scholarly journals A Digital Ruble of the Central Bank as a Civil Rights Object

2021 ◽  
Vol 16 (4) ◽  
pp. 55-65
Author(s):  
A. V. Gabov
Keyword(s):  
Civil Rights ◽  
Central Bank ◽  
Central Banks ◽  
Public Consultation ◽  
State Control ◽  
New Instrument ◽  
Private Money ◽  
The World ◽  
Conducting Research ◽  
And Control

In recent years digitalization is one of the main drivers of changing the financial field in the world as a whole and in Russia. At first, the phenomenon called "cryptocurrency" (in essence, it is what the economists call "private money") developed beyond state control and was subjected to a very critical attitude on the part of official regulators. However, state and central banks later joined digital experiments. Thus, the phenomenon of the “digital currency of the Central Bank” — Central Bank digital currencies (CBDC) — appeared. The Central Bank saw new opportunities, primarily in terms of abandoning paper (cash) circulation and control, in the new instrument. Many central banks in the world are currently conducting research, and some have reached the level of testing relevant solutions. The Central Bank of the Russian Federation does not stand aside as well: in 2019, the first report was prepared — a study on the prospects of digital currencies of central banks; in 2020 the report “Digital Ruble” was published for public consultation. The introduction of such a financial instrument entails significant changes in the legal field. The paper analyzes such changes as well as the main shortcomings of the Report.

Private Networks and the Public Interest

2016 ◽  
Author(s):  
Simon James Bytheway ◽  
Mark Metzler
Keyword(s):  
New York ◽  
Central Bank ◽  
Public Interest ◽  
Central Banks ◽  
Capital City ◽  
World City ◽  
Capitalist System ◽  
The Public ◽  
The World ◽  
Hierarchical Nature

This concluding chapter examines the hierarchical nature of the markets in capital, which constitute the peak markets of the world capitalist system. It also reconsiders the central-bank connections between Tokyo, London, and New York as vital inner links within a larger set of world-city geographies. In a century of violent changes, these “capital city” geographies have been remarkably persistent. The great Tokyo bubble of 1989–90 was the greatest yet of its kind, but it now seems relatively modest next to the New York and London bubbles of 2007–8. Each of these “capital city” bubbles showed a mix of classic and novel features. Each also revealed, again, the centrality of the central banks themselves.

scholarly journals The Role Of Turkish Central Bank During And After The 2008-Financial Crises

2011 ◽  
Vol 10 (12) ◽  
pp. 93
Author(s):  
Ayhan Guney
Keyword(s):  
Central Bank ◽  
Financial Crises ◽  
Central Banks ◽  
Fiscal Policies ◽  
Monetary Policies ◽  
The World ◽  
One Year ◽  
Short Time ◽  
Time Spread

The Global Financial Crises occurred at the end of 2008, and in very short time, spread to all sectors of economy.All countries were badly hit by the crises and the World economies shrank almost $50 trillion, the equivalent of one year of world GDP.During the process, especially the banking sectors of the world economies was smashed, and many banks and financial institutions bankrupted and some others liquidated such as Lehman Brothers. All countries took the drastic fiscal and monetary measures to overcome the global crises. So, this paper focuses on the functions of central banks asking that what the role of central banks to cope with the global crises was, and thus omits the side of fiscal policies implemented by different countries.It especially discusses the role of Turkish Central Bank and its monetary policies during and after the 2008-Global Financial Crises. What was the achievement of the measures taken and the monetary policies implemented by Turkish Central Bank during and after the financial crises?

The Decline of Simplicity and the Rise of Unorthodoxy

2017 ◽  
Author(s):  
Pierre L. Siklos
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Central Banks ◽  
Policy Uncertainty ◽  
Structural Factors ◽  
Balance Sheets ◽  
Advanced Economies ◽  
The World ◽  
Bank Balance Sheets ◽  
Clear Idea

Crises come in various forms, and their impact is not predicable with much accuracy. Crises in emerging markets are not the same as those in advanced economies. By 2007, the idea that monetary policy ought to be rules-based was widely accepted and copied around the world. Policymakers believed that inflation and macroeconomic slack were all that mattered. Demographic and structural factors were underappreciated. The wrong conclusions are now being drawn: rules should not be abandoned, but monetary policy can be improved. Monetary policy now relies more on words. An expansion of central bank balance sheets has taken place and central bank independence is a quaint idea. Central banks no longer influence just prices; they also change financial system quantities. This leads to rising policy uncertainty. Central banks stand accused of hubris, with little clear idea of the “new normal” and how this will redefine a future monetary policy strategy.

