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mandatory central clearing frameworks in place, covering at least 90 percent of all standardized OTC derivatives in their … clearing, also in light of the international dimension of OTC derivatives contracts. This paper examines the policy options … available to countries that have yet to fully conform to the clearing mandate, centered on the setup of local CCPs or on the use …
Persistent link: https://www.econbiz.de/10013170536
The Czech National Bank has a respectable track record in terms of its policy actions and the corresponding inflation outturns. Using a simple forward-looking policy rule, we find that its main communication tools-inflation targets, inflation forecasts, verbal assessments of the inflation risks...
Persistent link: https://www.econbiz.de/10014401752
This paper provides evidence that central bank interventions had a statistically significant impact on easing stress in unsecured interbank markets during the first phase of the subprime crisis which began in July 2007. Extraordinary liquidity provisions, such as the Term Auction Facility by the...
Persistent link: https://www.econbiz.de/10014402375
The global financial crisis (GFC) has renewed interest in emergency liquidity support (sometimes referred to as 'Lender of Last Resort') provided by central banks to financial institutions and challenged the traditional way of conducting these operations. Despite a vast literature on the topic,...
Persistent link: https://www.econbiz.de/10011436788
Based on technical assistance to central banks by the IMF's Monetary and Capital Markets Department and Information Technology Department, this paper examines fintech and the related area of cybersecurity from the perspective of central bank risk management. The paper draws on findings from the...
Persistent link: https://www.econbiz.de/10012604809
This paper describes how behavioral elements are relevant to financial supervision, regulation, and central banking. It focuses on (1) behavioral effects of norms (social, legal, and market); (2) behavior of others (internalization, identification, and compliance); and (3) psychological biases....
Persistent link: https://www.econbiz.de/10011905870
This paper argues that central bank legal protection contributes to safeguarding a central bank and its financial supervisor's independence, especially for conducting monetary and financial stability policy. However, such legal protection also entails enhanced accountability. To this end, the...
Persistent link: https://www.econbiz.de/10011905876
of clearing and settlement systems. Since the optimal solution may well be path-dependent and specific to the development …
Persistent link: https://www.econbiz.de/10014403168
Whereas some central bank derivatives and other contingent liabilities arise from anomalous circumstances, there are a number of positive reasons that explain their popularity. After analyzing the rationale for these operations, we stress that most of these operations, being off-balance sheet,...
Persistent link: https://www.econbiz.de/10014399873
Persistent link: https://www.econbiz.de/10011282760