Do Interventions Smooth Interest Rates? PDF Download

Author: Andreas M. Fischer
Publisher:
ISBN:
Category : Banks and banking, Central
Languages : en
Pages : 44

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Author: Felix Hüfner
Publisher: Springer Science & Business Media
ISBN: 3790826723
Category : Business & Economics
Languages : en
Pages : 180

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Book Description
Foreign exchange intervention is frequently being used by central banks in countries which have a floating exchange rate. Most theoretical monetary policy models, however, do not take this phenomenon into account. This book contributes to close this gap between theory and practice by interpreting foreign exchange intervention as an additional monetary policy instrument for inflation targeting central banks. In-depth empirical analyses of the foreign exchange operations and interest rate policy of five inflation targeting countries (Australia, Canada, New Zealand, Sweden and the United Kingdom) demonstrate how foreign exchange intervention is used in practice.

Author: Christopher C. Douglas
Publisher:
ISBN:
Category : Banks and banking, Central
Languages : en
Pages : 390

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Author: Leonardo Leiderman
Publisher: Cambridge University Press
ISBN: 9780521454384
Category : Business & Economics
Languages : en
Pages : 400

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Book Description
This edited volume examines capital mobility in both industrialised and developing countries.

Author: Food and Agriculture Organization of the United Nations
Publisher: Food & Agriculture Org.
ISBN: 9251339864
Category : Business & Economics
Languages : en
Pages : 54

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Book Description
Identifying sustainable sources of renewable energy is key to ensuring that countries can grow on a sustainable path that also meets climate change targets as outlined in countries’ NDCs. Among renewables, bioenergy can attract investments in the rural sector and help farmers to improve their income by increasing agricultural production and diversifying markets for by-products, such as digestate. FAO’s Bioenergy and Food Security (BEFS) Approach assists countries in defining which bioenergy options can be both sustainable and viable while ensuring food security and protecting the environment.In Rwanda the agriculture sector plays a key role in its economy, contributing around one-third of the country’s GDP and employing approximately 70 percent of the working population. The livestock sector is an important economic sector and agriculture sub-subsector. Driving change through this sector can provide win-win solutions to achieve poverty reduction targets.Bringing in the energy facet through bioenergy options such as biogas can further corroborate these strategies by also addressing energy access and energy substitution targets.After the genocide, the government worked on re-establishing the livestock sector, and in 2003 the poverty reduction strategy flagged developing a biogas programme as one of the elements the country should pursue. The programme has been ongoing until recently when a detailed review of the sector was implemented due to the relatively limited number of households implementing the systems. This report aims to shed some light on the issues around biogas viability in Rwanda and how to possibly strengthen biogas in the country.

Author: Selim Elekdag
Publisher: International Monetary Fund
ISBN: 1451865708
Category : Business & Economics
Languages : en
Pages : 30

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Monetary policy in Yemen is largely rudimentary and ad hoc in nature. The Central Bank of Yemen's (CBY) approach has been based on discretionary targeting of broad money without any clear target to anchor inflation expectations. This paper argues in favor of a new formal monetary policy framework for Yemen emphasizing a proactive and rule-based approach with a greater direct focus on price stability in the context of a flexible management of the exchange rate. Although, as in many developing countries, institutional capacity is a concern, adopting a more formal framework could impel the kind of changes that are required to strengthen the ability of the CBY in achieving low and stable rates of inflation over the medium term.

Author: Stephen Quinn
Publisher: Cambridge University Press
ISBN: 1108603491
Category : Business & Economics
Languages : en
Pages : 339

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Book Description
Before the US Federal Reserve and the Bank of England, the Bank of Amsterdam ('Bank') was a dominant central bank with a global impact on money and credit. How a Ledger Became a Central Bank draws on extensive archival data and rich secondary literature, to offer a new and detailed portrait of this historically significant institution. It describes how the Bank struggled to manage its money before hitting a modern solution: fiat money in combination with a repurchase facility and discretionary open market operations. It describes techniques the Bank used to monitor and stabilize money stock, and how foreign sovereigns could exploit the liquidity of the Bank for state finance. Closing with a discussion of commonalities of the Bank of Amsterdam with later central banks, including the Federal Reserve, this book has generated a great deal of excitement among scholars of central banking and the role of money in the macroeconomy.

Author: Perry Warjiyo
Publisher: Emerald Group Publishing
ISBN: 1789737516
Category : Business & Economics
Languages : en
Pages : 586

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Book Description
Central Bank Policy: Theory and Practice analyses various policies, theories and practices adopted by central banks, as well as the institutional arrangements underlying the principles of good governance in policy-making. It is the first book to comprehensively discuss the latest theories and practices of central bank policy.

Author: Ashima Goyal
Publisher: Springer
ISBN: 8132219619
Category : Business & Economics
Languages : en
Pages : 89

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Book Description
The book discusses Indian post-independence monetary history in the context of the country’s development and the global changes of the period. The conceptual framework used is the SIIO (Structure, Ideas, Institutions and Outcomes) paradigm. That is, structure and ideas become embedded in institutions and affect outcomes. Narrative history, data analysis and research reports demonstrate the dialectic between ideas and structure with respect to monetary history, aspects of India’s development, and the global institutions and events that impacted monetary choices. The history of the economy and of the global changes that affected it covers a time when major changes took place both in India and internationally. India’s greater openness is important both for it and for the world, but it occurred at a time of major global crises. How did these impact monetary choices and how did the latter help India navigate the crises while maintaining its trajectory towards greater liberalization? The book explores these and other relevant but under-analyzed questions. The initial combination of ideas and structure created fiscal dominance and made monetary policy procyclical. An aggregate supply-and-demand framework derived from forward-looking optimization subject to Indian structural constraints is able to explain growth and inflation outcomes in the light of policy actions. Using exogenous supply shocks to identify policy shocks and to isolate their effects, demonstrate that policy was sometimes exceedingly strict despite the common perception of a large monetary overhang. Surges and sudden stops in capital flow also constrained policy. But the three factors that cause a loss of monetary autonomy—governments, markets and openness—moderate each other. Markets moderate fiscal profligacy and global crises moderate market freedoms and ensure openness remains a sequenced and gradual process. The book argues greater current congruence between ideas and structure is improving institutions and contributing to India’s potential.

Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1513529943
Category : Business & Economics
Languages : en
Pages : 127

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Book Description
This 2015 Article IV Consultation highlights that Tunisia’s economy has been resilient throughout a protracted political transition and a difficult international economic environment. The country has been facing headwinds from security threats and social tensions, which are offsetting the benefits from the successful conclusion of the political transition, lower international oil prices, and a recovering Europe. The banking system remains fragile, with the system’s capital adequacy ratio below the minimum regulatory requirement. The medium-term prospects remain favorable, with growth projected to increase to 4.7 percent by 2020.