Lender of Last Resort, an International Perspective

1999 ◽  
Vol 48 (2) ◽  
pp. 340-361 ◽  
Author(s):  
Rosa Maria Lastra
Keyword(s):  
Central Bank ◽  
Central Banks ◽  
International Perspective ◽  
Bank Credit ◽  
Banking Supervision ◽  
Lender Of Last Resort ◽  
Emergency Situations ◽  
The World ◽  
Bank Of England

The name “lender of last resort” owes its origins to Sir Francis Barings, who in 1797 referred to the Bank of England as the “dernier resort” from which all banks could obtain liquidity in times of crisis.1 The lender of last resort (“LOLR”) role of the central bank remains a major rationale for most central banks around the world, in both developed and developing countries.2 While other central bank functions have recently come under fire (e.g. banking supervision), the importance of having the LOLR under the umbrella of the central bank is seldom contested.3 It is the immediacy of the availability of central bank credit (the central bank being the ultimate supplier of high-powered money) that makes the LOLR particularly suitable to confront emergency situations.

scholarly journals Monetary Policy Transparency

2014 ◽  
pp. 67-97
Author(s):  
Petra Geraats
Keyword(s):  
Monetary Policy ◽  
Private Sector ◽  
Central Bank ◽  
Conceptual Framework ◽  
Empirical Evidence ◽  
Central Banks ◽  
Empirical Measures ◽  
Forward Guidance ◽  
The World ◽  
Monetary Policy Transparency

This chapter examines transparency as a key feature of monetary policymaking by central banks around the world. It begins by presenting a conceptual framework for transparency and reviewing empirical measures, practices, and trends in monetary policy transparency. It then looks at theory regarding macroeconomic transparency as well as relevant empirical evidence. It also considers two ways in which monetary policy has become more transparent: the publication of macroeconomic forecasts and analysis and the disclosure of forward guidance about policy actions. The chapter illustrates how transparency allows the private sector to align its expectations with those of the central bank, making monetary policy more effective in the process.

scholarly journals The external impacts of Central Bank independence

2010 ◽  
Vol 21 (54) ◽  
pp. 51-63 ◽  
Author(s):  
Carroll Howard Griffin
Keyword(s):  
Central Bank ◽  
Financial Crises ◽  
Inflation Targeting ◽  
Standard Procedure ◽  
Developed Countries ◽  
Central Banks ◽  
Central Bank Independence ◽  
The World ◽  
The Impact ◽  
Macroeconomic Environment

The term "central bank independence" (or abbreviated, CBI) can be broadly defined as the degree of freedom of the central bank to pursue monetary policy without interference from political considerations. The idea of central bank independence has been widely accepted over the last several decades by many countries around the world, both developed and developing. Since being first written about academically in the late 1980s, many countries have come to adopt this policy and many governments have come to recognize this as standard procedure. As such, many countries around the world granted autonomy to their central banks during the 1980s and 1990s. The majority of past studies have examined primarily the impact of central bank independence on inflation. however, the additional theoretical benefits are much more far reaching, the result of a more stable and prosperous macroeconomic environment. Additionally, there is only now sufficient data to empirically determine whether many of these claims are true. This study examines central bank independence in developing countries of Latin America and Asia as well as selected developed countries to determine what actual impact an autonomous central bank has had. It also examines such phenomena as financial crises (including the current global crisis of 2008-2009), inflation targeting, legal systems, country development and fiscal policy to determine the effects of these items on not only inflation, but the broad spectrum of macroeconomic outcomes. Although there is some empirical evidence to support the benefits of central bank independence, it is limited in scope to certain areas.

‘The Fetishes of So-Called International Bankers’: Central Bank Co-operation for the World Economic Conference, 1932–3

1992 ◽  
Vol 1 (3) ◽  
pp. 281-311 ◽  
Author(s):  
Patricia Clavin
Keyword(s):  
Central Bank ◽  
Exchange Rates ◽  
Central Banks ◽  
Central Banking ◽  
International Economy ◽  
Economic Policies ◽  
Economic Conference ◽  
The Great Depression ◽  
The World ◽  
World Economic

