amount, which leads to an undesirable money supply expansion and, ultimately, to inflation pressures. The model shows the condition when a central bank faces such a challenging situation.

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30

Andaiyani, Sri, Ariodillah Hidayat, Fida Muthia, Nona Widharosa y Mardalena Mardalena. "Trilemma to Quadrilemma: An empirical study from Indonesia". Jurnal Ekonomi Pembangunan 18, n.º 2 (5 de diciembre de 2020): 119–28. http://dx.doi.org/10.29259/jep.v18i2.12346.

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The objective of this study is to test the trilemma and the quadrilemma monetary policy using Indonesia data with covering years 1983 – 2017. The research suggest that the monetary independence and capital account openness might have been more passionately pursued by Bank Indonesia for testing the trilemma; while testing of the quadrilemma, the concentration seems to have shifted to take a middle position within each policy objectives. In this study, the full sample period is split in three subsamples: 1983-2017, 1983 – 1999 and 2000 – 2017. The methodology used in this research is ordinary least square. Our findings show that the policy might have shifted from exchange rate stability, capital account openness and foreign reserves in the first subsample to other four policy objectives in the second subsample. It indicates that foreign reserve plays as fourth objective leading the central bank to achieve at the same time the three “impossible” goals. Therefore, taking into account foreign reserve as a monetary policy objective is deserved. Adequacy of reserves could higher our capacity to prevent or mitigate external shocks.

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31

Hassan, Rubina. "The Reserve Equation and the Analytics of Pakistan’s Monetary Policy". LAHORE JOURNAL OF ECONOMICS 16, n.º 1 (1 de enero de 2011): 111–42. http://dx.doi.org/10.35536/lje.2011.v16.i1.a5.

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This paper deals with the computation and analysis of some fundamental reserve aggregates and associated monetary statistics, which impart important information regarding the design and conduct of monetary policy at the State Bank of Pakistan (SBP). Specifically, we compute the data series for borrowed, unborrowed, free, and drainable reserves using balance sheet data published by the SBP for the period 1985-2009. Results show that Pakistan’s monetary policy revolves around managing the exchange rate while using the t-bill rate as a key policy instrument. However, the value of the t-bill rate is both incorrectly and sub-optimally related to macroeconomic fundamentals rendering monetary policy time inconsistent. This hinges on the finding that, since 2000/01, the SBP has targeted the net free reserves of the banking system at 4 percent of total private deposits. Among other observations, we find that the scope of open market operations as a tool of monetary policy remains limited and that this limited role of open market defenses derives from the concern of the central bank to sterilize its own foreign exchange reserves. Furthermore, the growth rate of unborrowed plus drainable reserves bears a strong negative correlation with the annual average rate of inflation, which, on account of the former being consistently negative since 2005, implies that neither the government nor the SBP have an overriding concern for controlling inflation.

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32

Acci, Yunus. "Are central bank reserves an important instrument for stability in exchange rates". Pressacademia 7, n.º 4 (30 de diciembre de 2018): 376–81. http://dx.doi.org/10.17261/pressacademia.2018.998.

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33

CINEL, Emek y Nebiye YAMAK. "Determinants of the Central Bank Foreign Currency Reserves: The Case of Turkey". Ekonomik Yaklasim 25, n.º 93 (2014): 21. http://dx.doi.org/10.5455/ey.35515.

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34

Koziuk, Viktor. "Independence of Central Banks in Commodity Economies". Visnyk of the National Bank of Ukraine, n.º 235 (30 de marzo de 2016): 6–25. http://dx.doi.org/10.26531/vnbu2016.235.006.

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This article introduces the hypothesis that resource-rich countries display a low degree of central bank independence (CBI). This hypothesis is proven based on multivariable regression, but the influence of resource factors is not considered strong enough compared with previous inflationary experience and the characteristics of the political regime. It stresses that the impact of the commodity wealth factor on CBI choice is direct (through the share of commodity exports in total export) and indirect through the lower level of democracy in commodities countries that feature more dependent central banks. Also, this hypothesis is proven based on the grouping of countries. Such grouping shows that despite a general tendency of CBI increase in the world, a group of commodity exporting countries experiencing a substantially lower level of mean GMT-index, ECWN-index, and transparency-index resulted in lower CBI compared with groups of emerging markets and developing countries. Explaining these phenomena is rooted in features of institutional distortions in commodity economies, the specific structure of interventionist policy to overcome a "resource curse", and the specific role of the exchange rate and FX reserves in intertemporal macroeconomic policy.

