The Development of Central Banking
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Is the Discount Window Necessary?
Charles W. Calomiris Charles W Calomiris is associate professor of finance, University of Illinois at Urbana-Champaign; faculty research fellow, National Bureau of Economic Research; and visiting scholar at the Federal Reserve Bank of St. Lou/s. Greg Chaudoin, Thekla Halouva and Christopher A. Williams provided research assistance. The data analysis for this article was conducted in part at the University of Illinois and the Federal Reserve Bank of Chica got 11~Jsthe Discount Window Necessary? A Penn Central Perspective N RECENT YEARS, ECONOMISTS have come Some economists (Goodfmiend and King, 1988; to question the desirability of granting banks Bordo, 1990; Kaufman, 1991, 1992; and Schwartz, the privilege of borrowing from the Federal 1992) have argued that there is no gain from al- Reserve’s discount window. The discount win- lowing the Fed to lend through the discount dow’s detractors cite several disadvantages. window. These cmitics argue that open market First, the Fed’s control over high-powet-ed operations can accomplish all legitimate policy money can be hampered. tf bank borrowing be- goals without resort to Federal Reserve lending havior is hard to predict, open market opera- to banks. Clearly, if the only policy goal is to tions cannot pem’fectly peg high-powered money, peg the supply of high-powered money, open which somne economists believe the Fed should market operations are a sufficient tool. Similar- do. Second, there are microeconomic concerns ly, the Fed could peg interest rates on traded about potential abuse of the discount window securities by purchasing or selling them. Any argument for a possible role for the discount (Schwartz1 1992). -
Caribbean State Posture, Merchant Capital and the Export Services Option
Third World Quarterly, Vol 23, No 4, pp 725–751, 2002 At whose service? Caribbean state posture, merchant capital and the export services option DON D MARSHALL ABSTRACT Elite planners in the Eastern Caribbean sub-region pin their hopes of economic viability on tourism, a vibrant offshore financial (and other) services sector and an increase in export activity from companies operating out of industrial parks. Framed against the perception of an inevitable globalisation process underway, with limitations posed to high-level or diversified manu- facturing, power holders have sought to concentrate on the promotion of ‘export services’ as a viable cover against new competitive challenges. This article argues, however, that this state of affairs betrays a crisis-of-mission within the ruling class on how to reconstruct political economies marked by the hegemony of merchant capital. Rather than a move towards what are globally the most remunerative factors of production—high-level manufacturing and services—a rather curious consensus has emerged which proclaims a solid future for export services without roots and/or ganglia to local manufacturing. The success of such an ‘export services’ model anywhere in the Eastern Caribbean will not turn as much on the quality of human resources as it will on overcoming the short- term horizon of local politicians, and the low-risk predilections of the wealthy planter–merchant elite. The latter’s conscious ‘opt out’ strategy on the question of manufacturing diversity has made for a strikingly conservative enterprise culture. More specifically, merchant capitalist societies like those in the Eastern Caribbean insufficiently display the sociocultural attributes required for the creation of high-level services: innovation-mediated risk, research and develop- ment competence, and affinities to industrial processes and networks. -
Aftermath : Seven Secrets of Wealth Preservation in the Coming Chaos / James Rickards
ALSO BY JAMES RICKARDS Currency Wars The Death of Money The New Case for Gold The Road to Ruin Portfolio/Penguin An imprint of Penguin Random House LLC penguinrandomhouse.com Copyright © 2019 by James Rickards Penguin supports copyright. Copyright fuels creativity, encourages diverse voices, promotes free speech, and creates a vibrant culture. Thank you for buying an authorized edition of this book and for complying with copyright laws by not reproducing, scanning, or distributing any part of it in any form without permission. You are supporting writers and allowing Penguin to continue to publish books for every reader. Library of Congress Cataloging-in-Publication Data Names: Rickards, James, author. Title: Aftermath : seven secrets of wealth preservation in the coming chaos / James Rickards. Description: New York : Portfolio/Penguin, [2019] | Includes bibliographical references and index. Identifiers: LCCN 2019010409 (print) | LCCN 2019012464 (ebook) | ISBN 9780735216969 (ebook) | ISBN 9780735216952 (hardcover) Subjects: LCSH: Investments. | Financial crises. | Finance—Forecasting. | Economic forecasting. Classification: LCC HG4521 (ebook) | LCC HG4521 .R5154 2019 (print) | DDC 332.024—dc23 LC record available at https://lccn.loc.gov/2019010409 Penguin is committed to publishing works of quality and integrity. In that spirit, we are proud to offer this book to our readers; however, the story, the experiences, and the words are the author’s alone. While the author has made every effort to provide accurate telephone numbers, internet addresses, and other contact information at the time of publication, neither the publisher nor the author assumes any responsibility for errors or for changes that occur after publication. Further, the publisher does not have any control over and does not assume any responsibility for author or third-party websites or their content. -
