Does Central Bank Capital Matter for Monetary Policy?:
Heavy foreign exchange intervention by central banks of emerging markets have lead to sizeable expansions of their balance sheets in recent years?accumulating foreign assets and non-money domestic liabilities (the latter due to sterilization operations). With domestic liabilities being mostly of sho...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2012
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 12/60 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | Heavy foreign exchange intervention by central banks of emerging markets have lead to sizeable expansions of their balance sheets in recent years?accumulating foreign assets and non-money domestic liabilities (the latter due to sterilization operations). With domestic liabilities being mostly of short-term maturity and denominated in local currency, movements in domestic monetary policy interest rates can have sizable effects on central bank''s net worth. In this paper we examine empirically whether balance sheet considerations influence the conduct of monetary policy. Our methodology involves the estimation of interest rate rules for a sample of 41 countries and testing whether deviations from the rule can be explained by a measure of central bank financial strength. Our findings, using linear and nonlinear techniques, suggests that central bank financial strength can be a statistically significant factor explaining large negative interest rate deviations from ""optimal"" levels |
| Beschreibung: | 1 Online-Ressource (22 p) |
| ISBN: | 1463937784 9781463937782 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:18Z |
| indexdate | 2024-07-10T09:35:25Z |
| institution | BVB |
| isbn | 1463937784 9781463937782 |
| language | English |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Tovar Mora, Camilo Ernesto Verfasser aut Does Central Bank Capital Matter for Monetary Policy? Tovar Mora, Camilo Ernesto Washington, D.C International Monetary Fund 2012 1 Online-Ressource (22 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 12/60 Heavy foreign exchange intervention by central banks of emerging markets have lead to sizeable expansions of their balance sheets in recent years?accumulating foreign assets and non-money domestic liabilities (the latter due to sterilization operations). With domestic liabilities being mostly of short-term maturity and denominated in local currency, movements in domestic monetary policy interest rates can have sizable effects on central bank''s net worth. In this paper we examine empirically whether balance sheet considerations influence the conduct of monetary policy. Our methodology involves the estimation of interest rate rules for a sample of 41 countries and testing whether deviations from the rule can be explained by a measure of central bank financial strength. Our findings, using linear and nonlinear techniques, suggests that central bank financial strength can be a statistically significant factor explaining large negative interest rate deviations from ""optimal"" levels Online-Ausg Adler, Gustavo Sonstige oth Castro, Pedro Sonstige oth http://elibrary.imf.org/view/IMF001/12659-9781463937782/12659-9781463937782/12659-9781463937782.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Tovar Mora, Camilo Ernesto Does Central Bank Capital Matter for Monetary Policy? |
| title | Does Central Bank Capital Matter for Monetary Policy? |
| title_auth | Does Central Bank Capital Matter for Monetary Policy? |
| title_exact_search | Does Central Bank Capital Matter for Monetary Policy? |
| title_exact_search_txtP | Does Central Bank Capital Matter for Monetary Policy? |
| title_full | Does Central Bank Capital Matter for Monetary Policy? Tovar Mora, Camilo Ernesto |
| title_fullStr | Does Central Bank Capital Matter for Monetary Policy? Tovar Mora, Camilo Ernesto |
| title_full_unstemmed | Does Central Bank Capital Matter for Monetary Policy? Tovar Mora, Camilo Ernesto |
| title_short | Does Central Bank Capital Matter for Monetary Policy? |
| title_sort | does central bank capital matter for monetary policy |
| url | http://elibrary.imf.org/view/IMF001/12659-9781463937782/12659-9781463937782/12659-9781463937782.xml |
| work_keys_str_mv | AT tovarmoracamiloernesto doescentralbankcapitalmatterformonetarypolicy AT adlergustavo doescentralbankcapitalmatterformonetarypolicy AT castropedro doescentralbankcapitalmatterformonetarypolicy |