Monetäre Ordnungsökonomik: Stabiles Geld vs. stabile Preise
|
|
|
- Regina Betty O’Neal’
- 6 years ago
- Views:
Transcription
1 Institut der deutschen Wirtschaft Köln, 28. November 2014 Brown Bag Seminar Monetäre Ordnungsökonomik: Stabiles Geld vs. stabile Preise Prof. Dr. Stefan Kooths Institut für Weltwirtschaft an der Universität Kiel, Prognosezentrum und Büro Berlin Business and Information Technology School (BiTS), Campus Berlin 1 KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
2 Kickoff FAZ, , S KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
3 Fighting the financial crisis: Whatever it takes? Financial crisis = capital stock crisis» Crisis as response to excessive credit creation (monetary boom-bust)» Massive distortion of the physical capital stock/production structures Financial crisis = systemic over-indebtedness» Central banks can print money (liquidity crisis)» but they cannot print capital (solvency crisis) Lender of last resort not the solution Central bankers as heroes in the economic policy arena?» Inflation-targeting and deflation-phobia» Massive increase of high powered money ( quantitative easing )» Negative interest rates? Helicopter money? Debt monetization? Key price within capitalist system manipulated by bureaucrats 3 KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
4 Money production: The big picture Monetary regimes in retrospect» Series of upheavals escaping the high-frequency radar of routine economics (generations rather than decades)» No obvious tendency towards a steady-state Global monetary system» Key features Debt-backed Fractional-reserve system State-owned central bank» Short episode in the history of finance (43 years only)» By no means normal or natural» Should not be taken for granted/permanent» Costly (money half-life: 35 years), fragile (financial crises) 4 KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
5 Money as a market phenomenon Money emerged by evolutionary learning» Enabling indirect exchange» Dramatically widening the division of labor Money = medium of exchange» Pre-monetary value (regression theorem, Mises 1912)» Homogenous, permanent, reversibly divisible Precious metals emerged as best-suited candidates Money is a product of the market» Private money production prior to state monopoly (Menger 1892), contrary to the State theory of money (Knapp 1921, Peacock 2013)» Standardization reduce transaction cost even further» Governments can act as standard setters for monetary units» but historically acted primarily as counterfeiters 5 KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
6 Fractional-reserve banking (1/2) Legal privilege» Granted to the banking industry only» Deposit vs. loan contracts (Huerta de Soto 2012) (safekeeping vs. temporary transfer of availability)» Borderline between liquidity provision (deposits) and capital provision (loans) becomes legally and economically indistinct Interplay of central bank and commercial banks: Money production as a Public-Private-Partnership (Seignorage sharing) Genuine banking» Deposit services (100 percent reserve requirement) subject to charges» Credit intermediation (bringing savers and investors together) including risk assessment, volume (and maturity?) transformation 6 KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
7 Fractional-reserve banking (2/2) Macroeconomic consequences» Credit and money creation out of thin air» Drives a wedge between ex ante saving and credit/investment» Non-neutrality of money (Cantillon effect)» Key mechanism in monetary business cycle theory (Hayek 1932) Macroeconomic benefits?» Two economies distinguished only by their quantities of money: Which one is better of? (Mints 1950)» Deflation a case for monetary expansion? (Hülsmann 2008) Deflation as a side-effect of crises (provoked by what?) Deflation as the flip-side of increasing productivity» Commodity money: Cost reduction, freeing resources for final use (Wicksell 1935, Selgin 1988)» Fiat money: Risk transfer to private banks (but: moral hazard) 7 KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
8 Debt-backed money creation: Self-reference Money (means of payment) backed by securities (promises of future payments) I PROMISE TO PAY THE BEARER ON DEMAND THE SUM OF TWENTY POUNDS 8 KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
