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Benedikt Zanker - On the Viability of an International Lender of Last Resort

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Benedikt Zanker

On the Viability of an International Lender of Last Resort

Series: Aktuelle Materialien zur Internationalen Politik

Volume 73 2007

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A Global Central Bank S. 74-75

„… becoming liable to transaction taxes. 3.1.4 A Global Central Bank One of the most radical proposals put …” „… forward has been the creation a global central bank as suggested by Jeffrey Garten16. His suggestion is …” „… the world’s major central banks or finance ministries would fail as the needs of national economies …”

Lending-in-last-resort as Input in Banking Policy S. 157-160

„… country central banks are often unable to intervene due to a lack of foreign currency reserves. An …” „… international lender of last resort would address this problem by providing developing country central banks …” „… central banks. The most common way of targeted liquidity provision is for central banks to lend foreign …”

Theoretical Considerations S. 104-107

„… role central banks perform 28 John H. Wood. 2003 …” „… or practically infeasible? 4.3.1 Theoretical Considerations The success of central banks acting as …” „… of Southeast Asia, Russia and Brazil. Central banks in industrial economies are able to act as a …”

The Case for an International Lender of Last Resort S. 107-109

„… enabling central banks to intervene in foreign exchange markets. The provision of foreign currency would …” „… thus allow domestic central banks to uphold exchange rate pegs or at least prevent the domestic …” „… balance-sheet effects, by stabilizing domestic exchange rates central banks could so prevent widespread …”

Henry Thornton (1760–1815) S. 92-98

„… nineteenth century when central banks increasingly took on the responsibility of acting as lender of last …” „… fractional reserve banking. As the sole institution with the ability to issue money, only the central bank …” „… their deposits trusting in the central bank’s willingness and capacity to provide money if liquidity …”

Conclusion and Implications S. 170-172

„… 170 tiated with major industrial countries’ central banks, resembling the monetary arrangements …” „… between European central banks during the 1960s and 1970s. 6.3 Conclusion and Implications This chapter …” „… central bank in order to effectively address the problem of global financial instability. As industrial …”

Lending Rules Governing ELA Facilities S. 323-327

„… drawn either to facilitate debt restructuring or to bolster the central bank’s capability as lender of …” „… last resort. IMF funds may not be used by central banks to intervene in the currency markets for the …” „… should enable central banks in developing countries to act as effective lender of last resort to their …”

Estimating Short-term External Obligations in the Developing World S. 161-166

„… amount of funds necessary to enable developing country central banks to act as lender of last resort may …” „… also be substantial. While the over 30 BIS reporting banks represent the central source of developing …” „… , European Central Bank, European Statistical Office and the United Nations. 164 statistics fail to account …”

The Crisis S. 125-128

„… account deterioration by introducing a tax on imports and raising central bank interest rates. British …” „… foreign central banks adding to the USD 500 million available through swap agreements with the Federal …” „… of England had to arrange additional credit agreements of USD 3 billion with foreign central banks in …”

Financial Assets S. 176-181

„… thus could be sold at fire-sale prices only. By insisting on good collateral the central bank can …” „… qualify as collateral at other lending institutions or the central bank. Similarly, at the international …” „… for local central banks to restructure their holdings with a clear focus on internationally tradable …”

Lending-in-last-resort as Input in Monetary Policy S. 153-157

„… country’s domestic central bank; the role of an international lender of last resort would be to provide …” „… central banks with the necessary funds to pursue the appropriate strategy. The first option is to …” „… . In industrial economies domestic central banks are generally well equipped to pursue either strategy …”

Necessary Funding for an International Lender of Last Resort S. 160-161

„… international lender of last resort could thus effectively assume is to enable central banks of developing …” „… international lender of last resort requires the means necessary to enable developing country central banks to …” „… number of bank failures in a distressed economy, central banks have to lend freely to all solvent banks …”

A World Currency S. 75-76

„… motivated politically as much as economically. If on the other hand national central banks would keep …” „… important prerogatives, the effectiveness of a global central bank would be severely impaired by national …” „… central banks vetoing all decisions of limited relevance to national interests. If a global central bank …”

Walter Bagehot (1826–1877) S. 98-104

„… the Currency School failed to distinguish between different types of drains on the central bank’s gold …” „… been a consequence of central banks assuming the function of a lender of last resort27. Weakening this …” „… would be somehow modelled on the role central banks perform …”

Liquidity Gaps in the Past S. 166-170

„… problems as a consequence of large scale capital outflows. In addition, the higher their central banks …” „… resort to credibly commit to enabling developing country central banks to act as lender of last resort …” „… with major industrial countries’ central banks, resembling the monetary arrangements between European …”

Criteria Ensuring Financial Sector Stability S. 211-222

„… regulatory requirements enhances the capacity of central banks to distinguish between solvent and insolvent …” „… capital requirements and regulation of banks’ asset composition are therefore of central importance to …” „… central bank. In order to improve the capacity of financial institutions to cope with sudden bank runs …”

Transparency Criteria S. 206-211

„… fundamental regulatory and data dissemination standards, national central banks cannot ensure that loans are …” „… effectively provide liquidity assistance to the banking sector, central banks require detailed and accurate …” „… support and monitor emerging market banks directly, it has to rely on national central banks’ ability to …”

IMF Induced Moral Hazard S. 230-233

„… to the case of a national central bank acting as lender of last resort to the domestic financial …” „… of cash reserves below the level it would need in case no central bank existed thereby reducing …” „… insurance by the central bank may induce banks to keep reserves even below the minimum level necessary to …”

Transition Period S. 328-330

„… the IMF to enable the central banks of qualified members to act as effective lenders of last resort to …” „… central banks to act as lenders of last resort to their economies in a range between USD 250 and 350 …” „… loans from international central banks put in place. 12.4.2 Transition Period Currently only a minority …”

Regional Monetary Cooperation S. 337-341

„… global financial system as central banks do as lenders of last resort to their domestic economies. While …” „… . The large increase in central banks’ currency reserves indicates that East Asian economies are …” „… resort9. Such an arrangement would allow participating central banks to arrest liquidity crises in their …”

