Suchergebnisse

This paper reviews the nature of central bank involvement in 26 episodes of financial disturbance and crises in Latin America from the mid-1990s onwards. It finds that, except in a handful of cases, large amounts of central bank money were used to cope with large and small crises alike. Pouring central bank money into the financial system generally derailed monetary policy, fueled further macroeconomic unrest, and contributed to simultaneous currency crises, thereby aggravating financial instability. In contrast, when central bank money issuance was restricted and bank resolution was timely ex

Several studies have examined the affect of quality of the government institution and the level of corruption on the cost of crisis. Rather than watch the goverment, we concern on the role of central bank quality institution to predict the cost of crisis. We then include the central bank transparency, government owned on banking sector, corruption and some macroeconomic indicator to predict the cost of crisis that consist of banking loss and economic loss. Using sample of 13 crisis countries during 1997 ?? 2006, we find that some governance indicators like political stability, rule of law and control of corrruption have a strong relationship with the central bank transparency. Then, we find that central bank transparency, government ownership on banking sector, corruption, and monetary indicator affect the deterioration on the bank lending during the crisis. If the fiscal indicator and geographic location added to the model, it can predict the deceleration economic growth during the crisis period. Key words: central bank transparency, government owned bank, corruption, cost of crisis

Pt. 1. Central banking and monetary policy -- pt. 2. Central bank policy in times of crisis

This book reflects the continuing and increasing interest of the IMF in payment system issues, from a public policy perspective. The book originated in a set of papers prepared for the information of the IMF Executive Board and staff. It provides a broad overview of the main policy and strategic issues in payment system reform being addressed by countries around the world. It also describes the structure of various payment systems, particularly those that handle large-value and time critical payments. The book highlights that in payment system policy there are areas in which a general consensus has emerged, but also aspects for which countries have different practices. It then indicates the direction for future payment system policy analysis and research

"Dr. Mohamed A. El-Erian, one of the world's most influential economic thinkers and the New York Times and Wall Street Journal bestselling author of When Markets Collide, has written a roadmap to what lies ahead and the decisions we must make now to stave off the next global economic and financial crisis. Our current economic path is coming to an end. The signposts are all around us: sluggish growth, rising inequality, stubbornly high pockets of unemployment, and jittery financial markets, to name a few. Soon we will reach a fork in the road: One path leads to renewed growth, prosperity, and financial stability, the other to recession and market disorder. In The Only Game in Town, El-Erian casts his gaze toward the future of the global economy and markets, outlining the choices we face both individually and collectively in an era of economic uncertainty and financial insecurity. Beginning with their response to the 2008 global crisis, El-Erian explains how and why our central banks became the critical policy actors--and, most important, why they cannot continue is this role alone. They saved the financial system from collapse in 2008 and a multiyear economic depression, but lack the tools to enable a return to high inclusive growth and durable financial stability. The time has come for a policy handoff, from a prolonged period of monetary policy experimentation to a strategy that better targets what ails economies and distorts the financial sector--before we stumble into another crisis. The future, critically, is not predestined. It is up to us to decide where we will go from here as households, investors, companies, and governments. Using a mix of insights from economics, finance, and behavioral science, this book gives us the tools we need to properly understand this turning point, prepare for it, and come out of it stronger. A comprehensive, controversial look at the realities of our global economy and markets, The Only Game in Town is required reading for investors, policymakers, and anyone interested in the future. Advance praise for The Only Game in Town "Mohamed El-Erian has had an extraordinary career as an investment analyst, investor, and market commentator. His 'new normal' concept was prescient, provocative, and has proven out. Agree or disagree, his go-forward thoughts contained in this bracing book are well worth considering."--Lawrence H. Summers, former secretary of the U.S. Treasury "Achieves the nearly impossible: It takes complex f ...