Central bank collateral frameworks and the liquidity transformation they allow for play important roles for financing long term economic projects (and thereby economic growth) while preserving financial stability. To shed light on early central bank collateral frameworks, this note analyses a...

Central bank collateral frameworks and the liquidity transformation they allow for play important roles for financing long term economic projects (and thereby economic growth) while preserving financial stability. To shed light on early central bank collateral frameworks, this note analyses a...

Are central bank losses inflationary? We address this question at two levels. First, we revisit the theory and show that central bank losses constrain the conduct of monetary policy and are indeed inflationary provided the central bank is (a) not automatically recapitalized by the government and...

Are central bank losses inflationary? We address this question at two levels. First, we revisit the theory and show that central bank losses constrain the conduct of monetary policy and are indeed inflationary provided the central bank is (a) not automatically recapitalized by the government and...

To ensure that means of payments are readily interchangeable at face value - i.e. fungible - for retail payments, three elements are required: (1) settlement finality; (2) interoperability; and (3) seamless convertibility of the means of payment into the "ultimate" or quasi-ultimate means of...

To ensure that means of payments are readily interchangeable at face value - i.e. fungible - for retail payments, three elements are required: (1) settlement finality; (2) interoperability; and (3) seamless convertibility of the means of payment into the "ultimate" or quasi-ultimate means of...

To ensure that means of payments are readily interchangeable at face value - i.e. fungible - for retail payments, three elements are required: (1) settlement finality; (2) interoperability; and (3) seamless convertibility of the means of payment into the "ultimate" or quasi-ultimate means of...

The recent Covid-19 pandemic, global issues such as the Russia–Ukraine war and global inflation among other issues have led to a series of conventional and unconventional monetary policies with central banks using government bills and a broader range of assets to regulate the economy. The...