scholarly journals Review of the Bank of Russia – NES Workshop ‘Main Challenges in Banking: Risks, Liquidity, Pricing, and Digital Currencies’

2021 ◽  
Vol 80 (4) ◽  
pp. 124-136
Author(s):  
Ivan Khotulev ◽  
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Systemic Risk ◽  
Credit Spreads ◽  
Information Flows ◽  
Real Economy ◽  
The Real ◽  
Market Participants ◽  
Central Bankers ◽  
Liquidity Pricing

In October 2021, the Bank of Russia and the New Economic School (NES) hosted a joint international online workshop titled ‘Main Challenges in Banking: Risks, Liquidity, Pricing, and Digital Currencies’. Five papers were presented. They addressed various issues in banking which are currently of paramount importance to central bankers, market participants, and academics: the connections between systemic risk and the real economy, the digitalisation of finance and information asymmetries, credit spreads and monetary policy, the improvement of information flows and outcomes in credit markets, the introduction of central bank digital currencies, and bank intermediation.

Global Financial Crisis and Its Impact on Russia

2009 ◽  
pp. 9-27 ◽  
Author(s):  
A. Kudrin
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Central Bank ◽  
Global Financial Crisis ◽  
Developed Countries ◽  
Real Economy ◽  
Energy Prices ◽  
Russian Government ◽  
The Real

The article examines the causes of origin and manifestation of the current global financial crisis and the policies adopted in developed countries in 2007—2008 to deal with it. It considers the effects of the financial crisis on Russia’s economy and monetary policy of the Central Bank in the current conditions as well as the main guidelines for the fiscal policy under different energy prices. The measures for fighting the crisis that the Russian government and the Central Bank use to support the real economy are described.

scholarly journals Urgensi Berdirinya Bank Sentral Syariah Di Indonesia

2020 ◽  
Vol 9 (2) ◽  
pp. 153-170
Author(s):  
Agus Pandoman
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Gold Standard ◽  
Islamic Finance ◽  
Financial Policy ◽  
Real Economy ◽  
Monetary Policies ◽  
Historical Approach ◽  
The Real ◽  
Basic Philosophy

Bank Indonesia has been established as a central bank that develops dual monetary policy. This paper identifies the challenges faced in Islamic financial policy that are different from other monetary policies. With a historical approach to law it can be concluded that there is still an opportunity for BI to develop Islamic finance in Indonesia by reinforcing its basic philosophy of returning to the real economy in the gold standard. Some suggestions for the implementation of the technical treatment of finance have been raised, but there is a need to accompany the implementation by stabilizing all Islamic-oriented central bank laws.

scholarly journals Central bank’s supervision on commercial banks’ credit business an exploratory post-epidemic-based research

2021 ◽  
Vol 235 ◽  
pp. 03064
Author(s):  
Tingen Li ◽  
Huan Fang ◽  
Yanting Zhang
Keyword(s):  
Monetary Policy ◽  
Real Estate ◽  
Central Bank ◽  
Commercial Banks ◽  
Real Estate Market ◽  
Real Economy ◽  
The Real ◽  
Bank Of China ◽  
The Real Estate ◽  
Reference Index

The epidemic of COVID-19 broke out, domestic economy suffered a heavy setback, the Central Bank of China launched a series of policies against this backdrop, aiming to stimulate the economy. However, some investors speculate from the loose loans in real estate, which makes the funds policy originally used for stimulating the real economy to be artificially drained into the real estate market, further resulting in the imbalance of social supply. To solve this problem, from the perspective of the central bank and with the use of literature research and other methods, this paper makes research on analyzes the central bank’s credit supervision on commercial banks. Study shows that information collection and monetary policy are the problems with central bank. Through big data technology and monetary policy into the new reference index two angles to try to solve the problem. It aims to effectively strengthen the efficiency and level of central bank’s supervision. Meanwhile it can provide corresponding theories and references for subsequent research. The limitation of this study is that there is no specific application supporting the analysis. Otherwise the paper would be more applicable in practice. Therefore, this problem needs to be further studied and solved.

scholarly journals Fiscal-Monetary-Financial Stability Interactions in a Data-Rich Environment

2018 ◽  
Vol 18 (3) ◽  
pp. 195-224 ◽  
Author(s):  
Martin Hodula ◽  
Lukáš Pfeifer
Keyword(s):  
Monetary Policy ◽  
Systemic Risk ◽  
Financial Stability ◽  
House Prices ◽  
Empirical Support ◽  
Financial Sector ◽  
Economic Policies ◽  
Real Economy ◽  
Monetary Policies ◽  
Fiscal And Monetary Policy

Abstract In this paper, we shed some light on the mutual interplay of economic policy and the financial stability objective. We contribute to the intense discussion regarding the influence of fiscal and monetary policy measures on the real economy and the financial sector. We apply a factor-augmented vector autoregression model to Czech macroeconomic data and model the policy interactions in a data-rich environment. Our findings can be summarized in three main points: First, loose economic policies (especially monetary policy) may translate into a more stable financial sector, albeit only in the short term. In the medium term, an expansion-focused mix of monetary and fiscal policy may contribute to systemic risk accumulation, by substantially increasing credit dynamics and house prices. Second, we find that fiscal and monetary policy impact the financial sector in differential magnitudes and time horizons. And third, we confirm that systemic risk materialization might cause significant output losses and deterioration of public finances, trigger deflationary pressures, and increase the debt service ratio. Overall, our findings provide some empirical support for countercyclical fiscal and monetary policies.

