In most of the existing academic literature the notion of transparency in monetary policy is defined in too simple terms to be of practical relevance. This paper suggests a conceptual framework, which distinguishes different - and potentially conflicting - aspects of transparency. When there are...

Central banks (CB) around the world are currently exploring the implications of issuing a new form of sovereign currency known as Central Bank Digital Currency (CBDC). Introducing CBDC is a compelling need for governments and CBs alike, as powerful private players have already taken the lead in...

Over the past fourteen years, the U.S. Federal Reserve has rescued overleveraged financial companies, purchased trillions of dollars of mortgage-backed securities, and created novel facilities to support ordinary businesses, nonprofits, and local governments. While some argue that the Fed has...

This article explores legal and constitutional dimensions of central banks’ powers to create money, ‘central bank reserves’, through monetary policy operations. Despite the prominence of monetary authority since the Financial Crisis, the law supporting the creation of central bank reserves...

Global economic digitization continues to advance at exponential speed. This development is in sharp contrast to the financial sector and payment systems that still operate on legacy infrastructure that lacks the flexibility to serve those technology needs. Further, the emergence of...

The study seeks to provide a critique of the theoretical framework of economic governance as it relates to the financial sector in Zimbabwe and identify institutions in the financial sector and explain their roles. It also seeks to unpack the concepts related to the banking or the financial...

New and innovative payment systems are often hailed as historic steps forward. Central banks worldwide have encouraged technological progress in these systems to improve the accessibility and efficiency of payment. This has always been in the self-interest of central banks to fulfil their...

This paper documents the political interference in the monetary policy and governance of the Central Bank of the Republic of Turkey (CBRT). Converting textual governor biographies into quantitative data, the study develops professional qualification profiles (PQPs) and compares Turkey’s...