Central Bank Governance and Oversight Reform PDF Download

Author: John Cochrane
Publisher: Hoover Press
ISBN: 0817919260
Category : Business & Economics
Languages : en
Pages : 344

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Book Description
A central bank needs authority and a sphere of independent action. But a central bank cannot become an unelected czar with sweeping, unaccountable discretionary power. How can we balance the central bank's authority and independence with needed accountability and constraints? Drawn from a 2015 Hoover Institution conference, this book features distinguished scholars and policy makers' discussing this and other key questions about the Fed.

Author: Wouter Bossu
Publisher: International Monetary Fund
ISBN: 1513524054
Category : Business & Economics
Languages : en
Pages : 71

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Book Description
This paper discusses key legal issues in the design of Board Oversight in central banks. Central banks are complex and sophisticated organizations that are challenging to manage. While most economic literature focuses on decision-making in the context of monetary policy formulation, this paper focuses on the Board oversight of central banks—a central feature of sound governance. This form of oversight is the decision-making responsibility through which an internal body of the central bank—the Oversight Board—ensures that the central bank is well-managed. First, the paper will contextualize the role of Board oversight into the broader legal structure for central bank governance by considering this form of oversight as one of the core decision-making responsibilities of central banks. Secondly, the paper will focus on a number of important legal design issues for Board Oversight, by contrasting the current practices of the IMF membership’s 174 central banks with staff’s advisory practice developed over the past 50 years.

Author: Tonny Lybek
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 58

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Book Description
This paper identifies issues to consider when designing the structure, size, and composition of the governing boards and management of a central bank. While central bank autonomy and accountability are generally accepted as good practice, there is less consensus regarding the structure, size, and composition of the governing bodies. This paper surveys 101 central bank laws covering 113 countries and classifies the governance structure according to degree of autonomy, functions performed, size, composition, appointment procedures, and terms of the members. The paper concludes that an appropriate balance must be struck between the functions of the governing entities, simplicity, and country specific factors. The functions of the various bodies follow logically if a greater appreciation exists for the type of autonomy delegated to the central bank.

Author:
Publisher:
ISBN: 9789291977918
Category :
Languages : en
Pages : 189

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Author: Ashraf Khan
Publisher: International Monetary Fund
ISBN: 1498376053
Category : Business & Economics
Languages : en
Pages : 51

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Book Description
This paper argues that nonfinancial risk management is an essential element of good governance of central banks. It provides a funnelled analysis, on the basis of selected literature, by (i) presenting an outline of central bank governance in general; (ii) zooming in on internal governance and organization issues of central banks; (iii) highlighting the main issues with nonfinancial risk management; and (iv) ending with recommendations for future work. It shows how attention for nonfinancial risk management has been growing, and how this has amplified the call for better governance of central banks. It stresses that in the area of nonfinancial risk management there are no crucial differences between commercial and central banks: both have people, processes, procedures, and structures. It highlights policy areas to be explored.

Author: Ravi Kumar Jain
Publisher: SBS Publishers
ISBN: 9788131427095
Category : Banks and banking, Central
Languages : en
Pages : 226

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Book Description
CONTENTS: Central Banking Governance -- Insights; Central Bank Independence & Governance: Definitions & Modelling; Central Bank Independence & Policy Results: Theory & Evidence; Communicating a Policy Path: The Next Frontier in Central Bank Transparency?; Governance Structures & Decision -- Making Roles in Inflation Targeting Central Banks; Central Bank Governance: Maintaining Arm's Length from those in Power; Risk Based Supervision: Legal & Supervisory Implications; Central Bank Financial Strength, Transparency, & Policy Credibility; Payment System Governance; Transparency & Communication Policy in Japan; Rising New Governance Regime in Monetary Policy: A Review of ECB & Fed.

Author: B. Laurens
Publisher: Springer
ISBN: 0230282121
Category : Business & Economics
Languages : en
Pages : 270

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Book Description
This book explores three key areas of central banking and governance - autonomy, accountability and transparency. It looks at links between the areas, as well as assessing the impact of central bank autonomy on macroeconomic performance. The issues are approached from theoretical and empirical perspectives.

Author: Ms. Marianne Bechara
Publisher: International Monetary Fund
ISBN: 1513592475
Category : Business & Economics
Languages : en
Pages : 23

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Book Description
Fintech presents unique opportunities for central banks. The rapid changes in technology that are transforming the financial system will allow central banks to enhance the execution of various of their core functions, such as currency issuance and payment systems. But some aspects of fintech pose major challenges. Central banks have always been at the cutting edge of financial technology and innovation. In the past, the invention of the banknote, the processing of payments through debits and credits in book-entry accounts, and the successive transitions of interbank payment systems from the telegraph to internet protocols were all transformative innovations. Today, central banks are facing new and unprecedented challenges: distributed ledger technology, new data analytics (artificial intelligence [AI] and machine learning), and cloud computing, along with a wider spread of mobile access and increased internet speed and bandwidth. The purpose of this note is to discuss the authors’ preliminary views on how, from a legal perspective, central banks can best deal with the impact of fintech on their governance. These preliminary views are based on a review of central banks’ reaction thus far to the challenges posed by fintech to the legal foundations of their governance.

Author: Lucia Quaglia
Publisher: Routledge
ISBN: 113409020X
Category : Business & Economics
Languages : en
Pages : 205

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Book Description
This volume explores the politics and public policy aspects of central banking in Europe through a theoretically-informed and empirically-grounded analysis of central banking governance before and after the establishment of the Economic and Monetary Union.

Author: Sylvester C. W. Eijffinger
Publisher: Edward Elgar Publishing
ISBN: 9781783472970
Category : Banks and banking, Central
Languages : en
Pages : 0

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Book Description
The objective of this note is to present the evolution of both the economics and the political economy of monetary policy in the last three decades - first the Great Moderation and then the Financial Crisis - as a story of two intertwined tales: on the one side the tale of how to govern money and interest rates in the short run; on the other side the tale of how to design in a longer horizon the monetary architectures. In the tradition the two tales are told separately, where the academic scholars preferred to focus essentially on the first perspective while only the central bankers and partially the policymakers were also sensible to the engineering of the monetary settings. The big innovation in the modern monetary policy was the progressive merger of the analysis of the macroeconomic effects of the public choices in the monetary games played day by day (monetary policy) with the study of the structural features that characterized both the monetary players - governments and central bankers - as well as the rules and institutions of the monetary games that shape goals and incentives of the players (central bankers and other economic agents).