Journal of Central Banking Theory and Practice最新文献

Swiss National Bank: Is the Recent Loss a Threat to Monetary Policy? A Research Note1 瑞士国家银行：最近的亏损是对货币政策的威胁吗？研究说明1

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Journal of Central Banking Theory and Practice Pub Date : 2024-01-13 DOI: 10.2478/jcbtp-2024-0003

Vanessa Kämpf, Georg Stadtmann, Lilli Zimmermann

引用次数: 0

Do Financial Markets Allow the Independence of Central Banks? 金融市场允许中央银行独立吗？

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Journal of Central Banking Theory and Practice Pub Date : 2024-01-01 DOI: 10.2478/jcbtp-2024-0001

Damià Rey Miró, Pedro Piffaut, Ricardo Palomo Zurdo

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Assessing the Banking Sector of Bosnia and Herzegovina: An Analysis of Financial Indicators through the MEREC and MARCOS Methods 评估波斯尼亚和黑塞哥维那的银行业：通过 MEREC 和 MARCOS 方法分析金融指标

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Journal of Central Banking Theory and Practice Pub Date : 2024-01-01 DOI: 10.2478/jcbtp-2024-0008

Zoran Mastilo, Anđelka Štilić, Dejan Gligović, Adis Puška

{"title":"Assessing the Banking Sector of Bosnia and Herzegovina: An Analysis of Financial Indicators through the MEREC and MARCOS Methods","authors":"Zoran Mastilo, Anđelka Štilić, Dejan Gligović, Adis Puška","doi":"10.2478/jcbtp-2024-0008","DOIUrl":"https://doi.org/10.2478/jcbtp-2024-0008","url":null,"abstract":"Abstract The banking sector assumes a pivotal role in the economic development of nations. The assessment of financial indicators pertaining to banks holds fundamental importance in the evaluation of bank stability and sustainability. This research employs the MEREC (Method based on the Removal Effects of Criteria) and MARCOS (Measurement of Alternatives and Ranking according to COmpromise Solution) methodologies to delve deeper into the financial landscape of the banking sector in Bosnia and Herzegovina (BiH). Specifically, the objective is to rank banks according to their financial indicators, utilizing financial data from the year 2022. The MEREC method is applied to gauge the significance of financial indicators and ascertain their respective weights, while the MARCOS method is employed to rank banks within BiH based on their financial indicators. The examination of financial indicators within the BiH banking sector, facilitated by the MEREC and MARCOS methodologies, yields a more comprehensive understanding of the sector’s present condition. Limitations of this research, which primarily stem from its reliance on available financial data and predefined methodologies, lies within limited consideration for external factors. To provide a broader contextual perspective, the inclusion of additional financial indicators and comparative analyses with banking sectors of other nations would be imperative. The findings of this research reveal that Raiffeisen Bank exhibits the most favourable financial indicators and demonstrates the highest level of efficiency within this context. Consequently, this research offers insights into identifying exemplary banks that can serve as models for enhancing the performance of others.","PeriodicalId":44101,"journal":{"name":"Journal of Central Banking Theory and Practice","volume":"43 1","pages":"167 - 197"},"PeriodicalIF":1.4,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139456226","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 Policy Between Stability and Growth 稳定与增长之间的货币政策

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Journal of Central Banking Theory and Practice Pub Date : 2024-01-01 DOI: 10.2478/jcbtp-2024-0002

Nikola Fabris

{"title":"Monetary Policy Between Stability and Growth","authors":"Nikola Fabris","doi":"10.2478/jcbtp-2024-0002","DOIUrl":"https://doi.org/10.2478/jcbtp-2024-0002","url":null,"abstract":"Abstract The global financial crisis and the coronavirus pandemic were marked by expansionary policies of key central banks in an attempt to stop the recession. The degree of expansiveness of monetary policy was unprecedented. As a result of expansionary policies, global inflation has been present since 2021. The change in the macroeconomic environment has led to a turnaround in monetary policy pursuits and a rapid rise in reference interest rates. The FED reacted much faster than the ECB and that is why inflation was lower in the USA compared to the euro area. All announcements for 2023 point to the continuation of contractionary policies. The subject of the paper’s analysis is the monetary policy of key central banks, as well as expectations for the next period. The paper raises the question of whether central banks have gone from one extreme of overly expansionary monetary policy to the other extreme of overly contractionary monetary policy and whether such policies carry the risk of reoccurrence of recession. The paper also contains recommendations for improving existing monetary policy regimes, as well as for creating a completely new monetary policy regime which will be based on two nominal anchors.","PeriodicalId":44101,"journal":{"name":"Journal of Central Banking Theory and Practice","volume":"17 18","pages":"27 - 42"},"PeriodicalIF":1.4,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139457985","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

Financial Fragility in Developing Countries: An Analysis in the Context of Monetary Policy and Central Bank Independence 发展中国家的金融脆弱性：货币政策和中央银行独立性背景下的分析

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2024-01-01 DOI: 10.2478/jcbtp-2024-0005

