927 resultados para Central Bank independence
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A guide to information sources on the European Central Bank (ECB), with hyperlinks to further sources of information within European Sources Online and on external websites.
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Mode of access: Internet.
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Includes bibliographies.
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The Euro has been used as the largest weighting element in a basket of currencies for forex arrangements adopted by several Central European countries outside the European Union (EU). The paper uses a new time-series approach to examine the relationship between the Euro exchange rate and the level of foreign reserves. It employs Zero-no-zero (ZNZ) patterned vector error-correction (VECM) modelling to investigate Granger causal relations among foreign reserves, the European Monetary Union money supply and the Euro exchange rate. The findings confirm that foreign reserves may influence movements in the Euro's exchange rate. Further, ZNZ patterned VECM modelling with exogenous variables is used to estimate the amount of foreign reserves currently required in order to again achieve a targetted Euro exchange rate
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The European Union institutions represent a complex setting and a specific case of institutional translation. The European Central Bank (ECB) is a particular context as the documents translated belong to the field of economics and, thus, contain many specialised terms and neologisms that pose challenges to translators. This study aims to investigate the translation practices at the ECB, and to analyse their effects on the translated texts. In order to illustrate the way texts are translated at the ECB, the thesis will focus on metaphorical expressions and the conceptual metaphors by which they are sanctioned. Metaphor is often associated with literature and less with specialised texts. However, according to Lakoff and Johnson’s (1980) conceptual metaphor theory, our conceptual system is fundamentally metaphorical in nature and metaphors are pervasive elements of thought and speech. The corpus compiled comprises economic documents translated at the ECB, mainly from English into Romanian. Using corpus analysis, the most salient metaphorical expressions were identified in the source and target texts and explained with reference to the main conceptual metaphors. Translation strategies are discussed on the basis of a comparison of the source and target texts. The text-based analysis is complemented by questionnaires distributed to translators, which give insights into the institution’s translation practices. As translation is an institutional process, translators have to follow certain guidelines and practices; these are discussed with reference to translators’ agency. A gap was identified in the field of institutional translation. The translation process in the EU institutions has been insufficiently explored, especially regarding the new languages of the European Union. By combining the analysis of the institutional practices, the texts produced in the institution and the translators’ work (by the questionnaires distributed to translators), this thesis intends to bring a contribution to institutional translation and metaphor translation, particularly regarding a new EU language, Romanian.
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We evaluate the effectiveness of the Colombian Central Bank´s interventions in the foreign exchange market during the period 2000 to 2014 -- We examine the stochastic process that describes the exchange rate, with a focus on the detection of structural breaks or unit roots in the data to determine whether the Central Bank´s interventions were effective -- We find that the exchange rate can be described either by a random walk or by a trend-stationary model with multiple breaks -- In neither cases do we find any evidence that the exchange rate was affected by the Central Bank interventions
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A Masters Thesis, presented as part of the requirements for the award of a Research Masters Degree in Economics from NOVA – School of Business and Economics
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This paper studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level. The government is characterized by a long-run fiscal policy rule whereby a given fraction of the outstanding debt, say d, is backed by the present discounted value of current and future primary surpluses. The remaining debt is backed by seigniorage revenue. The parameter d characterizes the interdependence between fiscal and monetary authorities. It is shown that in a standard monetary economy, this policy rule implies that the price level depends not only on the money stock, but also on the proportion of debt that is backed with money. Empirical estimates of d are obtained for OECD countries using data on nominal consumption, monetary base, and debt. Results indicate that debt plays only a minor role in the determination of the price level in these economies. Estimates of d correlate well with institutional measures of central bank independence.
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Pós-graduação em Economia - FCLAR
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Os Bancos Centrais têm, como função principal, zelar pela moeda, de modo a assegurar a estabilidade financeira de seus países. A partir de tal premissa, buscaremos demonstrar que o Banco Central do Brasil necessita de autonomia operacional, a ser regulamentada em lei, a fim de cumprir com sua missão, que é de natureza essencialmente técnica. Em que pese o fato de questão de se implementar, no Brasil, um Banco Central dotado de autonomia não ser consensual, buscaremos demonstrar as vantagens deste modelo, como fator de obtenção de estabilidade monetária. No Brasil, o Banco Central (BACEN), além de arcar com uma enorme gama de atribuições, encontra-se sujeito a pressões governamentais, em face de projetos de curto prazo, não necessariamente compatíveis com a tarefa de estabilização monetária, que pode requerer uma atuação de longo prazo. A autonomia desejada para o BACEN não significa que ele venha a se tomar independente, pelo contrário, uma vez que ele terá que assumir a responsabilidade de atingir metas pré-determinadas pelo Governo, obrigando-se a prestar contas de sua atuação à sociedade, de modo transparente. Para tanto, é preciso que ele seja dotado de autonomia administrativa, orçamentária e operacional, dentro de limites estabelecidos por lei. Ao destacarmos a autonomia do BACEN, trazemos a tona um fator pertinente à questão que é inflação. Trata-se de um processo que corrói a economia, e, quando se toma crônica, 111 como vinha ocorrendo no Brasil até os anos 90, leva à instabilidade e dificulta um planejamento de longo prazo. A necessidade de se controlar a inflação, em muitos países, levou-os a adotar uma política monetária com metas inflacionárias - Inflatíon Targeting. Os países que adotaram o regime de metas inflacionárias conferiram autonomia aos seus Bancos Centrais, pois tanto mais autonomia, tanto mais credibilidade. Desta forma, países como o Chile, a Nova Zelândia, a Alemanha e os demais países que compõem a União Europeia lograram controlar a inflação. Para que o BACEN cumpra com o que lhe compete, exercendo eficientemente o seu papel, é curial, portanto, que seja dotado de autonomia orçamentária, administrativa e operacional, devendo ser regulamentado o art. 192 da Constituição Federal, através de Lei Complementar. Uma vez assegurada legalmente a autonomia de que o Banco Central do Brasil necessita, ter-se-á um meio valioso de controle da inflação, assegurando a estabilidade da moeda e permitindo que o desenvolvimento seja implementado no prazo adequado, permitindo um planejamento estratégico de longo prazo para o país.
