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Payment system innovations and financial intermediation : the case of Indonesia
Lubis, Alexander; Alexiou, Constantinos; Nellis, Joseph G. - 2019
This paper explores the relationship between innovations in payment systems and financial intermediation. By focusing on excess reserves and the currency demand, we provide evidence on the extant transmission mechanism. In this direction, we applied the generalized method of moments (GMM) and...
Persistent link: https://www.econbiz.de/10012037819
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The changing nature of financial intermediation and the financial crisis of 2007-09
Adrian, Tobias; Shin, Hyun Song - 2010
The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the "shadow banking system," which grew out of the securitization of assets and the integration of banking with capital market developments. This trend was most pronounced in the...
Persistent link: https://www.econbiz.de/10003948811
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Twenty Years of Unconventional Monetary Policies : Lessons and Way Forward for the Bank of Japan
Westelius, Niklas - 2021
The Bank of Japan has used unconventional monetary policies to fight deflation and stabilize the financial system since … the late 1990s. While the Bank of Japan's reflation efforts have evolved over time, inflation and inflation expectations … have remained stubbornly low. This paper examines the evolution of monetary policy in Japan over the past twenty years, in …
Persistent link: https://www.econbiz.de/10013252055
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Central bank crisis interventions : a review of the recent literature on potential costs
Aldridge, Patrick; Cimon, David A.; Vala, Rishi - 2023
Central banks may engage in large-scale lending and asset purchases to stabilize financial markets and implement monetary policy during crises. The ability of these actions to restore financial market functioning is well documented; however, they come with costs. We provide a literature review of...
Persistent link: https://www.econbiz.de/10014439058
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Monetary Finance
Galle, Brian D.; Listokin, Yair - 2021
Conventional economic wisdom holds that governments cannot pay their bills by printing money. Running the printing press—or, at modern central banks, tapping a few keys to create electronic funds—causes inflation, and inflation can destroy economies. Yet as it turns out, since 2008 developed...
Persistent link: https://www.econbiz.de/10013219360
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Japan's Deflation, Problems in the Financial System and Monetary Policy
Baba, Naohiko; Nishioka, Shinichi; Oda, Nobuyuki; … - 2013
On 18-19 June 2004, the BIS held a conference on "Understanding Low Inflation and Deflation". This event brought together central bankers, academics and market practitioners to exchange views on this issue (see the conference programme in this document). This paper was presented at the workshop....
Persistent link: https://www.econbiz.de/10014060780
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Central Banks : Reform or Abolish?
O'Driscoll, Gerald P. - 2013
Advocates of central bank reform must examine why central banks emerged and what forces sustain them. They did not arise in an institutional vacuum, and will not be reformed in an institutional vacuum. The historical origins of central banks explain how they came into existence. The forces...
Persistent link: https://www.econbiz.de/10014160636
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Patterns of Financial Intermediation in Thailand : Implications for Central Bank Policy
Thailand, Bank of - 2015
Over the past decade, the domestic bond market and specialised financial institutions (SFIs) have played a greater role in financial intermediation in Thailand. The bond market's increasing importance in financial resource allocation is due mainly to a set of policies to promote the financial...
Persistent link: https://www.econbiz.de/10013011668
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Changing Patterns of Financial Intermediation : Implications for Central Bank Policy
2015
Persistent link: https://www.econbiz.de/10013011766
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Central bank collateral frameworks
Nyborg, Kjell G. - 2015
This paper seeks to inform about a feature of monetary policy that is largely overlooked, yet occupies a central role in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood by the observation that the money at the core of these...
Persistent link: https://www.econbiz.de/10011296085