With his sharp denunciation of the ‘old fetishes of so-called international bankers’ for fixed exchange rates on the gold-exchange standard, President Franklin D. Roosevelt allegedly consigned the World Economic and Monetary Conference to failure.1The conference had been convened in June 1933 to tackle the crippling levels of ‘beggar-thy-neighbour’ economic policies which were strangling the international economy during the Great Depression; its brief was so appealing and its concerns so broad, that sixty-five nations came to London that summer. But from the outset of conference preparations, which began in the autumn of 1932, the issue of central banking co-operation was to highlight many of the difficulties which plagued not only co-operative central bank efforts to revive the international economy but also dilemmas which faced central banks in their relations with their domestic governments.

scholarly journals The Evolution of Central Bank Governance around the World

2007 ◽  
Vol 21 (4) ◽  
pp. 69-90 ◽  
Author(s):  
Christopher Crowe ◽  
Ellen E Meade
Keyword(s):  
Decision Making ◽  
Soviet Union ◽  
Central Bank ◽  
Former Soviet Union ◽  
De Novo ◽  
Central Banks ◽  
The European Union ◽  
The Past ◽  
The World ◽  
Bank Governance

The past two decades have seen enormous changes in central banks and their practices. In some countries, older institutions have been fundamentally restructured. In other, such as the countries of the former Soviet Union, entirely new central banks have been established. The member countries of the European Union have created a supranational central bank that oversees a monetary union. In all of these situations, central bank law was either revised or written de novo, while institutional objectives, practices, and structures were amended or created from scratch. In this article, we survey and quantify the trends in two major areas of central bank governance: independence and transparency. We document the steady progress toward greater central bank independence and transparency in a large number of industrial and developing countries over the past 10 to 15 years and discuss the effects of these aspects of governance on inflation. Finally, we touch on committee structure and decision making.

scholarly journals To Solve the Coronavirus Crisis: Click Here

2021 ◽  
pp. 125-129
Author(s):  
Esther Keymolen
Keyword(s):  
Civil Rights ◽  
Personal Data ◽  
Data Driven ◽  
Human Beings ◽  
Civil Rights Organizations ◽  
The World ◽  
Life Threatening ◽  
And Control ◽  
Critical Citizens ◽  
Life Threatening Event

AbstractHuman beings are technical beings. From the clothes we wear to the spaceships we fire into the sky, all these technologies are developed with the aim to protect ourselves, improve ourselves, and control the fickle world in which we live. Therefore, it should not come as a surprise that when hit with one of the biggest health crises of the last century, all over the world, governments have turned to technology to contain this life-threatening event. Most of these proposed—or already developed—technological solutions are data-driven.Just as the turn to technology to solve this crisis does not come as a surprise, neither does the protest it has caused. Critical citizens and civil rights organizations worry about the possibility of personal data being shared with private parties, about governments ending up using the collected information against citizens, and they fear an overall loss of privacy and freedom if these applications became widely used. Overall, they suspect that what is introduced as a temporary instrument to counter this crisis will have long-lasting effects on society.

scholarly journals AN EMPIRICAL ANALYSIS OF MONETARY MEASURES TAKEN BY STATE BANK OF PAKISTAN TO CATER THE CATACLYSMIC IMPACT OF COVID -19 ON THE ECONOMY OF PAKISTAN

2021 ◽  
Vol 6 (1) ◽  
Author(s):  
Usman Rasheed ◽  
Dr.Mohsin Raza
Keyword(s):  
Adverse Effect ◽  
Central Bank ◽  
Central Banks ◽  
Business Community ◽  
Financial Sustainability ◽  
Protection Scheme ◽  
The World ◽  
Catastrophic Impact ◽  
Sustainable Financing

COVID-19 has posed an unprecedented challenge to the economies of the World. Besides safeguarding sustainable financing for health, Governments were struggling to ensure the economic and financial sustainability of their countries. The role of the central banks was critical in this regard and they were under severe pressure to save the economy from the catastrophic impact of Covid-19. Using their mandate, the central banks across the countries took monetary measures to avoid the economic meltdown. This paper discusses the measures taken by the State Bank of Pakistan to save the economy from the adverse effect of COVID-19. The analysis shows that the steps taken by the central bank of Pakistan were pertinent and lead to stabilizing the dwindling economic situation. Decreasing policy rate, injecting liquidity in the economy, granting loans contributed towards steadiness of households and the business community. Jobs protection scheme was particularly savior for the daily wages who lost their jobs due to pandemic. Further relaxing credit requirements for exporters and importers keep intact the supply chain for necessary items. The findings of the study are specific to Pakistan however the same can be generalized as the steps taken by the Central bank of Pakistan are widely applicable.

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