Central Banking : Theory and Practice in Sustaining Monetary and Financial Stability.
Thammarak. Moenjak
Bok Engelsk 2014 · Electronic books.
| Omfang | 1 online resource (335 pages)
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| Utgave | 1st ed.
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| Opplysninger | Intro -- Central Banking: Theory and Practice in Sustaining Monetary and Financial Stability -- Copyright -- Contents -- Preface -- Acknowledgments -- About the Author -- Part One: An Introduction to Central Banking -- Chapter 1: A Brief Look at Central Banking History -- 1.1 Prior to Central Banking -- 1.2 Coin Sorting and Storing -- 1.3 Banknote Issuance -- 1.4 Banker to the Government -- 1.5 Banker to Banks -- 1.6 Protector of the Financial System: Lender of Last Resort -- 1.7 Bank Supervisor -- 1.8 Conductor of Monetary Policy -- The Gold Standard and Passive Monetary Policy -- Bretton Woods and the Move toward Activist Monetary Policy -- Taming Inflation: Money Supply Growth Targeting -- Maintaining Monetary Stability: Inflation Targeting -- Common Currency: The Creation of the Euro -- 1.9 The Current Stage of Central Banking -- Commonalities in Modern Central Banking -- Diversity in Modern Central Banking -- Self-Reexamination after the 2007-2010 Global Financial Crisis -- Summary -- Key Terms -- Questions -- Chapter 2: A Brief Overview of the International Monetary System -- 2.1 Evolution of the International Monetary System: Before the End of World War II -- The Gold Standard -- The Gold Exchange Standard -- The Great Depression and the 1930s: Turmoil in the International Financial System -- 2.2 Evolution of the International Monetary System: The Bretton Woods System -- The Bretton Woods System -- The International Monetary Fund -- Pressures on the Bretton Woods System -- The Demise of the Bretton Woods System -- 2.3 After Bretton Woods -- The Great Inflation of the 1970s -- Speculative Attacks on Advanced European and Emerging-Market Currencies in the 1990s -- The Introduction of the Euro -- The Global Financial Crisis of 2007-2010 -- 2.4 Going Forward -- Summary -- Key Terms -- Questions.. - Chapter 3: Modern Central Banking Roles and Functions: What Exactly Is a Central Bank? -- 3.1 Modern Central Banking: An Overview of Roles and Functions -- The Ultimate Creator of Money: Money Issuance -- The Regulation of Money Conditions: The Conduct of Monetary Policy -- Payment Systems Oversight and Provision -- Lender of Last Resort -- Bank Supervisor -- 3.2 To Supervise Banks or Not? -- 3.3 So What Exactly Is a Modern Central Bank after All? -- Summary -- Key Terms -- Questions -- Chapter 4: A Brief Review of Modern Central Banking Mandates: What Are the Goals That Modern Central Banks Try to Achieve? -- 4.1 An Overview of Modern Central Banking Mandates -- The Evolving Nature of Mandates -- The Intertwining Nature of Mandates -- A Note on the Full Employment Mandate -- 4.2 Monetary Stability -- Monetary Stability versus Price Stability -- Why It Is Important -- 4.3 Financial Stability -- Liquidity Shortages -- Overindebtedness of Economic Agents -- Why It Is Important -- 4.4 Full Employment -- Why It Is Important -- 4.5 Balancing among the Three Mandates -- Stylizing the Central Bank's Monetary Policy Actions: The Taylor Rule -- Pursuit of the Different Mandates -- Summary -- Key Terms -- Questions -- Part Two: Monetary Stability -- Chapter 5: Theoretical Foundations of the Practice of Modern Monetary Policy -- 5.1 An Overview of Theoretical Foundations -- 5.2 The Quantity Theory of Money -- The Quantity Theory of Money and Hyperinflation -- 5.3 The Phillips Curve -- The Phillips Curve and Economic Fine-Tuning -- 5.4 The Natural Rate of Unemployment -- Nonaccelerating Inflation Rate of Unemployment (NAIRU) -- NAIRU and the Vertical Long-Run Phillips Curve -- Shifting NAIRU -- 5.5 Rational Expectations -- The Lucas Critique -- The Policy Ineffectiveness Proposition -- Irrationality and Other Technical Matters -- 5.6 Time Inconsistency Problem.. - Monetary Policy Rules -- The Central Bank's Operational Independence -- 5.7 Taking Them All Together -- Summary -- Key Terms -- Questions -- Chapter 6: Monetary Policy Regimes: What Monetary Policy Rules a Central Bank Can Use to Achieve Monetary Stability -- 6.1 An Overview of Monetary Policy Rules or Monetary Policy Regimes -- 6.2 Exchange Rate Targeting -- A Stylized Model of Exchange Rate Targeting -- Exchange Rate Targeting in the Real World -- 6.3 Money Supply Growth Targeting -- A Stylized Model of Money Supply Growth Targeting -- Money Supply Growth Targeting in the Real World -- 6.4 The Risk Management Approach -- A Stylized Model of the Risk Management Approach: The Taylor Rule -- The Risk Management Approach in the Real World -- 6.5 Inflation Targeting -- A Stylized Model of Inflation Targeting -- Inflation Targeting in the Real World -- 6.6 Unconventional Monetary Policy -- A Stylized Model of Quantitative Easing -- Unconventional Monetary Policy in the United States -- Challenges to Unconventional Monetary Policy -- Summary -- Key Terms -- Questions -- Chapter 7: Monetary Policy Implementation: Financial Market Operations -- 7.1 Central Bank Operations in the Financial Market: An Overview -- The Money Market -- Central Bank's Influences in the Money Market -- 7.2 Transmission of Money Market Interest Rates to Other Interest Rates in the Economy -- The Yield Curve -- 7.3 Monetary Policy and the Yield Curve -- The Effects of the Policy Interest Rate on the Long End of the Yield Curve -- The Yield Curve as a Leading Economic Indicator -- Unconventional Monetary Policy and the Yield Curve -- Summary -- Key Terms -- Questions -- Chapter 8: The Monetary Policy Transmission Mechanism: How Changes in Interest Rates Affect Households, Firms, Financial Institutions, Economic Activity, and Inflation -- 8.1 Monetary Policy and Households' Behavior.. - Sustaining Financial Stability: Dealing with Threats to Financial Markets Ex Ante.. - The Inherent Interrelationships between the Macroeconomy, Financial Institutions, and Financial Markets -- Financial Stability and the Organization of Central Banks -- 10.3 Financial Stability: Theoretical Foundations -- The Macroeconomy: Interaction between Financial and Economic Cycles -- Financial Institutions: Intermediation, Bank Runs, and Banking System Resiliency -- Financial Markets: Reasons for Market Failures -- Summary -- Key Terms -- Questions -- Chapter 11: Financial Stability: Monitoring and Identifying Risks -- 11.1 Monitoring and Identifying Risks in the Macroeconomy -- The Household Sector -- The Corporate Sector -- The Government Sector -- The External Sector -- Asset Price Bubbles -- The Link between the Macroeconomy and Financial Stability -- 11.2 Monitoring and Identifying Risks to Financial Institutions -- Key Types of Risks to Individual Financial Institutions: Credit, Market, Liquidity, and Operational -- Assessing Individual Institutions' Risks -- Monitoring and Identifying Risks in the Financial Institutions System -- Risk Distribution within the Financial Network -- Risk Concentration: Systemically Important Financial Institutions (SIFIs) -- 11.3 Financial Markets -- Prices and Yields -- Spreads -- Net Open Positions -- Summary -- Key Terms -- Questions -- Chapter 12: Financial Stability: Intervention Tools -- 12.1 The Macroeconomy -- The Debate on the Use of Monetary Policy for the Maintenance of Financial Stability -- Sustaining Financial Stability: Dealing with Threats Against the Macroeconomy Ex Ante -- Sustaining Financial Stability: Dealing with Risks within the Macroeconomy Ex Post -- 12.2 Financial Institutions -- Sustaining Financial Stability: Dealing with Threats to Financial Institutions Ex Ante -- Sustaining Financial Stability: Dealing with Threats to Financial Institutions Ex Post -- 12.3 Financial Markets.. - The Intertemporal Substitution Effect: Consumption Today versus Consumption Tomorrow -- The Income Effect -- The Wealth Effect -- The Exchange Rate Effect -- Taking the Four Effects Together: The Effect on Household Consumption and Savings -- 8.2 Monetary Policy and Firms' Behavior -- The Funding Costs Effect -- The Asset Price Effect -- The Exchange Rate Effect -- 8.3 Expectations and Second-Round Effects on Household and Firm Behavior -- The Expectations Effect -- Second-Round Effects -- 8.4 Monetary Policy and Financial Institutions -- The Credit Channel -- The Balance Sheet Channel -- 8.5 Time Lags and Uncertainty in Monetary Policy Transmission -- The Conduct of Monetary Policy Given Time Lags and Uncertainty -- Summary -- Key Terms -- Questions -- Chapter 9: The Exchange Rate and Central Banking -- 9.1 The Exchange Rate, Monetary Stability, Financial Stability, and Macroeconomic Stability -- In Theory -- In Practice -- 9.2 Exchange Rate Regimes -- A Spectrum of Exchange Rate Regimes -- The Rigid Peg End -- The Free-Float End -- The Middle Options -- 9.3 Exchange Rate Theories -- Purchasing Power Parity -- Uncovered Interest Parity (UIP) -- Exchange Rate Market Microstructure -- Implications of Exchange Rate Theories for Exchange Rate Policy -- 9.4 Dealing with the Exchange Rate in Practice -- Dealing with the Exchange Rate: The Macro Concepts -- Dealing with the Exchange Rate: The Operations Level -- Management of Official Foreign Reserves: The Other Side of the Central Bank's Balance Sheet -- Summary -- Key Terms -- Questions -- Part Three: Financial Stability -- Chapter 10: Financial Stability: Definition, Analytical Framework, and Theoretical Foundation -- 10.1 Definitions of Financial Stability -- 10.2 A Practical Analytical Framework: The Macroeconomy, Financial Institutions, and Financial Markets.. - Understand the theories and interpret the actions of modern central banks Central Banking takes a comprehensive look at the topic of central banking, and provides readers with an understanding and insights into the roles and functions of modern central banks in advanced as well as emerging economies, theories behind their thinking, and actual operations practices. The book takes a systematic approach to the topic, while providing an accessible format and style that is appropriate for general audiences and students with only a minimal macroeconomic background. Theoretical reviews and examples of how the theories are applied in practice are presented in an easy-to-understand manner and serve as a guide for readers to further investigate specific ancillary central banking topics and as a means to make informed judgments about central bank actions. Important topics covered in the book include: Evolution of central banking functions and the international monetary system Theoretical backgrounds that are the foundation to the modern practice of monetary policy Monetary policy regimes, including exchange rate targeting, money supply growth targeting, the risk management approach, inflation targeting, and unconventional monetary policy. Actual practice in market operations and transmission mechanisms of monetary policy The exchange rate and central banking Theoretical backgrounds related to various dimensions of financial stability Current developments with regards to sustaining financial stability The future of central banking in the wake of the 2007-2010 global financial crisis Case studies on relevant practical issues and key concepts in central banking Designed as essential reading for students, market analysts, investors, and central banks' new recruits, Central Banking better positions readers to interpret the actions of central banks and to. - understand the complexities of their position in the global financial arena.
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| Emner | |
| Sjanger | |
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| ISBN | 9781118832554
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