9 Central banking Possibility of banks-runs due to fractional-reserve banking» Central bank as Lender of Last Resort for liquidity support only» Solvent, but illiquid banks (Bagehot 1873) Creeping process of expanding role as LoLR (concept dilution) Collateral risks infect stability of payment systems» Central bank as bail-out agency? only seemingly» Ring-fencing financial stability by central supervision? Promoting monocultures of risk assessment/regulatory overkill Technically unlimited money creation capacity» But: Too much money is no money (hyperinflations)» And: Financing illusion of the money press (monetization = taxation) Technical feasibility economic effectiveness 9 KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
10 Monetary policy: The all-purpose weapon? Generic target: Provision of a means of exchange Other targets» Government financing» Debt-monetization» Boosting employment» Business-cycle stabilization» Systemic financial stability What about Tinbergen? Conflicts» Room for excessive rent-seeking» Guaranteeing its own collateral? High risk of sacrificing the (most abstract, general) generic target for (more simplistic, partisan) non-generic targets 10 KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
11 Monetary policy: Overloaded! Source: FAZ, 26. Oktober 2011, p KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
12 Massive risks of crisis resolution via the money printing press Non-performing financial claims (over-indebtedness)» Core problem unsolved» Creating even higher debt positions Ultra-low interest rates» Bubbles, search for yield» New capital stock distortions Delaying structural reforms Risk management» Risk transfer to central banks (= tax payers)» Safe government bonds: Dysfunctional hammock for the wealthy Wasting time rather than Buying time 12 KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
13 Inflation targeting or back to the (Bbk) roots? Hampered credit and money creation in post-crisis era» Distressed banks (limited credit-creation capacity)» Over-indebted non-banks (limited debt-carrying capacity)» Inflation not surprisingly low Time frame: medium-term» Rather 5 than 2 years» Overstressing monthly inflation figures» Prices: No role for adjusting disequilibria? Inflation/deflation debate» Price structure more important than price level» Money injection is never neutral (process» Asset price inflation beyond the radar of monetary policy Recalling for monetary stability (former 1st ECB pillar) 13 KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
14 Foreseeable trends Unknown monetary territory» World-wide (JP, USA, GB, EMU): drastically increased monetary base unseen in peacetime before» Threat of solving fiscal burdens at the expense of money users Search for alternatives (demand side) Technological trends» Cash will disappear very soon (10 years?, 15 years?)» Enhanced electronic payments infrastructures Internet-based services as a layer above traditional banking systems Cash-like ubiquitous and permanently available virtual wallets (necessary for money as a network good) Vast opportunities for data mining Ability and incentives: new players (supply side) Potential demand and lower barriers-to-entry 14 KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
15 The search for alternatives (1/2) Forthcoming situation» Increasing potential demand for less costly medium of exchange» Full-fledged infrastructure for switching the reserve medium Lower barriers-to-entry for private money production (back to the roots: denationalization/re-privatization of money) What private money?» Reserve medium: fiat money or commodity money» Pure cyber money (BitCoin etc.): contrary to regression theorem, no backstop, highly exposed to fraud due to incentives and intransparency» Virtual wallets make precious metals fully fungible» Come-back of gold (strong suck-in effects)» Free banking and reputation building: 100-percent-money? (maximum degree of transparency, ETF-like situation) Private money services as management of gold reserves 15 KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
16 The search for alternatives (2/2) Transition process» Gradual, not a 1-0-decision (experimental phase)» Remonetization of gold and the gold price: positive feedback loop» From the start a globally accepted means of payment» Reverse of Gresham s law (= Thier s law) applies Regulatory preconditions» None, only full protection by existing civil laws (deposit laws) Governmental response?» Repeated prohibition of monetary gold (New Deal 2.0)?» Compulsory state-issued currency for public-private-payments?» Safe sites for the gold base of global money providers? Consequence: End of monetary policy 16 KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
