Central Bank or Monetary Authority? Three Views on Money and Monetary Reform

2017 ◽  
Vol 37 (3) ◽  
pp. 343-356 ◽  
Author(s):  
Frank Decker
Keyword(s):  
Central Bank ◽  
Monetary Authority ◽  
Monetary Reform

scholarly journals Problems of the implementation of the regulatory activities of the Central Bank of the Russian Federation in modern conditions

2020 ◽  
Author(s):  
A.A. Mynina
Keyword(s):  
Central Bank ◽  
Russian Federation ◽  
Banking System ◽  
The State ◽  
Monetary Authority ◽  
The Russian Federation

The article examines the conditions of functioning of the Central Bank as a monetary authority; problems of its activities. It concludes that the modern banking system is concentrated in the State Bank and has disadvantages due to economic circumstances and difficulties in fulfilling the duties of the Bank of Russia.

Monetary Reform, 1923–30: A Prelude to Colombia's Economic Development

1980 ◽  
Vol 40 (1) ◽  
pp. 98-104 ◽  
Author(s):  
Bruce R. Dalgaard
Keyword(s):  
Economic Development ◽  
Central Bank ◽  
Financial System ◽  
Monetary Reform ◽  
Fiscal System ◽  
Economic Infrastructure

Two financial missions to Colombia headed by Edwin W. Kemmerer are examined to determine their impact on Colombia's financial system and on the flow of American investment to Colombia. The 1923 and 1930 missions established a central bank and completely reorganized the Colombian financial and fiscal system. These reforms served to provide enough stability to encourage American investment, which helped to develop a financial and economic infrastructure in Colombia.

scholarly journals Visionizing a Fiat Cryptocurrency

2018 ◽  
Vol 5 (2) ◽  
pp. 1
Author(s):  
Sand Salhout ◽  
Clemens Bechter
Keyword(s):  
Central Bank ◽  
Monetary Authority ◽  
Advanced Economy ◽  
Legal Tender ◽  
The Past ◽  
Research Gap ◽  
Almost All

Bitcoin is part of a wider range of opportunities to creating cryptocurrencies based on blockchains. Research has shown that the existing cryptocurrencies are very volatile and often illiquid. A cryptocurrency endorsed by a Central Bank, as the starter of a private blockchain, will most likely show more stability. It may even take the form of legal tender. However, since almost all countries have their own currency already, the governments will not feel the need for an additional currency. One exception is Palestine. It enjoyed the privilege of having its own currency in the past. The purpose of this research is the evaluation of the feasibility of a cryptocurrency as legal tender. The authors recommend a new Palestinian Pound built on a private blockchain using Hyperledger. In practice it would not differ from any other fiat (legal) currency. The current weakness of not having its own currency could be turned into a strength by becoming the most advanced economy where transactions are transparent and efficient. This paper fills a research gap by analyzing the opportunities of a cryptocurrency that is actual legal tender and endorsed by a monetary authority.   

scholarly journals Remodelling Macroeconomic Trilemma and Central Bank Behaviour in Nigeria: A Markov-Switching Approach

2020 ◽  
Author(s):  
Taofeek Olusola AYINDE ◽  
BANKOLE Abiodun S.
Keyword(s):  
Exchange Rate ◽  
Central Bank ◽  
Structural Breaks ◽  
Exchange Rate Regime ◽  
Markov Switching ◽  
Unit Root Test ◽  
Monetary Authority ◽  
Policy Variable ◽  
Bank Behavior ◽  
The Exchange Rate

Abstract This study investigates macroeconomic trilemma and Central Bank behavior in Nigeria. The period of investigation spans the quarterly period of 1981–2017. Upon the data stability condition of Zivot-Andrew unit-root test with structural breaks, the Markov Switching Dynamic Regression was employed as the technique of analysis. With a validated trilemma hypothesis, the study found that the trilemma constraints hold for the Nigerian economy but at the expense of the autonomy of the monetary authority. Being the policy variable of the Central Bank of Nigeria, the exchange rate was found to follow two regimes of fixed and managed-float regimes. The results also showed that political risk was found insensitive to the regimes of exchange rate while the foreign sector was considered as a moderating factor for the behavior of the monetary authority; irrespective of the exchange rate regime.JEL Classifications: F41, E32, E52, C22, E58.

