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Author: Hicham Safieddine Publisher: Stanford University Press ISBN: 1503609685 Category : History Languages : en Pages : 332
Book Description
In 1943, Lebanon gained its formal political independence from France; only after two more decades did the country finally establish a national central bank. Inaugurated on April 1, 1964, the Banque du Liban (BDL) was billed by Lebanese authorities as the nation's primary symbol of economic sovereignty and as the last step towards full independence. In the local press, it was described as a means of projecting state power and enhancing national pride. Yet the history of its founding—stretching from its Ottoman origins in mid-nineteenth century up until the mid-twentieth—tells a different, more complex story. Banking on the State reveals how the financial foundations of Lebanon were shaped by the history of the standardization of economic practices and financial regimes within the decolonizing world. The system of central banking that emerged was the product of a complex interaction of war, economic policies, international financial regimes, post-colonial state-building, global currents of technocratic knowledge, and private business interests. It served rather than challenged the interests of an oligarchy of local bankers. As Hicham Safieddine shows, the set of arrangements that governed the central bank thus was dictated by dynamics of political power and financial profit more than market forces, national interest or economic sovereignty.
Author: Hicham Safieddine Publisher: Stanford University Press ISBN: 1503609685 Category : History Languages : en Pages : 332
Book Description
In 1943, Lebanon gained its formal political independence from France; only after two more decades did the country finally establish a national central bank. Inaugurated on April 1, 1964, the Banque du Liban (BDL) was billed by Lebanese authorities as the nation's primary symbol of economic sovereignty and as the last step towards full independence. In the local press, it was described as a means of projecting state power and enhancing national pride. Yet the history of its founding—stretching from its Ottoman origins in mid-nineteenth century up until the mid-twentieth—tells a different, more complex story. Banking on the State reveals how the financial foundations of Lebanon were shaped by the history of the standardization of economic practices and financial regimes within the decolonizing world. The system of central banking that emerged was the product of a complex interaction of war, economic policies, international financial regimes, post-colonial state-building, global currents of technocratic knowledge, and private business interests. It served rather than challenged the interests of an oligarchy of local bankers. As Hicham Safieddine shows, the set of arrangements that governed the central bank thus was dictated by dynamics of political power and financial profit more than market forces, national interest or economic sovereignty.
Author: Louis-Philippe Rochon Publisher: Edward Elgar Publishing ISBN: 1782547444 Category : Business & Economics Languages : en Pages : 541
Book Description
The Encyclopedia of Central Banking, co-edited by Louis-Philippe Rochon and Sergio Rossi, contains some 250 entries written by over 200 economists on topics related to monetary macroeconomics, central bank theory and policy, and the history of monetary
Author: Stephen Bell Publisher: Harvard University Press ISBN: 0674073614 Category : Business & Economics Languages : en Pages : 360
Book Description
With $4.5 trillion in total assets, the People’s Bank of China now surpasses the U.S. Federal Reserve as the world’s biggest central bank. The Rise of the People’s Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China. Stephen Bell and Hui Feng trace the bank’s ascent to Beijing’s policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC—benefitting from political patronage and perceptions of its unique professional competency—found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China’s exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People’s Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.
Author: Mr.Peter Stella Publisher: International Monetary Fund ISBN: 1451850506 Category : Business & Economics Languages : en Pages : 40
Book Description
Central banks may operate perfectly well without capital as conventionally defined. A large negative net worth, however, is likely to compromise central bank independence and interfere with its ability to attain policy objectives. If society values an independent central bank capable of effectively implementing monetary policy, recapitalization may become essential. Proper accounting practice in determining central bank profit or loss and rules governing the transfer of the central bank’s operating result to the treasury are also important. A variety of country-specific central bank practices are reviewed to support the argument.
Author: Mr.Bernard Laurens Publisher: International Monetary Fund ISBN: 9781557755629 Category : Business & Economics Languages : en Pages : 108
Book Description
In 1978, China embarked on a gradual but far-reaching reform of its economic system. This paper focuses on the achievements so far in reforming the financial sector, the legal framework for financial transactions, the payments system, and the monetary policy and foreign exchange system. It also analyzes the tasks ahead to achieve the goals set in these areas for the year 2000.
Author: Mr.Simon Gray Publisher: International Monetary Fund ISBN: 1455217905 Category : Business & Economics Languages : en Pages : 57
Book Description
Most central banks oblige depository institutions to hold minimum reserves against their liabilities, predominantly in the form of balances at the central bank. The role of these reserve requirements has evolved significantly over time. The overlay of changing purposes and practices has the result that it is not always fully clear what the current purpose of reserve requirements is, and this necessarily complicates thinking about how a reserve regime should be structured. This paper describes three main purposes for reserve requirements - prudential, monetary control and liquidity management - and suggests best practice for the structure of a reserves regime. Finally, the paper illustrates current practices using a 2010 IMF survey of 121 central banks.