Barbados Advocate
Established October 1895 See inside Monday March 22, 2021 $1 VAT Inclusive NUPW MAKING STRIDES DURING PANDEMIC PRESIDENT of the National McDowall told those in atten- The NUPW head also re- we continue to work on for our care that we will be able to push Union of Public Workers dance, “We vigorously negoti- vealed that there is now a pol- members. past this moment in our his- (NUPW), Akanni McDowall ated with government to ensure icy put forward by the union “We remain firm in our re- tory... I wish to reiterate that says the union has accom- that the BOSS program was that provides the framework for solve to fight injustices perpe- we remain focused as an objec- plished a lot, even more so voluntary and not forced as flexible working arrangements trated against our membership. tive of representing the inter- in the context of the pan- originally proposed. We have and working from at home. Because quality representation ests of our membership.” demic. been able to make some head- “High on the agenda moving for our workers is our goal, and He gave the assurance that He was delivering brief re- way in improving the lives of forward is a discussion about delivering equality for all is our as the NUPW enters its 76th marks at the St. George Parish public servants by ensuring our altering the senior public serv- defining purpose as a union.We year, it will continue to grow church yesterday as the NUPW public officers were appointed. ice posts and the implications must also continue to be each and adapt to meet the changing starts its week of activities to We are still in the process of ad- for public officers. -
Markets Committee Central Bank Collateral Frameworks and Practices
Markets Committee Central bank collateral frameworks and practices A report by a Study Group established by the Markets Committee This Study Group was chaired by Guy Debelle, Assistant Governor of the Reserve Bank of Australia March 2013 This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2013. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISBN 92-9131-926-0 (print) ISBN 92-9197-926-0 (online) Preface In July 2012, the Markets Committee established a Study Group to take stock of how collateral frameworks and practices compare across central banks and the key changes they have undergone since mid-2007. This initiative followed from the fact that, in the light of recent experience with market stress and other underlying changes in the financial landscape, many central banks have re-examined and adapted their collateral policies. It is also a natural extension of the Committee’s previous work on central bank monetary policy and operating frameworks. The Study Group was chaired by Guy Debelle, Assistant Governor of the Reserve Bank of Australia. The Group completed an interim report for review by the Markets Committee in November 2012. The finalised report was presented to central bank Governors of the Global Economy Meeting in early March 2013. The subject matter of this study is of core relevance to central banking. I believe the report could become a reference piece for those who are interested in central bank liquidity operations in different jurisdictions. Moreover, given the growing attention focused on collateral-related issues in the broader financial system, this report, which covers one specific area of collateral practices, could also serve as factual input to the wider debate. -
Inner Temple Library Newsletter Issue 43 – January 2016
Contents Saturday Opening Legal Research Training 1 One of the four Inn Libraries is open from 10.00 a.m. Saturday Opening 1 to 5.00 p.m. on each Saturday during the legal terms. Westlaw Commentary Trial 1 Annual Review 2015 2 January IT Changes 8 30 January Inner Temple Library Committee 8 Digital Images: Inns of Court 8 February AccessToLaw: Banking 9 6 February Lincoln’s Inn New Acquisitions 10 13 February Middle Temple Book Prize 11 20 February Gray’s Inn David Humphreys, 1922-2015 11 27 February Inner Temple March 5 March Lincoln’s Inn 12 March Middle Temple Legal Research Training 19 March Gray’s Inn 26 March CLOSED Dates for our next series of training sessions for new April pupils are as follows:- 2 April Inner Temple Session 1: Essentials of Legal Research To view a Saturday Opening Timetable click here. Monday 4 April 2016, 6.00 p.m. to 7.30 p.m. Location: Inner Temple Drawing Room Session 2: Legal Research Workshop: Cases Westlaw Commentary Trial Tuesday 12 April 2016, 6.00 p.m. to 7.00 p.m. Location: Inner Temple Committee Room We have been given access to Westlaw commentary sources for a three-month trial period starting on Session 3: Legal Research Workshop: Legislation 1 February. The trial includes works such as Archbold, Tuesday 19 April 2016, 6.00 p.m. to 7.00 p.m. Charlesworth & Percy, Chitty, Clerk & Lindsell, Kemp Location: Inner Temple Committee Room & Kemp, McGregor, The White Book and Woodfall. For more details click here. -