17 Two monetary perspectives The optimistic (utopian?) view» Emergence of (parallel) hard currencies» Transition to 100-percent money» Restoration of market principles (accountability)» Separation of money and credit Stable global means of exchange The pessimistic (realistic?) view» Devaluation spirals, currency wars» Wealth taxes, financial repression, hyperinflation» Interventionist regulatory overkill» Disruption of financial stability Economic chaos 17 KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
18 18 KOOTHS: Monetäre Ordnungsökonomik Stabiles Geld vs. stabile Preise
Global Money and Free Banking 2.0 A Follow-up
Kiel, Stefan Kooths Key aspects 2 Money = medium of exchange (nothing else) - Persistence of current monetary system? - Policy assignment for central banks (Tinbergen problem) - Global network good (role
Threats to monetary robustness of the euro area
Le Cercle des Économistes and Friedrich Ebert Stiftung Berlin, 23 June 2017 Can the euro still be saved? Threats to monetary robustness of the euro area Stefan Kooths Kiel Institute for the World Economy,
Towards a Coordinationist Paradigm for Macroeconomics - The Interplay of Money, Capital, and Interest
Center of Applied Economic Research Münster CAWM-Kolloquium Münster, 26 June 2014 Towards a Coordinationist Paradigm for Macroeconomics - The Interplay of Money, Capital, and Interest Prof. Dr. Stefan
Austrian Money Supply A Brief Excursion Into Monetary Theory
Austrian Money Supply A Brief Excursion Into Monetary Theory With regard to the money supply, it is worth taking a look at a few specific facets of Austrian monetary theory and the money supply measures
Towards a Coordinationist Paradigm of Macroeconomics
University of Hamburg, Department of Philosophy, Theory of Freedom Research Project Hamburg, 4 October 2017 Conference: Perspectives of Integrated Austrian Theory Towards a Coordinationist Paradigm of
Central bank liquidity provision, risktaking and economic efficiency
Central bank liquidity provision, risktaking and economic efficiency U. Bindseil and J. Jablecki Presentation by U. Bindseil at the Fields Quantitative Finance Seminar, 27 February 2013 1 Classical problem:
Design Failures in the Eurozone. Can they be fixed? Paul De Grauwe London School of Economics
Design Failures in the Eurozone. Can they be fixed? Paul De Grauwe London School of Economics Eurozone s design failures: in a nutshell 1. Endogenous dynamics of booms and busts endemic in capitalism continued
Banking union: restoring financial stability in the Eurozone
EUROPEAN COMMISSION MEMO Brussels, 15 April 2014 Banking union: restoring financial stability in the Eurozone 1. Banking union in a nutshell Since the crisis started in 2008, the European Commission has
2. The taxation structure as described by the Implicit Tax Rate (ITR) as % of taxable income on labor, capital and consumption;
TAXATION IN BULGARIA Petar Ganev, IME In this set of papers we compare the fiscal systems of several European countries. This chapter is dedicated to the Bulgarian fiscal system. We are mostly interested
Implementation of Group Resolution The German Perspective. Adam Ketessidis Bundesanstalt für Finanzdienstleistungsaufsicht
Implementation of Group Resolution The German Perspective Adam Ketessidis Bundesanstalt für Finanzdienstleistungsaufsicht Overview I. Legal Background 1. FSB Key Attributes of Effective Resolution Regimes
mr Edgar Wortmann Guest Lecture Macroeconomics: The European Perspective May 16 th 2017
mr Edgar Wortmann Guest Lecture Macroeconomics: The European Perspective May 16 th 2017 Course manual: Proposals to change the process of money creation, like elimination of the role of commercial banks
Managing the Fragility of the Eurozone. Paul De Grauwe London School of Economics
Managing the Fragility of the Eurozone Paul De Grauwe London School of Economics The causes of the crisis in the Eurozone Fragility of the system Asymmetric shocks that have led to imbalances Interaction
A Copernican Turn for Banking Union
A Copernican Turn for Banking Union Thomas Mayer No. 290, 14 May 2013 At every meeting of central bankers, policy-makers and economists, there seems to be agreement that creation of a Banking Union is
1. Under what condition will the nominal interest rate be equal to the real interest rate?
Practice Problems III EC 102.03 Questions 1. Under what condition will the nominal interest rate be equal to the real interest rate? Real interest rate, or r, is equal to i π where i is the nominal interest
Comments on Adair Turner s book: Reprendre le contrôle de la dette. Money, Credit and Fixing Global Finance
France Stratégie - CEPII 10 July 2017 Comments on Adair Turner s book: Reprendre le contrôle de la dette Money, Credit and Fixing Global Finance Olivier GARNIER Group Chief-Economist 3 questions Should
Session 12. The New Normal. Deflation and Zero Lower Bound.