Enhancing Access to Foreign Currency S. 90-92

„… countries the central bank acts as lender of last resort for its own economy. Given its ability to issue …” „… capital needs in domestic currency. If a domestic central bank runs out of currency reserves, it can rely …” „… and buying foreign against domestic currency, central banks can defend an exchange rate peg and …”

The Asian Financial Crisis S. 131-138

„… were provided by the IMF, USD 10 billion by European central banks and USD 5 billion by World and …” „… , South Korea and Indonesia all followed a similar path during the crisis. Central banks pushed up …” „… launched which cost the central bank around USD 10 billion in foreign currency reserves in its effort to …”

Principles for Effective Liquidity Assistance S. 311-313

„… , the Fund cannot lend freely as money-issuing central banks can in national settings. Neither can it …” „… enabling the Fund to empower emerging market central banks to act as effective lenders of last resort to …” „… their economies. Drawing on short-term liquidity assistance by the official sector central banks of …”

The Concept of Collateral S. 173-176

„… far more complicated for an international lender of last resort than it is for a central bank to …” „… . Loans advanced by central banks or the IMF are funded by taxpayers’ money. Support by the public for …” „… on good collateral the central bank can create incentives for financial institutions to hold in their …”

Funding Issues S. 327-328

„… Liquidity Assistance Rule 1 The use of ELA facilities by local central banks is restricted to the provision …” „… of effective lender of last resort services along Bagehotian lines. Central banks must not employ ELA …” „… derive the actual amount of funding necessary for the IMF to enable the central banks of qualified …”

Lessons of the Sterling Crisis S. 128-129

„… between the central banks of the major industrial countries. Most importantly, an agreement was made to …” „… facilities between foreign central banks. Central banks provided liquidity in form of temporary currency …” „… . While eventually devaluation could not be averted, by acting collectively international central banks …”

Lending Rules Governing PRGF and SBA Facilities S. 322-323

„… drawn either to facilitate debt restructuring or to bolster the central bank’s capability as lender of …” „… last resort. IMF funds may not be used by central banks to intervene in the currency markets for the …” „… should enable central banks in developing countries to act as effective lender of last resort to their …”

The Tobin Tax S. 72-74

„… allowing to trade currencies without becoming liable to transaction taxes. 3.1.4 A Global Central Bank One …” „… of the most radical proposals put forward has been the creation a global central bank as suggested by …” „… simultaneously and cooperation between the world’s major central banks or finance ministries would fail as the …”

Access to Large-scale Liquidity Assistance S. 317-322

„… PRGF improve the capability of local central banks to act as lender of last resort for the domestic …” „… (ELA) should enable domestic central banks to function as effective lender of last resort to their …” „… achieve World Bank rather than IMF objectives. As both facilities’ effectiveness in weathering financial …”

The Asian Crisis’ Aftermath S. 138-143

„… central bank, an effective tax system or currency exchange markets were either not functioning or …” „… rouble came under selling pressure, the central bank raised interest rates to 150 percent and spent large …” „… economy was opened to international trade and capital flows. To arrest inflation, the central bank …”

Fundamental Differences between International and Domestic Settings S. 109-111

„… . At the same time, domestic central banks struggle to fulfil their role as lender of last resort when …” „… discards the Free Banking critique as central banks have proved their importance for the stability of the …” „… financial sector and the economy at large over and over again. Without central banks, the occurrence of …”

The Report by the Independent Task Force S. 80-84

„… executive directors. To finance its lending, the Fund would borrow cash from central banks issuing hard …” „… banks would support developing countries in modernizing their banking systems and enable them to meet …” „… international community. Finally, opponents question the instrument of pre-qualification central to Calomiris …”

Problems due to Renegade Creditors S. 290-293

„… Bank & Trust Co. (Cayman) Ltd. vs. Banco Central do Brasil. 886 F. Supp. 1105, 1115–16 (S.D.N.Y., 1995 …” „… participants involved. 11.2.2 Problems due to Renegade Creditors A central problem for an efficient …” „… creditors’ profit maximising strategies are summarized below: In the case of CIBC Bank & Trust Co. versus …”

Evaluation S. 63-66

„… institutions the markets started questioning the determination of central banks and governments to maintain the …” „… EMU eligibility. European central banks were forced to drastically raise interest rates and many …” „… European central banks exhausted their international reserves only to eventually surrender and devalue …”

Four Types of Currency Crises S. 47-52

„… last resort arises; at the national level domestic central banks can take on lender of last resort …” „… overvalued level, the central bank is using up its international currency reserves. Since foreign currency …” „… Effects of Financial Liberalization. Working Paper No. 2912. Washington, DC: The World Bank: 29–30 48 …”

The Calomiris Proposal S. 78-80

„… capital requirements for enhanced stability. A central addition to this condition is the demand that banks …” „… directors. To finance its lending, the Fund would borrow cash from central banks issuing hard currency …” „… requires countries to meet four conditions. First, national authorities must force banks to meet prudent …”

A Sovereign Debt Restructuring Mechanism S. 76-78

„… bank with functions similar to those of national central banks and the European Central Bank today. No …” „… central bank. Nation states are far away from being willing to grant such extensive powers to a …” „… proposal as politically viable measure to increase global financial stability: A global central bank would …”

Criteria Indicating Sustainable Sovereign Indebtedness S. 222-228

„… as a consequence of currency mismatches, prequalification should require central banks to maintain a …” „… 222 between depositors41. If there is ambiguity, banks and depositors are likely to assume that …” „… lending policies. Furthermore, implicit insurance is understood to cover all types of bank debts in case …”

The Mexican Peso Crisis S. 129-131

„… , by acting collectively international central banks were able to defend Britain’s exchange rate …” „… were provided by the IMF, USD 10 billion by European central banks and USD 5 billion by World and …” „… . International actors were willing to cooperate since a failure of the Bank of England to maintain its fixed …”

