WorldWideScience

Sample records for ecb central banking

  1. ECB Banking Supervision and beyond

    OpenAIRE

    Lannoo, Karel

    2014-01-01

    With publication of the results of its Comprehensive Assessment at the end of October 2014, the European Central Bank has set the standard for its new mandate as supervisor. But this was only the beginning. The heavy work started in early November, with the day-to-day supervision of the 120 most significant banks in the eurozone under the Single Supervisory Mechanism. The centralisation of the supervision in the eurozone will pose a number of challenges for the ECB in the coming months and ye...

  2. Does central bank communication really lead to better forecasts of policy decisions? New evidence based on a Taylor rule model for the ECB

    NARCIS (Netherlands)

    Sturm, Jan-Egbert; De Haan, Jakob

    Nowadays, it is widely believed that greater disclosure and clarity over policy may lead to greater predictability of central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the information provided by a Taylor rule model in which

  3. Avrupa Merkez Bankası'nın (AMB Euro Yönetimindeki Etkinlik Sorununun Analizi ( Efficiency Management Problem Of European Central Bank (ECB About The Euro

    Directory of Open Access Journals (Sweden)

    Hüseyin ÖZDEŞER

    2015-12-01

    Full Text Available The necessity of a monetary integration process in the European Union is inarguable. Monetary Union has a corner stone role for letting Economy in the EU to act as a whole. Only 19 members of the EU take place in the Euro Zone. In this case; there is a long time needed for completion the monetary integration process. European Central Bank (ECB which is responsible for the monetary policy application in Euro Zone, will have serious weakness and desperation and having them is inevitable; because the economic and political integration of the EU is not completed yet. All kinds of conflicts in political and economic integration process of the EU and economic crises, will have negative impacts on the EU and also on Euro. ECB is helpless about any negative developments that take place or may take place in European Monetary Union (EMU Area and it does not have an efficient intervention chance for preventing the negative impacts occurring on the Euro. The aim of the study is to present the weakness and desperation of the ECB about applying policies for a stable Euro. Avrupa Birliği'nde (AB Parasal Birlik sürecinin gerekliliği tartışılmazdır. Parasal Birlik; ekonominin AB içerisinde bir bütünsel olarak hareketliliğinin sağlanabilmesi açısından köşe taşı niteliğindedir. AB'nde şu an için toplam 28 olan AB üyesi ülkeden yalnızca 19 üye euro bölgesinde yer almaktadır. Bu durum parasal entegrasyonun tamamlanabilmesi için uzun süreye ihtiyaç olduğunun göstergesidir. Euro bölgesinde para politikalarının uygylanmasından sorumlu olan Avrupa Merkez Bankası (AMB, AB'nin ekonomik ve siyasi entegrasyonunun tamamlanmamasından dolayı ciddi zaaflar ve çaresizlikler yaşamaktadır; ve yaşaması da kaçınılmazdır. AB ve euro bölgesinde yaşanan her türlü sayasi ve ekonomik entegrasyon süreçlerindeki çatışmalar ve aynı zamanda ekonomik krizler; AB'ni ve euroyu olumsuz etkilemektedir. Yalnızca euronun y

  4. The European Central Bank

    OpenAIRE

    Binder, Michael; Wieland, Volker

    2006-01-01

    The establishment of the ECB and with it the launch of the euro has arguably been a unique endeavor in economic history, representing an important experiment in central banking. This note aims to summarize some of the main lessons learned from this experiment and sketch some of the prospects for the ECB. It is written for "The New Palgrave Dictionary of Economics", 2nd edition. JEL Classification: E52, E58

  5. The democratic accountability of the European Central Bank

    Directory of Open Access Journals (Sweden)

    L. BINI-SMAGHI

    1998-06-01

    Full Text Available The European Central Bank (ECB is considered to be an institution with a high level of accountability compared with other central banks. However, the matter has yet to be investigated in practice. Accountability of the ECB will have to be checked by governing bodies both within and outside the ECB as well as the public. A survey is undertaken of the main reasons for central bank accountability, especially for the ECB.

