scholarly journals Bagehot for Central Bankers

2021 ◽  
Author(s):  
Laurent Le Maux ◽  
Keyword(s):  
Banking System ◽  
Clear Understanding ◽  
Lender Of Last Resort ◽  
Policy Makers ◽  
Famous Book ◽  
Penalty Rate ◽  
Institutional Features ◽  
Central Bankers

Walter Bagehot (1873) published his famous book, Lombard Street, almost 150 years ago. The adage “lending freely against good collateral at a penalty rate” is associated with his name and his book has always been set on a pedestal and is still considered as the leading reference on the role of lender of last resort. Nonetheless, without a clear understanding of the theoretical grounds and the institutional features of the British banking system, any interpretation of Bagehot’s writings remains vague if not misleading—which is worrisome if they are supposed to provide a guideline for policy makers. The purpose of the present paper is to determine whether Bagehot’s recommendation remains relevant for modern central bankers or whether it was indigenous to the monetary and banking architecture of Victorian times.

Money Markets

2016 ◽  
pp. 216-239
Author(s):  
Stefano Battilossi
Keyword(s):  
New York ◽  
Financial Stability ◽  
Lender Of Last Resort ◽  
Policy Makers ◽  
Money Markets ◽  
The Us ◽  
The Usa ◽  
Market Stabilization ◽  
National Banking Era ◽  
Central Bankers

The notion that money markets were essential for smooth working of the economy but exposed to liquidity shocks was a key lesson banking theorists and central bankers learnt from panics of the nineteenth century. This chapter deals with the historical experience of money market stabilization in Britain and the USA. Since the 1860s, the London market, based on specialized intermediaries (discount houses) trading mainly in banker acceptances and with regular access to the Bank of England as a lender of last resort, achieved an admired record of financial stability. In contrast, the New York market, operating essentially as an inter-bank reserve system with no central bank until 1913, was the epicenter of several disruptive crises during the National Banking era. In the interwar period, the attempt by US policy makers to transplant British institutions into the US financial system had only partial success in preventing new episodes of financial instability.

A Tractable Future

2018 ◽  
Author(s):  
Douglas R. Holmes
Keyword(s):  
Central Banks ◽  
Economic Stability ◽  
Policy Makers ◽  
The Public ◽  
Market Participants ◽  
Forward Guidance ◽  
The Future ◽  
Discursive Interaction ◽  
Central Bankers

Markets are a function of language. This chapter examines ethnographically how central bankers create and enter a communicative field in which market participants and members of the public model economic phenomena for their own purposes, employing their own pragmatic insights. Central banks increasingly manage the expectations of others with official statements and forward guidance constructed in words. But this chapter focuses also on the role of conversation both within central banks and between the central banks and their publics and shows how this discursive input is crucial to central bankers’ own sense of the future. The influential stories that policy-makers tell are partly the product of internal conversation and listening to the way other market protagonists envisage the future. The efficacy of monetary policy rests on a two-way discursive interaction between central bankers and other market protagonists, who together must orchestrate prospectively the contingencies of economic stability and growth.

A review of guidelines and frameworks on external reporting of intellectual capital

2014 ◽  
Vol 15 (1) ◽  
pp. 100-141 ◽  
Author(s):  
Subhash Asanga Abhayawansa
Keyword(s):  
Intellectual Capital ◽  
Firm Value ◽  
Reporting Guidelines ◽  
Clear Understanding ◽  
Policy Makers ◽  
Content Type ◽  
External Reporting ◽  
Strategic Management Process ◽  
Supranational Institutions

Purpose – With a view to enabling organisations provide a clear understanding of firm value creation, several national and supranational institutions have produced guidelines and frameworks for externally reporting intellectual capital (IC). In many cases regulators, the accounting profession and accounting scholars have driven these initiatives. The purpose of this paper is to summarise, analyse and compare the guidelines and frameworks that have been developed with a focus on externally reporting IC. Design/methodology/approach – The paper analyses the assumptions underpinning 20 guidelines and frameworks that have been developed with a focus on reporting IC using a self-constructed framework. Findings – The review resulted in a comparison of IC reporting guidelines and framework based on target audience, role of IC within the organisational strategic management process and reporting IC indicator. It provides an understanding of the state of the art in relation to external reporting of IC. Practical implications – The insights provided by the comparison of the guidelines and frameworks are likely to be helpful for practitioners wanting to adopt or develop an IC reporting model for their organisation. Policy-makers will find these insights beneficial when attempting to refine existing frameworks and guidelines for reporting IC and in developing new ones to suit various circumstances. Also, this paper provides a useful review for academics. Originality/value – This is the first paper to provide a review of a large number of business reporting guidelines and frameworks with a focus on IC. It is a valuable reference for practitioners, policy-makers and academics on IC reporting models.