The IMF as International Lender of Last Resort S. 111-113

„… Stanley Fischer who argued that The IMF, although it is not an international central bank, has undertaken …” „… use is restricted to transactions between central banks; SDRs cannot be lent on by a central bank to …” „… resemblance of Bagehot’s critique on the Bank of England in 1873, a lack of transparency at the IMF in regard …”

The Meltzer Report S. 84-86

„… issuing central banks are in a position to act as lender of last resort to their economies without …” „… of seven international financial institutions: The IMF, World Bank, Inter-American Development Bank …” „… , Asian Development Bank, African Development Bank, the Bank for International Settlement and the WTO …”

Third Generation Models S. 58-62

„… . Regarding the case of Mexico, Cole and Kehoe advance exactly this argument: The central bank failed to …” „… bank-run models and models of information acquisition and expectations formation29. Both fundamental and …” „… substantially increased the probability of default. Central to their model is the government’s inability to …”

Bibliography S. 347-374

„… Growth: Sources, Trends, and Cycles. Santiago de Chile: Central Bank of Chile Calomiris, Charles. 1998 …” „… 454. Washington, DC: Inter-American Development Bank 358 Garrison, Roger W. 1996. “Central Banking …” „… Evolution of Central Banks. Cambridge, MA: The MIT Press Goodhart, Charles and Gerhard Illing (Eds.). 2000 …”

Principles for Effective Monitoring and Supervisory Work S. 313-315

„… sustainable in the medium to long-term. Domestic central banks should not be permitted to draw on …” „… 313 Bagehotian lines, namely to prevent a default by solvent banks and governments on debt burdens …” „… , the Fund’s interests have to remain aligned with the accuracy of its assessments. The central mandate …”

Appendix S. 345

„… on Effective Banking Supervision BCRA Banco Central de la Republica Argentina BFSR Bank Financial …” „… 345 Appendix Abbreviations ADB Asian Development Bank ASEAN Association of Southeast Asian Nations …” „… Strength Ratings BIS Bank for International Settlements BWI Bretton Woods Institution CAC Collective Action …”

Financial Market Theory S. 33-42

„… idea to create a world currency and a world central bank The remainder comprises the group of …” „… . “Efficient Capital Markets: A Review of Empirical Work.” Journal of Finance 25: 383–417 35 The central …” „… to an open economy perspective by introducing international capital flows as the central factor …”

Abbreviations S. 345-346

„… on Effective Banking Supervision BCRA Banco Central de la Republica Argentina BFSR Bank Financial …” „… 345 Appendix Abbreviations ADB Asian Development Bank ASEAN Association of Southeast Asian Nations …” „… Strength Ratings BIS Bank for International Settlements BWI Bretton Woods Institution CAC Collective Action …”

The Setting S. 124-125

„… co-operation between national central banks allowed for restoring stability to the international monetary …” „… there was a large overhang in the form of holdings of foreign central banks. That latter point is of …” „… coalition of private individuals, banks, trust funds, clearinghouses, and the treasury in 1907, in the 1960s …”

Introduction S. 15-20

„… nineteenth century. It suggests that during financial crises central banks should provide generous short-term …” „… as a central bank does as lender of last resort to the domestic economy, financial crises could be …” „… only means that a crisis originating in Southeast Asia can spread to Latin America and Central Asia …”

Advantages of Pre-qualification S. 203-206

„… central banks or supervisory authorities hold over the financial sector in national economies that are …” „… financial sector lacks fundamental regulatory and data dissemination standards, national central banks …” „… even harder for resident banks to meet foreign-currency denominated debt service obligations without …”

Structure of the Analysis S. 42-46

„… central bank The remainder comprises the group of recommendations and proposals more specifically related …” „… . When restricting its mandate to enable developing country central banks to act as lenders of last …” „… Thornton and Walter Bagehot. Taking note of both authors’ central arguments allows for a deeper …”

General Membership S. 315-317

„… PRGF improve the capability of local central banks to act as lender of last resort for the domestic …” „… and interest-subsidized facilities while letting development banks fill the void. Therefore it should …” „… current functions. The central aspect of reform entails constitutional changes to improve the Fund’s …”

Pressure on Money, Stock and Call Loan Markets S. 121-123

„… the United States lacked a central bank. Over the whole panic nearly 500 million of currency …” „… 121 public. It increased in severity as the National Bank of Commerce resigned as clearing agent of …” „… a consortium of leading bankers to assess the situation and provide support. Although Morgan and his …”

The Setting S. 117-120

„… central bank controlling the money supply and taking on the responsibilities of a lender of last resort …” „… the National Banking System private banks were permitted to issue bank notes which were collateralized …” „… . The crisis of 1907 serves as a showcase not only how financial crises can develop from bank runs but …”

The Fund’s Record as Crisis Manger S. 113-116

„… liquidity crises arise. In resemblance of Bagehot’s critique on the Bank of England in 1873, a lack of …” „… transparency at the IMF in regard to its lending policies also means that a central function of a lender of …” „… international lender of last resort increases the probability of bank runs and violent capital flow reversals …”

Securitisation of Future Flow Receivables S. 188-199

„… created account at the Bank of Mexico. To compensate the U.S. for the risks taken, interest payments …” „… account at a bank based in the United States. The U.S. bank in turn was instructed to transfer all …” „… proceeds to a specially created account in the name of the Mexican Government at the Federal Reserve Bank …”

Current Funding Needs of the IMF S. 146-153

„… abided by central banks all over the world, compliance would be far more difficult for an international …” „… surprisingly, the funding question also constitutes a central argument advanced by the concept’s opponents1 …” „… 1.105 Swiss National Bank 1020 Canada 892,5 Netherlands 850 Belgium 595 Sveriges Riksbank 382,5 …”

Public Choice Theory S. 25-33

„… repercussions not only on the geographical region of Southeast Asia, but also on emerging economies in Central …” „… significant costs onto society: As the failure of a single bank can endanger the whole financial sector …” „… , failing banks are normally bailed-out by the government; costs of bank bail-outs typically involve amounts …”

