Transparency In Central Bank Operations In The Foreign Exchange Market
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Transparency in Central Bank Operations in the Foreign Exchange Market
Author | : Mr.Charles Enoch |
Publsiher | : International Monetary Fund |
Total Pages | : 24 |
Release | : 1998-03-01 |
Genre | : Business & Economics |
ISBN | : 9781451974430 |
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Transparency in the economic sphere involves making public sector action visible and understandable to the private sector. Transparency in central bank operations can be seen a complement to the greater transparency being established in policy formulation. Among the most important areas in this regard and the central bank’s operations in the foreign exchange market. This paper looks at the respective roles of overt and covert foreign exchange market operations, and considers that each may be appropriate under particular conditions. Reconciling covert operations with transparency requires rules for full disclosure with as short a lag as possible.
Transparency Versus Constructive Ambiguity in Foreign Exchange Intervention
Author | : Priscilla Chiu |
Publsiher | : Unknown |
Total Pages | : 36 |
Release | : 2003 |
Genre | : Banks and banking, Central |
ISBN | : IND:30000092683071 |
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Official Intervention in the Foreign Exchange Market
Author | : Roberto Pereira Guimarães,Mr.Jorge Iván Canales Kriljenko,Mr.Cem Karacadag |
Publsiher | : International Monetary Fund |
Total Pages | : 45 |
Release | : 2003-07-01 |
Genre | : Business & Economics |
ISBN | : 9781451857115 |
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This paper offers guidance on the operational aspects of official intervention in the foreign exchange market, particularly in developing countries with flexible exchange rate regimes. A brief survey of the literature and country experience is followed by an analysis of the objectives, timing, amount, degree of transparency, and choice of markets and counterparties in conducting intervention. The analysis highlights the difficulty of detecting exchange rate misalignments and disorderly markets, and argues in favor of parsimony in official intervention. Determining the timing and amount of intervention is a highly subjective excercise, and some degree of discretion is almost necessary, though policy rules may serve as "rules of thumb."
Transparency and Ambiguity in Central Bank Safety Net Operations
Author | : Mr.Charles Enoch |
Publsiher | : International Monetary Fund |
Total Pages | : 29 |
Release | : 1997-10-01 |
Genre | : Business & Economics |
ISBN | : 9781451930115 |
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To mitigate the risks of contagion from problems arising in the banking sector, many countries operate some form of banking sector safety net. Such safety nets generally involve a judicious mixture of transparency and ambiguity. This ambiguity may be important to counter moral hazard effects but may lead to excessive forbearance in the face of banking problems. While the scope for ambiguity has been declining, some ambiguity in the handling of individual institutions remains. In any case, ex post transparency is essential for reviewing the propriety of any assistance and preserving the authorities’ future reputation and policy credibility.
Official Foreign Exchange Intervention
Author | : Mr.Jorge Iván Canales Kriljenko,Mr.Cem Karacadag,Roberto Pereira Guimarães,Mr.Shogo Ishii |
Publsiher | : International Monetary Fund |
Total Pages | : 58 |
Release | : 2006-03-02 |
Genre | : Business & Economics |
ISBN | : 1589064216 |
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Despite increasing exchange rate flexibility, central banks in emerging markets still intervene in their foreign exchange markets for several reasons. In doing so, they face many operational questions, including on the degree of transparency and the choice of markets and counterparties. This paper identifies elements of best practice in official foreign exchange intervention, presents survey evidence on intervention practices in developing countries, and assesses the effectiveness of intervention in Mexico and Turkey.
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.
Central Bank Transparency Code Review Guidance Note
Author | : International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept. |
Publsiher | : International Monetary Fund |
Total Pages | : 40 |
Release | : 2023-11-17 |
Genre | : Business & Economics |
ISBN | : 9798400258206 |
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This document provides guidance and practical suggestions for conducting reviews of the Central Bank Transparency Code (CBT) to IMF staff and experts conducting reviews, as well as to the central banks participating or intending to participate in the CBT review.
Central Banks Use of Derivatives and Other Contingent Liabilities
Author | : Mario I. Bléjer,Liliana Schumacher |
Publsiher | : International Monetary Fund |
Total Pages | : 24 |
Release | : 2000-03 |
Genre | : Business & Economics |
ISBN | : UCSD:31822028586352 |
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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, increase the risk and reduce the transparency of central bank accounts. This in turn makes more difficult the assessment of the financial position of the monetary authority and, by implication, of the macroeconomic conditions of the country. To deal with this issue, we suggest a comprehensive portfolio approach that values, in an economic sense, all assets and liabilities of the central bank.