Putting the Program into Action, 1920–1928

2016 ◽  
Author(s):  
Simon James Bytheway ◽  
Mark Metzler
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Ad Hoc ◽  
Central Banks ◽  
Financial Globalization ◽  
International Network ◽  
Bank Of England ◽  
International Monetary Policy ◽  
Central Bankers

This chapter details how Montagu Norman of the Bank of England, in partnership with Benjamin Strong of the FRBNY, turned ad hoc wartime cooperation into a formal agenda. The paired ideas that national central banks should be autonomous, and that they should cooperate with each other, were first spelled out in a private “manifesto” that Norman circulated among fellow central bankers in 1921. Central bank cooperation was internationally recognized as a principle at the 1922 Genoa Conference, and it was also put into practice. Cooperation between central banks began primarily as informational cooperation, which includes not only the sharing of information but also the sharing and propagation of worldviews. An international network of central banks thus developed out of the war, as did the world's first truly coordinated system of international monetary policy. In these and other ways, financial globalization surged to a new level in the 1920s.

The Over-Burdened Central Bank and the Shift Away from Autonomy

2017 ◽  
Author(s):  
Pierre L. Siklos
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Financial Stability ◽  
Central Banks ◽  
Central Banking ◽  
Forward Guidance ◽  
Self Assessments ◽  
Crisis Conditions ◽  
Central Bankers ◽  
Influence Behavior

Many central banks took on additional responsibilities. Inadequate self-assessments remain unfinished almost a decade after the crisis erupted. Government-central bank relationships need to be conditioned on whether times are normal versus crisis conditions. Transparency confronts ambiguity when central banks must communicate the outlook and the conditionality of their decisions. Forward guidance was taken too far and ended up being futile. Central bankers simply exhausted their ability to influence behavior through mere words or ambiguous statements. This is a self-inflicted wound for institutions that are seen as overburdened. These forces leave central banking more vulnerable than is commonly acknowledged. Squaring the conventional objectives of monetary policy with the unclear aims of financial stability is difficult. Adequate limitations on the authority of central banks have yet to be thoroughly debated. We are nowhere near resolving the inherent tensions between old and new sets of central bank objectives.

African central banks face growing political pressures

2020 ◽  
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Central Banks ◽  
Financial Assistance ◽  
Economic Pressure ◽  
Content Type ◽  
The Real ◽  
Political Interference ◽  
Real Value ◽  
Over Time

Significance The move confirms long-held suspicions that the BoZ is subject to considerable political interference, which has increased as COVID-19 exacerbates the economic pressure on the ruling Patriotic Front (PF) government. Similar concerns have been raised to differing degrees about Nigeria and Zimbabwe. Impacts Rising inflation will be compounded by looser monetary policy, eroding the real value of wages over time, increasing food staple costs. Weakening central bank oversight could lead to greater diversion of COVID-19 relief funds. In the absence of international financial assistance, Lungu will find it extremely difficult to revive his flagging popularity.

scholarly journals Monetary Policy and the Real Economy: A Study of the Manufacturing and Services Sectors in Nigeria

2019 ◽  
pp. 1-13
Author(s):  
Olumuyiwa Olamade
Keyword(s):  
Monetary Policy ◽  
Value Added ◽  
Annual Data ◽  
Real Sector ◽  
Real Economy ◽  
The Real ◽  
Development Indicators ◽  
Distributed Lag ◽  
Domestic Credit ◽  
Effect Of Monetary Policy

This study examined the effect of monetary policy on the real sector of the Nigerian economy. A model was specified for each of the manufacturing and services sectors to interrogate the effect of monetary policy on the real sector. Annual data were sourced from the World Development Indicators for 1981 to 2017. Preliminary tests of the time series properties suggested the autoregressive distributed lag (ARDL) regression as the most appropriate framework for the achievement of our objectives. Diagnostic tests of the distribution of regression errors confirmed the satisfaction of all necessary regression assumptions. The models were also found stable over the study period. Thus, the models adequately represented the problems formulated for investigation and good for valid inference. While all the four channels of monetary transmission considered were found significant for value-added expansion in manufacturing, the exchange rate channel was not a significant factor in value-added change in the services sector. Our findings suggested that domestic credit is the dominant channel for the transmission of monetary impulses to the real sector. The study concluded that monetary policy will benefit the real economy more with export expansion in both the manufacturing and services sectors.

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