Lessons of 1907 S. 123-124

„… since depositors at other banks would have maintained confidence. 1907 also underlines that the …” „… private individuals like J. P. Morgan and J. D. Rockefeller, by consortia of National Banks, other trust …” „… of last resort. In contrast to the ad-hoc effort by a coalition of private individuals, banks, trust …”

The Lacking Clout of Developing Economies S. 336-337

„… would allow the IMF to fulfil a similar function for the global financial system as central banks do as …” „… capital at more attractive terms. The statement by Guillermo Ortiz, Governor of the Bank of Mexico …” „… states in Sub-Saharan Africa or Central Asia. Given the fragility of the balance of power in many …”

Successful Restructurings S. 287-290

„… 287 Commercial banks willing to retain some exposure to emerging markets could exchange their loans …” „… preventing the bankruptcy of major international commercial banks and a collapse of the international …” „… loans provided by a relatively small and coherent group of large internationally active commercial banks …”

Collateralising Equity S. 181-188

„… the Bank amounted to USD 15.9 billion. While limited in number, Brazil’s remaining stakes in formerly …” „… . Research Network Working Paper #R–454. Washington, DC: Inter-American Development Bank 184 between 1989 and …” „… still owns over 60 state enterprises as well as three state-owned banks. Two further businesses are …”

Instruments Mitigating Moral Hazard Problems S. 249-252

„… portfolio investors and lending banks have experienced the dangers of investing in emerging markets without …” „… appropriate institution to disperse such aid is the World Bank and not the IMF50. To ensure that international …” „… : It could similarly be set at 150 or 250 basis points; the central objective is to ensure that …”

Titelei/Inhaltsverzeichnis S. 2-12

„… ............................................................................................ 72 3.1.4 A Global Central Bank …” „… data banks. Under § 54 of the German Copyright Law where copiesare made for other than private use a …” „… ............................................................. 58 2.2.3.2 Bank-run and Liquidity Models …”

IMF Voting Weights S. 260-264

„… the central bank or the minister of finance. The Board of Governors meets biannually and votes on a …” „… Ruogu, Deputy Governor of the People’s Bank of China, complained that First, the dominant voting powers …” „… People’s Bank of China 261 tem, at both Bretton Woods institutions voting power differs between individual …”

Second Generation Models S. 56-58

„… into three broad types: Macroeconomic feedback models, liquidity and bank-run models and models of …” „… rolling over short-term debt and substantially increased the probability of default. Central to their …” „… Department Staff Report 210. Minneapolis, MN: Federal Reserve Bank of Minneapolis …”

Conclusion S. 88-89

„… provided by the central bank acting as lender of last resort. A lender of last resort provides liquidity in …” „… central aspect of crisis management is the provision of emergency loans during financial crises because …”

Governance Reform Proposals S. 275-279

„… community is fully aware of the governance problems at both IMF and the World Bank. Reform commitments were …” „… receipts and international capital flows. Another central aspect of governance reform at the IMF concerns …” „… (2002): 236 42 Webster Malido. 2004. “African Countries Demand for Democracy in IMF, World Bank …”

Opposition by Developed Countries and the G-7 S. 331-336

„… major shareholders, its central recommendation to make large-scale liquidity assistance dependent on …” „… implementation. Likewise, supporters of reform in the developed world are not represented in the central levels …” „… the proposal’s central building block: the introduction of ex-ante conditionality for large scale …”

Conclusion: Pre-qualification Is the Way Forward S. 228-229

„… effective in restoring stability and confidence in a crisis economy is the central objective of …” „… that banks maintain a 15 percent capital adequacy ratio. Capital requirements are determined by a …”

Concerns on the Effectiveness of Collective Action Clauses S. 303-309

„… and relying solely on collective action clauses. Central to its functioning would be the establishment …” „… way as the World Bank’s International Centre for Settlement of Investment Disputes by providing an …”

A Code of Good Conduct S. 294-297

„… representing both public and private sector interests could further increase adherence to the central …” „… Finance 23 See Jacque De Larosiére. 2003. “Reality Hits Debt Restructuring Debate.” The Banker. September …”

doi.org/10.5771/9783845201122

David Dollar, Yiping Huang - The Digital Financial Revolution in China

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David Dollar (ed.), Yiping Huang (ed.)

The Digital Financial Revolution in China

2022

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China’s Central Bank Digital Currency: Facts and Future Directions S. 235-248

„… 23510China’s Central Bank Digital Currency: Facts and Future DirectionsYUAN XUSince the …” „… change and challenge, worldwide central banks begin to initiate proj ects on central bank digital …” „… sixty six central banks released in January 2020 by the Bank for International Settlements, a full 80 …”

International Cooperation in and Regulation of Fintech Development S. 291-318

„… central banks are exploring issuing CBDC (according to media, unconfirmed by central banks)Bahrain …” „… explosive growth of mobile payments and digital currencies, central banks are trying to get out ahead of …” „… central banks and regulators around the world. Payment clearance through commercial companies …”

China's Payment Reform and Its Implications for Other Countries S. 45-82

„… payments model where banks play a far less central role, and in the extreme, possibly no role at all.This …” „… Reform 47system? Will banks continue to play a central role in operating payment systems, or will new …” „… banking system. Banks are chartered entities granted special authority and support by the central …”

The Digitization of Commercial Banks S. 183-214

„… State-ownedcommercial banksCity commercial banksJoint-stockcommercial banks Rural commercial banksFIGURE 8-8. Orga …” „… of commercial banking from the Central Bank of China, the People’s Bank of China, in 1979, along …” „… Central Bank of China established a committee on financial technology to focus on the importance of …”

Understanding China’s Digital Financial Innovation and Regulation S. 1-16

„… digitization of commercial banks and issuance of the central bank digital currency (CBDC), for domestic and …” „… ably be the first major central bank to issue its own CBDC, e CNY. The rapid digital financial …” „… , the PBC is prob ably the first major central bank to issue its CBDC, e CNY.In addition to attracting …”

Digital Lending in China: A Tale of Three Models S. 133-156

„… lending, and providing targeted liquidity support by the central bank all played impor tant roles. But …” „… , MYbank, for credit risk assessment. First, they Central bank credit registry information$Credit …” „… lenders by the central bank and to open some other channels for them to raise funds from the market. And …”

