Introduction to central banking:
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cham
Springer
[2021]
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| Series: | SpringerBriefs in Quantitative Finance
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | xxiii, 128 Seiten Illustrationen, Diagramme |
| ISBN: | 9783030708832 |
| ISSN: | 2192-7006 |
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Record in the Search Index
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| adam_text | Contents 1 2 3 Economic Accounts and Financial Systems ............................... 1.1 Real Economic Sectors and Basic Types of Transactions ................ 1.2 The Financial Sector and Financial Transactions ............................. 1.2.1 Commodity Money, Financial Assets and IOU Economy ................................................................................. 1 1 5 Central Banks ............................................................................................. 2.1 Central Banks in a Paper Standard ..................................................... 2.2 Changes to the Demand of Financial Assets in a Paper Standard ... 2.2.1 If Financial Sectors not Ready to Compensate Missing Demand for Securities ............................................................ 2.2.2 Commercial Banks Absorb Security Flow ............................ 2.2.3 The Central Bank Absorb Flows and Acts as Market Maker of Last Resort .............................................................. 2.3 Interbank Flows ................................................................................... 2.4 Role of Commercial Banks in Money Creation ............................... 2.4.1 Credit Money Created by Banks............................................. 2.4.2 “Sovereign Money” and “Full Reserve Banking” ................ 2.4.3 “Central Bank Digital Currency” (CBDC) Accessible to Non-Banks .......................................................................... 11 11 13 Conventional Monetary Policy.................................................................. 3.1
Short-Term Interest Rates as the Operational Target of Monetary Policy .............................................................................. 3.1.1 The Targets of Monetary Policy ............................................. 3.1.2 The Basic Natural Rate Logic of Monetary Policy .............. 3.1.3 Complicating the Basic Natural Rate Logic ......................... 3.1.4 Transmission Channels of Monetary Policy .......................... 3.2 Composition of the Central Bank Balance Sheet ................... 3.2.1 Autonomous Factors .............................................................. 3.2.2 Monetary Policy Instruments ................................................. 3.2.3 Liquidity Providing and Liquidity AbsorbingItems ............. 3.3 Monetary Policy Implementation Techniques ................................... 3.3.1 The Ceiling Approach ............................................................ 3.3.2 The Floor Approach................................................................ 3.3.3 The Symmetric Corridor Approach ....................................... 3.4 The Central Bank Collateral Framework ........................................... 3.4.1 Why Collateral? ..................................................................... 6 15 16 17 18 20 20 23 25 29 29 29 31 34 39 39 40 40 42 43 43 45 46 47 47 xiii
xiv Contents 4 Unconventional Monetary Policy.............................................................. 4.1 Rationale and Definition of “Unconventional” Monetary Policy ................................................................................................... 4.2 Negative Interest Rate Policy (NIRP)................................................. 4.2.1 Reasons for a Lower Bound ................................................... 4.2.2 Criticism of the Negative Interest Rate Policy ..................... 4.3 Non-Conventional Credit Operations ................................................. 4.4 Outright Purchase Programmes........................................................... 4.5 Distinguishing Between Conventional, Non-Conventional, and LOLR Policies .............................................................................. 53 53 55 55 57 59 60 63 5 Financial Instability .................................................................................... 5.1 Liquidity, Asset Prices, and Default ................................................... 5.2 Conditional and Unconditional Insolvency, and Bank Runs ............ 5.3 Illiquiäity in Credit and Dealer Markets............................................. 5.3.1 Credit Markets ........................................................................ 5.3.2 Dealer Markets ........................................................................ 5.4 Increasing Haircuts and Margin Calls................................................. 5.5 Interaction Between Crisis Channels
................................................. 6 The Central Bank as Lender of Last Resort........................................... 79 6.1 Principles and Rationale for the Central Bank Acting as Lender of Last Resort...................................................................... 80 6.1.1 Origin and Principles of LOLR ............................................. 80 6.1.2 Why Should Central Banks Be Lenders of Last Resort? .... 81 6.2 Forms and Propensity to Act as LOLR............................................... 83 6.2.1 Forms of LOLR ...................................................................... 83 6.2.2 Overall Propensity of a Central Bank to Act as LOLR ........ 84 6.3 Central Bank Collateral as a Key LOLR Parameter in a Simple Bank Run Model .................................................................................. 86 6.3.1 A Bank Run Model with Binary Levels of Asset Liquidity .................................................................................. 87 6.3.2 The Model with Continuous Asset Liquidity ........................ 95 6.4 Conclusions .......................................................................................... 100 7 International Monetary Frameworks....................................................... 7.1 Why Do Fixed Exchange Rates Persist? ........................................... 7.2 Past International Monetary Frameworks........................................... 7.2.1 The Gold Standard .................................................................. 7.2.2 The Bretton Woods