Bengü Tosun, Selim Başar

引用次数: 0

Monetary Policy Press Releases of 24 Inflation Targeting Central Banks – A Comparison of their Key Features and Complexity 24 家以通货膨胀为目标的中央银行的货币政策新闻稿--主要特点和复杂性比较

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2024-01-01 DOI: 10.2478/jcbtp-2024-0010

Piotr Szczerba, Anna Wojtyniak, Joanna Niedźwiedzińska, Wojciech Bogdanowicz

{"title":"Monetary Policy Press Releases of 24 Inflation Targeting Central Banks – A Comparison of their Key Features and Complexity","authors":"Piotr Szczerba, Anna Wojtyniak, Joanna Niedźwiedzińska, Wojciech Bogdanowicz","doi":"10.2478/jcbtp-2024-0010","DOIUrl":"https://doi.org/10.2478/jcbtp-2024-0010","url":null,"abstract":"Abstract This paper describes the process of constructing a dataset of available online press releases related to monetary policy decisions published by central banks that have been pursuing a form of inflation targeting. A total of 3,807 documents were considered, as the review encompasses 24 central banks over the past 30 years. To prepare the dataset for text-mining analysis, a cleaning procedure has been performed, which is also presented in detail. The next step was to look at the readability of the documents in order to detect any patterns in its changes. We find that while there is a significant variation between central banks, there is no clear time trend in the readability of the monetary policy press releases, i.e. some central banks tend to have easier-to-read press releases than others, and this does not change with time. In turn, there is a weak indication that following the Global Financial Crisis outbreak and the European Sovereign Debt Crisis apogee, as well as at the time of withdrawing unconventional measures introduced in response to those two emergencies, press releases of advanced economy inflation targeters got temporarily harder-to-read. Overall, this paper can be viewed as a first attempt towards assessing qualitatively central banks’ transparency, with respect to a flagship communication tool of inflation targeters, namely their monetary policy press releases.","PeriodicalId":44101,"journal":{"name":"Journal of Central Banking Theory and Practice","volume":"31 46","pages":"223 - 243"},"PeriodicalIF":1.4,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139455542","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

Central Bank Digital Currency Adoption Challenges, Solutions, and a Sentiment Analysis 中央银行采用数字货币的挑战、解决方案和情绪分析

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2024-01-01 DOI: 10.2478/jcbtp-2024-0007

Peterson K. Ozili, Sergio Luis Náñez Alonso

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Econometric VAR Analysis of the Effect of the Foreign Exchange Reserves on Macroeconomic Variables in Emerging Countries: The Case of BRIC Countries 新兴国家外汇储备对宏观经济变量影响的计量VAR分析——以金砖四国为例

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Journal of Central Banking Theory and Practice Pub Date : 2023-09-01 DOI: 10.2478/jcbtp-2023-0026

Borivoje D. Krušković

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Achieving Sustainable Economic Growth in Sub-Saharan African Countries Using the Tool of Monetary Policy Effectiveness 利用货币政策有效性工具实现撒哈拉以南非洲国家的可持续经济增长

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2023-09-01 DOI: 10.2478/jcbtp-2023-0027

A. Isibor, A. Omankhanlen, B. Ehikioya, G. Osuma, A. Oladipo, Adedoyin Bunmi-Alo, Kikiyanu Ajalaadebowale

{"title":"Achieving Sustainable Economic Growth in Sub-Saharan African Countries Using the Tool of Monetary Policy Effectiveness","authors":"A. Isibor, A. Omankhanlen, B. Ehikioya, G. Osuma, A. Oladipo, Adedoyin Bunmi-Alo, Kikiyanu Ajalaadebowale","doi":"10.2478/jcbtp-2023-0027","DOIUrl":"https://doi.org/10.2478/jcbtp-2023-0027","url":null,"abstract":"Abstract The issue of achieving and sustaining a nation’s economic growth is an issue that is of concern to many nations of the world, especially the sub-Saharan African (SSA) nations. This was in line with the United Nations Sustainable Development Goal (SDG) 8 of Economic Growth. This study, therefore, examines how monetary policy tools can help the SSA governments achieve the SDG 8 goal and also sustain it. Relevant secondary data on sustained economic growth (GDPPC) (dependent variable) and interest rate, exchange rate, money supply, and inflation rate (independent variable) were gathered from the annual report of the Central Banks of the 48 SSA nations. The panel data year covers the period from 2016 to 2022. The unit root test confirms the variables to have a level integration order. The Hausman test suggests the use of fixed effect regression. The fixed effect regression shows that for the 48 SSA nations, interest rate, inflation rate, and money supply were positively significant in impacting GDPPC while exchange rate was negatively significant in impacting GDPPC. The study, therefore, recommends that import promotion, for example, should be avoided because it raises the exchange rate and lowers the value of currencies of the SSA nations.","PeriodicalId":44101,"journal":{"name":"Journal of Central Banking Theory and Practice","volume":"12 1","pages":"111 - 132"},"PeriodicalIF":1.4,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47440578","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

The New Era of Capital Regulation Complexity 资本监管复杂性的新时代

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Journal of Central Banking Theory and Practice Pub Date : 2023-09-01 DOI: 10.2478/jcbtp-2023-0030

Lukáš Pfeifer

引用次数: 0