Central Bank Ratings
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Central Bank Ratings
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Author | : Indranarain Ramlall |
Publsiher | : Unknown |
Total Pages | : 0 |
Release | : 2022 |
Genre | : Electronic Book |
ISBN | : 3030987140 |
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"Since the global financial crisis began, central banks have taken a wide range of non-conventional policies in an effort to subdue the effects of economic recessions. Concurrently, the on-going credibility and stability of these banks has been increasingly under the spotlight. This timely and welcome research-based book proposes a new framework for the evaluation of central banks via ratings scores. It will help to fill an important gap in our knowledge by contributing to the debate on the question of central banking quality and how to assess it. As such, it is likely to be required reading for both practitioners and researchers of this topic." -Professor Chris Brooks, Henley Business School, University of Reading, UK When the global financial crisis broke, central banks in both the US and the UK undertook massive asset purchase programmes which resulted in considerable increase in assets. Cross-border spillover effects were noted across global economies. Balance sheet adjustments may eventually gnaw at the profit-earning capacities of central banks, and in extreme cases, negative equity can manifest. This updated book investigates a benchmark for comparing central banks. The author employs a unique and large set of metrics to gauge the quality of central banks and presents an argument to reflect upon international best practices covering 124 banks in this latest study. The study uses different criteria including the accounting body, research, presence of stress-testing exercises, inflation-targeting frameworks, staff efficiency, and languages of communication with the public, amongst others. The book begins by providing an overview of central banking, before exploring some stylized facts about central banks in unique detail. It then presents a ratings methodology for worldwide central banks to analyse the results. A backtesting exercise is included to validate the quality of the ratings obtained. The book concludes by offering insights into the comparison of central banks. Indranarain Ramlall is Associate Professor at the University of Mauritius. Prior to joining the University, he was Credit Corporate Officer at the State Bank of India (Mauritius), and then Fund Manager at Anglo-Mauritius Financial Services Limited. Dr. Ramlall previously worked within the Financial Markets Division and the Financial Stability Unit at the Bank of Mauritius (The Central Bank of Mauritius). At this time, he also served as a member of the Joint Working Group Committee on Debt Management and the Sub-Committee on Treasury Bill Allocation. His research interests include financial stability, central banking, risk management, economics and finance in Mauritius, investment analysis, quantitative techniques and econometric modelling, and the economics of climate change and Green Finance.
Canada
Author | : International Monetary Fund. Monetary and Capital Markets Department |
Publsiher | : International Monetary Fund |
Total Pages | : 100 |
Release | : 2022-09-28 |
Genre | : Business & Economics |
ISBN | : 9798400221248 |
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The Bank of Canada (BOC) sets a high benchmark for transparency, which is recognized by its stakeholders, thus maintaining a high level of trust and accountability. The BOC’s transparency practices are broadly aligned with expanded and comprehensive practices as defined by the IMF Central Bank Transparency Code (see Table 1). This is acknowledged by the BOC’s external stakeholders, who view the central bank as an open, dynamic, and transparent public institution.
Monetary Operations and Central Bank Balance Sheets in a World of Limited Government Securities
Author | : Mr.Mark Zelmer |
Publsiher | : International Monetary Fund |
Total Pages | : 25 |
Release | : 2001-12-01 |
Genre | : Business & Economics |
ISBN | : 9781451971583 |
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The limited supply of government securities in some industrial countries has important ramifications for the operating techniques used by central banks to implement monetary policy, provide credit to the financial sector, and also for the assets they hold on their balance sheets. The paper reviews the salient facts regarding industrial central bank balance sheets and operating techniques, and outlines different options for dealing with a limited supply of government securities. The main conclusion is that central banks may wish to consider extending credit using a broad range of assets as collateral, and engage in outright transactions of securities guaranteed by financial institutions.
Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit a Review of the Experience so Far
Author | : Mr.Mark R. Stone,Kotaro Ishi,Mr.Kenji Fujita |
Publsiher | : International Monetary Fund |
Total Pages | : 72 |
Release | : 2011-06-01 |
Genre | : Business & Economics |
ISBN | : 9781455268467 |
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What is the case for adding the unconventional balance sheet policies used by major central banks since 2007 to the standard policy toolkit? The record so far suggests that the new liquidity providing policies in support of financial stability generally warrant inclusion. As the balance sheet policies aimed at macroeconomic stability were used only by a small number of highly credible central banks facing a lower bound constraint on conventional interest rate policy, they are not relevant for most central banks or states of the world. Best practices of these policies are documented in this paper.
Central Bank Ratings
Author | : Indranarain Ramlall |
Publsiher | : Springer |
Total Pages | : 230 |
Release | : 2015-12-08 |
Genre | : Business & Economics |
ISBN | : 9781137524010 |
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When the global financial crisis broke, central banks in both the US and the UK undertook massive asset purchase programmes which resulted in considerable increase in assets. Cross-border spillover effects were noted across global economies. Balance sheet adjustments may eventually gnaw at the profit-earning capacities of central banks, and in extreme cases, negative equity can manifest. This study investigates a benchmark for comparing central banks. The author employs a unique and large set of metrics to gauge the quality of central banks and presents an argument to reflect upon international best practices. The study uses different criteria including the accounting body, research, presence of stress-testing exercises, inflation-targeting frameworks, staff efficiency, and languages of communication with the public, amongst others. The book begins by providing an overview of central banking, before exploring some stylized facts about central banks in unique detail. It then presents a ratings methodology for worldwide central banks to analyse the results. A backtesting exercise is included to validate the quality of the ratings obtained. The book concludes by offering insights into the comparison of central banks.
Quarterly Review
Author | : Central Bank of Malta |
Publsiher | : Unknown |
Total Pages | : 590 |
Release | : 1981 |
Genre | : Malta |
ISBN | : UOM:35128001608858 |
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The Central Bank Transparency Code Findings Of The Pilot Reviews
Author | : International Monetary Fund. Monetary and Capital Markets Department |
Publsiher | : International Monetary Fund |
Total Pages | : 32 |
Release | : 2023-03-15 |
Genre | : Business & Economics |
ISBN | : 9798400236327 |
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This paper reports to the Executive Board on the outcomes of the Central Bank Transparency Code (CBT) pilot reviews. The pilot CBT reviews helped central banks evaluate their transparency practices and strengthen dialogue with external stakeholders. The CBT pilots provided valuable information on the resources required for the reviews going forward. Staff will continue to offer CBT reviews to the rest of the membership. The staff will report back to the Board in FY2026 on the progress of the CBT reviews and an update to the Code following five years of implementation.
The New European Central Bank Taking Stock and Looking Ahead
Author | : Thomas Beukers,Diane Fromage,GIORGIO. FROMAGE MONTI (DIANE. BEUKERS, THOMAS.) |
Publsiher | : Oxford University Press |
Total Pages | : 481 |
Release | : 2022-12-02 |
Genre | : Law |
ISBN | : 9780198871231 |
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The European Central Bank (ECB) was first introduced in the European legal order on the occasion of the Treaty of Maastricht (1992). An official EU institution which is governed by EU law, the ECB of modern times differs vastly from its inception in 1998, which manifests in three main ways: monetary policy options, consideration of concerns other than low inflation in its policy-making, and its role in the Banking Union. This edited collection offers a retrospective and prospective account of the ECB, charting its evolution in detail with chapters written by leading academics and practitioners. Part 1 examines the substantive changes to monetary policy introduced by the ECB as a consequence of the financial and sovereign debt crisis by considering their legal basis. Part 2 moves beyond monetary policy by shifting to the new roles that the ECB has been called upon to play, notably in banking supervision and resolution. Parts 3 and 4 deal with transformations to inter- and intra-institutional relations, and take stock of these transformations, reflecting on the nature of the ECB of current times and which direction it could be heading in the future. The authors analyse the most salient and controversial elements of the ECB's crisis response, including unconventional monetary policy measures and the ECB's risk management strategy. Beyond monetary policy, the book further examines the role played by objectives such as financial stability and environmental sustainability, the ECB's relationship to the Lender of Last Resort function, as well as its new responsibilities in the Banking Union.