  6. AN OVERVIEW AT MACROECONOMIC LEVEL THROUGH ACCOUNTING FIGURES PROVIDED BY THE ECB ASSESSMENT ON EUROZONE BANKING SYSTEM

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    Olivera Ecaterina OROS

    2014-05-01

    Full Text Available Along with the main macroeconomic indicators, the credit risk indicators became an important leverage in monitoring and evaluating the standard of living at a national level and the country’s economic evolution. These two types of indicators show a strong interconnection, and the correct assessment of the credit risk indicators becomes a must. As a consequence, the central banks and the main regulators in the Europe aria provided for a strict monitoring of such indicators and further on, for constant update of the banking supervisory regulations. In October 2013, the European Central bank (ECB issued the Note of Comprehensive Assessment that will be carried out during 2014, on the Euro-zone1 banking system. The outcome of the assessment will impact not only the accounting figures of the banking system, but also might change the macroeconomic overview of Euro-zone and the IASB's Conceptual Framework for Financial Reporting.

  7. The European Central Bank: The Bank that rules Europe?

    OpenAIRE

    Howarth, D.

    2009-01-01

    The power of the European Central Bank (ECB) is rooted in its independence established in the Maastricht Treaty of 1992. This power is reinforced though the bank’s monetary policy credibility—achieved through meeting its price stability mandate, whilst resisting political pressures to manipulate monetary policy to other ends. This credibility contributes to the ideational power of the ECB which is rooted in widespread support for price stability, one of the core objectives of Economic and Mon...

  8. The democratic accountability of the European Central Bank : A comment on two fairy-tales

    NARCIS (Netherlands)

    De Haan, J; Eijffinger, SCW

    The European Central Bank (ECB) is widely considered to be (legally) independent. Buiter (1999) critizes the ECB for its lack of democratic accountability, which he does not define in a very precise way. Issing (1999) replies to some of the points raised by Buiter and argues that the ECB is both

  9. Computational content analysis of European Central Bank statements

    NARCIS (Netherlands)

    Milea, D.V.; Almeida, R.J.; Sharef, N.M.; Kaymak, U.; Frasincar, F.

    2012-01-01

    In this paper we present a framework for the computational content analysis of European Central Bank (ECB) statements. Based on this framework, we provide two approaches that can be used in a practical context. Both approaches use the content of ECB statements to predict upward and downward movement

  10. Can the European Central Bank Create a European identity?

    DEFF Research Database (Denmark)

    Ravn Sørensen, Anders

    2014-01-01

    In what ways do central banks construct community, and how may the European Central Bank (ECB) contribute to a supranational European identity? In this paper I seek to answer these two questions by developing a conceptual framework for the ways that central banks construct national identities and...

  11. The monetary policy of the European Central Bank in modern conditions

    Directory of Open Access Journals (Sweden)

    Kavitskaya Irina, L.

    2015-12-01

    Full Text Available The paper presents the monetary policy analysis of the European Central Bank (ECB under the present crisis conditions. The paper systematizes the ECB monetary policy in today's crisis and researches it at different stages of the crisis. A detailed analysis showed that the ECB's monetary policy is significantly different from the actions of other central banks during the current crisis (for example, the Federal Reserve. Thus, the ECB unconventional monetary policy combined with traditional measures, but does not replace them. Often ECB use credit easing instead of quantitative easing. The ECB's monetary policy used not only to combat the financial crisis, such as the Fed, but also to deal with the debt crisis. These features of the ECB’s monetary policy were due to both the institutional characteristics of the European Union, as well as special conditions of flow of the financial crisis in the euro zone.

  12. Central Bank Communication and the Yield Curve

    DEFF Research Database (Denmark)

    Leombroni, Matteo; Vedolin, Andrea; Venter, Gyuri

    versus peripheral countries. We study two explanations for this finding, revelation of the ECB's private information and credit risk, and argue that neither channel can explain the effect on yield spreads. Motivated by this, we consider an alternative explanation in which central bank communication can...... induce demand shocks for bonds due to the presence of reaching-for-yield investors. We show that a resulting risk premium channel helps to rationalize our findings....

  13. Is banking supervision central to central banking?

    OpenAIRE

    Joe Peek; Eric S. Rosengren; Geoffrey M. B. Tootell

    1997-01-01

    Whether central banks should play an active role in bank supervision and regulation is being debated both in the United States and abroad. While the Bank of England has recently been stripped of its supervisory responsibilities and several proposals in the United States have advocated removing bank supervision from the Federal Reserve System, other countries are considering enhancing central bank involvement in this area. Many of the arguments for and against these proposals hinge on the effe...