Robo-advisors and the Digitization of Wealth Management in China S. 157-182

„… Industrial and Commercial Bank of ChinaPing An BankChina Merchants BankSecurities Guolian SecuritiesChina …” „… brokerages; commercial banks; and third party WM companies. Approximately fifty robo advisory products are …” „… decisions. According to their sales licenses, banks and third party WM companies can sell certain …”

The Implications of New Financial Technologies for the International Monetary System S. 275-290

„… fintech (short for finan-cial technology), central bank digital currencies (CBDCs), and other new …” „… system’s vulnerability to US pressure, many central banks, including the Eu ro pean Central Bank, have …” „… trade. The central banks of Canada, Singapore, Hong Kong, and Thailand are also exploring new …”

Quantifying Digital Financial Inclusion in China S. 17-44

„… vigorously promoted by the United Nations and the World Bank. As of 2014, the World Bank had joined hands …” „… financial inclusion (World Bank Group 2015). The concept of financial inclusion was first introduced in …” „… : from the initial focus on the availability of banks’ physical outlets and credit ser vices to extending …”

Index S. 319-0

„… to using, 47–48Central bank digital currencies (CBDCs), 64–65, 278, 292–300, 296t, 306–08. See also E …” „… Digital coins and currencies: central bank digital currencies, 64–65, 278, 292–293, 295–300, 296t, 306–08 …” „… Entrepreneurship, 33–34, 101–03, 219. See also Small and medium enterprisesEu ro pean Central Bank, 277, 298Eu ro …”

Digital Financial Infrastructurein China S. 83-112

„… . The central bank pays no interest on the reserved money, the amount of which reached RMB 1.24 trillion …” „… infrastructure in digital finance among the central bank, government, traditional banking sector, and private …” „… institutions, including traditional banks and fintech companies, 70 …”

The Rise and Fall of the Peer-to-Peer Lending Industry S. 113-132

„… underdeveloped. The number of people with credit rec ords in the central bank’s credit reporting system was only …” „… 380 million in 2015, and the online lending platforms were not connected to the central bank’s …” „… digital infrastructure. Because of the lack of access to the central bank’s credit system, the risk of …”

The Implications of Digital Technology for Financial Regulation S. 249-274

„… central bank— namely, the People’s Bank of China (PBC)— also has impor tant regulatory responsibilities …” „… cooperation among the central banks of member countries in the area of innovative financial technologies to …” „… , and the depth and efficiency of the financial system have improved. For instance, WeBank, Mybank, and …”

Preface

„… 10 China’s Central Bank Digital Currency: Facts and Future Directions 235YUAN XU 11 The …” „… financial emissary to China, based in Beijing. Before his time at Treasury, Dollar worked at the World Bank …” „… Policy Committee of the People’s Bank of China. Currently, he performs multiple roles as vice chairman of …”

The Digital Divide and the Trickle-Down Effect S. 215-234

„… Information,” ADBI Working Paper 674 (Tokyo: Asian Development Bank Institute, 2017).Note: The urbanization …” „… development are North Amer i ca and Eu rope/Central Asia. As of 2017, the internet coverage rates in these …” „… other regions. The economic gap between Eu rope/Central Asia and North Amer i ca is relatively small …”

doi.org/10.5771/9780815739562

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Jens-Hinrich Binder, Christos V. Gortsos

The European Banking Union

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2015

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REGULATION (EU) No 469/2014 OF THE EUROPEAN CENTRAL BANK S. 173-176

„… REGULATION (EU) No 469/2014 OF THE EUROPEAN CENTRAL BANK of 16 April 2014 amending Regulation (EC …” „… ) No 2157/1999 on the powers of the European Central Bank to impose sanctions (ECB/1999/4) (ECB/2014/18 …” „… ) THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK, Having regard to the Treaty on the Functioning of …”

DECISION OF THE EUROPEAN CENTRAL BANK of 4 February 2014 S. 203-208

„… DECISION OF THE EUROPEAN CENTRAL BANK of 4 February 2014 identifying the credit institutions that …” „… EUROPEAN CENTRAL BANK, Having regard to the Treaty on the Functioning of the European Union, and in …” „… conferring specific tasks on the European Central Bank concerning policies relating to the prudential …”

DECISION OF THE EUROPEAN CENTRAL BANK of 21 January 2015 S. 231-234

„… DECISION OF THE EUROPEAN CENTRAL BANK of 21 January 2015 amending Decision ECB/2004/3 on public …” „… access to European Central Bank documents (ECB/2015/1) (2015/529/EU) THE GOVERNING COUNCIL OF THE …” „… EUROPEAN CENTRAL BANK, Having regard to the Statute of the European System of Central Banks and of the …”

DECISION OF THE EUROPEAN CENTRAL BANK of 22 January 2014 S. 189-196

„… DECISION OF THE EUROPEAN CENTRAL BANK of 22 January 2014 amending Decision ECB/2004/2 adopting the …” „… Rules of Procedure of the European Central Bank (ECB/2014/1) (2014/179/EU) THE GOVERNING COUNCIL OF THE …” „… EUROPEAN CENTRAL BANK, Having regard to the Statute of the European System of Central Banks and of the …”

DECISION OF THE EUROPEAN CENTRAL BANK of 17 December 2014 S. 227-230

„… DECISION OF THE EUROPEAN CENTRAL BANK of 17 December 2014 concerning the establishment of an Ethics …” „… CENTRAL BANK, Having regard to Decision ECB/2004/2 of 19 February 2004 adopting the Rules of Procedure of …” „… the European Central Bank1, and in particular Article 9 a thereof, Whereas: (1) Through the …”

DECISION OF THE EUROPEAN CENTRAL BANK of 17 September 2014 S. 221-226

„… DECISION OF THE EUROPEAN CENTRAL BANK of 17 September 2014 on the implementation of separation …” „… between the monetary policy and supervision functions of the European Central Bank (ECB/2014/39) (2014/723 …” „… /EU) THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK, Having regard to Council Regulation (EU) No …”

