Climate policy at the Bank of England: the possibilities and limits of green central banking
In: Climate policy, Band 23, Heft 6, S. 671-688
ISSN: 1752-7457
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In: Climate policy, Band 23, Heft 6, S. 671-688
ISSN: 1752-7457
In: European company and financial law review: ECFR, Band 24, Heft 13
ISSN: 1613-2556
In: NBER working paper series 11586
In: Journal of common market studies: JCMS, Band 58, Heft 5, S. 1199-1214
ISSN: 1468-5965
World Affairs Online
In: Public choice, Band 98, Heft 3-4, S. 399-414
ISSN: 0048-5829
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 ...
BASE
In: Eastern European economics: EEE, Band 38, Heft 4, S. 6-53
ISSN: 1557-9298
In: Eastern European economics, Band 38, Heft 4, S. 6-53
ISSN: 0012-8775
World Affairs Online
In: Canadian journal of economics and political science: the journal of the Canadian Political Science Association = Revue canadienne d'économique et de science politique, Band 6, Heft 4, S. 599-610
This paper explores the interface between central banks and cryptocurrencies. Focusing on the European Central Bank (ECB), it identifies the potential threats that the rise of cryptocurrencies would pose to the basic and ancillary tasks of the ECB, in particular, its monetary policy operations and the exercise of its supervisory functions over credit institutions and payment systems. The paper finds that cryptocurrencies can potentially have both direct – through their potential impact on the price stability and monetary policy, and central banks' monopoly over issuing base money – and indirect effects on central banks, mainly through the institutions and systems that fall under the ECB's scope of competence. To address the challenges posed by cryptocurrencies, the ECB may take both legal (including supervisory and oversight) measures and non-legal (or technical) measures. With respect to technical measures, the ECB - to the extent falling within the scope of its competence - may focus on improving the efficiency of existing payment systems and addressing the existing frictions in market infrastructures to indirectly affect the cryptocurrency markets. Alternatively, it can venture into issuing Central Bank Digital Currency (CBDC). Regarding legal measures, central banks could envisage regulating cryptocurrencies either directly or indirectly. However, as the most significant potential impact of cryptocurrencies on central banks is likely to be indirect through the impact of cryptocurrencies on the banking and payment systems, and given the limitations on the ECB's mandate and its regulatory and supervisory tools, it is apposite for the ECB to consider using indirect strategies and tools to influence cryptocurrency markets. This indirect approach can be implemented through the ECB's existing supervisory and oversight powers over the banking and payment systems. This paper specifies the direct and indirect measures and assesses their merits in addressing the concerns about cryptocurrencies.
BASE
In: Oxford review of economic policy, Band 10, Heft 4, S. 106-119
ISSN: 1460-2121
In: Far Eastern survey, Band 22, Heft 5, S. 54-55
In: Pacific affairs: an international review of Asia and the Pacific, Band 21, Heft 4, S. 360
ISSN: 1715-3379
In: The Economic Journal, Band 39, Heft 156, S. 520