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35

Grishchenko, V. O. "Money multiplier in the context of modern views on money creation: theory and facts". Voprosy Ekonomiki, n.º 11 (19 de noviembre de 2018): 50–69. http://dx.doi.org/10.32609/0042-8736-2018-11-50-69.

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For a long period of time, multiple money expansion has been regarded empirically proven. Nevertheless, in recent decades it has been widely disputed, particularly in the publications of central banks and those of the BIS. In this paper we show that multiple money expansion is characteristic of underdeveloped financial systems. In the era of multiple money expansion the volume of lending was limited by the supply of bank reserves. Today, however, the main constraint is the demand for credit. This is supported by our analysis of banks’ balance sheets as well as VAR analysis of factors of bank lending in Russia in 2005—2017.

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36

Khomitov, K. "Current Issues of Crediting Investment Projects in Uzbekistan". Bulletin of Science and Practice 5, n.º 4 (15 de abril de 2019): 353–58. http://dx.doi.org/10.33619/2414-2948/41/50.

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The article analyzes the current state of lending to the economy as a whole and lending to investment projects in Uzbekistan. The main part of attracted investments is directed to the implementation of projects for the modernization, technical and technological renewal of branches of the real sector of the economy of the Uzbekistan. The investment potential of bank deposits is limited, since they are placed for a short period in order to preserve capital and cannot be invested by commercial banks in financing long-term loans. For domestic banks, it is important to reduce the rate of mandatory reserves of the Central Bank of the Republic of Uzbekistan.

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37

Medhora, Rohinton P. "Monetary Unions, Regional Financial Arrangements, and Central Bank Swap Lines: Bypasses to the International Monetary Fund?" AJIL Unbound 111 (2017): 241–46. http://dx.doi.org/10.1017/aju.2017.63.

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The situation calls for international cooperation, and all the parties at the Bretton Woods Conference understood this. A pool of international reserves that was readily accessible under mutually agreed upon rules by its members would be a “global public good,” providing considerable efficiency over having all countries solely hold their own stock of international reserves. Since balance of payments shocks are typically asynchronous across countries and over time, the principles of pooling and insurance would assure a net gain from the arrangement.

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38

Sri Herianingrum, Khalwat Asyaria, Risanda A. Budiantoro,. "Analisis Neraca Perdagangan Terhadap Cadangan Devisa di Indonesia (1975-2016)". Jurnal Ekonomi 24, n.º 2 (26 de septiembre de 2019): 304. http://dx.doi.org/10.24912/je.v24i2.595.

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Foreign exchange reserves are assets of a central bank that are stored in foreign currencies such as dollars, euros, yen and are used for international trade and funding the country's economy. The size of the country's foreign exchange reserves depends on the strength of its exports and imports both oil and gas and non-oil and gas. Regarding the purpose of this study to analyze the allocation of oil and gas and non-oil gas trade to the volatility of foreign exchange reserves in Indonesia, 1975-2016. This study used secondary data from the Badan Pusat Statistik and World Bank reports using quantitative analysis (multiple linear regression test). The results of the study show that non-oil exports and imports have a significant negative effect on the volatility of foreign exchange reserves. While for oil and gas exports and imports it has a negative and insignificant effect.

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Zubarev, Andrey y Olga Bekirova. "Analysis of Bank Default Factors in 2013–2019". Economic Policy 15, n.º 3 (junio de 2020): 106–33. http://dx.doi.org/10.18288/1994-5124-2020-3-106-133.

