G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10741
DP10741 Maintaining Central-Bank Financial Stability under New-Style Central Banking
[unavailable]
发表日期2015-07-26
出版年2015
语种英语
摘要Since 2008, the central banks of advanced countries have borrowed trillions of dollars from their commercial banks in the form of interest-paying reserves and invested the proceeds in portfolios of risky assets. We investigate how this new style of central banking aects central banks' solvency. A central bank is insolvent if its requirement to pay dividends to its government exceeds its income by enough to cause an unending upward drift in its debts to commercial banks. We consider three sources of risk to central banks: interest-rate risk (the Federal Reserve), default risk (the European Central Bank), and exchange-rate risk (central banks of small open economies). We nd that a central bank that pays dividends equal to a standard concept of net income will always be solvent|its reserve obligations will not explode. In some circumstances, the dividend will be negative, meaning that the government is making a payment to the bank. If the charter does not provide for payments in that direction, then reserves will tend to grow more in crises than they shrink in normal times. To prevent this buildup, the charter needs to provide for makeup reductions in payments from the bank to the government. We compute measures of the nancial strength of central banks, and discuss how dierent institutions interact with quantitative easing policies to put these banks in less or more danger of instability. We conclude that the risks to nancial stability are real in theory, but remote in practice today.
主题Central Banking
关键词Central bank capital Central bank solvency monetary policy Quantitative easing
URLhttps://cepr.org/publications/dp10741
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/539572
推荐引用方式
GB/T 7714
[unavailable]. DP10741 Maintaining Central-Bank Financial Stability under New-Style Central Banking. 2015.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[[unavailable]]的文章
百度学术
百度学术中相似的文章
[[unavailable]]的文章
必应学术
必应学术中相似的文章
[[unavailable]]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。