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Intervenção estatal na economia: o Banco Central e a execução das políticas monetária e creditícia; State intervencion: Central Bank and the monetary and credit policies execution.

Ladeira, Florinda Figueiredo Borges
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 01/06/2010 PT
Relevância na Pesquisa
56.31%
Este trabalho presta-se a analisar a adequação da execução da política monetária pelos Bancos Centrais, com enfoque especial dado ao Banco Central do Brasil e ao arcabouço normativo atualmente em vigor sobre a matéria. A necessidade de desenvolver este tema sobreveio da verificação, especialmente nas duas últimas décadas, de um distanciamento dos Bancos Centrais em relação às orientações do Poder Executivo. O regime de metas inflacionárias, tido como o ideal para orientar a atuação dos Bancos Centrais e assegurar a estabilidade da moeda foi assumido como o objetivo-fim da política monetária, em detrimento das previsões constitucionais acerca da promoção do desenvolvimento equilibrado do País, da busca do pleno emprego e da redução das desigualdades sociais. Para a análise desenvolvida, partiu-se do método histórico, por meio do qual foi possível verificar, a partir do Século XIX até o presente, de que forma os Bancos Centrais surgiram e galgaram posições de relevo enquanto agentes do Estado orientados a intervir na economia para fins de promoção social, especialmente a partir do surgimento e consolidação do Direito Econômico como ciência jurídica legitimadora da intervenção estatal. Em seguida...

Supervisão bancária e o papel dos bancos centrais : teoria, experiências internacionais e evidências empíricas

Schlottfeldt, Cristiane Lauer
Fonte: Universidade Federal do Rio Grande do Sul Publicador: Universidade Federal do Rio Grande do Sul
Tipo: Tese de Doutorado Formato: application/pdf
POR
Relevância na Pesquisa
46.22%
Os Bancos Centrais executam a primordial função de buscar a estabilidade monetária em seus respectivos países. Além disto, são também responsáveis pela condução e gerenciamento do sistema de pagamentos e pela condição de prestamista de última instância. As atividades de fiscalização do sistema bancário, no entanto, podem ou não ser de incumbência das autoridades monetárias. Percebe-se, ao longo das décadas mais recentes, que alguns países vêm promovendo mudanças em suas estruturas de alocação das áreas de supervisão, tanto no sentido de delegar esta responsabilidade a uma agência quanto na possibilidade de integrar a supervisão bancária com outras áreas, tais como a de seguros e a do mercado de capitais e títulos. Estas questões, como a de deixar ou não a supervisão inserida dentro dos bancos centrais, e a da sua integração ou não com outras áreas, têm proporcionado diversos debates, tendo sido apontados tanto pontos favoráveis quanto desfavoráveis, em cada uma das situações propostas. No entanto, estes discursos são ainda incipientes, e tal análise ainda carece de novas reflexões. Foi a dificuldade teórica em se definir um modelo de maior eficiência institucional para os países que serviu como ponto de partida e incentivo para o presente estudo. Desta forma...

O Banco Central como emprestador de última instância : um modelo de jogos repetidos com agentes de curto prazo e longo prazo

Machado, Vicente da Gama
Fonte: Universidade de Brasília Publicador: Universidade de Brasília
Tipo: Dissertação
PT_BR
Relevância na Pesquisa
46.19%
Dissertação (mestrado)—Universidade de Brasília, Departamento de Economia, 2006.; Diversas crises sistêmicas têm ocorrido ao redor do mundo, trazendo prejuízos sociais consideráveis e levantando a questão de como os bancos centrais devem reagir para minimizar os problemas decorrentes. Com sua posição central nos sistemas financeiros, os bancos centrais muitas vezes são a última alternativa de salvação financeira para muitas instituições. Com uma abordagem que reconhece os incentivos intertemporais do Banco Central na sua função de Emprestador de Última Instância num ambiente sujeito a instabilidades financeiras e com imperfeição de informações, é construído um modelo que visa determinar a política ótima sob distintas condições. Essa modelagem, ainda nova na literatura do Empréstimo de Última Instância (EUI), utiliza conceitos dos trabalhos de Fudenberg, Kreps & Maskin (1990) e Mailath & Samuelson (2006) Chega-se então a resultados que incluem múltiplos equilíbrios no jogo repetido entre o Banco Central e as instituições financeiras, sem deixar de lado a possibilidade de "too big to fail ", o que está de acordo com o observado na prática. ___________________________________________________________________________________________ ABSTRACT; Many systemic crises have occurred around the world...