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This paper studies bank defaults in the Russian Federation in recent years. Firstly, the Central Bank of Russia tightened prudential regulation in 2013. Secondly, a decrease in oil prices and economic sanctions resulted in a crisis in 2014–2015 with a huge depreciation of the national currency, which influenced the Russian banking sector substantially. Almost half of banks in Russia have been closed in the last 6 years. Through binary logistic models of bank defaults based on data for Q3 2013 through Q1 2019, the paper reveals the key factors which had an influence on the sustainability of Russian banks. The main result is that involvement in classical banking exposes banks to default risks. Excessive reserves appeared to be an important indicator of default as well. A special measure of liquidity creation was constructed. We found that high levels of liquidity creation increased the probability of bank failure. It is also worth mentioning that excessive liquidity creation put higher risks on a given bank in the crisis period. We can conclude that regulatory authorities should pay attention to high liquidity creators, especially in the group of small and medium-sized banks. We also found some evidence of an improvement in prudential regulation by the Bank of Russia. Separate models were estimated for the sample of 150 larger banks, which is more homogeneous and is of primary interest for the regulator. A number of variables, including the level of liquidity creation, turned out to be insignificant; however, high reserve values for possible losses still increase the probability of default to a large extent. Logistic panel regressions were also considered as an alternative specification.

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40

Oyeniran, Ishola W. y Solomon A. Alamu. "Determination of Optimal level of Foreign Reserves in Nigeria". Central Bank of Nigeria Journal of Applied Statistics, Vol. 11 No. 1 (9 de septiembre de 2020): 65–85. http://dx.doi.org/10.33429/cjas.11120.3/5.

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This study adopts the ’buffer stock model’ advanced by Frenkel and Jovanovic (1981) to estimate the optimal level of foreign reserves for Nigeria. The Autoregressive Distributed Lag Approach (ARDL) was used to estimate the optimal foreign reserves function. The results show that the Nigeria’s optimal reserves level responses to adjustment cost of holding reserves and exchange rate volatility and that import and opportunity cost of reserves holding have insignificant impact on Nigeria’s optimal foreign reserves. The short run and long run estimates of the buffer stock model support the theory that foreign reserves holding in Nigeria is more sensitive to the precautionary than mercantilist motives of holding reserves. Thus, it is recommended that the Central Bank of Nigeria (CBN) should implement effective foreign reserves policies that consider exchange rate volatility, oil price volatility and global macroeconomic imbalances.

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41

Šoja, Tijana. "OPTIMAL LEVEL OF FOREIGN RESERVES – EXAMPLE OF BOSNIA AND HERZEGOVINA". ЗБОРНИК РАДОВА ЕКОНОМСКОГ ФАКУЛТЕТА У ИСТОЧНОМ САРАЈЕВУ 1, n.º 9 (31 de diciembre de 2014): 107. http://dx.doi.org/10.7251/zrefis1409107s.

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The paper points to the conceptualdefinition of foreign exchange reserves, the role,importance and objectives for holding foreignexchange reserves as well as evaluating the requiredamount of foreign exchange reserves, or adequacy offoreign exchange reserves. Foreign exchangereserves are important assets in each country andthey are significantly affected by monetary policy,exchange rate policy or regulation and externalinstability and the impact of the crisis that may comefrom the environment. This paper presents a simpleway of estimates of adequacy and optimality offoreign exchange reserves, which are basis for theanalysis of foreign exchange reserves, as well as inthe construction of statistical and mathematicalmodels that detail the optimal level of internationalreserves. Special review was paid to the assessmentof the adequacy of foreign exchange reserves ofBosnia and Herzegovina, and the Central Bank ofBosnia and Herzegovina.

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42

Obstfeld, Maurice, Jay C. Shambaugh y Alan M. Taylor. "Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008". American Economic Review 99, n.º 2 (1 de abril de 2009): 480–86. http://dx.doi.org/10.1257/aer.99.2.480.

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43

Abdul-Rahaman, Abdul-Rashid y Hongxing Yao. "Reserves quantity and economic stability: the central bank of Ghana's position and practices". Heliyon 5, n.º 12 (diciembre de 2019): e02856. http://dx.doi.org/10.1016/j.heliyon.2019.e02856.

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44

Smirnov, V. V. "Analysis of the Bank of Russia's activities". Finance and Credit 26, n.º 12 (25 de diciembre de 2020): 2813–36. http://dx.doi.org/10.24891/fc.26.12.2813.