Session 12. The New Normal. Deflation and Zero Lower Bound. Deflation and Interest Rates The Zero Lower Bound trap The Great Depression The Great Recession Deflation and the Zero Lower Bound Trap Deflation
The main lessons to be drawn from the European financial crisis
The main lessons to be drawn from the European financial crisis Guido Tabellini Bocconi University and CEPR What are the main lessons to be drawn from the European financial crisis? This column argues
Introduction and road-map for the first 6 lectures
1 ECON 4335 Economics of Banking, Fall 2016 Jacopo Bizzotto; 1 Introduction and road-map for the first 6 lectures 1. Introduction This course covers three sets of topic: (I) microeconomics of banking,
Macroeconomics: Principles, Applications, and Tools
Macroeconomics: Principles, Applications, and Tools NINTH EDITION Chapter 17 Macroeconomic Policy Debates Learning Objectives 17.1 List the benefits and the costs for a country of running a deficit. 17.2
Consequences of present Euro area monetary policy on savings and capital wealth formation. 14 November Parliamentary evening in Brussels
Jacques de Larosière Consequences of present Euro area monetary policy on savings and capital wealth formation 14 November 2016 Parliamentary evening in Brussels As we all know, the ECB has engaged in
The role of central banks and governments in the crisis
The role of central banks and governments in the crisis 87 th Kieler Konjunkturgespräch Kiel, March 18/19 2013 Joachim Scheide, Kiel Institute for the World Economy After the synchronous downturn we now
Econ 698s: Lecture Notes Introduction to the Economic Analysis of Social Insurance Professor John Rust
Objectives of course: Econ 698s: Lecture Notes Introduction to the Economic Analysis of Social Insurance Professor John Rust 1. Issues: Understanding current financing issues arising from the demographic
Economics 435 The Financial System (10/28/2015) Instructor: Prof. Menzie Chinn UW Madison Fall 2015
Economics 435 The Financial System (10/28/2015) Instructor: Prof. Menzie Chinn UW Madison Fall 2015 14 2 14 3 The Sources and Consequences of Runs, Panics, and Crises Banks fragility arises from the fact
The banking privilege [draft]
![The banking privilege [draft]](/thumbs/88/115799059.jpg "The banking privilege [draft]")
The banking privilege [draft] It is often held that banks have the privilege to create money. In a legal sense, this is not true though. But banks do have legal privileges that enable them to issue debt
Adventures in Monetary Policy: The Case of the European Monetary Union
: The Case of the European Monetary Union V. V. Chari & Keyvan Eslami University of Minnesota & Federal Reserve Bank of Minneapolis The ECB and Its Watchers XIX March 14, 2018 Why the Discontent? The Tell-Tale
Why are interest rates so low?
Why are interest rates so low? 18 November 214 Dieter Guffens Senior economist KBC Corporate Chief Economist Department Overview Low interest rates in a historical perspective Driving forces of interest
What Governance for the Eurozone? Paul De Grauwe London School of Economics
What Governance for the Eurozone? Paul De Grauwe London School of Economics Outline of presentation Diagnosis od the Eurocrisis Design failures of Eurozone Redesigning the Eurozone: o Role of central bank
A Theory of Bank Liquidity Requirements
A Theory of Bank Liquidity Requirements Charles Calomiris Florian Heider Marie Hoerova Columbia GSB ECB ECB IAES Meetings Washington, D.C., October 15, 2016 The views expressed are solely those of the
Mankiw Chapter 13 lecture & reading questions:
Mankiw Chapter 13 lecture & reading questions: What are the main types of financial institutions in the U.S. economy, and what is their function? What are the 4 types of saving? (Private savings, public
Chapter 1 Why Study Money, Banking, and Financial Markets?
Chapter 1 Why Study Money, Banking, and Financial Markets? MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Markets in which funds are transferred
Endogenous Systemic Liquidity Risk
Endogenous Systemic Liquidity Risk Jin Cao & Gerhard Illing 2nd IJCB Financial Stability Conference, Banco de España June 17, 2010 Outline Introduction The myths of liquidity Summary of the paper The Model
Economics Principles of Macroeconomics Spring 2013
Economics 132.02 Principles of Macroeconomics Spring 2013 Professor Peter Ireland Final Exam This exam has nine questions on five pages; before you begin, please check to make sure your copy has all nine
Review of. Financial Crises, Liquidity, and the International Monetary System by Jean Tirole. Published by Princeton University Press in 2002
