Author : Board of Governors of the Federal Reserve System
Publisher :
Page : 0 pages
File Size : 50,96 MB
Release : 2002
Category : Banks and Banking
ISBN : 9780894991967
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author : Mr.Bernard Laurens
Publisher : International Monetary Fund
Page : 108 pages
File Size : 42,34 MB
Release : 1996-09-26
Category : Business & Economics
ISBN : 9781557755629
In 1978, China embarked on a gradual but far-reaching reform of its economic system. This paper focuses on the achievements so far in reforming the financial sector, the legal framework for financial transactions, the payments system, and the monetary policy and foreign exchange system. It also analyzes the tasks ahead to achieve the goals set in these areas for the year 2000.
Author : Mr.Peter Dattels
Publisher : International Monetary Fund
Page : 106 pages
File Size : 43,6 MB
Release : 1995-11
Category : Business & Economics
ISBN :
This paper applies the “market microstructure” literature to the specific features of government securities markets and draws implications for the strategy to develop government securities markets. It argues for an active role of the authorities in fostering the development of efficient market structures.
Author :
Publisher : World Bank Publications
Page : 452 pages
File Size : 38,26 MB
Release : 2001-09-21
Category : Business & Economics
ISBN : 9780821349557
This handbook is a comprehensive and authoritative reference for both senior policymakers—those responsible for the development of government bond markets in their own countries—and all individuals responsible for guiding the market development process at the operational level—those who have a substantial need to understand the policy issues involved.
Author : Nicola Gennaioli
Publisher : International Monetary Fund
Page : 53 pages
File Size : 12,42 MB
Release : 2014-07-08
Category : Business & Economics
ISBN : 1498391990
We analyze holdings of public bonds by over 20,000 banks in 191 countries, and the role of these bonds in 20 sovereign defaults over 1998-2012. Banks hold many public bonds (on average 9% of their assets), particularly in less financially-developed countries. During sovereign defaults, banks increase their exposure to public bonds, especially large banks and when expected bond returns are high. At the bank level, bondholdings correlate negatively with subsequent lending during sovereign defaults. This correlation is mostly due to bonds acquired in pre-default years. These findings shed light on alternative theories of the sovereign default-banking crisis nexus.
Author : World Bank
Publisher : World Bank Publications
Page : 130 pages
File Size : 25,60 MB
Release : 2007
Category : Business & Economics
ISBN :
Domestic government debt markets play a critical role in managing public debt effectively and reducing the vulnerability of developing countries to financial crises. Many aspects of debt markets -- money, primary, and secondary markets; a diversified investor base; and sound securities custody and settlement systems and regulation interact in complex ways and are affected by previous policies and developments. This book draws insights from 12 developing and emerging market country case studies on moving from country diagnostics to reform implementation.
Author : Darryl King
Publisher : International Monetary Fund
Page : 50 pages
File Size : 28,51 MB
Release : 2017-07-10
Category : Business & Economics
ISBN : 148430585X
This paper considers the central bank mandate with respect to financial stability and identifies the links to the functioning of securities markets. It argues that while emergency support to securities markets is an important part of the crisis management response, a high bar should be set for its use. Importantly, it should be used only as part of a comprehensive policy package. The paper considers what types of securities markets may be important for financial stability, what market conditions could trigger emergency support measures, and how programs can be designed to restore market functioning while minimizing moral hazard.
Author : Mr.Marc Quintyn
Publisher : International Monetary Fund
Page : 66 pages
File Size : 16,58 MB
Release : 1994-05
Category : Business & Economics
ISBN :
In an indirect monetary policy framework, open market operations become the central bank’s main instrument. In the initial stages, when financial markets are still undeveloped, selection of a financial instrument for those operations and the design of supporting arrangements to ensure the central bank’s operational autonomy when using the instrument, are crucial issues. Based on theoretical arguments and experience of a sample of countries that embarked on financial reforms, this paper argues that government securities are the preferred instrument because of their better capacity to develop financial markets. The use of government securities, however, requires the most complex supporting arrangements.
Author : Mr.Peter Stella
Publisher : International Monetary Fund
Page : 40 pages
File Size : 12,9 MB
Release : 1997-07-01
Category : Business & Economics
ISBN : 1451850506
Central banks may operate perfectly well without capital as conventionally defined. A large negative net worth, however, is likely to compromise central bank independence and interfere with its ability to attain policy objectives. If society values an independent central bank capable of effectively implementing monetary policy, recapitalization may become essential. Proper accounting practice in determining central bank profit or loss and rules governing the transfer of the central bank’s operating result to the treasury are also important. A variety of country-specific central bank practices are reviewed to support the argument.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 157 pages
File Size : 43,77 MB
Release : 2021-03-12
Category : Business & Economics
ISBN : 1513573926
This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.
