Does Central Bank Capital Matter for Monetary Policy?

2012 ◽  
Author(s):  
Gustavo Adler ◽  
Predro Castro ◽  
Camilo E. Tovar
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Bank Capital ◽  
Central Bank Capital

Does Central Bank Capital Matter for Monetary Policy?

2015 ◽  
Vol 27 (1) ◽  
pp. 183-205 ◽  
Author(s):  
Gustavo Adler ◽  
Pedro Castro ◽  
Camilo E. Tovar
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Bank Capital ◽  
Central Bank Capital

The Early Days of the Central Bank of Kenya

2021 ◽  
pp. 197-249
Author(s):  
Mahesh Gheewala
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Working Relationships ◽  
Bank Capital ◽  
History Of ◽  
Capital Ownership ◽  
Central Bank Capital ◽  
Formative Years

This chapter presents an interesting dimension of the history of the Central Bank of Kenya (CBK), given that it is authored by a person who was the National Treasury Officer responsible for establishment of the CBK. The author offers a chronology of how CBK was founded, the discussions around its name and how its operations came to be independent of the National Treasury. He highlights important issues on central bank capital, ownership of the Bank, government borrowing from the Bank and conduct of rudimentary monetary policy. The author also highlights his working relationships with the first governors of CBK, Dr Baranski and Mr Duncan Ndegwa. It is noted that the author’s contribution to Kenya in the field of finance and banking during the country’s formative years, earned him the honour of Moran of the Order of the Burning Spear (MBS).

Does Central Bank Capital Matter for Monetary Policy?

2012 ◽  
Vol 12 (60) ◽  
pp. 1 ◽  
Author(s):  
Camilo Ernesto Tovar Mora ◽  
Pedro Castro ◽  
Gustavo Adler ◽  
◽  
◽  
...  
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Bank Capital ◽  
Central Bank Capital

scholarly journals The Role of Central Bank Capital Revisited

2004 ◽  
Author(s):  
Ulrich Bindseil ◽  
Andres Manzanares ◽  
Benedict Weller
Keyword(s):  
Central Bank ◽  
Bank Capital ◽  
Central Bank Capital

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.

Endogeneity of Monetary Policy Reaction Fun~tion: An Experience from Pakistan's Economy

1991 ◽  
Vol 30 (4II) ◽  
pp. 931-941
Author(s):  
M. Aynul Hasan ◽  
Qazi Masood Ahmed
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Money Supply ◽  
Relative Effectiveness ◽  
Reaction Function ◽  
Standard Result ◽  
Policy Variable ◽  
Target Values ◽  
Monetary Policy Reaction Function ◽  
Policy Reaction Function

Monetary policy, in general, refers to those steps taken by the Central Bank to achieve such broader objectives of the economy as growth, employment, external balance and price stability through changes in the money supply, interest rates and credit policies. The money supply thus created by the Central Bank should be in response to the changes in key macroeconomic target variables such as GNP, balance of payments, inflation, internal debt and unemployment. Indeed, a properly estimated monetary policy reaction function can provide useful information regarding such matters as to whether the Central Bank, in fact, has been systematically accommodating to the changes in the target variables. The reaction function can also provide insight into the question as to what should be the relevant indicators of the monetary policy. In addition, as argued by Havrilesky (1967), it may also play a crucial role in the formulation of long-term monetary policy strategy. The other important consideration in the development of a monetary policy reaction function pertains to the endogeneity of the monetary policy. As pointed out by Goldfeld and Blinder (1972), if a policy variable responds to the lagged (or expected) target values, then considering such a policy variable as exogenous would not only introduce the problem of misspecification but will also produce serious biases in the parameters estimated from those models. In particular, if the monetary policy variable happens to be strongly influenced by target variables, then the standard result of the relative effectiveness of the monetary policy vis-a-vis fiscal policy can be questionable on the grounds of reverse causation problem.

Sign in / Sign up

Export Citation Format

Share Document