Monetary Policy and Bank Risk-Taking: Evidence from the Corporate Loan Market
Monetary Policy and Bank Risk-Taking: Evidence from the Corporate Loan Market Teodora Paligorova∗ Bank of Canada E-mail: [email protected] Jo~aoA. C. Santos∗ Federal Reserve Bank of New York and Nova School of Business and Economics E-mail: [email protected] November 22, 2012 Abstract Our investigation of banks' corporate loan pricing policies in the United States over the past two decades finds that monetary policy is an important driver of banks' risk-taking incentives. We show that banks charge riskier borrowers (relative to safer borrowers) lower premiums in periods of easy monetary policy than in periods of tight monetary policy. This interest rate discount is robust to borrower-, loan-, and bank-specific factors, macroe- conomic factors and various types of unobserved heterogeneity at the bank and firm levels. Using individual bank information about lending standards from the Senior Loan Officers Opinion Survey (SLOOS), we unveil evidence that the interest rate discount for riskier borrowers in periods of easy monetary policy is prevalent among banks with greater risk appetite. This finding confirms that the loan pricing discount we observe is indeed driven by the bank risk-taking channel of monetary policy. JEL classification: G21 Key words: Monetary policy, risk-taking channel, loan spreads ∗The authors thank Jose Berrospide, Christa Bouwman, Daniel Carvalho, Scott Hendry, Kim Huynh, David Martinez-Miera and seminar participants at Nova School of Business and Economics, SFU Beedie School of Business, the 2012 FIRS Meeting in Minneapolis, and the 2012 Bank of Spain and Bank of Canada \International Financial Markets" Workshop for useful comments. -
Gtmped3ebook.Pdf
Gold: the Monetary Polaris by Nathan Lewis Third Edition: April 2016 Copyright 2013 by Nathan Lewis. All rights reserved. No part of this book may be reproduced or transmitted in any form of by any means electronic or mechanical, including photocopying, printing, recording, or by any information storage and retrieval system, without permission in writing from Canyon Maple Publishing. Published by Canyon Maple Publishing PO Box 98 New Berlin, NY 13411 [email protected] newworldeconomics.com If you think in terms of a year, plant a seed; if in terms of ten years, plant trees; if in terms of 100 years, teach the people. –Confucius [I]n all cases human society chooses for that basis-article we call "money" that which fluctuates least in price, is the most generally used or desired, is in the greatest, most general, and most constant demand, and has value in itself. "Money" is only a word meaning the article used as the basis-article for exchanging all other articles. An article is not first made valuable by law and then elected to be "money." The article first proves itself valuable and best suited for the purpose, and so becomes of itself and in itself the basis-article – money. It elects itself. ... [The precious] metals proved their superiority. These do not decay, do not change in value so rapidly ... these metals are less liable to fluctuate in value than any article previously used as "money." This is of vital importance, for the one essential quality that is needed in the article which we use as a basis for exchanging all other articles is fixity of value. -
Curriculum Vital February 2017 GABRIEL
Curriculum Vital February 2017 GABRIEL JIMÉNEZ ZAMBRANO Bank of Spain Directorate General of Financial Stability and Resolution Financial Stability Department Alcalá, 50 28014 Madrid, Spain Phone: + 34 91 338 57 10 e-mail: [email protected] EDUCATION Abril 2013 ESADE: Executive MBA on Leadership Development, June 2001 CEMFI (Bank of Spain): MSc in Economics and Finance. June 1999 University Complutense of Madrid: Bachelor of Arts Degree in Mathematics (Special Prize) WORK EXPERIENCE Since May 2015 Head of the Regulatory Impact Assessment Unit, Directorate General Financial Stability and Resolution, Financial Stability Department, Banco de España. Dec. 2007-April 2015 Head of the Banking Sector Analysis Unit, Directorate General Regulation, Financial Stability Department, Banco de España. Sept. 01-Nov. 07 Economist, Directorate General Regulation, Financial Stability Department, Banco de España. PRIZES 2015 Jaime Fernández de Araoz on Corporate Finance PUBLICATIONS (in chronological order) When Credit Dries Up: Job Losses in the Great Recession (with S. Bentolila and M. Jansen) Journal of the European Economic Association, forthcoming, 2017. Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments (with S. Ongena, J. L. Peydró and J. Saurina) Journal of Political Economy, forthcoming, 2017. 1 Hazardous Times for Monetary Policy: What do Twenty-Three Million Bank Loans say About the Effects of Monetary Policy on Credit Risk-Taking? (with S. Ongena, J. L. Peydró and J. Saurina) Econometrica, 82 (2), 463-505, 2014. How Does Competition Impact Bank Risk Taking? (with J. A. López and J. Saurina) Journal of Financial Stability, 9, 185-195, 2013. Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications (with S. -
The Discount Window Refers to Lending by Each of Accounts” on the Liability Side
THE DISCOUNT -WINDOW David L. Mengle The discount window refers to lending by each of Accounts” on the liability side. This set of balance the twelve regional Federal Reserve Banks to deposi- sheet entries takes place in all the examples given in tory institutions. Discount window loans generally the Box. fund only a small part of bank reserves: For ex- The next day, Ralph’s Bank could raise the funds ample, at the end of 1985 discount window loans to repay the loan by, for example, increasing deposits were less than three percent of total reserves. Never- by $1,000,000 or by selling $l,000,000 of securities. theless, the window is perceived as an important tool In either case, the proceeds initially increase reserves. both for reserve adjustment and as part of current Actual repayment occurs when Ralph’s Bank’s re- Federal Reserve monetary control procedures. serve account is debited for $l,000,000, which erases the corresponding entries on Ralph’s liability side and Mechanics of a Discount Window Transaction on the Reserve Bank’s asset side. Discount window lending takes place through the Discount window loans, which are granted to insti- reserve accounts depository institutions are required tutions by their district Federal Reserve Banks, can to maintain at their Federal Reserve Banks. In other be either advances or discounts. Virtually all loans words, banks borrow reserves at the discount win- today are advances, meaning they are simply loans dow. This is illustrated in balance sheet form in secured by approved collateral and paid back with Figure 1. -
The History of Political Independence and Its Future
The Time of Sovereignty: The History of Political Independence and its Future Dr. Richard Drayton Monday, November 28, 2016 Frank Collymore Hall Tom Adams Financial Centre It is a great honour, pleasure and privilege to give the Sir Winston Scott Memorial Lecture of the Central Bank of Barbados. It is particularly moving to me to look out at this crowd of 500 and see so many people I have known for over forty years, and in particular so many of the elders who formed me. I am conscious that my predecessors include such senior figures in the history of economics as Ernst Schumacher and the Nobel Laureate Joseph Stiglitz and such deans of Caribbean intellectual life as Rex Nettleford and Gordon Rohlehr. I am particularly humbled, as a Barbadian, to give this 41st Lecture as part of the 50th anniversary celebrations of the independence of Barbados. (Clearly, Rihanna was unavailable). I came to this island from Guyana only as a boy of 8. So it was not from hazard of birth but mature choice that I joined you in citizenship. I take no second place to the birth right Bajan in my love for this rock in which my roots are tangled with yours for all time. Our 50th anniversary is a joyful occasion. It is at the same time as a sobering one, when one reflects on the generations of ancestors, living and dying under conditions of the most extraordinary inhumanity, who made our presence today possible. If this Golden Jubilee celebration has any meaning, we need to remember why we sought political sovereignty. -
The National Strategic Plan of Barbados 2005-2025
THE NATIONAL ANTHEM In plenty and in time of need When this fair land was young Our brave forefathers sowed the seed From which our pride is sprung, A pride that makes no wanton boast Of what it has withstood That binds our hearts from coast to coast - The pride of nationhood. Chorus: We loyal sons and daughters all Do hereby make it known These fields and hills beyond recall Are now our very own. We write our names on history’s page With expectations great, Strict guardians of our heritage, Firm craftsmen of our fate. The Lord has been the people’s guide For past three hundred years. With him still on the people’s side We have no doubts or fears. Upward and onward we shall go, Inspired, exulting, free, And greater will our nation grow In strength and unity. 1 1 The National Heroes of Barbados Bussa Sarah Ann Gill Samuel Jackman Prescod Can we invoke the courage and wisdom that inspired and guided our forefathers in order to undertake Charles Duncan O’neal the most unprecedented Clement Osbourne Payne and historic transformation in our economic, social and physical landscape since independence in Sir Hugh Springer 1966? Errol Walton Barrow Sir Frank Walcott Sir Garfield Sobers Sir Grantley Adams 2 PREPARED BY THE RESEARCH AND PLANNING UNIT ECONOMIC AFFAIRS DIVISION MINISTRY OF FINANCE AND ECONOMIC AFFAIRS GOVERNMENT HEADQUARTERS BAY STREET, ST. MICHAEL, BARBADOS TELEPHONE: (246) 436-6435 FAX: (246) 228-9330 E-MAIL: [email protected] JUNE, 2005 33 THE NATIONAL STRATEGIC PLAN OF BARBADOS 2005-2025 FOREWORD The forces of change unleashed by globalisation and the uncertainties of international politics today make it imperative for all countries to plan strategically for their future.