DECISION OF THE EUROPEAN CENTRAL BANK of 2 July 2014 S. 217-220

„… DECISION OF THE EUROPEAN CENTRAL BANK of 2 July 2014 on the provision to the European Central Bank …” „… COUNCIL OF THE EUROPEAN CENTRAL BANK, Having regard to Council Regulation (EU) No 1024/2013 of 15 October …” „… 2013 conferring specific tasks on the European Central Bank concerning policies relating to the …”

REGULATION (EU) No 673/2014 OF THE EUROPEAN CENTRAL BANK S. 177-180

„… REGULATION (EU) No 673/2014 OF THE EUROPEAN CENTRAL BANK of 2 June 2014 concerning the …” „… EUROPEAN CENTRAL BANK, Having regard to Council Regulation No (EU) 1024/2013 of 15 October 2013 conferring …” „… specific tasks on the European Central Bank concerning policies relating to the prudential supervision of …”

DECISION OF THE EUROPEAN CENTRAL BANK of 11 February 2015 S. 235-240

„… DECISION OF THE EUROPEAN CENTRAL BANK of 11 February 2015 on the methodology and procedures for the …” „… ) (2015/530/EU) THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK, Having regard to Council Regulation (EU …” „… ) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning …”

DECISION OF THE EUROPEAN CENTRAL BANK of 14 April 2014 S. 211-216

„… DECISION OF THE EUROPEAN CENTRAL BANK of 14 April 2014 concerning the establishment of an …” „… EUROPEAN CENTRAL BANK, Having regard to Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring …” „… specific tasks on the European Central Bank concerning policies relating to the prudential supervision of …”

DECISION OF THE EUROPEAN CENTRAL BANK of 6 February 2014 S. 209-210

„… DECISION OF THE EUROPEAN CENTRAL BANK of 6 February 2014 on the appointment of representatives of …” „… the European Central Bank to the Supervisory Board (ECB/2014/4) (2014/427/EU) THE GOVERNING COUNCIL OF …” „… THE EUROPEAN CENTRAL BANK, Having regard to Council Regulation (EU) No 1024/2013 of 15 October 2013 …”

DECISION OF THE EUROPEAN CENTRAL BANK of 31 January 2014 S. 197-202

„… DECISION OF THE EUROPEAN CENTRAL BANK of 31 January 2014 on the close cooperation with the national …” „… /EU) THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK, Having regard to Council Regulation (EU) No …” „… 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies …”

REGULATION (EU) No 1163/2014 OF THE EUROPEAN CENTRAL BANK S. 181-188

„… REGULATION (EU) No 1163/2014 OF THE EUROPEAN CENTRAL BANK of 22 October 2014 on supervisory fees …” „… (ECB/2014/41) THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK, Having regard to Council Regulation …” „… (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning …”

REGULATION (EU) No 468/2014 OF THE EUROPEAN CENTRAL BANK S. 125-172

„… REGULATION (EU) No 468/2014 OF THE EUROPEAN CENTRAL BANK of 16 April 2014 establishing the …” „… framework for cooperation within the Single Supervisory Mechanism between the European Central Bank and …” „… /2014/17) THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK, Having regard to the Treaty on the …”

RULES OF PROCEDURE OF THE SUPERVISORY BOARD OF THE EUROPEAN CENTRAL BANK S. 253-256

„… RULES OF PROCEDURE OF THE SUPERVISORY BOARD OF THE EUROPEAN CENTRAL BANK THE SUPERVISORY BOARD OF …” „… THE EUROPEAN CENTRAL BANK, Having regard to Council Regulation (EU) No 1024/2013 of 15 October 2013 …” „… conferring specific tasks on the European Central Bank concerning policies relating to the prudential …”

CODE OF CONDUCT FOR THE MEMBER STATES OF THE SUPERVISORY BOARD OF THE EUROPEAN CENTRAL BANK S. 257-262

„… CODE OF CONDUCT FOR THE MEMBER STATES OF THE SUPERVISORY BOARD OF THE EUROPEAN CENTRAL BANK (2015/C …” „… 93/02) THE SUPERVISORY BOARD OF THE EUROPEAN CENTRAL BANK, Having regard to Decision ECB/2004/2 of 19 …” „… February 2004 adopting the Rules of Procedure of the European Central Bank,1 and in particular Article 13e …”

RECOMMENDATION FOR A COUNCIL REGULATION AMENDING REGULATION (EC) NO 2532/98 CONCERNING THE POWERS OF THE EUROPEAN CENTRAL BANK TO IMPOSE SANCTION S. 263-272

„… OF THE EUROPEAN CENTRAL BANK TO IMPOSE SANCTIONS (ECB/2014/19) (presented by the European Central …” „… the European Central Bank (ECB) and the fact that the scope of the ECB’s powers to impose sanctions …” „… 468/2014 of the European Central Bank (ECB/2014/17)5. Under Article 18(7) of Regulation (EU) No 1024/2013 …”

MEMORANDUM OF UNDERSTANDING BETWEEN THE COUNCIL OF THE EUROPEAN UNION AND THE EUROPEAN CENTRAL BANK ON THE COOPERATION ON PROCEDURES RELATED TO THE SINGLE SUPERVISORY MECHANISM (SSM) S. 249-252

„… MEMORANDUM OF UNDERSTANDING BETWEEN THE COUNCIL OF THE EUROPEAN UNION AND THE EUROPEAN CENTRAL BANK …” „… THE EUROPEAN UNION AND THE EUROPEAN CENTRAL BANK, – having regard to the Treaty on European Union …” „… on the European Central Bank concerning policies relating to the prudential supervision of credit …”

INTERINSTITUTIONAL AGREEMENT BETWEEN THE EUROPEAN PARLIAMENT AND THE EUROPEAN CENTRAL BANK ON THE PRACTICAL MODALITIES OF THE EXERCISE OF DEMOCRATIC ACCOUNTABILITY AND OVERSIGHT OVER THE EXERCISE OF THE TASKS CONFERRED ON THE ECB WITHIN THE FRAMEWORK OF THE SINGLE SUPERVISORY MECHANISM S. 241-248