Review of Financial Crises, Liquidity, and the International Monetary System by Jean Tirole Published by Princeton University Press in 2002 Reviewer: Franklin Allen, Finance Department, Wharton School,
From Debt to Public Money System - Modeling A Transition Process Simplified -
From Debt to Public Money System - Modeling A Transition Process Simplified - The 10 th Annual AMI Monetary Reform Conf. University Center, downtown Chicago USA Oct. 2-5, 2014 (Presented on Oct. 4, 10
Central Bank Lending of Last Resort. Dr Christian Hofmann National University of Singapore
Central Bank Lending of Last Resort Dr Christian Hofmann National University of Singapore Terminology: liquidity How to define Lending of Last Resort? Central bank measures that lead to increases in liquid
Fund Management Diary
Fund Management Diary Meeting held on 4 October 2016 History and Theory of Money From mankind s earliest days the need to exchange goods and services was an overriding consideration in order to build a
Microeconomics of Banking Second Edition. Xavier Freixas and Jean-Charles Rochet. The MIT Press Cambridge, Massachusetts London, England
Microeconomics of Banking Second Edition Xavier Freixas and Jean-Charles Rochet The MIT Press Cambridge, Massachusetts London, England List of Figures Preface xv xvii 1 Introduction 1 1.1 What Is a Bank,
A Theory of Bank Liquidity Requirements
A Theory of Bank Liquidity Requirements Charles Calomiris Florian Heider Marie Hoerova Columbia GSB, SIPA ECB ECB Columbia SIPA February 9 th, 2018 The views expressed are solely those of the authors,
Chapter 10. Conduct of Monetary Policy: Tools, Goals, Strategy, and Tactics. Chapter Preview
Chapter 10 Conduct of Monetary Policy: Tools, Goals, Strategy, and Tactics Chapter Preview Monetary policy refers to the management of the money supply. The theories guiding the Federal Reserve are complex
Illiquidity and Interest Rate Policy
Illiquidity and Interest Rate Policy Douglas Diamond and Raghuram Rajan University of Chicago Booth School of Business and NBER 2 Motivation Illiquidity and insolvency are likely when long term assets
Bank bail-in and bail-out from a civil society and public interest perspective
Bank bail-in and bail-out from a civil society and public interest perspective Christian M. Stiefmüller Finance Watch The World Bank Financial Sector Assistance Center (FinSAC) Bank Resolution Conference
4/28/2015 PANICS OF THE PRE-FED ERA
A CENTURY OF THE FEDERAL RESERVE: SUCCESS OR FAILURE? Lawrence H. White George Mason U. Foundation for Teaching Economics 23 April 2015 WHY WAS THE FEDERAL RESERVE ESTABLISHED? Many people are freemarket
Negative Interest Rates: A Primer
Analysis of how disruption in commodities, geopolitics, and macroeconomics converge to create opportunities February 1, 2016 By Chris Berry (@cberry1) Negative Interest Rates: A Primer It is widely acknowledged
The Boom & Bust Cycle and Islamic Finance
The Boom & Bust Cycle and Islamic Finance Presented by Tariq Alrifai May 25, 2015 Overview What s going on with financial crises? Why are we headed for another crisis? Won t central banks be able to save
New Features of China s Monetary Policy
New Features of China s Monetary Policy Jie XU, October 2006 The past decade has seen significant improvement in China s monetary policy (MP, for simplicity). China s central bank (People s Bank of China,
Chapter 1-3. Topics in Financial Decisions. Financial System and the Economy. Financial system affects the economic performance It consists of
Chapter 1-3 Topics in Financial Decisions Financial system affects the economic performance It consists of Financial markets Financial institutions Money How does each of the above affect the economy?
Banking, Liquidity Transformation, and Bank Runs
Banking, Liquidity Transformation, and Bank Runs ECON 30020: Intermediate Macroeconomics Prof. Eric Sims University of Notre Dame Spring 2018 1 / 30 Readings GLS Ch. 28 GLS Ch. 30 (don t worry about model
ASSET PRICES IN ECONOMIC THEORY 1
26 1 Ing. Silvia Gantnerová, National Bank of Slovakia Asset prices, though not a goal or instrument of monetary policy, are nonetheless important for its realization, since they are a component of its
The lender of last resort: liquidity provision versus the possibility of bail-out
The lender of last resort: liquidity provision versus the possibility of bail-out Rob Nijskens Sylvester C.W. Eijffinger June 24, 2010 The lender of last resort: liquidity versus bail-out 1 /20 Motivation:
Spanish position on strengthening the EMU