  14. Sovereign Credit Risk, Liquidity, and European Central Bank Intervention

    DEFF Research Database (Denmark)

    Pelizzon, Loriana; Subrahmanyam, Marti G.; Tomio, Davide

    2016-01-01

    We examine the dynamic relation between credit risk and liquidity in the Italian sovereign bond market during the eurozone crisis and the subsequent European Central Bank (ECB) interventions. Credit risk drives the liquidity of the market. A 10% change in the credit default swap (CDS) spread leads...... to a 13% change in the bid-ask spread, the relation being stronger when the CDS spread exceeds 500 basis points. The Long-Term Refinancing Operations of the ECB weakened the sensitivity of market makers’ liquidity provision to credit risk, highlighting the importance of funding liquidity measures...

  15. RELATION BETWEEN ISLAMIC BANK AND CENTRAL BANK

    OpenAIRE

    PAKSOY, H. Mustafa; ABAROSS, Nour

    2015-01-01

    This study deals with the nature of Islamic banks and their features, and requirements of these features in terms of control tools and methods appropriate with the particularity of their business and their relation with the traditional central bank. At the same time aims to view the relationship between Islamic bank and central bank. To explain this relation the researcher started to explain what is the central bank, objectives of central bank, and characteristics, what is Islamic bank and ob...

  16. The foreign exchange market interventions of the European Central Bank

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    M. Frenkel

    2001-09-01

    Full Text Available We analyze the effectiveness of the foreign exchange market interventionsconducted by the European Central Bank (ECB in the fall of 2000 to support the external stability of the euro. To this end, we discuss different channels through whichinterventions may influence exchange rate dynamics. We use the insights provided by the theoretical and empirical literature to evaluate the effectiveness of theintervention policy of the ECB. In addition, we present an empirical analysis in which we use intra-daily exchange rate data to examine in detail the effects of theinterventions. We find that the interventions only had a rather short-term impact on the exchange rate path and had no effects beyond the short term. Therefore, our results suggest that the intervention policy of the ECB was not effective.

  17. Outsourcing central banking

    DEFF Research Database (Denmark)

    Khoury, Sarkis Joseph; Wihlborg, Clas

    2005-01-01

    The literature on Currency Boards (CB) stops at the water edge in terms of dealing with the totality of the functions of a central bank. Monetary policy, and banking supervisioncan be "outsourced" in an open economy with substantial foreign direct investment (FDI)in the banking sector if political...... nationalism does not trump economic rationality. An orthodox CB renders the central banking function redundant in terms of interest rate and exchange rate determination. FDI in banking could perform the same role for the supervisory function of central banks. We use the case of Estonia to illustrate...... the feasibility of, and constraints on, outsourcing of central bank functions. A brief discussion of the Argentinian experience is used for contrast.Key words: Currency Board, Foreign Banks, Supervision, Regional Integration,outsourcing....

  18. The role and importance of ECB's monetary policy in the global economic crisis

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    Stakić Nikola

    2014-01-01

    Full Text Available This paper presents the role and importance of the European Central Bank (ECB in the context of measures and effects that are being taken to repair the consequences of the current economic crisis. The ECB, together with the European single currency, the euro, symbolizes long-lasting monetary integration of the EU states. Such form of integration has created the possibility of a supranational action of ECB in the banking sector and financial markets in general. Along with the other most important central banks in the world, the ECB applies various unconventional instruments of monetary policy to stimulate economic growth and development. In this context, the paper explains the nature and mechanism of such measures in order to influence on the insufficient liquidity in the financial markets.

  19. Optimal Central Bank Transparency

    NARCIS (Netherlands)

    van der Cruijsen, C.A.B.; Eijffinger, S.C.W.; Hoogduin, L.H.

    2008-01-01

    Should central banks increase their degree of transparency any further? We show that there is likely to be an optimal intermediate degree of central bank transparency. Up to this optimum more transparency is desirable: it improves the quality of private sector inflation forecasts. But beyond the

  20. Optimal central bank transparency

    NARCIS (Netherlands)

    van der Cruijsen, C.A.B.; Eijffinger, S.C.W.; Hoogduin, L.

    2008-01-01

    Should central banks increase their degree of transparency any further? We show that there is likely to be an optimal intermediate degree of central bank transparency. Up to this optimum more transparency is desirable: it improves the quality of private sector inflation forecasts. But beyond the

  1. Optimal central bank transparency

    NARCIS (Netherlands)

    van der Cruijsen, C.A.B.; Eijffinger, S.C.W.; Hoogduin, L.H.