Author: International Monetary Fund. Middle East and Central Asia Dept. Publisher: International Monetary Fund ISBN: 1513517058 Category : Business & Economics Languages : en Pages : 62
Book Description
This 2019 Article IV Consultation with Lebanon highlights that Lebanon’s economic position continues to be very difficult, with very low growth, high public debt and large twin deficits. While financial stability has been maintained, deposit inflows, critical to finance the budget and external deficits, slowed down during the past year, reducing the authorities’ room for manoeuvre. The new government has taken some important policy steps to start the needed policy adjustment, which could help raise confidence among investors and donors. The highest priority is the implementation of a sustainable fiscal adjustment that will bend down the path of the public debt-to-gross domestic product ratio through a combination of revenue and expenditure measures. This needs to be complemented by structural reforms and concessionally financed investment to raise Lebanon’s growth potential and help external adjustment, as well as policies to build further buffers in Lebanon’s financial sector. Structural reforms should prioritize reforming the electricity sector, removing impediments to and lowering the cost of doing business, as well as improving governance and reducing corruption.
Author: Collectif Publisher: Presses de l’Ifpo ISBN: 2351595491 Category : History Languages : en Pages : 133
Book Description
After fifteen years of reconstruction in a relatively peaceful environment spanning the years 1990 to 2004, Lebanon has experienced successive violent political events resulting from complex entangled internal and external struggles. The Syrian crisis and its political, economic and demographic consequences on Lebanon have increased these tensions. This atlas sheds light on these new challenges and adds new data that complete the analyses already published in the Atlas du Liban. Territoires et société (Atlas of Lebanon. Territories and Society) released in 2007 by the same research team. Some of its components are included in this edition. Beyond the international regional crisis and the population movements, it takes into account Lebanon’s socio-economic dimensions, the environmental issues linked to uncontrolled urbanization and to natural risks, as well as conflicts due to local territorial management. This atlas is the result of a collaborative endeavor between French and Lebanese researchers. It uses a geographical approach that puts in the foreground a spatial analysis of social and natural phenomena. Public sources are scarce in Lebanon, especially at the local scale. They are sometimes less reliable and difficult to access. It is particularly the case for the Lebanese census data, conversely data are abundantly available on the refugees population, which is less known than the population of refugees. International data help compare Lebanon to its neighbors. Thematic data produced by some ministries are helpful to provide a detailed view regarding specific domains. Analyses processed on aerial and satellite images have produced essential data on urbanization and environment. Local thematic fieldwork surveys have provided additional data. The book consists of seven chapters. The first one deals with the territorial state-building seen in the light of regional geopolitics, and emphasizes internal violence and the reemergence of militias and armed groups that fight each other and the state army. Lebanon is once again perceived as a territory divided between multiple allegiances. The second chapter is devoted to the analysis of population dynamics, despite the lack of reliable data whose sources are subject to discussion. It includes analyses of internal population flows, the Lebanese diaspora, and the assessment of Syrian refugees’ influx. The third chapter shows the fragility of the Lebanese economic model. Its dependency on foreign investments and on the remittances of the diaspora, as well as the deadlocks of industry and agriculture, which aggravate social imbalances. The fourth chapter is an assessment of urbanization in the country, which has increased by 80% in surface in twenty years at the expense of natural spaces and agriculture. The shore is highly coveted and widely artificialized and damaged. Multiple signs of environmental degradation are examined in chapter five. They seem to announce the global climate change and its local effects. In addition to that, there is a direct link between massive urbanization and many risks, measured and mapped in an increasingly detailed way. Chapter six tackles the dysfunctional public services that exploit natural resources: water and energy supply, both marked by massive shortages, and the management of solid waste hit by a serious crisis. The seventh and last chapter studies the mutations of the local territorial management, which is marked by the retreat of the state, if not its marginalization, and the rise of other actors, notably municipalities, local powers and also civil society organizations.After fifteen years of reconstruction in a relatively peaceful environment spanning the years 1990 to 2004, Lebanon has experienced successive violent political events resulting from complex entangled internal and external struggles. The Syrian crisis and its political, economic...
Author: Massimo Rostagno Publisher: Oxford University Press ISBN: 0192895915 Category : Business & Economics Languages : en Pages : 449
Book Description
The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
Author: Hicham Safieddine
Author: Hicham Safieddine
Author: 
Author: Louis-Philippe Rochon
Author: Stephen Bell
Author: Mr.Peter Stella
Author: Mr.Bernard Laurens
Author: Mr.Simon Gray
Author: International Monetary Fund. Middle East and Central Asia Dept.
Author: Collectif
Author: Massimo Rostagno