Central Banks Quasi Fiscal Policies And Inflation

Author : Mr.Seok Gil Park
Publisher : International Monetary Fund
ISBN 13 : 1463981007
Total Pages : 35 pages
Book Rating : 4.06/5 ( download)

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Download or read book Central Banks Quasi-Fiscal Policies and Inflation written by Mr.Seok Gil Park and published by International Monetary Fund. This book was released on 2012-01-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although central banks have recently taken unconventional policy actions to try to shore up macroeconomic and financial stability, little theory is available to assess the consequences of such measures. This paper offers a theoretical model with which such policies can be analyzed. In particular, the paper shows that in the absence of the fiscal authorities' full backing of the central bank's balance sheet, strange things can happen. For instance, an exit from quantitative easing could be inflationary and central banks cannot successfully unwind inflated balance sheets. Therefore, the fiscal authorities' full backing of the monetary authorities' quasi-fiscal operations is a pre-condition for effective monetary policy.

Author : Mr.George A. Mackenzie
Publisher : International Monetary Fund
ISBN 13 : 9781557755834
Total Pages : 58 pages
Book Rating : 4.33/5 ( download)

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Download or read book Quasi-Fiscal Operations of Public Financial Institutions written by Mr.George A. Mackenzie and published by International Monetary Fund. This book was released on 1996-10-24 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks and other public financial institutions act as agents of fiscal policy in many countries. Their "quasi-fiscal" operations and activities can affect the overall public sector balance without affecting the budget deficit as conventionally measured, may also have important allocative effects, and increase the effective size of the public sector. This paper analyzes the macroeconomic and financial effects of such quasi-fiscal activities, as well as the taxes, subsidies, and other expenditures that such activities introduce outside the budget. Measurement and accounting issues are addressed, and policy recommendations are offered.

Author : Leo N. Bartolotti
Publisher : Nova Publishers
ISBN 13 : 9781600211225
Total Pages : 200 pages
Book Rating : 4.24/5 ( download)

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Download or read book Inflation, Fiscal Policy and Central Banks written by Leo N. Bartolotti and published by Nova Publishers. This book was released on 2006 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together new research on three areas of ongoing interest in the area of international finance such as: Inflation, Fiscal Policy and Central Policy. Several of the papers deal with the G-8 countries.

Author : Peter Stella
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.66/5 ( download)

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Download or read book Central Bank Financial Strength, Policy Constraints and Inflation written by Peter Stella and published by International Monetary Fund. This book was released on 2008-02 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central bank financial strength is positively associated with good policy performance. Financially weak central banks generate losses which undermine macroeconomic stability and call into question the credibility of their policies. In assessing central bank financial strength a careful examination of the policy regime and the volatility of the economic environment is necessary. Conventional measures of private enterprise financial strength- profitability and capital-can be very misleading when applied to central banks. The way in which a central bank balance sheet is strengthened matters. Providing the central bank with marketable government debt that can be used to develop a money market that in turn may become the locus of central bank monetary operations serves both to directly strengthen the institution and improve the quality of the environment in which it operates, thereby facilitating the attainment of its ultimate performance objectives.

Author : Malgorzata Markiewicz
Publisher :
ISBN 13 : 9789516869462
Total Pages : 39 pages
Book Rating : 4.67/5 ( download)

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Download or read book Quasi-fiscal Operations of Central Banks in Transition Economies written by Malgorzata Markiewicz and published by . This book was released on 2001 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews issues associated with quasi-fiscal operations (QFO) of central banks in a sample of countries in Central and Eastern Europe and the former Soviet Union. The concern is the problem of transparency in fiscal and monetary accounts when the central bank undertakes quasi-fiscal operations and the government falls short of providing full coverage of fiscal operations. QFO can also jeopardize monetary policy designed to maintain price stability. A simple framework is developed to estimate the extent of QFO. In some cases, the magnitude of QFO is significant in indicating underestimation of fiscal deficit figures. We claim that the lack of transparency in fiscal accounts of transition countries warrants serious concern.

Author : Peter Stella
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.29/5 ( download)

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Download or read book Central Bank Financial Strength, Transparency, and Policy Credibility written by Peter Stella and published by International Monetary Fund. This book was released on 2002-08 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: A central bank is financially strong if it possesses resources sufficient to attain its fundamental policy objective(s). Once endowed with those resources, relations between government and central bank should be designed so that significant changes in central bank financial strength do not occur unless necessitated by changes in policy objectives. The level of strength required depends on the array of policy objectives (for example, the exchange rate regime) as well as the constraints and risks presented by the operational environment. Attaining credibility is facilitated if the public can easily determine the financial strength of the bank, yet for a variety of reasons this is often difficult. Transparency requires institutional arrangements that ensure the central bank generates profit in most states of the world, is subject to strict ex post independent audit, and transfers regularly all profits, after provisions, to the treasury.

Author : Sònia Muñoz
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.38/5 ( download)

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Download or read book Central Bank Quasi-Fiscal Losses and High Inflation in Zimbabwe written by Sònia Muñoz and published by International Monetary Fund. This book was released on 2007-04 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Zimbabwe's failure to address continuing central bank quasi-fiscal losses has interfered with both monetary management and the independence and credibility of the Reserve Bank of Zimbabwe (RBZ). Realized quasi-fiscal losses are estimated to have amounted to about 75 percent of GDP in 2006. Because they were financed by creating money creation or issuing RBZ securities, they contributed to the four-digit inflation reached in 2006. The remedy for the current situation is clearly to eliminate the causes of losses by implementing measures to improve the cash-flow of the bank and restore its financial position.

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451844239
Total Pages : 33 pages
Book Rating : 4.38/5 ( download)

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Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.

Author : Frederic S. Mishkin
Publisher : MIT Press
ISBN 13 : 0262513374
Total Pages : 561 pages
Book Rating : 4.71/5 ( download)

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Download or read book Monetary Policy Strategy written by Frederic S. Mishkin and published by MIT Press. This book was released on 2009-08-21 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading academic authority and policymaker discusses monetary policy strategy from the perspectives of both scholar and practitioner, offering theory, econometric evidence, and extensive case studies. This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategy describes his work over the last ten years, offering published papers, new introductory material, and a summing up, “Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask,” which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anchor; fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.

Author : Roberto Rezende Rocha
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 63 pages
Book Rating : 4./5 ( download)

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Download or read book Fiscal and Quasi-fiscal Deficits, Nominal and Real written by Roberto Rezende Rocha and published by World Bank Publications. This book was released on 1992 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: