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Review of the Previous Lecture • Changing the Size and Composition of the Balance Sheet • Open Market Operation • Foreign Exchange Intervention • Discount Loans • Cash Withdrawals

28 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 577 | Lượt tải: 0

Review of the Previous Lecture • Central Bank • Roles • Objectives • Inflation • Growth • Financial System • Interest rate and exchange rate • A successful central bank • Independence • Accountability • Transparency • communication

26 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 575 | Lượt tải: 0

Meeting the Challenge: Creating a Successful Central Bank • The boom in the past decade with its associated decrease in volatility may have happened because technology sparked a boom just as central banks became better at their jobs. • Policymakers realized that sustainable growth had gone up, so interest rates could be kept low without wor...

29 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 656 | Lượt tải: 0

Low, Stable Inflation • Many central banks take as their primary job the maintenance of price stability; they strive to eliminate inflation. • The rationale for keeping the economy inflation-free is that money’s usefulness as a unit of account and as a store of value is enhanced when its purchasing power is maintained.

16 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 680 | Lượt tải: 0

The Government's Bank • The central bank started out as the government’s bank, originally created by rulers to finance wars • However, the early examples are really the exceptions, as central banking is largely a 20th century phenomenon. • The central bank occupies a privileged position: it has a monopoly on the issuance of currency

18 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 614 | Lượt tải: 1

Review of the Previous Lecture • Non-depository Institutions • Insurance Companies • Securities Firms • Finance Companies • Government Sponsored Enterprises • Banking Crisis • Sources of Runs, Panics and Crisis

24 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 630 | Lượt tải: 0

Topics under Discussion • Securities Firms • Investment Banks • Mutual Funds • Finance Companies • Government Sponsored Enterprises • Banking Crisis • Sources of Runs, Panics and Crisis • Government Safety Net • Government: Lender of Last Resort

25 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 638 | Lượt tải: 0

Review of the Previous Lecture • Bank Risk • Liquidity Risk • Credit Risk • Interest Rate Risk • Trading Risk • Other Risks • Globalization of Banking • The Future of Banks

19 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 679 | Lượt tải: 0

Topic under Discussion • Bank Risk • Interest Rate Risk (Cont.) • Trading Risk • Other Risks • Globalization of Banking • The Future of Banks • Non-depository Institutions • Insurance Companies • Securities Firms • Finance Companies • Government Sponsored Enterprises

24 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 670 | Lượt tải: 0

Bank Risk • Banking is risky because depository institutions are highly leveraged and because what they do • In all the lines of banking trades, the goal of every bank is to pay less for the deposits the bank receives than for the loan it makes and the securities it buys.

23 trang | Chia sẻ: nguyenlinh90 | Ngày: 19/07/2019 | Lượt xem: 623 | Lượt tải: 0