    2010-01-01

    Should central banks increase their degree of transparency any further? We show that there is likely to be an optimal intermediate degree of central bank transparency. Up to this optimum more transparency is desirable: it improves the quality of private sector inflation forecasts. But beyond the

  2. The ECB, Between Conservatism and Pragmatism

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    Bastidon Cécile

    2016-01-01

    Full Text Available The 2008 and 2011 crises have durably affected the conditions of monetary policy transmission, particularly in the euro area. However, it is generally considered that the European Central Bank’s (ECB monetary policy truly became unconventional only at a late stage. Our contribution is threefold. We first show that the notion of “conventional” monetary policy, which is the reference of this assessment, is a recent theoretical construction. Secondly, the mandate of the ECB, which is its institutional expression, may raise specific difficulties in managing major financial crises, particularly with regards to the forward guidance of expectations and the commitment to an accommodative policy. Finally, the resulting policies have, at this stage, paradoxically achieved acceptable levels of macroeconomic and overall financial stability, but failed to restore a private funding supply to the banking sector enabling it to play its normal role in financing economic activity.

  3. Central banks: Paradise lost

    OpenAIRE

    Issing, Otmar

    2012-01-01

    The focus of the paper is to analyze how the concept behind central bank policy developed over time and how the recent financial crisis and its consequences will have an influence. While the principles of the institutional arrangement for central banks (independence, clear mandate, prohibition of monetary financing) are relevant as ever, pre- crisis consensus strategies of monetary policy have been revealed as flawed. The close monitoring of money and credit developments, a key lesson to be d...

  4. Institutionalisation without internalisation. The cultural dimension of French-German conflicts on European Central Bank independence

    NARCIS (Netherlands)

    Esch, F.A.W.J. van; Jong, E. de

    2013-01-01

    When accepting the Maastricht treaty, the members of the Euro-zone agreed on the establishment of a very independent European Central Bank (ECB). Over the years, however, French political leaders systematically brought forward proposals undermining the ECB’s independence, much to the dismay of their

  5. Institutionalisation without Internalisation. The Cultural Dimension of French-German Conflicts on European Central Bank

    NARCIS (Netherlands)

    van Esch, F.A.W.J.; Jong, Eelke, De

    2013-01-01

    When accepting the Maastricht treaty, the members of the Euro-zone agreed on the establishment of a very independent European Central Bank (ECB). Over the years, however, French political leaders systematically brought forward proposals undermining the ECB’s independence, much to the dismay of their

  6. Central Bank independence

    Directory of Open Access Journals (Sweden)

    Vasile DEDU

    2012-08-01

    Full Text Available In this paper we present the key aspects regarding central bank’s independence. Most economists consider that the factor which positively influences the efficiency of monetary policy measures is the high independence of the central bank. We determined that the National Bank of Romania (NBR has a high degree of independence. NBR has both goal and instrument independence. We also consider that the hike of NBR’s independence played an important role in the significant disinflation process, as headline inflation dropped inside the targeted band of 3% ± 1 percentage point recently.

  7. The European central bank and the us federal reserve as lender of last resort

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    Herr Hansjörg

    2014-01-01

    Full Text Available Without a lender of last resort financial stability is not possible and systemic financial crises get out of control. During and after the Great Recession the US Federal Reserve System (Fed and the European Central Bank (ECB took on the role of lender of last resort in a comprehensive way. The Fed stabilised the financial system, including the shadow banking system. However, the chance to fundamentally restructure the financial system was not used. The ECB was confronted with sovereign debt crises and an incomplete integration of the European Monetary Union (EMU. It followed a kind of “muddling through” to keep the Euro area together. In the EMU not only a fundamental restructuring of the financial system is needed but also a deeper economic and political integration. The Fed and the ECB both were the most important institutions to avoid repetition of the 1930s.

  8. Central Banking after the Crisis

    OpenAIRE

    Frederick S. Mishkin

    2013-01-01

    This paper explores where central banking is heading after the recent financial crisis. First it discusses the central bank consensus before the crisis and then outlines the key facts learned from the crisis that require changes in the way central banks conduct their business. Finally, it discusses four main areas in which central banks are altering their policy frameworks: 1) the interaction between monetary and financial stability policies, 2) nonconventional monetary policy, 3) risk manage...