Currency Boards in Theory and Practice: The Case of Argentina

2002 ◽  
Vol 13 (4) ◽  
pp. 389-400
Author(s):  
John C.B. Cooper
Keyword(s):  
Central Bank ◽  
Central Banks ◽  
Theory And Practice ◽  
Monetary Authority ◽  
Alternative Form ◽  
Currency Board ◽  
Currency Boards

Central banks in a number of countries have become engines of inflation through their money creating powers. To obviate this, some countries such as Argentina have adopted a currency board as an alternative form of monetary authority. This paper explains the mechanics of a currency board vis à vis a central bank and examines how the Argentinian economy has progressed from the establishment of its quasi-currency board in 1991 until March 2001.

scholarly journals An Analysis Of Central Bank Interventions: Evidence From Turkey

2011 ◽  
Vol 5 (9) ◽  
Author(s):  
Cem Saatcioglu
Keyword(s):  
Time Series ◽  
Central Bank ◽  
Economic Crisis ◽  
Foreign Exchange ◽  
Inflation Targeting ◽  
Econometric Models ◽  
Monetary Authority ◽  
Economic Environment ◽  
Exchange Markets ◽  
Central Bank Interventions

This paper investigates the characteristics of the foreign exchange operations of the CBRT during the period following the Turkish economic crisis in February 2001. Using time series based econometric models, we estimate the parameters of the FOREX market, along with the degree of effectiveness of the interventions of the monetary authority and the inflation targeting framework it employs. The results indicate that the CBRT interventions are inefficient and are mainly influenced by the uncertainties inherent in the economic environment, and cannot decrease the volatility of the exchange markets.

scholarly journals Hong Kong’s Currency and Monetary Policy

2021 ◽  
Vol 5 (3) ◽  
Author(s):  
Richard Fast
Keyword(s):  
Monetary Policy ◽  
Hong Kong ◽  
Literature Review ◽  
Central Bank ◽  
Interest Rates ◽  
Mainland China ◽  
The United States ◽  
Monetary Authority ◽  
Future Research ◽  
Over Time

This literature review is a synopsis of what has been written on the currency and monetary policy of Hong Kong since its relinquishment from Great Britain in 1999. In particular, this paper examines the role and policies of the Hong Kong Monetary Authority, the island province’s equivalent to a central bank. Since Hong Kong does not have a central bank per se, it is interesting to note how the money supply is created and maintained, and what its relationship is to mainland China. This institution makes Hong Kong unique among developed economies, which typically have a central bank that oversees monetary creation and policy. The Literature Review is composed of two parts: Part One will cover the revaluation of the Hong Kong Dollar with regard to its value relative to the currencies of China, Japan, Europe, and the United States, particularly during financial crises. This part of the literature review will cover the work of Chan (2002), Schenk (2004), Shah (1996), Cook and Yetman (2004), and Ma and Cheng (2014) as they use different measurement methods to monitor the change in the Hong Kong Dollar’s value over time, especially compared to the period before the creation of the Hong Kong Dollar. Part Two will cover the monetary and macro-economic policies and currency board effectiveness of the Hong Kong Monetary Authority in sustaining the value of the Hong Kong Dollar. This part of the literature review will cover the work of Chen (2001), Siregar and Walker (2000), Chen and Tsang (2020), Funke and Paetz (2000), and Huang and Shen (2017). This paper also includes a section on suggestions for future research, including what effect the shift of pegging the Hong Kong Dollar (HKD) to other currencies, such as the Euro or the Japanese Yen, or when interest rates in other countries are set at zero. The paper wraps up with an overview of the literature discussed and possible paths going forward, including recreating the studies over time to see how effective such a maneuver has been in practice when compared to competing currencies. Followers of the Hong Kong Dollar will especially find these results useful as they seek to exchange currencies for the highest value.

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