Monetary Economics: Central Banks - Policies & Impacts eJournal最新文献_第3页

Sticky Deposit Rates and Allocative Effects of Monetary Policy 粘性存款利率与货币政策的配置效应

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-12-01 DOI: 10.2139/ssrn.3771345

Anne Duquerroy, Adrien Matray, Farzad Saidi

引用次数: 9

Monetary and Macroprudential Policy Complementarities: Evidence from European Credit Registers 货币和宏观审慎政策的互补性:来自欧洲信用记录的证据

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-12-01 DOI: 10.2139/ssrn.3750006

Carlo Altavilla, L. Laeven, J. Peydró

引用次数: 15

An Overview of the Banks and Other Financial Institutions Act 2020 《2020年银行和其他金融机构法》概述

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-11-15 DOI: 10.2139/ssrn.3752297

A. Folarin

{"title":"An Overview of the Banks and Other Financial Institutions Act 2020","authors":"A. Folarin","doi":"10.2139/ssrn.3752297","DOIUrl":"https://doi.org/10.2139/ssrn.3752297","url":null,"abstract":"The amendment and replacement of the Banks and Other Financial Institutions Act (BOFIA) 2004 had long been touted to be the next major milestone in the country’s ambitious drive towards creating an enabling business environment in the country and improving the Nigerian investment climate. The now-repealed Act had been in operation for about 16 years without amendment, despite progressive innovations in the banking and finance sector globally and the increasing complexities as a result of disruptive technologies and their associated risks. Also, lax corporate governance under the old Act had given room for insider abuse and corruption, culminating in the humongous increase in non-performing loans (NPLs) in the country’s banking system. Additionally, the erosion of faith in the Nigerian banking system as a result of the 2004 and 2008 financial crises which can be traced to the excessive risk-taking, reckless credit facilities, and other unethical practices in the system had resulted in the long and growing public clamour by stakeholders for the review of the regulatory framework for banking and finance in Nigeria. The enactment of the Banks and Other Financial Institutions Act (BOFIA) 2020 is, therefore, intended to update the existing Act to tackle some of these debilitating challenges in the Nigerian banking and financial services industry occasioned by an Act which has proved to be grossly inadequate in the present ecosystem and to bring it in line with global best practices. In view of the above, this paper gives an overview of the provisions of the Act as they affect and/or update the regulatory framework for banking and the business of other financial institutions in Nigeria. ","PeriodicalId":145273,"journal":{"name":"Monetary Economics: Central Banks - Policies & Impacts eJournal","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129551061","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Social Learning and Monetary Policy at the Effective Lower Bound 有效下限下的社会学习与货币政策

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-11-10 DOI: 10.2139/ssrn.3728108

Jasmina Arifovic, A. Grimaud, I. Salle, Gauthier Vermandel

引用次数: 3

The 100% Reserve Reform: Calamity or Opportunity? 100%准备金改革:灾难还是机遇?

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-11-01 DOI: 10.2139/ssrn.3749135

C. Pfister

{"title":"The 100% Reserve Reform: Calamity or Opportunity?","authors":"C. Pfister","doi":"10.2139/ssrn.3749135","DOIUrl":"https://doi.org/10.2139/ssrn.3749135","url":null,"abstract":"This paper considers the various 100% Reserve plans that have appeared since the interwar period and have since then been adapted. In all formulations of those schemes, Government liabilities (cash, central bank reserves and short-term Treasuries) back banks’ sight deposits. This organization contrasts with current so-called “fractional reserve banking”, in which, as a result of reserve requirements imposed by the central bank (Drumetz et al., 2015), reserves back only a small fraction of sight deposits. The paper briefly presents the six categories of plans. It then highlights their common features as well as their differences, showing that the differences are more numerous than the common features. The criticisms voiced against the different formulations of 100% Reserves are exposed, adding those of the author and distinguishing between the doubts expressed on the validity of the analysis on one hand, and some undesirable consequences of the reform on the other. In spite of these criticisms, it then shown that the 100% Reserve reform is becoming topical, with recent private sector, central banks and political initiatives that relate to it. Overall, the 100% Reserve reform does not appear as a meaningful opportunity to improve the functioning of banking systems. Furthermore, at least one of its variants could easily turn into a calamity. Fortunately, it is not that variant that is getting more topical.","PeriodicalId":145273,"journal":{"name":"Monetary Economics: Central Banks - Policies & Impacts eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117064955","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The European Monetary Union after COVID-19: Towards Fiscal Integration Aligned with Monetary Policy 新冠肺炎后的欧洲货币联盟:实现与货币政策相一致的财政一体化

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-11-01 DOI: 10.2139/ssrn.3756258

Ad van Riet

{"title":"The European Monetary Union after COVID-19: Towards Fiscal Integration Aligned with Monetary Policy","authors":"Ad van Riet","doi":"10.2139/ssrn.3756258","DOIUrl":"https://doi.org/10.2139/ssrn.3756258","url":null,"abstract":"Within the Economic and Monetary Union (EMU) of Europe the responsibility for the single monetary policy lies with the European Central Bank (ECB). By contrast, economic policies remained national and must therefore be coordinated to ensure the proper functioning of EMU. A central government that could have taken measures to reduce the burden on monetary policy to stabilise the eurozone in the more challenging economic and financial circumstances since 2008 was and still is missing. This paper argues that euro area governments could build on the cooperative model of Europe’s economic response to the COVID-19 pandemic to establish a permanent fiscal framework alongside monetary policy that is more similar to those found in other currency areas. First, they could create a central fiscal capacity to ensure a euro area economic policy stance that is consistent with the orientation of monetary policy. Second, member countries could introduce a safe sovereign asset for the eurozone in order to anchor financial integration and facilitate the implementation of monetary policy. Third, euro area governments could commit when necessary to recapitalise their NCB and (indirectly) the ECB to underpin the credibility of large central bank balance-sheet operations. Taking these three steps towards fiscal integration aligned with monetary policy and in full respect of the ECB’s political independence would reduce systemic risks and strengthen confidence in the euro.","PeriodicalId":145273,"journal":{"name":"Monetary Economics: Central Banks - Policies & Impacts eJournal","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128584424","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Monetary-fiscal interactions under price level targeting 价格水平目标制下的货币-财政相互作用

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-10-28 DOI: 10.2139/ssrn.3720529

G. Ascari, Anna Florio, Alessandro Gobbi

引用次数: 2

Effects of Monetary Policy in a Fixed Exchange Rate Regime: Tranquil and Turbulent States 固定汇率制下的货币政策效应:平静与动荡状态

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-10-25 DOI: 10.2139/ssrn.3492967

Jonathan R. K. Stroud, Hang Zhou

引用次数: 0

Recapitalization, Bailout, and Long-run Welfare in a Dynamic Model of Banking 银行动态模型中的资本重组、救助和长期福利

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-10-14 DOI: 10.2139/ssrn.3764512

Andrea Modena

引用次数: 3

Identifying Target 2 Determinants in the Long Run: Strength and Limits of Balance of Payments Accounting Identities 确定目标2的长期决定因素:国际收支会计身份的优势和局限性

Monetary Economics: Central Banks - Policies & Impacts eJournal Pub Date : 2020-10-02 DOI: 10.2139/ssrn.3709944

M. Minenna

引用次数: 0