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Subject. This article analyzes the activities of the Central Bank of the Russian Federation. Objectives. The article aims to reveal the type of activity of the Bank of Russia in the modern economy. Methods. The study is based on the systems approach and statistical analysis. Results. The article assesses the changes in summarizing financial indicators presented on the official website of the Bank of Russia. As a result of the assessment, it reveals the Bank of Russia's activities to maintain a stable level of mandatory reserves for the funds raised by credit organizations in the domestic currency. The study describes the typed activities of the Bank of Russia. Conclusions and Relevance. The identified typed activity of the Bank of Russia indicates the need to remove the priority in retaining the reserve position in the IMF, thereby expanding the ability of the Russian Ministry of Finance to cover the budget deficit through federal loan bonds. The results of the study form the necessary level of competence of State authorities to make management decisions to eliminate inconsistencies in the activities of the Bank of Russia in the constitutional and legal status.

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45

Khawaja, M. Idrees y Musleh-Ud Din. "Instrument of Managing Exchange Market Pressure: Money Supply or Interest Rate". Pakistan Development Review 46, n.º 4II (1 de diciembre de 2007): 381–94. http://dx.doi.org/10.30541/v46i4iipp.381-394.

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Exchange market pressure (emp) reflects disequilibrium in money market. The traditional approaches used to examine the disequilibrium in money market include the monetary approach to balance of payments and monetary approach to exchange rate. Under the former approach the variation in foreign reserves helps restore the equilibrium while under the latter one the change in exchange rate does the needful.1 The idea of this study stems from the fact that under the managed float exchange rate regime, changes in foreign reserves or changes in exchange rate in isolation are not a sufficient guide to characterise the external account situation of an economy. For example, exchange rate depreciation can be partially avoided or at least delayed if the central bank injects foreign currency in the forex market by letting its foreign reserves deplete. Alternatively, central bank can build up foreign reserves by purchasing foreign currency from the market against domestic currency. Such intervention would curb the exchange rate appreciation demanded by fundamentals. Therefore, focus on either of the two, that is, movement in exchange rate or variation in foreign reserves, to the complete exclusion of the other, is bound to portray a misleading picture of the external account situation. Given the foregoing a composite variable, that incorporates changes in exchange rate as well as variation in foreign reserves, over a certain period, is needed to characterise the condition of external account. The requisite composite variable has been developed by Girton and Roper (1977) as ‘simple sum of exchange rate depreciation and variation in foreign reserves scaled by monetary base’. They refer to it as exchange market pressure (emp).

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46

SMIRNOV, Valerii V. "Economic boundaries of the Bank of Russia's operations". Finance and Credit 27, n.º 5 (28 de mayo de 2021): 1093–115. http://dx.doi.org/10.24891/fc.27.5.1093.

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Subject. The article focuses on operations of the Central Bank’s of the Russian Federation. Objectives. The study is to determine economic boundaries of operations of the Central Bank of the Russian Federation. Methods. The study is based on the systems approach and methods of statistical, neural network and cluster analysis. Results. Analyzing the tomorrow-today dynamics of difference of the weighted average exchange rate RUB/USD and EUB/EUR and supply of USD and EUR, I discovered the supply of USD steadily exceeded the supply of RUB/EUR starting from 2018. Analyzing trends in growth rates of international reserves and money base (in its narrow sense), I found a growth in monetary growth starting from 2015 and currency reserves, cash in circulation (out of the Bank of Russia), statutory reserves of credit institutions in the Bank of Russia starting from 2017. Analyzing the importance of growth rates of market indicators, I identified its effective configuration referring to the dynamics of SP500. However, I point out stocks of Rostelecom, gold and RUB/USD. The article demonstrates the important ties between RTS index and stocks of Gazprom and Rostelecom, USD index ? RUB/USD, gold, SP500. Considering the existing structure of the Russian economy, the upper and base boundaries of the Bank of Russia’s operations are Repo rate and RUB/USD respectively. Conclusions and Relevance. The above economic boundaries of the Bank of Russia’s operations allow financial institutions to pursue an increase in the sustainability of the banking system, preserve the ownership structure, legal form and corporate governance, and use derivatives in order to decrease borrowings costs. The study contributes to the knowledge and competence of governmental officials so as to make administrative decisions on sources of growth in the Russian economy and respective opportunities.

