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International finance --- Lenders of last resort --- Banks and banking, International --- AA / International- internationaal --- 333.111.0 --- 332.042 --- Last resort, Lenders of --- Banks and banking, Central --- Financial institutions --- International banking --- Offshore banking (Finance) --- Transnational banking --- Financial institutions, International --- Algemeenheden. Theoretische en beschrijvende studies. Centrale banken. --- Algemeenheden. Theoretische en beschrijvende studies. Centrale banken
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Curzio Giannini's history of the evolution of central banks illustrates how the most relevant institutional developments have taken place at times of widespread confidence crises and in response to deflationary pressures.
Private finance --- Banks and banking, Central. --- Banques centrales --- Banking. --- Banks and banking. --- Deflation. --- Banks and banking, Central --- Finance --- Business & Economics --- Banking --- History --- International finance --- Monetary policy --- Capital movements --- Foreign exchange --- Debts, External --- AA / International- internationaal --- 333.111.0 --- 332.11 --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Debt --- Investments, Foreign --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- Currency crises --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Monetary management --- Economic policy --- Currency boards --- Money supply --- International monetary system --- International money --- International economic relations --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Algemeenheden. Theoretische en beschrijvende studies. Centrale banken. --- Algemeenheden. Theoretische en beschrijvende studies. Centrale banken
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The paper explores whether and how national lender-of-last-resort practices can be adapted internationally. Nationally, the effectiveness of such practices is based on a blend of resource availability, technical discretion as to the conditions attached, ex ante supervision, and powers of enforcement. Some features of the international environment, however, make it difficult to replicate this structure, which may explain why recent large-scale rescue packages have worked less than satisfactorily. Private contingent credit facilities and IMF lending into arrears in the context of internationally approved, temporary moratoria on foreign debt may nonetheless offer some scope for effective, although limited in aims and resources, international liquidity support, but this would require amending the IMF’s Articles of Agreement.
Banks and Banking --- Finance: General --- Financial Risk Management --- Central Banks and Their Policies --- International Monetary Arrangements and Institutions --- Financial Institutions and Services: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Crises --- General Financial Markets: Government Policy and Regulation --- Crisis Management --- Portfolio Choice --- Investment Decisions --- Economic & financial crises & disasters --- Banking --- Finance --- Lender of last resort --- Financial crises --- Moral hazard --- Crisis management --- Financial sector policy and analysis --- Liquidity --- Asset and liability management --- Banks and banking --- Financial risk management --- Banks and banking, Central --- Economics --- United States
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Curzio Giannini's history of the evolution of central banks illustrates how the most relevant institutional developments have taken place at times of widespread confidence crises and in response to deflationary pressures. The eminent and highly-renowned author provides an analytical perspective to study the evolution of central banking as an endogenous response to crisis and to the ever increasing needs of economic growth. The key argument of the analysis is that crucial innovations in the payment technology (from the invention of coinage to the development of electronic money) could not have
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During the 1990s, the concept of "catalytic official finance" (COF) gained prominence in policy debates. The concept revolves around the idea that the propensity of investors to lend to a country increases when the IMF provides its "seal of approval"-backed up by only limited official financing-on the country's economic program. COF aims at avoiding, on the one hand, the massive use of public money to bail out private investors; on the other, the recourse to coercive bailing-in mechanisms. The paper concludes that COF, while possibly useful in other contexts, is less reliable when used to manage capital account crises.
Exports and Imports --- Financial Risk Management --- International Monetary Arrangements and Institutions --- International Lending and Debt Problems --- Economic History: Financial Markets and Institutions: General, International, or Comparative --- Current Account Adjustment --- Short-term Capital Movements --- International Investment --- Long-term Capital Movements --- Financial Crises --- Crisis Management --- International economics --- Economic & financial crises & disasters --- Capital inflows --- Capital account crisis --- Current account --- Financial crises --- Crisis management --- Balance of payments --- Capital movements --- United States
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This paper argues that many developing countries may find it difficult to buttress disinflation programs purely through the adoption of traditional credibility-enhancing devices (such as monetary anchors and central bank independence), owing to “technical problems” (for example, high instability of money demand, increased capital mobility) and an insufficient endowment of credibility in the political institutions. In these cases, borrowing credibility from an outside agency like the International Monetary Fund may be the most effective solution. The paper discusses the different options that would allow the Fund to support programs aimed not at external adjustment—the Fund’s traditional role—but at disinflation.
Exports and Imports --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Price Level --- Deflation --- International Monetary Arrangements and Institutions --- Current Account Adjustment --- Short-term Capital Movements --- Monetary Policy --- International economics --- Monetary economics --- Disinflation --- Balance of payments need --- Price stabilization --- Inflation targeting --- Prices --- Balance of payments --- Monetary policy --- Government policy --- Jamaica
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