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AbstractDeflation presents special challenges to central banking, as traditional monetary policy tools are highly inefficient in dealing with deflationary pressures. In this case, the Federal Reserve must use alternative monetary policy tools that are specially designed to artificially boost asset prices through "printing press" or currency manipulation. Unfortunately, these alternative monetary policy tools create unintended political, geopolitical, and social consequences that overreach into the direct responsibilities of other branches of government. Thus, the government must be able to influence Federal Open Market Committee decisions that potentially affect (or contradict) U.S. foreign policy, U.S. trade policy, U.S. dollar policy, and deliberate domestic/global wealth distribution policies.

Cover -- International Debt and Central Banking in the 1980s -- Contents -- Foreword -- Notes on the Contributors -- 1 Introduction -- Part I The 1983 Conference -- 2 Notes on the Problem of International Debt -- 3 A Central Banker's View about the International Debt Crisis -- 4 The Lessons of the Crisis: a Developing Country View -- 5 The International Debt Crisis - A Growth-oriented Management Approach -- 6 The International Debt Threat: a Way to Avoid a Crash -- Part II The 1984 Conference -- 7 Properties of Monetary Systems -- Comment on 'Properties of Monetary Systems' -- 8 The Costs and Benefits of International Banking -- Comments on The Costs and Benefits of International Banking -- Reply to Comments by D. Fitzgerald -- 9 International Lenders of Last Resort: Are Changes Required? -- Comment on 'International Lenders of Last Resort: Are Changes Required?' -- 10 The Theory of Last Resort Lending -- Comment on 'The Theory of Last Resort Lending' -- 11 Country Risk: A Model for Predicting Debt Servicing Problems in Developing Countries -- Comments on 'Countrv J Risk: A Model for Predicting Debt Servicing Problems in Developing Countries -- Index.

This study intends to achieve two objectives. First, the thesis seeks to thoroughly investigate the role of the Central Bank of Nigeria in ensuring that banks comply with the code of corporate governance (CG) and secondly to examine the level of compliance with the law of corporate governance by Nigeria banks pre 2009 and post 2009. Various activities such as insider abuse, poor governance practices, erosion of depositors' funds and poor compliance culture which are considered inimical to the sustainable banks in Nigeria, necessitate a research study of this nature. This study will help unravel the challenges affecting compliance in the Nigeria banking sector, based on the perceptions gotten from the respondents. Three theories were considered suitable for this research, one the agency theory because of its dominant position in corporate governance. The second theory used for this work was the stakeholder theory. This theory was considered appropriate due to the governance issues affecting banks and number of stakeholders involved in banks compared to non-financial firms and finally institutional isomorphism theory, because of the institutional factors prevalent in a developing nation like Nigeria. Employing an interpretivism research philosophy, the research study adopts a qualitative research strategy. Data was collected using semi-structured, face-to-face/telephone interviews from three groups of stakeholders (regulators, bank employees and bank depositors). To aid data triangulation and improve the credibility and trustworthiness of the data collected, other sources of data, such as focus group and document review, were also collected. Data were analysed using thematic analysis. In highlighting the barriers to compliance of corporate governance codes in the banks under the purview of the Central Bank of Nigeria, this study revealed that factors such as regulatory forbearance and regulatory capture are still affecting the effectiveness of the CBN in ensuring the banks are fully compliant to the CG codes. Also, due to the institutional factors such as judiciary system, legal system and lack of political will, the CBN is constrained from using its powers, to effect a change of the culture of compliance in the Nigeria deposit banks. Finally, the recommendations of this study provide insight into how the Central Bank of Nigeria can ensure Nigerian banks are sustainable, through the best practice of corporate governance.

I got curious yesterday about how the Australia/New Zealand real exchange rate had changed over the last decade, and so dug out the data on the changes in the two countries’ CPIs. Over the 10 years from March 2014 to March 2024, New Zealand’s CPI had risen by 30.3 per cent and Australia’s CPI had … Continue reading Two central banks

With the start of EMU, the Eurosystem has taken over monetary policy for the 11 countries of the Euro-area. But the division of powers within the Eurosystem, between the European Central Bank and the constituent National Central Banks, is not satisfactory. This volume provides an analysis of the strengths and weaknesses of the Eurosystem and offers concrete proposals concerning the decision-making organs, balance sheets and the distribution of seigniorage.

The aim of this thesis, composed of four academic papers, is to apply empirical and theoreticalanalyses to study the involvement of central banks in financial stability-confidence in the financial system's ability to facilitate allocation of economic resources, manage risks, and withstand shocks -and to discuss their recent macroprudential responsibilities. The global financial crisis (GFC) shitied the perspective of financial regulation - rules that financial institutions have to comply with in order to ensure effective risk management and to with stand financial shocks - and supervision - ensuring that financial institutions follow these rules - from a microprudential perspective based on the resilience of individual institutions to amacroprudential (henceforth · "MaP") perspective. The MaP perspective takes into account the interactions of financial institutions, the externalities related to their decisions, and also the effects of the financial cycle on central bank policy and financial stability. This thesis analyses the policy mix of monctary and macroprudential policies which both have an impact on price stability and financial conditions and which operate through common or overlapping channels. A particular focus is given to the role of MaP policy in heterogeneous monetary union such as the Eurozone- where countries are experience in different macroeconomic conditions - in terms of financial and macroeconomic stabilisation. Since a single interest rate is unlikely to fit circumstances in all countries, MaP policy could compensate the Jack of autonomous monetary policy in each country as both policies share many transmission channels. This enhances the optimality's degree of the currency area. ; L'objectif de cette thèse, composée de quatre articles empiriques et théoriques, est d'étudier l'implication des banques centrales dans la stabilité financière - définie comme un état stable et élevé de confiance dans la capacité du système financier à faciliter l'allocation des ressources économiques, gérer les ...