Central Banking: Theory and Practice in Sustaining Monetary and Financial Stability (Wiley Finance)

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9781118832462: Central Banking: Theory and Practice in Sustaining Monetary and Financial Stability (Wiley Finance)
Vom Verlag:

This title helps you understand the theories and interpret the actions of modern central banks. Central Banking takes a comprehensive look at the topic of central banking, and provides readers with an understanding and insights into the roles and functions of modern central banks in advanced as well as emerging economies, theories behind their thinking, and actual operations practices. The book takes a systematic approach to the topic, while providing an accessible format and style that is appropriate for general audiences and students with only a minimal macroeconomic background. Theoretical reviews and examples of how the theories are applied in practice are presented in an easy-to-understand manner and serve as a guide for readers to further investigate specific ancillary central banking topics and as a means to make informed judgments about central bank actions. Important topics covered in the book include: evolution of central banking functions and the international monetary system; theoretical backgrounds that are the foundation to the modern practice of monetary policy; monetary policy regimes, including exchange rate targeting, money supply growth targeting, the risk management approach, inflation targeting, and unconventional monetary policy; actual practice in market operations and transmission mechanisms of monetary policy; the exchange rate and central banking; theoretical backgrounds related to various dimensions of financial stability; current developments with regards to sustaining financial stability; the future of central banking in the wake of the 2007-2010 global financial crisis; and case studies on relevant practical issues and key concepts in central banking. Designed as essential reading for students, market analysts, investors, and central banks' new recruits, Central Banking better positions readers to interpret the actions of central banks and to understand the complexities of their position in the global financial arena.

Vom Verlag:

The book discusses how central banks monitor and identify risks to financial stability in the macro-economy, financial intermediaries, and financial markets using various tools and indicators. The tools used for maintenance of financial stability in each of the areas will also be reviewed: (a) the use of monetary policy and macro-prudential measures to maintain stability in the macro-economy; (b) the use of capital requirements (Basel I, II, and III), as well as micro and macro-prudential measures, and liquidity provision to maintain stability of financial intermediaries; (c) the use of monetary policy and liquidity provision to maintain stability in financial markets.The book reviews the theoretical foundations (e.g. the quantity theory of money, natural rate of unemployment (NAIRU), rational expectations hypothesis, and time-inconsistency problem) and historical experiences (e.g. the great inflation of the 1970s) that support such mandates.It looks at actual practices whereby central banks can achieve such mandates (through an inflation target or an exchange rate target) and why such targets might be chosen, as well as reviews exchange rate theories and how the central banks influence the exchange rates.

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