„… INTERINSTITUTIONAL AGREEMENT BETWEEN THE EUROPEAN PARLIAMENT AND THE EUROPEAN CENTRAL BANK ON THE …” „… EUROPEAN PARLIAMENT AND THE EUROPEAN CENTRAL BANK, – having regard to the Treaty on European Union …” „… European Central Bank concerning policies relating to the prudential supervision of credit institutions1 …”

Titelei/Inhaltsverzeichnis

„… the European Central Bank concerning policies relating to the prudential supervision of credit …” „… Central Bank), all of which jointly constitute the legal basis for the creation and the day-to-day …” „… October 2013 “conferring specific tasks on the European Central Bank concerning policies relating to the …”

COUNCIL REGULATION (EU) No 2015/159 S. 109-114

„… concerning the powers of the European Central Bank to impose sanctions THE COUNCIL OF THE EUROPEAN UNION …” „… ) thereof, Having regard to the Statute of the European System of Central Banks and of the European Central …” „… Central Bank1, Having regard to the opinion of the European Parliament2, Having regard to the opinion of …”

The European Banking Union – Rationale and Key Policy Issues S. 1-16

„… provision of central bank liquidity support as a lender of last resort,2 all major aspects of what has …” „… Central Bank, Guide to Banking Supervision (2014), central banks and deposit insurance, see generally A …”

Bibliography S. 69-76

„… pean-banking-union-elliott/11-european-banking-union-elliott.pdf European Central Bank (2014): ECB Annual Report on …” „… supervisory activities, March 2015 European Central Bank (2014), Guide to Banking Supervision, September …” „… , available at https:// www.ecb.europa.eu/pub/pub/banking-supervision/html/index.en.html European Central Bank …”

REGULATION (EU) No 1022/2013 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL S. 115-124

„… Authority) as regards the conferral of specific tasks on the European Central Bank pursuant to Council …” „… the national parliaments, Having regard to the opinion of the European Central Bank1, Having regard to …” „… conferring specific tasks on the European Central Bank concerning policies relating to the prudential …”

REGULATION (EU) No 806/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL S. 287-366

„… the national parliaments, Having regard to the opinion of the European Central Bank1, Having regard to …” „… European Central Bank and the Eurogroup ‘Towards a genuine Economic and Monetary Union’, stated that …” „… (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning …”

The two main pillars of the European Banking Union: the legal framework in a ‘nutshell’ S. 17-68

„… European Central Bank concerning policies relating to the prudential supervision of credit institutions” is …” „… primary objective of the European System of Central Banks (‘ESCB’) under the TFEU, i.e. maintaining price …” „… Central Bank and national competent authorities and with national designated authorities (SSM Framework …”

COUNCIL REGULATION (EU) No 1024/2013 S. 77-108

„… Central Bank concerning policies relating to the prudential supervision of credit institutions THE COUNCIL …” „… European Parliament, Having regard to the opinion of the European Central Bank, Acting in accordance with a …” „… single supervisory mechanism is established involving the European Central Bank (ECB) for banks in the …”

INTERGOVERNMENTAL AGREEMENT (8457/14) ON THE TRANSFER AND MUTUALISATION OF CONTRIBUTIONS TO THE SINGLE RESOLUTION FUND S. 273-286

„… the European Central Bank (ECB) concerning policies relating to the prudential supervision of credit …” „… specific tasks on the European Central Bank concerning policies relating to the prudential supervision of …” „… where bank supervision is effectively moved to a single supervisory mechanism, a single resolution …”

doi.org/10.5771/9783845265278

Christian Koenig, Ludger Kühnhardt - Governance and Regulation in the European Union

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Christian Koenig (ed.), Ludger Kühnhardt (ed.)

Governance and Regulation in the European Union

Series: Schriften des Zentrum für Europäische Integrationsforschung (ZEI)

Volume 77 2017

Results in this title

Volker Nitsch and Harald Badinger National Representation in Supranational Institutions: The Case of the European Central Bank S. 59-96

„… for broad national representation. Reviewing evidence from the European Central Bank, we show that …” „… of the ECB's core business areas best describe the central bank's interest-rate setting behavior …” „… banks require that its staff members have the nationality of the home country. The central bank of the …”

Ludger Kühnhardt The Proto-Constitutional Establishment of European Domestic Policy. Germans and the Conditions for Federal Order in Europe S. 11-26

„… dominance of the activities of the European Council and the European Central Bank. This executive-dominated …” „… embodiment of the European economic government. At the same time, the European Central Bank – despite all the …” „… Central Bank became an increasingly strong political actor, ____________________ Berlin: Europaverlag …”

Stefan Fröhlich Transatlantic Leadership in a Multipolar World: The EU Perspective S. 177-194

„… the European Central Bank (ECB) to further stimulate the domestic and world economy with continued …” „… interests across Central Asia and the Middle East. It is for this reason that the EU has developed a …” „… deployment patterns in the Baltic and the Central and European countries, and by modifying exercise …”

Titelei/Inhaltsverzeichnis S. 1-10

„… Representation in Supranational Institutions: The Case of the European Central Bank …” „… Member Countries of East Central Europe …”

Ryszard Rapacki and Piotr Maszczyk Emerging Varieties of Capitalism in the EU New Member Countries of East Central Europe S. 287-304

„… countries of East Central Europe By Ryszard Rapacki & Piotr Maszczyk1 1. Introduction As the mushrooming …” „… most recent EU enlargement, i.e. accession of eleven new members from Central and Eastern Europe (CEE …” „… East-Central Europe and Central Asia. Simultaneously, despite undeniable progress in pushing through with …”

Richard Crowe The Role of the European Council in the European Union’s Institutional Framework S. 219-234

