Alexander Hamilton, Central Banker: Crisis Management during the U.S. Financial Panic of 1792

2009 ◽  
Vol 83 (1) ◽  
pp. 61-86 ◽  
Author(s):  
Richard Sylla ◽  
Robert E Wright ◽  
David J Cowen
Keyword(s):  
Central Bank ◽  
Crisis Management ◽  
Financial Market ◽  
Political Systems ◽  
Alexander Hamilton ◽  
Central Banker ◽  
Financial Panic ◽  
Management Techniques ◽  
The U.S

Most scholars know little about the panic of 1792, America's first financial market crash, during which securities prices dropped nearly 25 percent in two weeks. Treasury Secretary Alexander Hamilton adroitly intervened to stem the crisis, minimizing its effect on the nascent nation's fragile economic and political systems. U.S. policymakers soon forgot the crisis-management techniques Hamilton invented but failed to codify. Many of them were later rediscovered and became theoretical and practical standards of modern central-bank crisis management. Hamilton, for example, formulated and implemented “Bagehot's rules” for central-bank crisis management eight decades before Walter Bagehot wrote about them inLombard Street.

scholarly journals Singapore

2019 ◽  
Vol 19 (225) ◽  
pp. 1
Author(s):  
Keyword(s):  
Crisis Management ◽  
Financial Market ◽  
Capital Market ◽  
Monetary Authority ◽  
Settlement System ◽  
Central Counterparties ◽  
Remedial Actions ◽  
The U.S ◽  
Securities Settlement

Singapore’s financial market infrastructures (FMIs) have continued to operate safely and efficiently since they were assessed in the FSAP of 2013. The Monetary Authority of Singapore (MAS) has taken important steps to address the recommendations made for capital market FMIs. Remedial actions were implemented or are in progress for the two central counterparties. The privately-operated securities settlement system has moved its SGD money settlements for equities and debt securities to settle at the MAS in December 2018. Two additional central counterparties and one trade repository have also entered the FMI landscape. MAS has signed a supervisory cooperation on crisis management arrangements with the U.S. authorities.

Magical banking capital: Neo-endogenous money (NEM)

2020 ◽  
Vol 1 (1) ◽  
pp. 27-35
Author(s):  
Sovanbrata Talukdar
Keyword(s):  
Stock Market ◽  
Central Bank ◽  
Financial Market ◽  
Positive Relationship ◽  
Excess Return ◽  
Control Individual ◽  
Financial Constraint ◽  
Imperfect Market ◽  
External Finance ◽  
Endogenous Money

This research emerges with internal financial constraint. How financial constraint may lead to economic recess or back. This financial constraint is different than external finance constraint, and is not due to lack of gold, etc. It explains the positive relationship between excess return in stock market (ERSM) and non-real funding or riskier credit. The matter comes under imperfect market banking. It includes subsequently banking behavior and failure of central bank policy to control individual banks under these circumstances. In addition, it presents measures to get awareness before default comes, as financial default rare and crisis in financial market comes much before that.

THE IMPACT OF WORLD WAR II ON COST ACCOUNTING AT THE SPERRY CORPORATION

2003 ◽  
Vol 30 (2) ◽  
pp. 67-104 ◽  
Author(s):  
Richard K. Fleischman ◽  
R. Penny Marquette
Keyword(s):  
World War Ii ◽  
Performance Management ◽  
Scientific Management ◽  
World War ◽  
Military Contractors ◽  
Management Techniques ◽  
Cost Awareness ◽  
The Impact ◽  
Positive Effect ◽  
The U.S

The impact of World War II on cost accountancy in the U.S. may be viewed as a double-edged sword. Its most positive effect was engendering greater cost awareness, particularly among companies that served as military contractors and, thus, had to make full representation to contracting agencies for reimbursement. On the negative side, the dislocations of war, especially shortages in the factors of production and capacity constraints, meant that such “scientific management” techniques as existed (standard costing, time-study, specific detailing of task routines) fell by the wayside. This paper utilizes the archive of the Sperry Corporation, a leading governmental contractor, to chart the firm's accounting during World War II. It is concluded that any techniques that had developed from Taylorite principles were suspended, while methods similar to contemporary performance management, such as subcontracting, emphasis on the design phase of products, and substantial expenditure on research and development, flourished.