Spanish position on strengthening the EMU April 2018 Background The Euro-Summit on 15 December 2017 has created a renewed momentum for discussions on deepening the Economic and Monetary Union (EMU) during
Financial Crises, Dollarization and Lending of Last Resort in Open Economies
Financial Crises, Dollarization and Lending of Last Resort in Open Economies Luigi Bocola Stanford, Minneapolis Fed, and NBER Guido Lorenzoni Northwestern and NBER Restud Tour Reunion Conference May 2018
Payment Economics and the Role of Central Banks Bank of England Payments Conference London, England May 20, 2005
Payment Economics and the Role of Central Banks Bank of England Payments Conference London, England May 20, 2005 Jeffrey M. Lacker President, Federal Reserve Bank of Richmond I would like start by commending
Delegated Monitoring, Legal Protection, Runs and Commitment
Delegated Monitoring, Legal Protection, Runs and Commitment Douglas W. Diamond MIT (visiting), Chicago Booth and NBER FTG Summer School, St. Louis August 14, 2015 1 The Public Project 1 Project 2 Firm
Independent Central Banking in times of crisis
Independent Central Banking in times of crisis The Eurosystem CEMLA: XI Meeting of Central Bank Legal Advisers Santiago, Chile Content A.The Eurosystem s response to the crisis B. The Eurosystem Framework
International Money and Banking: 6. Problems with Monetarism
International Money and Banking: 6. Problems with Monetarism Karl Whelan School of Economics, UCD Spring 2018 Karl Whelan (UCD) Money and Inflation Spring 2018 1 / 30 The Basic Elements of Monetarism Last
GLOBAL FINANCIAL SYSTEM. Lecturer Oleg Deev
GLOBAL FINANCIAL SYSTEM Lecturer Oleg Deev oleg@mail.muni.cz Contents Concept of the global financial system Evolution of the global financial system International reserve currency Post-Bretton Woods global
Government Guarantees and the Two-way Feedback between Banking and Sovereign Debt Crises
Government Guarantees and the Two-way Feedback between Banking and Sovereign Debt Crises Agnese Leonello European Central Bank 7 April 2016 The views expressed here are the authors and do not necessarily
Deposit Insurance and Bank Failure Resolution. Thorsten Beck World Bank
Deposit Insurance and Bank Failure Resolution Thorsten Beck World Bank Introduction Deposit insurance (DI) and bank failure resolution (BFR) are part of the overall financial safety net Opposing objectives
deposit insurance Financial intermediaries, banks, and bank runs
deposit insurance The purpose of deposit insurance is to ensure financial stability, as well as protect the interests of small investors. But with government guarantees in hand, bankers take excessive
The Role of Foreign Financial Institutions in Japan's Financial System
September 29, 2014 Bank of Japan The Role of Foreign Financial Institutions in Japan's Financial System Speech at a Meeting Held by the International Bankers Association of Japan Haruhiko Kuroda Governor
Remarks of Nout Wellink Chairman, Basel Committee on Banking Supervision President, De Nederlandsche Bank
Remarks of Nout Wellink Chairman, Basel Committee on Banking Supervision President, De Nederlandsche Bank Korea FSB Financial Reform Conference: An Emerging Market Perspective Seoul, Republic of Korea
Introduction. (Securitization), June 2005 (herein the Haimovitch-Asher Committee), Section 2.
Executive Summary Introduction Securitization is an important tool in the dispersion of risk and its reallocation within the financial system. A securitized transaction involves the issue of bonds whose
Wirtschaftspolitik in Zeiten des Booms
Schleswig-Holsteinische Universitäts-Gesellschaft Trappenkamp, 28. Mai 218 Wirtschaftspolitik in Zeiten des Booms Prof. Dr. Stefan Kooths Prognosezentrum 1 Institut für Weltwirtschaft (gegr. 1914) Prognosezentrum
Building a just and environmentally sound economy. Marco Vangelisti Essential Knowledge for Transition
Building a just and environmentally sound economy Marco Vangelisti Essential Knowledge for Transition Ambitious Agenda What s possible Motivation The punch lines (hold on to your seat!) Definition and
Volume Author/Editor: Gerardo della Paolera and Alan M. Taylor. Volume URL:
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability,
Intertemporal discoordination in the 100 percent reserve banking system
Intertemporal discoordination in the 100 percent reserve banking system Romain Baeriswyl Swiss National Bank May 2014 Abstract The Chicago Plan advocated by Fisher (1936) has a Misesian flavor as it aims
Embracing a Globalized, Fiat Money Regime: Does Demand for Money Matter?