Graded Work, the Activation of Sick-Listed Workers and Employer Participation in Continental Europe

2020 ◽  
pp. 1-20
Author(s):  
Thomas Leoni
Keyword(s):  
The Netherlands ◽  
Sick Leave ◽  
Survey Data ◽  
Work Capacity ◽  
Sickness Insurance ◽  
Policy Makers ◽  
Institutional Features ◽  
The Individual

There is an increasing emphasis on activating workers on sick leave and on using their residual work capacity. This article compares activation via graded-work schemes in Germany, Austria, Switzerland and the Netherlands, with a focus on the role of employers. The analysis of literature sources and survey data reveals an ongoing reform activity, as well as great diversity in terms of employer obligations and incentives in the countries studied. These differences are very consequential for the intensity of employer efforts to activate sick-listed workers, even when comparing countries that otherwise share many institutional features. The distinction between public and privatised systems of sickness insurance, on the contrary, seems to be less relevant for the question of employer participation in activation. The findings are consistent with the expectation that less comprehensive employer participation is correlated with stronger selectivity in activation efforts. Depending on the prevailing approach in the individual countries and on developments to date, policy-makers are confronted with different challenges and priorities.

POLICY CHANGE – THE ROLE OF IDEAS AND POLICY ENTREPRENEURS

2018 ◽  
pp. 63-72
Author(s):  
Arwanto Arwanto ◽  
Wike Anggraini
Keyword(s):  
Policy Change ◽  
Significant Role ◽  
Policy Process ◽  
Policy Entrepreneurs ◽  
Multiple Streams ◽  
Policy Makers ◽  
Problem Framing ◽  
Exogenous Factors ◽  
The Relationship

ABSTRACT Understanding policy process involves many distinctive approaches. The most common are institutional, groups or networks, exogenous factors, rational actors, and idea-based approach. This paper discussed the idea-based approach to explain policy process, in this case policy change. It aims to analyse how ideas could assist people to understand policy change. What role do they play and why are they considered as fundamental element? It considers that ideas are belong to every policy actor, whether it is individual or institution. In order to answer these questions, this paper adopts Kingdon’s multi streams approach to analyse academic literatures. Through this approach, the relationship between ideas and policy change can be seen clearer. Ideas only can affect in policy change if it is agreed and accepted by policy makers. Therefore the receptivity of ideas plays significant role and it emerges policy entrepreneurs. They promote ideas (through problem framing, timing, and narrative construction) and manipulate in order to ensure the receptivity of ideas. Although policy entrepreneurs play significant role, political aspects remains the most important element in the policy process. Keywords: policy change, ideas, idea-based approach, Kingdon’s multiple streams, policy entrepreneurs.

Problems and prospects for the Russian banking supervision development in modern conditions

2020 ◽  
Vol 26 (6) ◽  
pp. 1283-1296
Author(s):  
K.A. Omarieva ◽  
P.G. Isaeva
Keyword(s):  
Banking System ◽  
Main Role ◽  
Banking Supervision ◽  
Monetary System ◽  
The Russian Federation ◽  
Document Flow ◽  
Development Methods ◽  
Further Development ◽  
Development Prospects

Subject. The article addresses problems and prospects for the banking supervision development in the Russian Federation under modern conditions. Objectives. We review the essence and methods of organization of the banking supervision, and identify the main problems and prospects for its development. Methods. To provide valid, reliable and reasoned recommendations, we apply normative and integrated approaches to the study of the banking supervision effectiveness in the current circumstances. Results. The paper investigates main problems and development prospects for the Russian banking supervision. The essential importance of supervision comes from the main role of the banking system in maintaining accounts of economic entities and making settlements. Even minor failures or delays in operations can lead to negative outcomes and disastrous consequences for the entire monetary system and the national economy. Therefore, we highlight issues that require attention, and make proposals for further development of the banking supervision. Conclusions. In the context of dynamically developing economy, the banking practice is becoming more complex. As a result, there is a need for new financial instruments that can reduce risks, increase the speed and efficiency of operations and document flow, and help achieve the world levels of introduced standards.

An Analytical Approach to Cruise Tourism As an Option For Development: a Case Study of the Sultanate of Oman

2020 ◽  
Vol 15 (2) ◽  
pp. 95-109
Author(s):  
Heba Aziz ◽  
Osman El-Said ◽  
Marike Bontenbal
Keyword(s):  
Capital City ◽  
Sultanate Of Oman ◽  
Policy Makers ◽  
Cruise Tourism ◽  
The Impact ◽  
The Relationship ◽  
Average Expenditure ◽  
Return Intention

The objective of this study was to measure the level of cruise tourists' satisfaction as well as the relationship between satisfaction, recommendation, return intention, and expenditure. Also, the impact of factors such as nationality, length of the visit, and age on the level of expenditure was measured. An empirical approach for data collection was followed and a total of 152 questionnaires were collected from cruise tourists visiting the capital city of Oman, Muscat, as cruise liners anchor at Sultan Qaboos Port. Results of the regression analysis supported the existence of a causal relationship between satisfaction with destination attributes, overall satisfaction, recommendation, return intention, and expenditure. It was found that the average expenditure varies according to age and length of the visit. Recommendations for policy makers were suggested on how to increase the role of cruise tourism in strengthening the economy.

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