Introduction to Central Banking 1st Edition by Ulrich Bindseil, Alessio Fotia ISBN 3030708837 9783030708832

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ISBN 10: 3030708837
ISBN 13: 9783030708832
Author: Ulrich Bindseil, Alessio Fotia

Introduction to Central Banking 1st Edition Table of contents:

1. Economic Accounts and Financial Systems

1.1 Real Economic Sectors and Basic Types of Transactions
1.2 The Financial Sector and Financial Transactions
 1.2.1 Commodity Money, Financial Assets and IOU Economy

2. Central Banks

2.1 Central Banks in a Paper Standard
2.2 Changes to the Demand of Financial Assets in a Paper Standard
 2.2.1 If Financial Sectors not Ready to Compensate Missing Demand for Securities
 2.2.2 Commercial Banks Absorb Security Flow
 2.2.3 The Central Bank Absorbs Flows and Acts as Market Maker of Last Resort
2.3 Interbank Flows
2.4 Role of Commercial Banks in Money Creation
 2.4.1 Credit Money Created by Banks
 2.4.2 “Sovereign Money” and “Full Reserve Banking”
 2.4.3 “Central Bank Digital Currency” (CBDC) Accessible to Non-Banks

3. Conventional Monetary Policy

3.1 Short-Term Interest Rates as the Operational Target of Monetary Policy
 3.1.1 The Targets of Monetary Policy
 3.1.2 The Basic Natural Rate Logic of Monetary Policy
 3.1.3 Complicating the Basic Natural Rate Logic
 3.1.4 Transmission Channels of Monetary Policy
3.2 Composition of the Central Bank Balance Sheet
 3.2.1 Autonomous Factors
 3.2.2 Monetary Policy Instruments
 3.2.3 Liquidity Providing and Liquidity Absorbing Items
3.3 Monetary Policy Implementation Techniques
 3.3.1 The Ceiling Approach
 3.3.2 The Floor Approach
 3.3.3 The Symmetric Corridor Approach
3.4 The Central Bank Collateral Framework
 3.4.1 Why Collateral?

4. Unconventional Monetary Policy

4.1 Rationale and Definition of “Unconventional” Monetary Policy
4.2 Negative Interest Rate Policy (NIRP)
 4.2.1 Reasons for a Lower Bound
 4.2.2 Criticism of the Negative Interest Rate Policy
4.3 Non-Conventional Credit Operations
4.4 Outright Purchase Programmes
4.5 Distinguishing Between Conventional, Non-Conventional, and LOLR Policies

5. Financial Instability

5.1 Liquidity, Asset Prices, and Default
5.2 Conditional and Unconditional Insolvency, and Bank Runs
5.3 Illiquidity in Credit and Dealer Markets
 5.3.1 Credit Markets
 5.3.2 Dealer Markets
5.4 Increasing Haircuts and Margin Calls
5.5 Interaction Between Crisis Channels

6. The Central Bank as Lender of Last Resort

6.1 Principles and Rationale for the Central Bank Acting as Lender of Last Resort
 6.1.1 Origin and Principles of LOLR
 6.1.2 Why Should Central Banks Be Lenders of Last Resort?
6.2 Forms and Propensity to Act as LOLR
 6.2.1 Forms of LOLR
 6.2.2 Overall Propensity of a Central Bank to Act as LOLR
6.3 Central Bank Collateral as a Key LOLR Parameter in a Simple Bank Run Model
 6.3.1 A Bank Run Model with Binary Levels of Asset Liquidity
 6.3.2 The Model with Continuous Asset Liquidity
6.4 Conclusions

7. International Monetary Frameworks

7.1 Why Do Fixed Exchange Rates Persist?
7.2 Past International Monetary Frameworks
 7.2.1 The Gold Standard
 7.2.2 The Bretton Woods System
7.3 International Monetary Frameworks of the Present
 7.3.1 Fixed Exchange Rate System—Paper Standard
 7.3.2 Flexible Exchange Rate Systems
 7.3.3 The European Monetary Union
 7.3.4 Foreign Reserves

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Tags: Ulrich Bindseil, Alessio Fotia, Central Banking