Macroprudential Stress-Testing Practices of Central Banks in Central and South Eastern Europe : An Overview and Challenges Ahead

Melecky, Martin; Podpiera, Anca Maria
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
66.21%
Stress tests are the main practical tools of macroprudential oversight. This paper reviews the stress-testing practices of central banks in Central and South Eastern Europe (CSEECBs) and outlines the challenges in the area of stress testing going forward. The authors discuss good practice and the applied approaches by CSEECBs focusing on the main components of a typical macroprudential stress test, i.e. constructing the baseline and stress scenarios, mapping macroeconomic scenarios and microeconomic factors to risk factors, calculating risk exposures to different risk indicators, and estimating outcome indicators to inform macroprudential policy. The main challenges for the CSEECBs going forward involve needed improvements in data reliability, consideration of quantitative microprudential indicators in macroprudential stress tests, explicit incorporation of dynamics in stress tests to include reaction functions of banks and macroprudential policy, institutionalization of macroprudential policy responses to alarming stress-test results...

Regulation of Foreign Currency Mortgage Loans : The Case of Transition Countries in Central and Eastern Europe

Dübel, Hans-Joachim; Walley, Simon
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.24%
The current financial crisis has had a major impact on the financial sectors of the Central and Eastern European (CEE) region. The impact has been exacerbated in many cases by the presence of foreign currency mortgage loans. The risk is both for the borrower, who has to make loan repayments in a currency different from that of the income he or she is generating, and for the banks, who need to fund themselves in a foreign currency. This study seeks to determine whether foreign currency mortgage loans really represent a major risk to all systems where they are present and then to assess what measures have been taken to deal with it. The optimal regulatory response will be appropriate for the macroeconomic context and also the consumer needs and best interests. A complete ban on the foreign currency product class appears appropriate for low-inflation economies, where consumer benefits from the product are low and the risk of speculation and has sent demand higher. Within that subset, fiscal support and other steps to further develop funding markets and improve affordability are likely to be required to help support local currency products. Also...

How Do Banks Serve SMEs? Business and Risk Management Models

de la Torre, Augusto; Martínez Pería, María Soledad; Politi, María Mercedes; Schmukler, Sergio L.; Vanasco, Victoria
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.23%
This study describes the business and risk management practices that banks use to serve small and medium enterprises (SMEs). To do so, we use recently collected evidence from Argentina and Chile for a significant number of banks in each country, gathered through on-site meetings, a tabulated questionnaire, and a detailed data request. We find that banks are setting up separate departments to serve the segment, targeting many SMEs from all economic sectors and geographic regions. Banks use relationship managers to seek out new clients. Risk management and loan approval is separate from sales, mostly centralized, but not largely automated. Knowing the client is still crucial to minimize risks. Overall, the patterns we uncover suggest that banks are in the middle of an on-going learning process, by which they are developing the structure to deal with SMEs in a sustainable basis over the coming years.

How to Move the Exchange Rate If You Must : The Diverse Practice of Foreign Exchange Intervention by Central Banks and a Proposal for Doing It Better

Basu, Kaushik; Varoudakis, Aristomene
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
66.26%
The paper is about the art of exchange rate management by central banks. It begins by reviewing the diversity of objectives and practices of central bank intervention in the foreign exchange market. Central banks typically exercise discretion in determining when and to what extent to intervene. Some central banks use publicly declared rules of intervention, with the aim of increasing visibility and strengthening the signaling channel of policy. There is tentative evidence that the volatility of foreign exchange reserves is comparatively lower in emerging market economies where central banks follow some form of rules-based foreign exchange intervention. The paper goes on to argue that when the foreign exchange market includes some large strategic participants, the central bank can achieve superior outcomes if intervention takes the form of a rule, or "schedule," indicating commitments to buying and selling different quantities of foreign currency conditional on the exchange rate. Exchange rate management and reserve management can then be treated as two independent objectives by the central bank. In line with the stylized facts reviewed...

The Degree of Legal Independence of the Mediterranean Central Banks: International Comparison and Macroeconomic Implications

GISOLO, Enrico
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
EN
Relevância na Pesquisa
56.16%
The aim of the present paper is to assess the degree of central bank legal independence enjoyed by the central banks of the south shore of the Mediterranean Sea, which belong to the Euro-Mediterranean Partnership and to shed some light on the macroeconomic outcomes of different degrees of independence. To this end a methodology used by the International Monetary Fund, here slightly modified to better suit the characteristics of the central banks in the area, is introduced and applied. The main findings of the present work are as follows: i) as regards legal independence, the Mediterranean countries show a diverse picture, sometimes far from the common wisdom; ii) legal independence does not always appear in line with the de facto situation; iii) Cyprus and Malta (that recently joined the European Union), as well as Turkey, that has been recognized a candidate country status, do not always show the best degrees of legal/actual independence and iv) many central banks of the area have recently amended their Statutes with a view to achieving more independence, as the issue has a key role in the modernization of the economies and a priority status in the implementation of a comprehensive and effective set of political and economic reforms.

Central banking in the iberian peninsula : a comparison

Martín-Aceña, Pablo
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf; text/plain
Publicado em /10/2007 ENG; ENG
Relevância na Pesquisa
56.08%
The paper explores the similiraties and differences between the origin, behavior and evolution of the central banks of Portugal and Spain. Portugal and Spain are two countries that share the same peninsular space in the west corner of Europe. Though different in size and population, the political, social and economic history of both nations offer more similarities than differences. In the financial sphere, he resemblances are remarkable. Both nations exhibit very low levels of financial intermediation, as measured by the ratio between total bank deposits and GDP. Another common feature of both Iberian nations is the dominance exerted by a sole institution. However, we also find some divergences between the financial structures of the two countries that are worth noting. Three differences merit our particular attention in this paper. The first diversity refers to the distinct composition of the quantity of money. The monetary regime is the second difference between the two countries (Portugal joined the gold standard while Spain remained off the gold standard). Finally, the Bank of Portugal and the Bank of Spain exhibit also significant contrasts in their behavior as central banks.

The Experience with Macro-Prudential Policies of the Central Bank of the Republic of Turkey in Response to the Global Financial Crisis

Kenc, Turalay; Turhan, M. Ibrahim; Yildirim, Onur
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
46.2%
This brief country case study on Turkey aims to summarize the fundamental developments in the banking sector, which represents almost 90 percent of the financial sector in the country. The brief has two parts. The first covers the 2001 financial crisis and the developments until end of 2007, the year before the global financial crisis of 2008 started. The second part focuses on the macro-prudential policies applied by the Central Bank of the Republic of Turkey in response to the global financial crisis in three phases: (i) full liquidity support after Lehman Brothers' collapse (September 2008), (ii) the exit strategy (April 2010), and (iii) the new policy mix (final quarter of 2010).

State-owned Banks in the Transition : Origins, Evolution, and Policy Responses

Sherif, Khaled; Borish, Michael; Gross, Alexandra
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
46.29%
Many of the distortions in poorly performing economies do not originate in the banking sector, but where state banks still control a large share of the resources in the banking system, they continue to pose a risk to macroeconomic and fiscal stability. State banks are typically vehicles for patronage that worsen the prospects for competitive market development. Alternatively, these state banks can be ineffective shells that fail to perform a useful intermediation role once the government imposes effective hard budget constraints and a modern supervisory system. The most problematic state banks have been agricultural and industrial banks, whose original role was to finance state farms and industrial enterprises that employed large numbers of people and served as the backbone of the socialist economic mode. Banks now show stronger growth in deposits and capital in many countries in Central and Eastern Europe and the Baltics, suggesting that these countries have put into place structures that have helped to restore confidence in banking systems among creditors...

The State of Microfinance in Central and Eastern Europe and the New Independent States

Forster, Sarah; Greene, Seth; Pytkowska, Justyna
Fonte: CGAP and the World Bank, Washington, DC Publicador: CGAP and the World Bank, Washington, DC
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
46.29%
This report is based on the first empirical study of the microfinance industry in Central and Eastern Europe and the New Independent States (CEE and NIS). The main source of its findings is a survey of the region's microfinance institutions (MFIs) and funders conducted in 2001 by the Microfinance Centre for Central and Eastern Europe and the New Independent States, headquartered in Warsaw, Poland. The study achieved its four main goals: 1) the creation of an empirically based, comprehensive picture of the current state of the microfinance industry in the region; 2) a comparison of the performance of the region's main organizational models for microfinance delivery credit unions, nongovernmental organizations (NGOs), 'downscaling' commercial banks, and 'Greenfield' microfinance banks; 3) an analysis of the main barriers to growth and development confronting microfinance in the region specifically, access to finance and legal and regulatory constraints; and 4) a framework for action for the region's various microfinance actors...

Migrant Remittance Flows : Findings from a Global Survey of Central Banks

Irving, Jacqueline; Mohapatra, Sanket; Ratha, Dilip
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH
Relevância na Pesquisa
66.25%
Drawing on the findings from responses to a survey conducted in 2008-09 from 114 central banks worldwide (of which 33 are in Africa), this paper aims to better understand how central banks and other national institutions regulate and collect data and other information on cross-border remittance flows. Findings indicate that, although the vast majority of countries, in both sending and receiving countries, collect data on remittances, and 43 percent of receiving countries estimate informal remittances, there is a need for more frequent and better coordinated data collection, both across national institutions and among different divisions within the same national institution, as well as between countries. Survey results also indicate that many new market entrants' transfer activities are unregulated. Countries must take into account new channels and technologies, such as mobile phone service providers, in monitoring remittance flows. It will be important for national regulatory authorities to work closely with mobile telecoms network operators to strike the right regulatory balance...

Bureaucratic Delegation and Political Institutions : When Are Independent Central Banks Irrelevent?

Keefer, Philip; Stasavage, David
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
66.19%
The government's ability to credibly commit to policy announcements is critical to the successful implementation of economic policies as diverse as capital taxation and utilities regulation. One frequently advocated means of signaling credible commitment is to delegate authority to an agency that will not have an incentive to opportunistically change policies once the private sector has taken such steps as signing wage contracts or making irreversible investments. Delegating authority is suggested as a government strategy particularly for monetary policy. And existing work on the independence of central banks generally assumes that government decisions to delegate are irrevocable . But delegation - in monetary policy as elsewhere-is inevitably a political choice, and can be reversed, contend the authors. They develop a model of monetary policy that relaxes the assumption that monetary delegation is irreversible. Among the testable predictions of the model are these: A) The presence of an independent central bank should reduce inflation only in the presence of political checks and balances. This effect should be evident in both developing and industrial countries. B) Political actions to interfere with the central bank should be more apparent when there are few checks and balances. C) The effects of checks and balances should be more marked when political decisionmakers are more polarized. The authors test these predictions and find extensive empirical evidence to support each of the observable implications of their model: Central banks are associated with better inflation outcomes in the presence of checks and balances. The turnover of central bank governors is reduced when governors have tenure protection supported by political checks and balances. And the effect of checks and balances is enhanced in more polarized political environments.

Banking the Poor : Measuring Banking Access in 54 Economies

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Publication; Publications & Research
EN_US
Relevância na Pesquisa
46.22%
Banking the Poor presents new data collected from two sources: central banks, and leading commercial banks in each surveyed country. It explores associations between countries' banking policies and practices, and their levels of financial access measured in terms of the numbers of bank accounts per thousand adults. It builds on the previous work of measuring financial access through information obtained from regulators, banks, and household surveys. It explores associations between countries' banking policies and practices, and their levels of financial access, measured in terms of the numbers of bank accounts per thousand adults. The extent to which people are banked depends primarily on how wealthy they are. Even in the poorest countries, rich urban customers get access to good banking. Although there are a range of financial services used by the poorest, these are usually provided outside the formal banking system. Banks are used by those above this threshold, usually by salaried employees who have the steady income. Naturally banks are more likely to seek out users with a steady, predicatable income. Expanding credit for enterprises leads to the creation of a salaried class that wants to bank: this is the primary way to increase bank access. While bank clients make up the largest part of those using financial services in most countries...

The Growth in Government Domestic Debt : Changing Burdens and Risks

Hanson, James A.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
46.28%
This paper analyzes the recent growth of government domestic debt, including central bank debt, using a new data base on government domestic debt in developing countries with large, open financial systems. On average, government domestic debt grew much faster than GDP between 1994 and 2004 and became larger than foreign debt. The rapid growth of domestic debt reflects financial crises, the growth of central bank debt and the greater attractiveness to governments of issuing domestic debt as well as the recent increase in demands for it. Both its attractiveness and the increased demands for it reflect the current benign international environment to some degree. The main risk of government debt, domestic or foreign, remains its overall size relative to a country's fiscal, financial, and political institutions. While government domestic debt can help the domestic private capital market, large domestic debt, like large external debt, has risks. For example, there can be "sudden stops" in the demand for domestic debt as well as in foreign lending. Governments need to be aware of the risks and burdens in domestic debt issue-crowding out small borrowers...