  9. Centrally Banked Cryptocurrencies

    OpenAIRE

    Danezis, George; Meiklejohn, Sarah

    2015-01-01

    Current cryptocurrencies, starting with Bitcoin, build a decentralized blockchain-based transaction ledger, maintained through proofs-of-work that also generate a monetary supply. Such decentralization has benefits, such as independence from national political control, but also significant limitations in terms of scalability and computational cost. We introduce RSCoin, a cryptocurrency framework in which central banks maintain complete control over the monetary supply, but rely on a distribut...

  10. Centrally Banked Cryptocurrencies

    OpenAIRE

    Danezis, G.; Meiklejohn, S.

    2016-01-01

    Current cryptocurrencies, starting with Bitcoin, build a decentralized blockchain-based transaction ledger, maintained through proofs-of-work that also serve to generate a monetary supply. Such decentralization has benefits, such as independence from national political control, but also significant limitations in terms of computational costs and scalability. We introduce RSCoin, a cryptocurrency framework in which central banks maintain complete control over the monetary supply, but rely on...

  11. ECB policy responses between 2007 and 2014: A chronological analysis and an assessment of their effects

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    Rodríguez Carlos

    2016-01-01

    Full Text Available The paper analyses the monetary policy responses of the European Central Bank (ECB to the global financial crisis and the European sovereign debt crisis. Our goals are on the one hand to explain chronologically the main measures in conventional and unconventional policies adopted by the ECB and on the other hand to analyse their effects on key interest rates, monetary aggregates and the money multiplier. The assessment is that the ECB’s monetary policy responses to the crisis have been “too little, too late”, constrained by the institutional framework, which prevents the ECB from acting as a true central bank with the role of lender of last resort.

  12. The ECB's fight against low inflation : On the effects of ultra-low interest rates

    NARCIS (Netherlands)

    van Riet, Ad

    2017-01-01

    Starting in June 2014, the European Central Bank (ECB) stepped up its monetary accommodation in order to counter a too prolonged period of low inflation in the euro area. This article offers a narrative of the monetary policy measures taken up to December 2016 and a review of the effects of

  13. Big Data and central banks

    OpenAIRE

    David Bholat

    2015-01-01

    This commentary recaps a Centre for Central Banking Studies event held at the Bank of England on 2–3 July 2014. The article covers three main points. First, it situates the Centre for Central Banking Studies event within the context of the Bank’s Strategic Plan and initiatives. Second, it summarises and reflects on major themes from the event. Third, the article links central banks’ emerging interest in Big Data approaches with their broader uptake by other economic agents.

  14. Market reactions to the ECB's Comprehensive Assessment

    NARCIS (Netherlands)

    Sahin, Cenkhan; de Haan, Jakob

    Using an event study approach, we examine financial markets' reactions to the publication of the ECB's Comprehensive Assessment of banks in the euro area. Our results suggest that banks' stock market prices and CDS spreads generally showed no reaction. (C) 2015 Elsevier B.V. All rights reserved.

  15. Payments and Central Bank Policy

    DEFF Research Database (Denmark)

    Korsgaard, Søren

    This thesis consists of three chapters. The rst, "Paying for Payments", examines the role of interchange fees in payment card networks. The second, "Bank Liquidity and the Interbank Market" (co-authored with Mikael Reimer Jensen), investigates how banks' liquidity holdings at the central bank a ect...... outcomes in the money market. The third, "Collateralized Lending and Central Bank Collateral Policy", considers the emergence of credit constraints under collateralized lending, and how central banks use collateral policy to mitigate these constraints. While the chapters can be read independently......, they share common themes. Each chapter is concerned with payments in one way or another, each is concerned with the e ciency of market outcomes, and, to the extent that there is scope for improving these outcomes, each discusses the appropriate role for policy, in particular central bank policy....