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o tema sobre a estrutura administrativa mais adequada para um Banco Central do Brasil, que procura sua autonomia, se desenrola a partir da situação administrativa do BACEN, que se apresenta no dias de hoje, e os questionamentos a respeito de sua independência, nos Capítulos 1 e 2, passando por modelos teóricos de estrutura administrativa e por modelos funcionais de Bancos Centrais independentes, comparados entre si e com o modelo brasileiro, nos Capítulos 3 e 4. Em seguida, são demonstrados os empenhos que se efetivam em realidade para que o BACEN chegue à sua autonomia, através de projetos que tramitam no Congresso Nacional e do Plano de Ação Estratégica para o BACEN, referidos nos Capítulos 5 e 6, até se chegar às opiniões de especialistas, no Capítulo 7, que serviram para reforçar a conclusão de que a mudança organizacional em busca da autonomia do Banco Central do Brasil não é apenas em decorrência do levantamento de aspectos técnicos, políticos e econômicos e, sim, uma consequência de um processo maior de integração entre estes e os aspectos comportamentais e administrativos dessa organização.
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We characterize the optimal reserves, and the generated probability of a bank run, as a function of the penalty imposed by the central bank, the probability of depositors’ liquidity needs, and the return on outside investment opportunities.
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Setting total allowable catches (TACs) is an endogenous process in which different agents and institutions, often with conflicting interests and opportunistic behaviour, try to influence policy-makers. Such policy-makers, far from being the benevolent social planners many would wish them to be, may also pursue self-interest when making final decisions. Although restricted knowledge of stock abundance and population dynamics, and weakness in enforcement, have effects, these other factors may explain the reason why TAC management has failed to guarantee sustainable exploitation of fish resources. Rejecting the exogeneity of the TAC and taking advantage of fruitful debate on economic policy (i.e. the rules vs. discretion debate, and that surrounding the independence of central banks), two institutional developments are analysed as potential mechanisms to face up to misconceptions about TACs: long-term harvest control rules, and a central bank of fish.
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The primary objective of this thesis is to examine the development of monetary policy and banking in southern Ireland from the attainment of independence in 1922 (gained through the Anglo-Irish Treaty of 1921) to the establishment of the Central Bank of Ireland in 1943. This research serves to challenge the overwhelming concentration on the findings of a small number of major works, most notably by Ronan Fanning, Maurice Moynihan and Cormac Ó’Gráda, in the existing historiography. This thesis is based on the research hypothesis that there were two key factors impacting on the development of monetary and banking institutions in Ireland in the 1922-1943 period. First, an exogenous institutional context, primarily Anglo-Irish in focus, in which the wider macroeconomic landscape directly influenced monetary policy and banking in Ireland. Second, an individualist context in which the development of relationships between key individuals dictated development patterns and institutional structures. This research highlights that key Irish policymakers, such as Joseph Brennan, evidenced a more flexible and realistic approach to banking and monetary affairs than is currently recognised. It also develops three further issues which have been overlooked in the existing historiography. First, a germ of monetary reform existed in Ireland from as early as the mid-1920s and was consistent in promoting alternative policies in the period to 1943. Second, this research challenges the view that the creation of the Currency Commission in 1927 and the establishment of the Central Bank of Ireland in 1943 were insignificant events given the continued stagnation in Irish monetary policy in the decades after 1943. Third, this thesis identifies that wider international trends did influence Irish monetary and banking affairs in the 1922-43 period. At both an institutional and more individual level the process of monetary institution building in Ireland was directly impacted by wider international experiences.
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En este trabajo se analiza la efectividad que tiene la aplicaciones de una política antiinflacionaria por parte de un Banco Central independiente en una economía que presenta el fenómeno de la indexación en la formación de precios