Showing 51 - 60 of 833,852
We study the macroeconomic consequences of issuing central bank digital currency (CBDC) — a universally accessible and interest-bearing central bank liability, implemented via distributed ledgers, that competes with bank deposits as medium of exchange. In a DSGE model calibrated to match the...
Persistent link: https://www.econbiz.de/10012986626
The present study is structured in two Chapters – the first containing three Sections and the second two – as follows:(a) Chapter One focuses on the European Central Bank (ECB) within the European System of Central Banks (ESCB):• the first two Sections (A and B) briefly discuss the...
Persistent link: https://www.econbiz.de/10012921800
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...
Persistent link: https://www.econbiz.de/10013210773
This paper studies the effect of central bank collateral policy on bank credit supply and the real economy. In 2007, the European Central Bank replaced national collateral lists with a single list valid across the euro area. Banks holding newly eligible assets experienced a reduction in their...
Persistent link: https://www.econbiz.de/10013313482
We quantify the impact that central bank refinancing operations and funding facilities had at reducing the banking sector’s intrinsic fragility in the euro area in 2014-2019. We do so by constructing, estimating and calibrating a micro-structural model of imperfect competition in the banking...
Persistent link: https://www.econbiz.de/10013315230
We show that a reduction in lender of last resort (LOLR) policy uncertainty posi-tively affects bank lending and propagates to investment and employment. We exploita unique policy that reduced uncertainty regarding the availability of future LOLRfunding for banks as a quasi-natural experiment....
Persistent link: https://www.econbiz.de/10012426306
This chapter provides an expository and teleological account of central bank digital currencies (CBDCs) through the prism of the eNaira, Nigeria’s CBDC. This chapter argues that the central bank’s legal authority to issue the eNaira is nebulous and the eNaira adds no unique value to Nigeria...
Persistent link: https://www.econbiz.de/10014235622
This study uses meta-SWOT analysis to asses the internal strength and weaknesses, as well as the external opportunities and threats, followed by the determination of most optimal CBDC design in emerging economies. In analyzing internal aspects, CBDC allows us to have an efficient payment system,...
Persistent link: https://www.econbiz.de/10014258427
The U.S. Federal Reserve has committed hundreds of billions of dollars in unprecedented lending activities and purchases of mortgage-backed securities based upon its authority under the Federal Reserve Act, and particularly upon its interpretation of Section 13(3), a formerly untested and unused...
Persistent link: https://www.econbiz.de/10013094881
Using a DSGE framework, we discuss the optimal design of monetary policy for an economy where both retail banks and shadow banks serve as financial intermediaries. We get the following results. During crises times, a standard Taylor rule fails to reach sufficient stimulus. Direct asset purchases...
Persistent link: https://www.econbiz.de/10011671242