  16. THE EUROPEAN CENTRAL BANK AND THE FEDERAL RESERVE: A COMPARATIVE ANALYSIS

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    Dorina Clichici

    2017-06-01

    Full Text Available The purpose of this article is to identify the main differences and similarities between the European Central Bank (ECB and US Federal Reserve (FED in terms of their functional framework and monetary policy. The research is based on a comparative analysis of the history of establishing the Eurosystem and the Federal Reserve System, which has influenced the way these central banks operate today. It also analyzes the policy responses of the two institutions to the 2007 global financial crisis, since both their non-conventional policy measures and the effects thereof on growth, inflation and unemployment rates were slightly different. The paper finds that there are differences between the ECB and FED rather regarding the organization and functioning of the Committees for monetary policy and monetary policy objectives than the institutional structure and policy framework

  17. Sovereign Credit Risk, Liquidity and ECB Intervention

    DEFF Research Database (Denmark)

    Pelizzon, Loriana; Subrahmanyam, Marti G.; Tomio, Davide

    This paper explores the interaction between credit risk and liquidity, in the context of the intervention by the European Central Bank (ECB), during the Euro-zone crisis. The laboratory for our investigation is the Italian sovereign bond market, the largest in the Euro-zone. We use a unique data...... between changes in Italian sovereign credit risk and liquidity in the secondary bond market, conditional on the level of credit risk, measured by the Italian sovereign credit default swap (CDS) spread. We demonstrate the existence of a threshold of 500 basis points (bp) in the CDS spread, above which...... there is a structural change in this relationship. Other global systemic factors also a ffect market liquidity, but the speci c credit risk of primary dealers plays only a modest role in a ffecting market liquidity, especially under conditions of stress. Moreover, the data indicate that there is a clear structural...

  18. Taylor rule and EMU Monetary Policy Determination and ECB's Preferences

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    Svatopluk Kapounek

    2006-01-01

    Full Text Available The aim of the article is to evaluate the preferences of the ECB in monetary policy and to compare them with preferences of the central banks of new EU member countries from Central and Eastern Europe. The ECB's responsibility for the primary objective (price stability often contrasts with the requirement for economic growth stabilization policy from the national governments. There are doubts if the current members of Eurozone constitute an optimum currency area (the Eurozone 12 is recently the combination of rapidly growing and slow-growing - low inflationary countries. The differences between the countries will even expand during the European monetary union enlargement by new EU member countries. Consequently the probability of asymmetric shocks will increase. The main question is the ability of ECB to fulfill the needs of all EMU member countries in terms of optimal monetary policy. In the first part the authors analyze differences between the preferences of the ECB and national authorities (governments. The negative experiences of Ireland, Italy and other EMU members with current status quo help us to understand fear of future member countries from possible impact of common monetary policy on their national economies. The second part of the paper deals with interest rates determination by ECB and compares it with expectations (requirements from EMU member and EMU candidate countries. The main contribution of the article may be seen in central bank's preferences analyses – the preferences are defined as the parameters in Taylor rule (the weights given by ECB and national authorities to the price stability and economic growth stimulation. The hypothesis is defined as following: are the preferences of ECB in line with the preferences of national central banks of EMU candidate countries? The empirical analysis is based on the Taylor rule decomposition. The hypothesis is tested by regression analysis. Time series regression model uses relations

  19. Central bank capital, financial strength, and the Bank of Japan

    OpenAIRE

    Thomas F. Cargill

    2006-01-01

    This Economic Letter addresses central bank capital and financial strength in the context of Bank of Japan policy (Cargill 2005). Specifically, it reviews general considerations about central bank capital and financial strength, discusses recent Bank of Japan policy in the context of capital structure, evaluates the Bank of Japan's concern in the context of the broader issue of central bank independence, and draws some lessons from recent Bank of Japan policy.

  20. Central Banking and the Crisis. A Comparison of the Federal Reserve and the European Central Bank Measures, and the ECB’s Changing Role in the EU Economic Governance System

    Directory of Open Access Journals (Sweden)

    Marcin Roman Czubala

    2016-06-01

    Full Text Available The European Central Bank (ECB has received a lot of criticism for its too little, too late performance to ease market pressures during the economic crisis. At the same time, the ECB and the Federal Reserve (FED have managed the new economic realities that have emerged in the international context differently. Despite the criticisms, the European Central Bank is the European Union institution that has assumed more control due to the new model of economic governance of the EU. Why did the Federal Reserve act so nimbly and quickly to calm the markets, while the ECB was so cautious in managing monetary policy? The aim of this paper is to perform a comparative analysis of the management of interest rates and other monetary policy measures undertaken by the Central Bank and the Federal Reserve during the economic crisis, as well as to understand the changes in the context of the ECB and the emergence of its authority within the European Union’s economic governance model since 2011. Thus, in order to carry out a scrupulous exposition, we will also limit the time frame of this study to the 2007-2014 period.

