Journal of Central Banking Theory and Practice最新文献_第3页

Does the Effectiveness of Monetary Policy Depend on the Choice of Policy Instrument? Empirical Evidence from South Korea 货币政策的有效性取决于政策工具的选择吗？来自韩国的经验证据

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2023-05-01 DOI: 10.2478/jcbtp-2023-0021

M. C. Zuniga, D. Senbet

{"title":"Does the Effectiveness of Monetary Policy Depend on the Choice of Policy Instrument? Empirical Evidence from South Korea","authors":"M. C. Zuniga, D. Senbet","doi":"10.2478/jcbtp-2023-0021","DOIUrl":"https://doi.org/10.2478/jcbtp-2023-0021","url":null,"abstract":"Abstract This study provides robust evidence on how the choice of the policy instrument for monetary policy influences its impact on economic activity. We study the case of South Korea for the period 1980-2017. We use FAVAR models that allow a comprehensive exploration of different areas of economic activity by overcoming limitations on a number of variables that can be included in the analysis in a traditional VAR model. Following the actual use of instruments, we test the effectiveness of monetary policy in two separate periods: 1980-1999, when the Bank of Korea mostly used M2 as the policy instrument; and then 2000-2017, when interest rate was the policy instrument. Our results show that monetary policy that uses interest rate as the policy instrument is markedly more effective in economic activity than M2. This is observable in the reaction from prices as well as variables that measure industrial production. In contrast, the impact of M2 mostly occurs in prices and it is short lived. We use robustness checks that switch the use of instrument for each subperiod and also test the use of each policy instrument for the entire period of analysis. The results hold, interest rates as policy instrument of monetary policy are more effective than M2.","PeriodicalId":44101,"journal":{"name":"Journal of Central Banking Theory and Practice","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48342234","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

Green Finance: Regulation and Instruments1 绿色金融:监管与工具1

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2023-05-01 DOI: 10.2478/jcbtp-2023-0019

Vesna Martin

引用次数: 0

Importance of the Contingent Claims Analysis in Detecting Banking Risks: Evidence from the Greek Bank Crisis 或有债权分析在银行风险检测中的重要性——来自希腊银行危机的证据

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2023-05-01 DOI: 10.2478/jcbtp-2023-0014

Constantinos Kyriakopoulos, Alexandros Koulis, Gerasimos Varvounis

引用次数: 0

Project Management in Central Banks 中央银行的项目管理

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2023-05-01 DOI: 10.2478/jcbtp-2023-0012

Milena Vučinić, Radoica Luburić

{"title":"Project Management in Central Banks","authors":"Milena Vučinić, Radoica Luburić","doi":"10.2478/jcbtp-2023-0012","DOIUrl":"https://doi.org/10.2478/jcbtp-2023-0012","url":null,"abstract":"Abstract In this ever-changing environment of technological innovations central banks are strongly committed to fulfilling their key objectives of preserving monetary and financial stability, but also make efforts to adapt to new market requirements. On the path of technological transformation of financial systems, central banks face many challenges stemming from, inter alia, new less regulated and decentralized financial innovative services, cyberattacks, and endangered cyber security. Central banks need strong project management to successfully address these processes and that should be done in line with the highest international standards. The paper analyses the implementation of project management in central banks according to the international standards. The authors present possible division of roles and responsibilities in the project organization structure in central banks based on these international standards. The standardized integrated project management activities and associated practices are described and presented in the context of project management in central banks. The authors conclude that the application of international standards is crucial for successful project management in central banks in order to ensure that the projects are implemented on time and within the envisaged scope and budget, thereby ensuring high quality results, efficient deployment of human resources, benefits realization and value creation for the organization.","PeriodicalId":44101,"journal":{"name":"Journal of Central Banking Theory and Practice","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44499348","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

Demand for Cash and its Determinants - a Post-Crisis Approach1 现金需求及其决定因素——一种后危机的方法1

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2023-05-01 DOI: 10.2478/jcbtp-2023-0016

Ilona Skibińska-Fabrowska

{"title":"Demand for Cash and its Determinants - a Post-Crisis Approach1","authors":"Ilona Skibińska-Fabrowska","doi":"10.2478/jcbtp-2023-0016","DOIUrl":"https://doi.org/10.2478/jcbtp-2023-0016","url":null,"abstract":"Abstract The use of cashless payment instruments has been on an increase over many years now. At the same time, demand for cash has been on the rise as well and we can observe a particularly high level of growth demand for banknotes during crisis times. The increase in demand for cash known as the “banknote paradox” is a phenomenon observed in many economies. It results from the existence of two streams of demand for cash - transactional and precautionary, and the differences in the directions of their changes from the point of view of the central bank and other entities involved in cash transactions, since it enables the optimization of cash supply management, which allows, on the one hand, to reduce the costs of cash processing and, on the other hand, to improve the effectiveness of monetary policy. This paper estimates the share of the transaction demand for cash with the aggregate demand. The strength and direction of the impact of selected macroeconomic and behavioural factors (uncertainty caused by the Global Financial Crisis and the Pandemic Crisis) on transaction and precautionary demand for cash were also assessed. A novel approach to the problem of demand for cash is based on considering the impact of macroeconomic shocks in the form of crises on the demand for cash.","PeriodicalId":44101,"journal":{"name":"Journal of Central Banking Theory and Practice","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42444889","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

Does Credit Growth in the EMU Banking Sector Follow its Capital Adequacy?1 欧洲货币联盟银行业的信贷增长是否遵循其资本充足率?1

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2023-05-01 DOI: 10.2478/jcbtp-2023-0013