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47

Malloy, Matthew y David Lowe. "Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective". Finance and Economics Discussion Series 2021, n.º 020 (22 de marzo de 2021): 1–14. http://dx.doi.org/10.17016/feds.2021.020.

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This note explores the potential effects of the widespread adoption of a global stablecoin (GSC) on key aggregate financial sector balance sheets in the United States. To do this, we map out cash flows of GSC transactions among financial sector entities using a stylized set of 't-accounts'. By analyzing these individual transactions, we infer aggregate and compositional effects on U.S. commercial banking sector and Federal Reserve balance sheets. Through this lens, we also consider how these balance sheet changes could affect monetary policy implementation, the demand for central bank reserves, and the market for U.S. dollar safe assets.

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48

OLUBIYI, E. A., A. RAHEEM y A. A. ADEMOKOYA. "DYNAMIC EFFECTS OF REMITTANCES ON EXTERNAL RESERVES IN NIGERIA: THE ROLE OF INFLATION AND STRUCTURAL BREAKS". Journal of Humanities, Social Science and Creative Arts 13, n.º 1 (8 de noviembre de 2019): 119–41. http://dx.doi.org/10.51406/jhssca.v13i1.1934.

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This study provides additional information about the drivers of external reserves in Nigeria. The result using Autoregressive Distributed Lag (ARDL) model estimation approach for the period 1980-2015 shows that remittances, among other macroeconomic variables, increased external reserves in the short run but weakens it in the long run. Remittances depletes external reserves through its effect on inflation rate and the nonsterilized intervention of the Central Bank. Furthermore, regime shift to relatively floating exchange rate causes remittances to increase reserves. From the foregoing, it is important for the authorities to continue operating relatively flexible exchange rate, and curtail excessive spending of remittances. Keywords: , , , , . JEL Classification: F31, F24, C22, F31

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49

Mulyawan, Claudia y Emmy Latifah. "Indonesian Monetary Regulation Regarding Chinese Electronic Payment in Indonesia". Jambe Law Journal 2, n.º 1 (3 de noviembre de 2019): 45–60. http://dx.doi.org/10.22437/jlj.2.1.45-60.

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This article aims to analyze and ﬁnd the answer on how the regulation for transaction activities deals with electronic money by Chinese tourists in Indonesia, especially in Bali, as well as to analyze the effect on using WeChat Pay and Alipay payment in tourism sector. This legal research is using normative research method. It is concluded that Chinese electronic payment platform WeChat Pay and Alipay by Chinese tourists for doing payment transactions in Bali has not been explicitly regulated in Indonesia because those providers have not fulﬁlled any requirements and standards from Indonesian Central Bank (Bank Indonesia) and have not obtained any Indonesian legal status as a private company. Transactions using Chinese electronic also have impact for the country’s foreign exchange reserves. Foreign exchange reserves is one of the important aspect in deciding the value of state budget (APBN) that is also inﬂuenced by foreign exchange reserves from tourism sector.

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50

Both, Wuor Chuol. "Effect of Foreign Exchange Reserves and Money Supply on Exchange Rate in South Sudan". East African Journal of Business and Economics 3, n.º 1 (2 de julio de 2021): 122–29. http://dx.doi.org/10.37284/eajbe.3.1.353.

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Since the establishment of the Central Bank of South Sudan in 2011, monetary policymakers have been changing their policy instruments over the years in an attempt to stabilise the country’s economy. This study investigated the effect of foreign exchange reserves and money supply on the exchange rate in South Sudan over the period 2012 to 2019. Empirical studies of the effect of foreign exchange reserves and money supply on the exchange rate are reviewed in both developed and developing countries. Annual data from the World Bank Economy Statistics Database was analysed using an advanced pivot table. The findings of this study indicate that a decrease in foreign exchange reserves causes a depreciation in the exchange rate. The results also confirm that an increase in money supply causes depreciation in the exchange rate. The findings are in line with the findings of all the empirical studies that are reviewed in this paper.

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