Embracing a Globalized, Fiat Money Regime: Does Demand for Money Matter? Christopher LINGLE, PhD CLingle@ufm.edu Universidad Francisco Marroquín Guatemala Centre for Civil Society New Delhi Department
Deposit Insurance or Lender of Last Resort
Deposit Insurance or Lender of Last Resort Cecchetti compares deposit insurance and lender of last resort as means to prevent banking crises Deposit Insurance could actually increase the probability of
Economics of Money, Banking, and Fin. Markets, 10e (Mishkin) Chapter 3 What Is Money? 3.1 Meaning of Money
Economics of Money, Banking, and Fin. Markets, 10e (Mishkin) Chapter 3 What Is Money? 3.1 Meaning of Money 1) To an economist, is anything that is generally accepted in payment for goods and services or
Money, Sovereignty, and Monetary Regimes
Money, Sovereignty, and Monetary Regimes Pavlina R. Tcherneva Chair and Associate Professor, Bard College Research Associate, Levy Economics Institute http://pavlina-tcherneva.net @ptcherneva March 8,
"Dollarisation in Emerging Market Economies" Part 3: OFFICIAL DOLLARISATION
PART 3: OFFICIAL DOLLARISATION Full and complete dollarisation: a very recent idea What official dollarisation means There is a great myth about dollarisation. The traditional fix vs. flex debate Optimal
Member of
Making Europe Safer Prof. Stijn Van Nieuwerburgh Member of www.euro-nomics.com New York University Stern School of Business National Bank of Belgium, December 22, 2011 Agenda Diagnosis of design issues
Index. exchange rates, 104 5, net inflows, 100, 115, Bretton Woods system, 96 7 business cycles, 57
Index additional monetary tightening (AMT), 43 4 advanced economies, central banks in, 35 6 agency problems, 153, 163n47 aggregate demand, 18, 138 9, 141 2 Asian financial crisis, 8, 10, 13 15, 57, 65,
Recall: The Meaning of Money and Inflation. Money Growth and Inflation 1. HISTORICAL ASPECTS OF INFLATION. Key points
Growth and Inflation 3 The Meaning of and Inflation Recall: is the set of assets in an economy that people regularly use to buy goods and services from other people. Inflation is an increase in the overall
Liquidity and capital: Substitutes or complements?
Marie Hoerova European Central Bank and CEPR Liquidity and capital: Substitutes or complements? Chicago Fed/ECB International Banking Conference November 3, 2016 The views expressed are those of the author
Monetary Easing and Financial Instability
Monetary Easing and Financial Instability Viral Acharya NYU-Stern, CEPR and NBER Guillaume Plantin Sciences Po September 4, 2015 Acharya & Plantin (2015) Monetary Easing and Financial Instability September
Investment Strategy and Portfolio Expertise. QE Explained. VBA bijeenkomst over Kwantitatieve Verruiming Mary Pieterse-Bloem.
Investment Strategy and Portfolio Expertise QE Explained VBA bijeenkomst over Kwantitatieve Verruiming Mary Pieterse-Bloem 12 oktober 2017 Role of monetary policy in the economy the conventional world
Macroeconomics for Finance
Macroeconomics for Finance Joanna Mackiewicz-Łyziak Lecture 1 Contact E-mail: jmackiewicz@wne.uw.edu.pl Office hours: Wednesdays, 5:00-6:00 p.m., room 409. Webpage: http://coin.wne.uw.edu.pl/jmackiewicz/
Chapter 10: Money and Banking Section 1
Chapter 10: Money and Banking Section 1 Key Terms money: anything that serves as a medium of exchange, a unit of account, and a store of value medium of exchange: anything that is used to determine value
Cross-border banking regulating according to risk. Thorsten Beck
Cross-border banking regulating according to risk Thorsten Beck Following 2008: Lots of regulatory reforms Basel 3: Higher quantity and quality of capital and liquid assets Additional capital buffers for
ECON 2301 TEST 3 Study Guide. Spring 2013
ECON 2301 TEST 3 Study Guide Spring 2013 Instructions: 33 multiple-choice questions, each with 4 responses Students need to bring: (1) Sanddollar ID card; (2) scantron Form 882-E; (3) pencil; (4) calculator
THE FEDERAL RESERVE AND MONETARY POLICY Macroeconomics in Context (Goodwin, et al.)
Chapter 12 THE FEDERAL RESERVE AND MONETARY POLICY Macroeconomics in Context (Goodwin, et al.) Chapter Overview In this chapter, you will be introduced to a standard treatment of central banking and monetary
Expectations and Anti-Deflation Credibility in a Liquidity Trap:
Expectations and Anti-Deflation Credibility in a Liquidity Trap: Contribution to a Panel Discussion Remarks at the Bank of Japan's 11 th research conference, Tokyo, July 2004 (Forthcoming, Monetary and
MODULE 10 Supervision and Regulation. Introduction
MODULE 10 Supervision and Regulation Introduction In this Module, we will discuss supervision and regulation of the IB system. The Basel Committee and Basel Accord will be discussed comprehensively, especially
International Finance
International Finance FINA 5331 Lecture 2: U.S. Financial System William J. Crowder Ph.D. Financial Markets Financial markets are markets in which funds are transferred from people and Firms who have an
Economics of Money, Banking, and Fin. Markets, 10e (Mishkin) Chapter 9 Financial Crises. 9.1 What is a Financial Crisis?