System..................................................... 7.3 International Monetary Frameworks of the Present .......................... 7.3.1 Fixed Exchange Rate System—Paper Standard .................... 7.3.2 Flexible Exchange Rate Systems ........................................... 7.3.3 The European Monetary Union ............................................. 7.3.4 Foreign Reserves.................................... References 67 67 70 74 74 75 76 77 101 101 103 103 109 112 113 116 117 120 123
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| adam_txt |
Contents 1 2 3 Economic Accounts and Financial Systems . 1.1 Real Economic Sectors and Basic Types of Transactions . 1.2 The Financial Sector and Financial Transactions . 1.2.1 Commodity Money, Financial Assets and IOU Economy . 1 1 5 Central Banks . 2.1 Central Banks in a Paper Standard . 2.2 Changes to the Demand of Financial Assets in a Paper Standard . 2.2.1 If Financial Sectors not Ready to Compensate Missing Demand for Securities . 2.2.2 Commercial Banks Absorb Security Flow . 2.2.3 The Central Bank Absorb Flows and Acts as Market Maker of Last Resort . 2.3 Interbank Flows . 2.4 Role of Commercial Banks in Money Creation . 2.4.1 Credit Money Created by Banks. 2.4.2 “Sovereign Money” and “Full Reserve Banking” . 2.4.3 “Central Bank Digital Currency” (CBDC) Accessible to Non-Banks . 11 11 13 Conventional Monetary Policy. 3.1
Short-Term Interest Rates as the Operational Target of Monetary Policy . 3.1.1 The Targets of Monetary Policy . 3.1.2 The Basic Natural Rate Logic of Monetary Policy . 3.1.3 Complicating the Basic Natural Rate Logic . 3.1.4 Transmission Channels of Monetary Policy . 3.2 Composition of the Central Bank Balance Sheet . 3.2.1 Autonomous Factors . 3.2.2 Monetary Policy Instruments . 3.2.3 Liquidity Providing and Liquidity AbsorbingItems . 3.3 Monetary Policy Implementation Techniques . 3.3.1 The Ceiling Approach . 3.3.2 The Floor Approach. 3.3.3 The Symmetric Corridor Approach . 3.4 The Central Bank Collateral Framework . 3.4.1 Why Collateral? . 6 15 16 17 18 20 20 23 25 29 29 29 31 34 39 39 40 40 42 43 43 45 46 47 47 xiii
xiv Contents 4 Unconventional Monetary Policy. 4.1 Rationale and Definition of “Unconventional” Monetary Policy . 4.2 Negative Interest Rate Policy (NIRP). 4.2.1 Reasons for a Lower Bound . 4.2.2 Criticism of the Negative Interest Rate Policy . 4.3 Non-Conventional Credit Operations . 4.4 Outright Purchase Programmes. 4.5 Distinguishing Between Conventional, Non-Conventional, and LOLR Policies . 53 53 55 55 57 59 60 63 5 Financial Instability . 5.1 Liquidity, Asset Prices, and Default . 5.2 Conditional and Unconditional Insolvency, and Bank Runs . 5.3 Illiquiäity in Credit and Dealer Markets. 5.3.1 Credit Markets . 5.3.2 Dealer Markets . 5.4 Increasing Haircuts and Margin Calls. 5.5 Interaction Between Crisis Channels
. 6 The Central Bank as Lender of Last Resort. 79 6.1 Principles and Rationale for the Central Bank Acting as Lender of Last Resort. 80 6.1.1 Origin and Principles of LOLR . 80 6.1.2 Why Should Central Banks Be Lenders of Last Resort? . 81 6.2 Forms and Propensity to Act as LOLR. 83 6.2.1 Forms of LOLR . 83 6.2.2 Overall Propensity of a Central Bank to Act as LOLR . 84 6.3 Central Bank Collateral as a Key LOLR Parameter in a Simple Bank Run Model . 86 6.3.1 A Bank Run Model with Binary Levels of Asset Liquidity . 87 6.3.2 The Model with Continuous Asset Liquidity . 95 6.4 Conclusions . 100 7 International Monetary Frameworks. 7.1 Why Do Fixed Exchange Rates Persist? . 7.2 Past International Monetary Frameworks. 7.2.1 The Gold Standard . 7.2.2 The Bretton Woods
System. 7.3 International Monetary Frameworks of the Present . 7.3.1 Fixed Exchange Rate System—Paper Standard . 7.3.2 Flexible Exchange Rate Systems . 7.3.3 The European Monetary Union . 7.3.4 Foreign Reserves. References 67 67 70 74 74 75 76 77 101 101 103 103 109 112 113 116 117 120 123 |
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| spelling | Bindseil, Ulrich 1969- Verfasser (DE-588)114189935 aut Introduction to central banking Ulrich Bindseil, Alessio Fotia Cham Springer [2021] xxiii, 128 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier SpringerBriefs in Quantitative Finance 2192-7006 Macroeconomics/Monetary Economics//Financial Economics Economic Theory/Quantitative Economics/Mathematical Methods Macroeconomics Economic theory Geldpolitik (DE-588)4019902-2 gnd rswk-swf Geldpolitik (DE-588)4019902-2 s DE-604 Fotia, Alessio Verfasser aut Erscheint auch als Online-Ausgabe 978-3-030-70884-9 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032740945&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bindseil, Ulrich 1969- Fotia, Alessio Introduction to central banking Macroeconomics/Monetary Economics//Financial Economics Economic Theory/Quantitative Economics/Mathematical Methods Macroeconomics Economic theory Geldpolitik (DE-588)4019902-2 gnd |
| subject_GND | (DE-588)4019902-2 |
| title | Introduction to central banking |
| title_auth | Introduction to central banking |
| title_exact_search | Introduction to central banking |
| title_exact_search_txtP | Introduction to central banking |
| title_full | Introduction to central banking Ulrich Bindseil, Alessio Fotia |
| title_fullStr | Introduction to central banking Ulrich Bindseil, Alessio Fotia |
| title_full_unstemmed | Introduction to central banking Ulrich Bindseil, Alessio Fotia |
| title_short | Introduction to central banking |
| title_sort | introduction to central banking |
| topic | Macroeconomics/Monetary Economics//Financial Economics Economic Theory/Quantitative Economics/Mathematical Methods Macroeconomics Economic theory Geldpolitik (DE-588)4019902-2 gnd |
| topic_facet | Macroeconomics/Monetary Economics//Financial Economics Economic Theory/Quantitative Economics/Mathematical Methods Macroeconomics Economic theory Geldpolitik |
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