Central Bank Response to the 2007-08 Financial Market Turbulence: Experiences and Lessons Drawn

2008 ◽  
Author(s):  
Simon Gray ◽  
Ulrich H. Klueh ◽  
Seiichi Shimizu ◽  
Peter Stella ◽  
Alexandre Bruno Chailloux
Keyword(s):  
Central Bank ◽  
Financial Market ◽  
Market Turbulence

scholarly journals Unconventional monetary policy of the European Central Bank: A brief recapitulation

2019 ◽  
Vol 53 (3) ◽  
pp. 43
Author(s):  
Ilona Skibińska-Fabrowska
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Central Bank ◽  
Economic Crisis ◽  
Financial Market ◽  
European Central Bank ◽  
Central Banks ◽  
Unconventional Monetary Policy ◽  
European Central ◽  
National Bank

<p>The financial and economic crisis that has hit many economies in recent years has significantly increased the activity of central banks. After using the standard instruments of conducting monetary policy, in view of the obstruction of monetary impulse transmission channels, they reached for non-standard instruments. Among them, asset purchase programs played a signifciant role. The European Central Bank (ECB) launched the largest asset purchase programme (APP) of this type in 2014 and expired in December 2018. The aim of the undertaken activities was to improve the situation on the financial market and stimulate economic growth. The article reviews the literature and results of research on the effects of the program and indicates the possibility of using the ECB’s experience in conducting monetary policy by the National Bank of Poland.</p>

scholarly journals INSTYTUCJONALNA I KOMPETENCYJNA EWOLUCJA BANKU CENTRALNEGO STANÓW ZJEDNOCZONYCH AMERYKI W XX WIEKU

2016 ◽  
Vol 10 (2) ◽  
pp. 275
Author(s):  
Wojciech Kwiatkowski
Keyword(s):  
Twentieth Century ◽  
Central Bank ◽  
Federal Reserve ◽  
The United States ◽  
Institutional Evolution ◽  
Federal Reserve System ◽  
Initial Shape ◽  
Treasury Department ◽  
Reserve System ◽  
The U.S

Institutional and Competence Evolution of the U.S. Central Bank in the Twentieth CenturySummary The article describes the initial shape of the U.S. central bank, i.e. the Federal Reserve System created under the federal act of 1913 as a “Federal Reserve”, as well as the reasons for its competence and institutional evolution mainly in the thirties of the twentieth century. The paper seeks to identify the consequences of the absence of statutory regulations – in many ways necessary for the proper functioning of the central bank in the United States as a confederation, which has become a major cause of the appropriation of powers by the representatives of the private sector at the central bank. In addition, by analyzing the agreement concluded by the representatives of the bank and the U.S. Treasury Department the article shows the consequences of the absence of constitutional guarantees for the central bank’s operational independence. The article also seeks to name and describe the laws passed in the twentieth century, which have contributed significantly to today’s field of competence of the Federal Reserve System and its present modus vivendi.

scholarly journals Causes of The Outbreak of the Eurozone Crises: The Role of the Usa and the European Central Bank Monetary Policy

e-Finanse ◽  
2015 ◽  
Vol 11 (2) ◽  
pp. 47-63
Author(s):  
Natalia Białek
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Interest Rates ◽  
European Central Bank ◽  
Institutional Design ◽  
Global Financial Crisis ◽  
European Central ◽  
Low Interest Rates ◽  
The Usa ◽  
The U.S

Abstract This paper argues that the loose monetary policy of two of the world’s most important financial institutions-the U.S. Federal Reserve Board and the European Central Bank-were ultimately responsible for the outburst of global financial crisis of 2008-09. Unusually low interest rates in 2001- 05 compelled investors to engage in high risk endeavors. It also encouraged some governments to finance excessive domestic consumption with foreign loans. Emerging financial bubbles burst first in mortgage markets in the U.S. and subsequently spread to other countries. The paper also reviews other causes of the crisis as discussed in literature. Some of them relate directly to weaknesses inherent in the institutional design of the European Monetary Union (EMU) while others are unique to members of the EMU. It is rather striking that recommended remedies tend not to take into account the policies of the European Central Bank.

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