Are Banks Too Big to Fail or Too Big to Save? International Evidence from Equity Prices and CDS Spreads

Demirgüç-Kunt, Asli; Huizinga, Harry
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
46.28%
Deteriorating public finances around the world raise doubts about countries' abilities to bail out their largest banks. For an international sample of banks, this paper investigates the impact of government indebtedness and deficits on bank stock prices and credit default swap spreads. Overall, bank stock prices reflect a negative capitalization of government debt and they respond negatively to deficits. The authors present evidence that in 2008 systemically large banks saw a reduction in their market valuation in countries running large fiscal deficits. Furthermore, the change in bank credit default swap spreads in 2008 relative to 2007 reflects countries' deterioration of public deficits. The results of the analysis suggest that some systemically important banks can increase their value by downsizing or splitting up, as they have become too big to save, potentially reversing the trend to ever larger banks. The paper also documents that a smaller proportion of banks are systemically important -- relative to gross domestic product -- in 2008 than in the two previous years...

Workers' Remittances to Developing Countries : A Survey with Central Banks on Selected Public Policy Issues

de Luna Martínez, José
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
66.17%
This paper presents the findings of a survey conducted by the World Bank of central banks in 40 developing countries across different regions in the world. The survey focused on the following topics: (1) coverage of national statistics on remittances, (2) cost of transferring and delivering remittances, (3) regulatory regime for remittance transactions, and (4) efforts of developing countries to channel remittance flows through formal financial institutions. The study finds that in most countries existing data do not reflect the full amount of remittance inflows that they receive every year. Coverage of instruments and financial institutions through which remittances take place is limited. Moreover, only a few countries measure remittances that take place through informal channels. It also finds that the scope of financial authorities in developing countries to reduce remittance fees is limited because a large part of the fees charged to customers are set by financial institutions located in the countries where transactions originate. Cooperation between sending and recipient countries is needed to reduce remittance costs. The survey finds that in several countries money transfer companies are not properly supervised. Given the increasing international concerns with money laundering and terrorism financing issues...

Os Bancos Centrais do Brasil e do Chile 1974-2005 : um estudo comparado; Central Banks of Brazil and Chile : comparative analysis 1974-2005

Albuquerque, Claudia Ponte de
Fonte: Universidade de Brasília Publicador: Universidade de Brasília
Tipo: Tese
POR
Relevância na Pesquisa
56.21%
Tese (doutorado)—Universidade de Brasília, Instituto de Relações Internacionais, Programa de Doutorado em Política Internacional e Comparada, 2008.; Esta tese compara a evolução institucional de bancos centrais e outros reguladores bancários no Brasil, Chile, nos últimos trinta anos. Para tanto, sistematiza as políticas monetárias e de supervisão bancária, principalmente as do Chile e do Brasil, para explicar a diferença na qualidade institucional e na percepção interna dos bancos comerciais chilenos comparados aos brasileiros acerca da evolução das habilidades institucionais e da percepção externa quanto a reputação. A pesquisa mostrou: a) o papel das crises financeiras e bancárias na evolução institucional nesses países e também na Argentina, na Colômbia, no Peru e no México; b) a percepção dos bancos acerca da evolução das habilidades institucionais dos reguladores bancários do Brasil e do Chile. c) o impacto da redução da incerteza econômica, política e regulatória sobre a reputação de bancos centrais, em decorrência da abertura comercial, da fragmentação político-partidária no Congresso e da disciplina das políticas macroeconômicas. Os procedimentos metodológicos foram a pesquisa historiográfica e a aplicação de entrevistas a executivos dos reguladores e de instituições bancárias para avaliar a percepção deles sobre a e qualidade institucional desses reguladores. Realizou-se: 24 entrevistas a funcionários dos bancos centrais do Brasil e do Chile; 17 a executivos de bancos no Brasil e 10 no Chile por telefone...

How Transparent Are Central Banks?

Eijffinger, Sylvester C. W.; Geraats, Petra M.
Fonte: Universidade de Cambridge Publicador: Universidade de Cambridge
Tipo: Trabalho em Andamento Formato: 188549 bytes; application/pdf; application/pdf
EN_GB
Relevância na Pesquisa
56.02%
Central bank transparency has become the topic of a lively public and academic debate on monetary policy. Unfortunately, it has been complicated by the fact that transparency is a qualitative concept that is hard to measure. This paper proposes a comprehensive index for central bank transparency that comprises the political, economic, procedural, policy and operational aspects of central banking. The index is compiled for nine major central banks. It is based on a detailed analysis of actual information disclosure and reveals a rich variety in the degree and dynamics of central bank transparency.