  1. Big Data and central banks

    Directory of Open Access Journals (Sweden)

    David Bholat

    2015-04-01

    Full Text Available This commentary recaps a Centre for Central Banking Studies event held at the Bank of England on 2–3 July 2014. The article covers three main points. First, it situates the Centre for Central Banking Studies event within the context of the Bank’s Strategic Plan and initiatives. Second, it summarises and reflects on major themes from the event. Third, the article links central banks’ emerging interest in Big Data approaches with their broader uptake by other economic agents.

  2. About The Future Of The Institution Of The Central Bank

    Directory of Open Access Journals (Sweden)

    POP Napoleon

    2012-12-01

    Full Text Available The evolution of the financial crisis is touching more and more the future of the central banks by forcing them, for the sake of solutions to the sovereign debts, to do what in so far appeared almost impossible. We can presume such a future, but for the moment we have to observe that central banks, mainly those emitting money used as reserve currencies – for example FED or ECB – are confronted with a strong depletion of their monetary instruments (their monetary policy interest rates are around zero and a great expansion of their balance sheet as an excuse for being the lenders of last resort. At this point, we have to discuss the perverse effect of reaching the minimum efficacy of the instruments used by the central banks regarded as institution and not only as policy makers enjoying a quite long historical building of their credibility and independence. The latest context of the expansion of their balance sheet is giving strong arguments of their implication in fiscal policy, which might ruin their credibility at a time when we say that the core problem of the global economy is the lack of trust of the investors. The same thing is true with their independence, both issues being conducive to the challenge to the future role of the institution of the central bank. The present realities, encompassing already more than five years of seeking solutions to the crisis still in evolution, incite us to tackle with the outcome for the central banks having in mind that the institutions becoming what we feel today as being central banks are under a certain pressure which is affecting exactly their core features giving to them the greatness we were proud of.

  3. Non-Standard Monetary Policies Implemented By The European Central Bank After The Financial Crisis

    Directory of Open Access Journals (Sweden)

    Meryem Filiz Baştürk

    2017-07-01

    Full Text Available The financial crisis which began in the U.S. in 2007 influenced all economies on a global scale followingthe collapse of Lehman Brothers in September 2008. As a response to the crisis, central banksstarted to implement non-standard monetary policy tools as well as short-term interest rates alsoknown as standard policy tools in order to help monetary policy transmission channels work effectively.The European Central Bank (ECB implemented non-standard monetary policies as in additionto the standard policy tools during this period. The non-standard monetary policies introducedby the ECB were different from those implemented by other central banks (Fed, Bank of England interms of implementation and results. Firstly, the policies of the ECB were not specific to one singlecountry. Secondly, the banking system was the major source of finance in Europe, which had an impacton the policies. In this regard, the ECB introduced a policy of enhanced credit support consistingof five main elements in order to maintain price stability over the medium term following the crisis.By 2010, public debt in some member countries of the European Union reached high levels, requiringthem to take additional measures. The Securities Markets Programme was introduced to that end.Initially focusing on the debt securities of Greece, Ireland, and Portugal, the Securities Markets Programmewas expanded in August 2011 to cover the debt securities of Italy and Spain. In addition, twoLong-term Refinancing Operations (LTROs were introduced. This article presents a descriptive analysisof the non-standard monetary policy tools introduced by the ECB following the financial crisis.However, the monetary policy implemented in the Euro zone is not specific to one single country, andevery country has a different financial structure, both of which limit the effectiveness of the policiesimplemented. The changing structure of the monetary policy implemented in the aftermath of the crisisaims to

  4. Evolution of central banking? De Nederlandsche Bank 1814-1852

    NARCIS (Netherlands)

    Uittenbogaard, R.A.