Economics of Money, Banking, and Fin. Markets, 10e (Mishkin) Chapter 9 Financial Crises 9.1 What is a Financial Crisis? 1) A major disruption in financial markets characterized by sharp declines in asset
JOSEPH HASLAG University of Missouri-Columbia
Modeimg Monetary Economies Fourth Edition BRUCE CHAMP SCOTT FREEMAN JOSEPH HASLAG University of Missouri-Columbia gif CAMBRIDGE $0? UNIVERSITY PRESS Contents Preface page xv Parti Money 1 Trade without
Quantitative Easing and the implications for Actuaries & Economics Discussion
Quantitative Easing and the implications for Actuaries & Economics Discussion Colm Fitzgerald Dublin City University / Paragon Research Ltd Society of Actuaries in Ireland May 17 th 2011 Introduction Context
The Federal Reserve in the 21st Century Financial Stability Policies
The Federal Reserve in the 21st Century Financial Stability Policies Thomas Eisenbach, Research and Statistics Group Disclaimer The views expressed in the presentation are those of the speaker and are
IT TAKES TWO TO TANGO: MAKING MONETARY AND FISCAL POLICY DANCE
IT TAKES TWO TO TANGO: MAKING MONETARY AND FISCAL POLICY DANCE Eric M. Leeper Indiana University 12 November 2008 A REMARKABLE TRANSFORMATION Central banks moved from monetary mystique to culture of clarity
Notes on Hyman Minsky s Financial Instability Hypothesis
FINANCIAL INSTABILITY Prof. Pavlina R. Tcherneva Econ 331/WS 2006 Notes on Hyman Minsky s Financial Instability Hypothesis Summary Prior to WWII, economies were described by frequent and severe depressions
The Federal Reserve in the 21st Century Financial Stability Policies
The Federal Reserve in the 21st Century Financial Stability Policies Thomas Eisenbach, Research and Statistics Group Disclaimer The views expressed in the presentation are those of the speaker and are
Chapter 29: The Monetary System Principles of Economics, 8 th Edition N. Gregory Mankiw Page 1
Page 1 1. Introduction a. This is a fairly descriptive chapter, but it contains some important material for understanding the world that we live in. b. Money is important for facilitating trade. c. Paper
XPA 2.0 Whitepaper Jan 2018
XPA 2.0 Whitepaper Jan 2018 XPA 2.0 Whitepaper Table of Contents Introduction Market Opportunities XPA Blockchain Asset Management Ecosystem XPA XPA Assets XPA.Exchange TideBit TideWallet and TidePay Wallet
Gold as the New Fixed Income
Gold as the New Fixed Income Dan Tapiero, Co-Founder GBI and Global Macro Hedge Fund Veteran March 1, 2016 Modern Portfolio Theory: 1) MPT is a financial theory from the 1950 s that attempts to maximize
Research on Financing Strategy of Small Micro-enterprise Based on Internet Finance
2017 4th International Conference on Business, Economics and Management (BUSEM 2017) Research on Financing Strategy of Small Micro-enterprise Based on Internet Finance Yanli Li Wuhan International Culture
Monetary policy after the crash Controlling interest
Economist Sep 21st 2013 Monetary policy after the crash Controlling interest The third of our series of articles on the financial crisis looks at the unconventional methods central bankers have adopted
The ICBC Trust Crisis Why A Trust Default Wouldn t Cause a Financial Crisis in China
Orient Capital Research January 27, 2014 Orient Capital Research Andrew Collier 631-521-1921; 852-9530-4348 andrew@collierchina.com Juilice Zhou, Analyst, Shanghai The Why A Trust Default Wouldn t Cause
The financial crisis challenges and new ideas Luxembourg School of Finance 28 January 2010
The financial crisis challenges and new ideas Luxembourg School of Finance 28 January 2010 I am very pleased to be here tonight and wish to thank the Luxembourg School of Finance for providing me with
Corporate Taxation. 131 Undergraduate Public Economics Emmanuel Saez UC Berkeley
Corporate Taxation 131 Undergraduate Public Economics Emmanuel Saez UC Berkeley 1 OUTLINE Chapter 24 24.1 What Are Corporations and Why Do We Tax Them? 24.2 The Structure of the Corporate Tax 24.3 The