Suchergebnisse

This edited volume comprises some of the papers (those on the themes of reserves management and sovereign wealth fund management) which were presented at the November 2008 conference on Strategic Asset Allocation for Central Banks and Sovereign Wealth Managers, held jointly by the Bank for International Settlements, the European Central Bank and the World Bank. € The contributions€herein present state-of-the-art techniques for the implementation of strategic asset allocation approaches in public organizations.€ They are, €however, €not only limited to the traditional central banking world but have a much greater coverage and reach, exemplified by the contributions from leading institutions in the financial sector.€ Collectively, these papers present a first attempt to formulate an industry standard for methods and techniques relevant for public investors working in the areas of reserves management and asset modelling.€ Concrete and directly useful, this book belongs on the shelf of every financial analyst and modeller working in the public wealth-management arena.

Determinants of central banks' profitability are studied using a statistical analysis of their balance sheets, country characteristics, and the macroeconomic and institutional environments in which they operate. Central banks at both tails of the distribution of profits generally operate in poorer countries with more troubled macroeconomic and institutional environments. For these central banks, profitability is strongly influenced by fiscal dominance and, to a lesser extent, by how actively central banks used their balance sheet for monetary policy purposes

We analyze the effect of central bank transparency on cross-border bank activities. Based on a panel gravity model for cross-border bank claims for 21 home and 47 destination countries from 1998 to 2010, we find strong empirical evidence that a rise in central bank transparency in the destination country, on average, increases cross-border claims. Using interaction models, we find that the positive effect of central bank transparency on cross-border claims is only significant if the central bank is politically independent. Central bank transparency and credibility are thus considered complements by banks investing abroad.

This book is the first complete survey of the evolution of monetary institutions and practices in Western countries from the Middle Ages to today. It radically rethinks previous attempts at a history of monetary institutions by avoiding institutional approach and shifting the focus away from the Anglo-American experience. Previous histories have been hamstrung by the linear, teleological assessment of the evolution of central banks. Free from such assumptions, Ugolini's work offers bankers and policymakers valuable and profound insights into their institutions Using a functional approach, Ugolini charts an historical trajectory longer and broader than any other attempted on the subject. Moving away from the Anglo-American perspective, the book allows for a richer (and less biased) analysis of long-term trends. The book is ideal for researchers looking to better understand the evolution of the institutions that underlie the global economy.--

We analyze the effect of central bank transparency on cross-border bank activities. Based on a panel gravity model for cross-border bank claims for 21 home and 47 destination countries from 1998 to 2010, we find strong empirical evidence that central bank transparency in the destination country on average increases cross-border claims. Using interaction models, we find that the positive effect of central bank transparency on cross-border claims is only significant if the central bank is politically independent. Central bank transparency and credibility are thus considered as complements by banks investing abroad.

Although central banks have recently taken unconventional policy actions to try to shore up macroeconomic and financial stability, little theory is available to assess the consequences of such measures. This paper offers a theoretical model with which such policies can be analyzed. In particular, the paper shows that in the absence of the fiscal authorities' full backing of the central bank's balance sheet, strange things can happen. For instance, an exit from quantitative easing could be inflationary and central banks cannot successfully unwind inflated balance sheets. Therefore, the fiscal a

Many countries have implemented reforms on their Central Banks granting them more independence from political influences. This can be attributed to the recent research in this area which showed that making the Central Banks more independent is a very good means of achieving lower inflation/price stability in a country. Empirical work supporting this theory shows that there is a significant relationship between inflation and Central Bank Independence but not necessary enough to really bring down inflationary problems. Using data for 6 countries over the period of 1997-2011, result supports this theory but it also shows that other control variable needs to be added for better explanation, and also CBI should be part of policies and strategies to help fight and control inflation in these countries and not necessary the only solution as other policies need to be adopted by their Government and Central Banks. Keywords: Central Bank Independence, Inflation, Budget Surplus ; ÖZ : Birçok ülkede, Merkez Bankalarını politik baskılardan daha bağımsız hale getirme yolunda reformlar yapılmıştır. Bu reformların sebebi, bu alanda yapılan çalışmaların merkez bankalarının bağımsız hale getirilmelerinin enflasyon/ fıyat istikrarında olumlu katkısının olduğunu göstermesidir. Bu alandaki empirik çalışmalar enflasyon ile Merkez Bankası bağımsızlığı arasında istatiksel olarak önemli bir ilişki olduğunu göstermektedir. Yine de bu ilişki enflasyon sorununu tamamen çözecek büyüklükte olmayabillir. Bu çalışmada da 6 ülkededen 1997 ile 2011 yılları arasındaki veriler kullanılmış, ve panel veri çalışması sonucunda enflasyon ile Merkez Bankası bağımsızlığı arasında ters bir ilişki olduğu gözlemlenmiştir. Anahtar Kelimeler: Merkez Bankası Bağımsızlığı, Enflasyon, Bütçe Açığı/ Fazlalığı, Para Arzı ; Master of Science in Economics. Thesis (M.S.)--Eastern Mediterranean University, Faculty of Business and Economics, Dept. of Economics, 2015. Supervisor: Assist. Prof. Dr. Çağay Coşkuner.