The Impact of Fintech on Central Bank Governance PDF Download

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: Ahmed, Farhan
Publisher: IGI Global
ISBN:
Category : Business & Economics
Languages : en
Pages : 334

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Book Description
In central banking, the need for effective governance and policy transformations has never been more pressing. Central banks serve as the bedrock of a nation's financial stability, and yet, they face an array of complex challenges in the modern era. The delicate balance between autonomy from government influence and the necessity of adapting to external economic forces has become increasingly elusive. As the world grapples with the aftermath of a global pandemic and persistent economic turbulence, the demand for innovative strategies to safeguard economic and financial stability has reached a crescendo. Central bankers, economists, and policy experts are left grappling with the daunting task of navigating these treacherous waters, in dire need of a compass to guide them toward a resilient future. Governance and Policy Transformations in Central Banking is a groundbreaking book that transcends traditional boundaries to offer a comprehensive solution to the complex challenges faced by central banks worldwide. This book not only diagnoses problems, it also presents a meticulously curated collection of new empirical and theoretical chapters that illuminate the path forward. It is an invaluable resource that empowers central banks with the knowledge and tools necessary for development, governance, and policy transformation.

Author: Mr. Ashraf Khan
Publisher: International Monetary Fund
ISBN: 1513582348
Category : Business & Economics
Languages : en
Pages : 75

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Book Description
Based on technical assistance to central banks by the IMF’s Monetary and Capital Markets Department and Information Technology Department, this paper examines fintech and the related area of cybersecurity from the perspective of central bank risk management. The paper draws on findings from the IMF Article IV Database, selected FSAP and country cases, and gives examples of central bank risks related to fintech and cybersecurity. The paper highlights that fintech- and cybersecurity-related risks for central banks should be addressed by operationalizing sound internal risk management by establishing and strengthening an integrated risk management approach throughout the organization, including a dedicated risk management unit, ongoing sensitizing and training of Board members and staff, clear reporting lines, assessing cyber resilience and security posture, and tying risk management into strategic planning.. Given the fast-evolving nature of such risks, central banks could make use of timely and regular inputs from external experts.

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: 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: Marlene Amstad
Publisher: Asian Development Bank
ISBN: 9784899742135
Category : Business & Economics
Languages : en
Pages : 400

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Book Description
This book provides a thorough introduction and historical overview of the principles and practices of digital currency and fintech in Asia. It covers the theory of central bank digital currency and examines regulatory aspects, economic digitalization, financial inclusion, and the role of SMEs. Selected case studies offer in-depth insights into recent fintech developments in major economies, including Australia; Hong Kong, China; Indonesia; Japan; the People's Republic of China; the Republic of Korea; and Thailand. The book also makes a valuable supplement for introductory courses on finance, governance, and economics, as it appeals to a broad range of readers, including university students, academics, finance practitioners, and policy makers.

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: Ramesh S. Arunachalam
Publisher:
ISBN: 9781645163978
Category :
Languages : en
Pages :

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Book Description
Ten years after the financial crises of 2008, the governance of central banks continues to be a critical area of debate-embedded in this are the key aspects of central bank independence, accountability and transparency. Accordingly, several key questions have emerged regarding the role, functioning and governance of central banks:¿What should the key priorities of central banks be in terms of mandates?¿Given these pressing real time mandates of central banks, how to make them more strategically and operationally accountable while preserving their strategic and operational autonomy?¿What implications do the above have for central bank governance and transparency of central bank operations?¿How to enhance the effectiveness, efficiency and adaptability of central bank functioning, especially in terms of ensuring the development of a stable, inclusive and accountable financial sector?In this seminal work, Ramesh S Arunachalam-a professional with 30 years of multi-country experience in finance, technology and regulation-explores the above questions and provides pragmatic suggestions on how the autonomy of central banks can be preserved while at the same time ensuring that central banks remain accountable to the people at large in their respective countries.

Author: International Monetary Fund. Communications Department
Publisher: International Monetary Fund
ISBN: 1513511416
Category : Business & Economics
Languages : en
Pages : 12

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Book Description
Address at the Bank of England Twentieth Anniversary Conference London, U.K. September 29, 2017 International Monetary Fund Managing Director Christine Lagarde delivered this address at the Bank of England conference, “Independence—20 Years On” in London, U.K., on September 29, 2017.

Author: Mr.Tobias Adrian
Publisher: International Monetary Fund
ISBN: 1498324908
Category : Business & Economics
Languages : en
Pages : 20

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Book Description
This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.