„… , the Council, the Commission, the Court of Justice, the European Central Bank and the Court of Auditors …” „… Central Bank. 2.2.5. Decisions laying down strategic guidelines in certain sensitive areas of policy …”

doi.org/10.5771/9783845286723

Hanna Lierse - The Evolution of the European Economic Governance System

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Hanna Lierse

The Evolution of the European Economic Governance System

Series: Schriften zur europäischen Arbeits- und Sozialpolitik

Volume 8 2011

Results in this title

The 1988 EMU: the emergence of a central bank consensus S. 179-181

„… . The 1988 EMU: the emergence of a central bank consensus Following the Hanover summit in 1988 the …” „… central bank. Based on the empirical analysis, it was shown that EMU was of high salience throughout the …” „… placed the German central bank in a powerful position, in which its policy ideas gained attention and …”

Policy legitimisation: the emergence of a reform understanding? S. 167-179

„… and of an independent central bank were contested, particularly in the conservative field. Nonetheless …” „… creation of a European monetary area with a single currency and a European Central Bank form part of the …” „… , independent central bank committed to price stability as suggested by the Delors group (Section 5.3.1). The …”

Titelei/Inhaltsverzeichnis S. 2-14

„… Industrie (German Confederation of Industry) Banque de France (French Central Bank) Deutsche Bundesbank …” „… (German Central Bank) Bretton Woods System Common Agricultural Policy Confederation of British Industry’s …” „… Français (National Employer Confederation of France, later MEDEF) Community System of Central Banks …”

Leaders and elites in France and Germany S. 160-167

„… the latter decided independently about which policy measures to take, the French central bank (BF) was …” „… the central 163 bank as the independence of the latter would bring about problems of democratic …” „… is divided on this matter as a supranational central bank conflicts with their understanding of an …”

The Commission and the Werner Plan S. 132-137

„… for a supranational system of central banks. Next to the CSCB an economic counterpart, the CDEP, was …” „… Community System of Central Banks (CSCB) and Centre of Decisions for Economic Policy (CDEP) Phase I 1 …” „… January 1971 Phase II 1 January 1974 Phase III aiming for 1978 Consultation of central banks, closer …”

The Commission and the Delors Plan S. 156-160

„… Delors group was such an “external” committee that consisted of national central bank representatives and …” „… Central Banks (ESCB), convergence criteria Phase I 1 July 1990 Phase II 1 January 1994 Phase III 1 …” „… January 1999 Liberalising capital markets, intensifying central bank cooperation, EMS participation …”

Policy discourses and the evolution of European monetary governance S. 181-184

„… example of supranational governance since the creation of the ESCB replaced the national central banks as …” „… representing the states Central bankers and experts Ideas Related to Keynesian ideas Related to Neoclassical …” „… , mainly emphasising ideas of the more powerful, such as central bank representative, monetary experts and …”

Political communication in the EU: elites, media and the public S. 248-251

„… institution. Yet, this viewpoint was marginalised and a European central bank was regarded as the logical …” „… single currency, an independent central bank and price stability would create the foundations for EMU. In …” „… representatives such as the presidents of the national central banks, European and national organisations such as …”

Economic and monetary union: policy initiatives and theory S. 129-132

„… representatives of the national ministries, the central banks and the Commission. Moreover, the Treaty presented a …” „… pushed through creating the ESCB, which consists of the ECB and 16 national central banks pursuing the …” „… supply increases, extra cash will be deposited in the bank, which then has an excess of funds and can …”

Scientific contribution of the study S. 15-19

„… establishment of the European Central Bank (ECB) is just one example of this transformation. Also in other …” „… framework. High budget and balance deficits of member states, the near bankruptcy of a number of banks and …” „… example McNamara (2006) showed that there was little controversy with respect to price stability, central …”

Drawback and benefits of European economic governance structures S. 37-42

„… economic activities of others. For example, for various decades the German central bank (BUBA) occupied a …” „… Deutschmark were forced to follow the decisions taken by the German central bank without having a stake in …” „… decides and finances an action. The central idea is that when these jurisdictions match, then …”

The construction of soft and supranational governance structures S. 246-248

„… institution. Yet, this viewpoint was marginalised and a European central bank was regarded as the logical …” „… single currency, an independent central bank and price stability would create the foundations for EMU. In …”

Towards a framework of social constructivism S. 55-59

„… authorities or central bank representatives (Hill 2008). 13 While neofunctionalism takes actors’ behaviour …” „… controversy with respect to price stability, central bank independence and sound finances. Without denying the …”

Monetary cooperation in Europe: origins, changes and priorities S. 125-129

„… central banks needed to hold sufficient gold reserves to back their currency, only a few countries …” „… , which consisted of representatives of the national ministries, the central banks and the Commission …”

The institutionalisation of economic ideas and European governance S. 237-241

„… Plan, which involved a system of central banks and a centre for economic policies, which were to work …” „… managed centrally by the system of central banks, a European economic authority did no longer form part of …”

The current state of European economic governance S. 34-37

„… completely regulated at the supranational level by the European System of Central Banks (ESCB). It involves …” „… may either be conducted from one central European level, it may occur within a certain common …” „… years before in Amsterdam, and the Macroeconomic Dialogue created in 1999 embrace central elements of …”

Economic instability and the unfeasibility of the Werner Plan S. 155-156

„… Delors group was such an “external” committee that consisted of national central bank representatives and …”

A qualitative content analysis based on thematic structuring S. 115-118

„… European central bank as too monopolistic others regards it as the only feasible policy option for the …”

Cross-case and over-time comparison: explanations and arguments S. 103-107

„… distribution. For instance, the way in which central banks adjust 105 the interest rate and the degree to …”

Developing thematic categories and coding guidelines S. 118-122

„… efficiently and to keep taxes down; whereas some criticise a European central bank as too monopolistic others …”

The bargaining-oriented perspective S. 50-55

„… , national tax authorities or central bank representatives (Hill 2008). 13 While neofunctionalism takes …”

The failure to legitimise the Werner Plan? S. 144-155

„… institution (FAZ 01.09.73) while others talked about a European system of central banks. These terms, which …”

Secondary Literature S. 257-275

„… . Alesina, A. & Summers, L. (1993) “Central Bank Independence and Macroeconomic Performance: Some …”

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