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Redefining a role for central banks: The increased importance of central banks’ roles in the management of liquidity risks and macro prudential supervision in the aftermath of the...

Ojo, Marianne - Volkswirtschaftliche Fakultät, … - 2010

their supervisory roles and functions, have necessitated an extension of central banks role in the management of liquidity …

Persistent link: https://www.econbiz.de/10008683306

Central bank independence: monetary policies in selected jurisdictions (III)

Ojo, Marianne; Ayadi, Felix - Volkswirtschaftliche Fakultät, … - 2013

A sufficient and appropriate degree of central bank independence is widely acknowledged to be necessary for the goal of achieving price stability. However, despite the levels of independence claimed to be enjoyed by several central banks, recent events indicate shifts in focus of monetary policy...

Persistent link: https://www.econbiz.de/10011257824

The role of monetary policy in matters relating to financial stability: Monetary policy responses adopted during the most recent Financial Crisis

Ojo, Marianne - Volkswirtschaftliche Fakultät, … - 2010

could become overly dependent on monetary policy and liquidity sustenance measures provided during deteriorating financial …

Persistent link: https://www.econbiz.de/10008740556

The End of the Great Moderation: “We told you so.”

Barnett, William A.; Chauvet, Marcelle - Volkswirtschaftliche Fakultät, … - 2008

The current financial crisis followed the “great moderation,” according to which the world’s central banks had gotten so good at countercyclical policy that the business cycle no longer existed. As more and more economists and media people became convinced that the risk of recessions had...

Persistent link: https://www.econbiz.de/10005836728

How better monetary statistics could have signaled the financial crisis

Barnett, William A.; Chauvet, Marcelle - Volkswirtschaftliche Fakultät, … - 2010

This paper explores the disconnect of Federal Reserve data from index number theory. A consequence could have been the decreased systemic-risk misperceptions that contributed to excess risk taking prior to the housing bust. We find that most recessions in the past 50 years were preceded by more...

Persistent link: https://www.econbiz.de/10008614991

Juridical and financial considerations on the public re capitalisation and rescue of financial institutions during periods of financial crises

Ojo, Marianne; Rodriguez-Miguez, Jose - Volkswirtschaftliche Fakultät, … - 2010

As well as a consideration of why the lender of last resort facility should be used for emergency situations and systemically relevant institutions in particular, an interesting point which will be considered in this paper is the comparison between the European Central Bank (ECB) Recommendation...

Persistent link: https://www.econbiz.de/10008683301

Central bank’s role and involvement in bank regulation: Lender of last resort arrangements and the Special Resolution Regime (SRR)

Ojo, Marianne - Volkswirtschaftliche Fakultät, … - 2009

This paper considers developments which have necessitated greater involvement and a greater role for the central bank in financial regulation and supervision. The aftermath of the 2007/08 financial crisis has witnessed the enactment of legislation such as the Banking Act of 2009 which has not...

Persistent link: https://www.econbiz.de/10009323454

Preparing for Basel IV: why liquidity risks still present a challenge to regulators in prudential supervision

Ojo, Marianne - Volkswirtschaftliche Fakultät, … - 2010

recent Basel Committee's initiatives, that is, Basel III. These two regulatory tools being capital and liquidity requirements … why the Basel Committee's liquidity requirements and present proposals aimed at addressing liquidity risks, still … Crisis, the paper will highlight how runs on banks are triggered by liquidity crises and that liquidity risks cannot be …

Persistent link: https://www.econbiz.de/10008777385

Measurement Error in Monetary Aggregates: A Markov Switching Factor Approach

Barnett, William A.; Chauvet, Marcelle; Tierney, … - Volkswirtschaftliche Fakultät, … - 2007

This paper compares the different dynamics of the simple sum monetary aggregates and the Divisia monetary aggregate indexes over time, over the business cycle, and across high and low inflation and interest rate phases. Although traditional comparisons of the series sometimes suggest that simple...

Persistent link: https://www.econbiz.de/10005836526

Restaurar a credibilidade das fundações jurídica e económica da estabilidade financeira: A necessidade de incorporação de teorias econômicas?

Ojo, Marianne - Volkswirtschaftliche Fakultät, … - 2013

To what extent can monetary and financial crises and cycles be explained through economic theories? This paper is aimed at highlighting why a reliance on economic theories may be necessary given certain flaws which have been revealed from the recent Financial Crisis. Namely, that economic and...

Persistent link: https://www.econbiz.de/10011257768