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Central Bank Reserve Management
This book addresses the welfare gains and costs of accumulating foreign exchange reserves and the implications for the functioning of the global financial system. The tremendous growth of central bank reserves has led to an increased focus on raising returns in addition to the traditional preference central banks have for maintaining liquid portfolios. Issues such as asset and currency diversification, the impact of new accounting rules and the profit distribution agreements with the government are analysed, adding new insights to the current debate on the optimal size of central bank reserves. This book brings together a wide range of experts from central banks, investment banks and the academic community.
Central Banking and Monetary Policy in the G20: Paradigms and Challenges
Behind productive and prosperous economies are independent central banks that implement effective monetary policies. This observation is especially valid for the G20, which comprises the world’s top twenty economies in terms of gross domestic product and the largest stakeholders of the global economic system. These economies include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union. Three features of this book, which focuses on central banking and monetary policy in the G20, an intergovernmental platform, stand out: First...
The Concrete Euro
The euro area's framework for monetary policy implementation was introduced in 1999. Eleven years on, this volume examines the theoretical and historical underpinnings of the framework, how it has fared in practice, and what challenges it is likely to face in the future. The technology serving the implementation of monetary policy has historically been the exclusive preserve of a narrow group of specialists but the recent global financial crisis brought the issue into the public eye, as the supply of base money exploded while inflation risked turning into deflation. This book addresses all the aspects of monetary policy implementation, with particular emphasis on the European Central Bank an...
Open Market Operations and Financial Markets
Using both academic and practitioner research, this is the most detailed book available that provides an account of open market operations, including discussions of central bank operations in Europe, North America, Australia and Japan.
Procyclical Behavior of Institutional Investors During the Recent Financial Crisis
This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the main factors that could account for such behavior; (iii) discusses the implications of procyclical behavior; and (iv) proposes a framework for sound investment practices for long-term investors. Such procyclical investment behavior is understandable and may be considered rational from an individual institution’s perspective. However, our main conclusion is that behaving in a manner consistent with longterm investing would lead to better long-term, risk-adjusted returns and, importantly, could lessen the potential adverse effects of the procyclical investment behavior of institutional investors on global financial stability.
Das globale Währungs- und Finanzsystem: Risikofaktor oder Stabilitätsanker für die Weltwirtschaft?
Die globale Finanz- und Wirtschaftskrise der letzten Jahre reiht sich in eine Abfolge von Krisen ein, deren Ursprünge auch in der Architektur des globalen Währungs- und Finanzsystem zu suchen sind. Demnach wurden beispielweise die Exzesse des Finanzsektors von einem System begünstigt, welches die globale Integration von Finanzmärkten und den systematischen Abbau von Finanzmarktregulierungen fördert. Gleichzeitig fehlt es diesem System jedoch an international verbindlichen Regeln, die dem Aufbau von globalen Ungleichgewichten entgegenwirken könnten. Es stellt sich deswegen die Frage, welche Auswirkungen diese Konstruktionsschwächen auf die Krisenanfälligkeit der Weltwirtschaft haben u...
Sovereign Wealth Funds
This study examines the role of sovereign wealth funds (SWFs) in the global economy and financial system. Sovereign wealth funds are not a new phenomenon in international finance. Governments of a few countries have used similar entities to manage their international financial assets for several decades. Moreover, countries have always held international reserves, and government-owned entities have made cross-border investments for many years. Sovereign wealth funds or their equivalent pose profound issues for the countries that own them with respect to macroeconomic policy and the potential for corruption. They also raise issues for countries that receive SWF investments as well as for the ...
