Showing 1 - 10 of 30
We study the characteristics of inflation targeting as a shock absorber, using quarterly data for a large panel of countries. To overcome an endogeneity problem between monetary regimes and the likelihood of crises, we propose to study large natural disasters. We find that inflation targeting...
Persistent link: https://www.econbiz.de/10011790769
Persistent link: https://www.econbiz.de/10003686644
This study examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and a highly effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works very well in terms...
Persistent link: https://www.econbiz.de/10011382669
Persistent link: https://www.econbiz.de/10001707338
This study examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing...
Persistent link: https://www.econbiz.de/10011638977
Given the rapidly declining demand for central bank reserves and their gradual replacement in wholesale payments by alternative forms of money—clearinghouse moneyand treasury money—this paper discusses whether the complete extinction of base money could undermine monetary control. It argues...
Persistent link: https://www.econbiz.de/10014400970
Determinants of central banks'' profitability are studied using a statistical analysis of their balance sheets, country characteristics, and the macroeconomic and institutional environments in which they operate. Central banks at both tails of the distribution of profits generally operate in...
Persistent link: https://www.econbiz.de/10014404298
This paper evaluates ways to protect highly dollarized banking systems from systemic liquidity runs (such as the ones that took place recently in Argentina, Uruguay, and Paraguay). In view of the limitations of available (private or official) insurance schemes, and the distortions introduced by...
Persistent link: https://www.econbiz.de/10014404199
This paper provides a simple, quantitative, net worth-based, approach to assessing the need for central bank capital. It derives a concept of ""core capital"" (a function of the central bank''s operating expenditures and the carrying cost of its international reserves) as the minimum capital...
Persistent link: https://www.econbiz.de/10014401143
This paper reviews how central banks allocate seigniorage, based on systematic crosscountry comparisons of their financial accounts. Central banks are classified as weak or strong, depending upon their structural profitability. Weak central banks typically (although not exclusively) operate in...
Persistent link: https://www.econbiz.de/10014399991