Showing 1 - 10 of 37
In the face of the recent financial crisis, central banks have varied the size and structure of their balance sheets. Such actions attempt to exploit additional instruments of central bank policy that go beyond the traditional monetary policy instrument (ie control over the shortterm interest...
Persistent link: https://www.econbiz.de/10013089503
To reinforce the long-term sustainability of public finances, the South African National Treasury has proposed a set of fiscal guidelines informed by three principles, namely: a counter-cyclical fiscal stance, long-term debt sustainability and inter-generational equity. Owing to the sound...
Persistent link: https://www.econbiz.de/10013088093
This paper covers fiscal policy tools that promote sustainability and their influence on monetary policy in Russia, the Bank of Russia's role in public debt management and main features of the domestic currency public debt market. At present Russia's budgetary circumstances are quite favourable,...
Persistent link: https://www.econbiz.de/10013088107
This paper focuses on the interactions between public debt policy and foreign exchange reserve management. We found that, although foreign currency debt issuance can contribute significantly to the growth of foreign exchange reserves, it can cause serious difficulties in the assessment of...
Persistent link: https://www.econbiz.de/10013088111
The global financial crisis showed that both authorities and markets failed to properly assess the size and the evolution of the public debt stock in various economies. In some countries the monetary authorities focused excessively on inflation, without taking into account other key...
Persistent link: https://www.econbiz.de/10013088186
The size and maturity structure of the government debt market have important implications for monetary policy, especially in EMEs. This paper documents the remarkable growth of the market over the past decade in terms of size, issuance and maturity structure of combined government and central...
Persistent link: https://www.econbiz.de/10013088187
This contribution, which is part of BIS Paper 66, gives an Indian perspective on the issue of sovereign debt management and the central bank.Full publication: "http://ssrn.com/abstract=2166373" Are Central Bank Balance Sheets in Asia Too Large?
Persistent link: https://www.econbiz.de/10013089496
We study the cross-border impact of quantitative easing (QE) in the major advanced economies, especially on emerging market economies. We first examine the cross-border financial market impact of central bank announcements of asset purchase programmes. We find marked QE announcement effects on...
Persistent link: https://www.econbiz.de/10013089500
In the aftermath of the Asian financial crisis of 1997–99, central banks and governments throughout the developing world have accumulated foreign exchange reserves and other official assets at an unprecedented rate. This paper shows that this official asset accumulation has driven a...
Persistent link: https://www.econbiz.de/10013089502
The expansion of central bank balance sheets and the changes in their composition during financial crises have been effective in rectifying market malfunction and stabilising financial markets in Japan and elsewhere. However, the unconventional policy measures are accompanied by costs, as they...
Persistent link: https://www.econbiz.de/10013089505