Draško Veselinovič, Janez Fabijan, Jaka Vadnjal

{"title":"Does Credit Growth in the EMU Banking Sector Follow its Capital Adequacy?1","authors":"Draško Veselinovič, Janez Fabijan, Jaka Vadnjal","doi":"10.2478/jcbtp-2023-0013","DOIUrl":"https://doi.org/10.2478/jcbtp-2023-0013","url":null,"abstract":"Abstract We put our hypothesis very straightforward, considering the euro area and the whole European Economic and Monetary Union (EMU) banking sector. The paper’s central hypothesis that capital adequacy of the EMU banking sector influenced credit growth and activities in the nonfinancial sector was confirmed; however, not entirely in all respects expected. We proved that, in general, there was a dependency between banks’ capital adequacy and loan growth in the euro area for the observed period Q1 1999 until Q1 2022; yet the correlation coefficient of 0.48 shows a middle positive relationship of variables. At the same time, more than 23% of loans’ variability might be explained by variability in capital adequacy. All significance tests proved our results valid. Nevertheless, we saw two very different and slightly controversial dynamics in loan growth and capital ratio during the observed period. Therefore, we were forced to separately continue with an analysis for both time frames: the period before the big financial and economic crisis (Q1 1999 - Q4 2008) and the period starting with the big financial and economic crisis (Q1 2009 - Q12022). The linear regression in the pre-crisis period was almost flat. In contrast, a simple linear regression during the crisis showed a relatively high negative correlation at around -0.6. Therefore, the sub-hypothesis that higher capital adequacy resulted in negative credit growth was supported for the crisis period. We believe that this paper offers the main originality and scientific contribution for this particular finding within the data time series deployment.","PeriodicalId":44101,"journal":{"name":"Journal of Central Banking Theory and Practice","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43269109","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

Could the Issuance of CBDC Reduce the Likelihood of Banking Panic?1 CBDC的发行能否降低银行业恐慌的可能性？1.

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2023-05-01 DOI: 10.2478/jcbtp-2023-0015

Soraya Ben Souissi, M. Nabi

引用次数: 0

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2023-05-01 DOI: 10.2478/jcbtp-2023-0018

M. Ganić

{"title":"Can Credit Related Macroprudential Instruments Be Effective in Reducing the Correlation Between Economic and Credit Growth? Cross-Country Evidence","authors":"M. Ganić","doi":"10.2478/jcbtp-2023-0018","DOIUrl":"https://doi.org/10.2478/jcbtp-2023-0018","url":null,"abstract":"Abstract The study investigates effectiveness of selected credit related macro prudential instruments in reducing the correlation between economic and credit growth in European emerging countries between 2000 and 2017. Two GMM (Generalized Method of Moments) estimators are used to empirically investigate the validity of tightening policy actions. Although greater attention to MMPs is found in both European regions the study finds some differences as well. On the level of full sample, the findings confirm our expectation about effectiveness of the selected credit related macroprudential instruments in reducing credit growth. More specifically, the European transition countries proved to be more successful in using macroprudential tools in curbing credit growth than European post-transition countries. It is confirmed that all three employed credit related macroprudential instruments play a key role in curbing credit growth in the expansive stage of business cycle in the European transition countries. It means that a lower economic growth leads to lower effects of credit related macroprudential instruments on credit growth. However, empirical evidence from European post-transition countries shows mixed results followed by the lack of robustness of economic results, but with expected theoretical sign. In fact, introduction of CG limits and FC limits reduce the correlation between GDP growth and credit growth only in one step S-GMM estimator, while a variable of caps on debt-to-income ratio (DTI) not.","PeriodicalId":44101,"journal":{"name":"Journal of Central Banking Theory and Practice","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43803118","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

Modeling which Factors Impact Interest Rates 影响利率的因素建模

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2023-05-01 DOI: 10.2478/jcbtp-2023-0020

Guizhou Wang, K. Hausken

引用次数: 0

Does Central Bank Transparency Deter the Exchange Rate Volatility? New Evidence from Asian Emerging Markets 央行的透明度会抑制汇率波动吗？亚洲新兴市场的新证据

IF 1.4

Journal of Central Banking Theory and Practice Pub Date : 2023-05-01 DOI: 10.2478/jcbtp-2023-0017

Muhammad Aftab, Ahsan Mehmood

{"title":"Does Central Bank Transparency Deter the Exchange Rate Volatility? New Evidence from Asian Emerging Markets","authors":"Muhammad Aftab, Ahsan Mehmood","doi":"10.2478/jcbtp-2023-0017","DOIUrl":"https://doi.org/10.2478/jcbtp-2023-0017","url":null,"abstract":"Abstract Exchange rate volatility has emerged as a significant challenge for Asian emerging markets since the adoption of the liberalization process. This study examines the influence of central bank transparency on exchange rate volatility using a sample of ten important Asian emerging markets. The study uses a fixed effect regression model covering the Asian financial crisis, global financial crisis, banking crisis, and taper tantrum episodes. Results show that an increase in central bank transparency has a stabilizing effect on exchange rate volatility, and this effect remains even after controlling for various internal and external factors. The uncertainty of US monetary policy increases exchange rate volatility, while US economic policy uncertainty contributes only during the global financial crisis. Interestingly, central bank transparency buffers the effects of the global financial crisis, indicating that it plays a facilitating role in maintaining financial stability. Studies that examine the role of central bank transparency in curbing exchange rate volatility, which is a crucial issue in these markets, are rare in emerging markets’ context. This research offers interesting findings by using a variety of robustness checks.","PeriodicalId":44101,"journal":{"name":"Journal of Central Banking Theory and Practice","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42027065","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