Are Central Banks Necessary?

The paper deals with the global and national trends of economic and social development at the final stage of the global structural crisis. Special attention is paid to intellectual challenges economists will face with in the post-crisis world: prospects of growth without inflation, new global currencies and the role of cryptocurrencies, central banks independence and their role in economic growth stimulation, new tasks and patterns of government regulation, inequality and growth. Special features of Russian post-crisis development are also under consideration. Among them: prospects of macroeconomic support of growth, inflation targeting, new fiscal rule, social dynamics and new challenges to welfare state. The paper concludes that the main obstacles for economic growth in Russia are concentrated in the non-economic area.

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Macroprudential Policy Instruments of Central Banks

Voprosy Ekonomiki ◽

10.32609/0042-8736-2012-8-32-47 ◽

2012 ◽

pp. 32-47

Author(s):

S. Andryushin ◽

V. Kuznetsova

Keyword(s):

Systemic Risk ◽

Financial Stability ◽

Financial System ◽

Policy Instruments ◽

Central Banks ◽

Macroprudential Policy ◽

Policy Studies ◽

The Future ◽

Financial Cycles

The paper analyzes central banks macroprudencial policy and its instruments. The issues of their classification, option, design and adjustment are connected with financial stability of overall financial system and its specific institutions. The macroprudencial instruments effectiveness is evaluated from the two points: how they mitigate temporal and intersectoral systemic risk development (market, credit, and operational). The future macroprudentional policy studies directions are noted to identify the instruments, which can be used to limit the financial systemdevelopment procyclicality, mitigate the credit and financial cycles volatility.

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Moral Hazard and the Role of Central Banks

CFA Institute Conference Proceedings Quarterly ◽

10.2469/cp.v24.n1.4541 ◽

2007 ◽

Vol 24 (1) ◽

pp. 1-5 ◽

Cited By ~ 1

Author(s):

Paul McCulley

Keyword(s):

Moral Hazard ◽

Central Banks

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Central Banks, Monetary Policy, and the Return of Macroeconomics

CFA Institute Conference Proceedings Quarterly ◽

10.2469/cp.v26.n4.1 ◽

2009 ◽

Vol 26 (4) ◽

pp. 14-19

Author(s):

David DeRosa

Keyword(s):

Monetary Policy ◽

Central Banks

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Communications Challenges for Multi-Tasking Central Banks: Evidence, Implications

CFA Digest ◽

10.2469/dig.v44.n8.26 ◽

2014 ◽

Vol 44 (8) ◽

Author(s):

Jakub M. Szudejko

Keyword(s):

Central Banks

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Non-standard functions and structures of ministries of finance under economic challenges: A case study of Western governments

Finance and Credit ◽

10.24891/fc.26.11.2448 ◽

2020 ◽

Vol 26 (11) ◽

pp. 2448-2471

Author(s):

S.V. Anureev

Keyword(s):

Economic Growth ◽

Economic Development ◽

Comparative Analysis ◽

Great Britain ◽

Central Banks ◽

Economic Recovery ◽

Budget Process

Subject. This article examines the functions and management structures of central financial bodies and related parliamentary and governmental structures in Australia, Canada, Great Britain, Japan, Germany, France and Italy. Objectives. The article aims to identify non-standard functions and structures that go beyond the classical responsibility of finance ministries as a central part of the budget process arising from current economic challenges. Methods. For the study, I used a comparative analysis. Results. The article describes the important new functions of financial authorities and treasuries of Western governments aimed at economic growth and economic recovery. Conclusions. The organizational and management structures and functions of the ministries of finance go far beyond the budget process, overlap with and dominate the functions of central banks and ministries of economic development.

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