    2014-01-01

    Nowadays the role of central bank is unquestioned and nearly ubiquitous. But was this always the case? This thesis analyses how De Nederlandsche Bank (DNB) developed into a central bank during the first four decades of its existence. Its establishment in 1814 was the result of a combination of both

  5. Eine neue Rolle für die Europäische Zentralbank? Anmerkungen zu einem spezifisch Deutschen Konflikt. A new role for the European Central Bank? Remarks on a special German conflict

    Directory of Open Access Journals (Sweden)

    Detlev Ehrig

    2016-08-01

    Full Text Available The recent European debt crisis has generated a growing importance of the ECB. The central bank was forced to take measures far beyond its traditional role to stabilize monetary markets and inflation. The European central bank has adopted a new function as lender of last resort, providing banks and governments with almost unlimited liquidity. The new and unconventional monetary policy has been hotly debated. In Germany the debate even reached the Constitutional Court. The article will give a survey of the debate referring to the arguments of the ECB versus Deutsche Bundesbank. It is indeed questionable whether the ECB has a mandate for its new role in monetary and by the way also fiscal policy. Whatever the arguments are convincing, new steps towards fiscal arrangements and a deeper political cooperation are needed to stabilize the euro area.

  6. Accountability of central banks: aspects and quantification

    Directory of Open Access Journals (Sweden)

    J. DE HAAN

    1999-06-01

    Full Text Available The work examines the relationship between central bank independence and accountability. The authors do this by using an indicator for central bank accountability based on the laws of 16 central banks. Central bank accountability is identified as having three distinct features, namely, the explicit definition and ranking of the objectives of monetary policy, the transparency of the actual monetary policy, and the final responsibility to monetary policy.

  7. Central bank independence and inflation revisited

    NARCIS (Netherlands)

    Klomp, Jeroen; de Haan, Jakob

    We re-examine the relationship between central bank independence (CBI), proxied by the central bank governor's turnover rate and an indicator based on central bank laws in place, and inflation using a random coefficient model with the Hildreth-Houck estimator for more than 100 countries in the

  8. Central bank independence and inflation revisited

    NARCIS (Netherlands)

    Klomp, J.G.; Haan, de J.

    2010-01-01

    We re-examine the relationship between central bank independence (CBI), proxied by the central bank governor's turnover rate and an indicator based on central bank laws in place, and inflation using a random coefficient model with the Hildreth-Houck estimator for more than 100 countries in the

  9. Accountability of Central Banks : Aspects and Quantification

    NARCIS (Netherlands)

    de Haan, J.; Amtenbrink, F.; Eijffinger, S.C.W.

    1998-01-01

    This paper starts with a discussion of the various aspects of accountability of central banks. On the basis of this discussion we construct an indicator for accountability for 16 central banks, including the European Central Bank. It is shown that the degree of accountability differs considerably

  10. Penerapan Business Continuity Pada Bank Central Asia

    OpenAIRE

    Chandra, Keefe Darius

    2017-01-01

    Banks are financial institutions that have a major impact on the economic system and can affect people's lives. Hence, regulators concerned in organizing business continuity of the banking industries. PT. Bank Central Asia, Tbk. (BCA) represents businesses in the banking sector that can not escape from the natural and man threats which can interfere the bank's business. This case study presents a glimpse of how the business continuity run in BCA. Moreover, business continuity in banking can n...

  11. Cooperation Agreement between the European Central Bank and Europol for Combating Euro Counterfeiting. Some Critical Opinions

    Directory of Open Access Journals (Sweden)

    Bogdan Birzu

    2016-08-01

    Full Text Available Within this paper there has been examined the Agreement between the European Police Office (Europol and the European Central Bank (ECB for preventing and combating euro counterfeiting, focusing on certain provisions which take into account the aim and the exchange of information between the two European institutions. The novelty of this paper relates to the achieved examination, where it is highlighted the importance of European legal instrument and the critical opinions and proposals for improving the agreement. The paper can be useful to academics and practitioners who conduct their activity within this area.

  12. Analysis of the Voting Method used in the European Central Bank

    Directory of Open Access Journals (Sweden)

    Honorata Sosnowska

    2013-01-01

    Full Text Available Game theoreticians usually deal with standard voting methods such as plurality voting or approval voting. In reality however, some complicated non-standard voting methods are used. In this paper the voting method and rotation scheme have been presented used by the Governing Council of the European Central Bank (ECB, as it enlarges to accommodate new members of the economic and monetary union. We present game theoretical approaches for analyzing this method and different methods of computing the Shapley value for games connected with voting under such rotation schemes. (original abstract

  13. Real-time data for estimating a forward-looking interest rate rule of the ECB.

    Science.gov (United States)

    Bletzinger, Tilman; Wieland, Volker

    2017-12-01

    The purpose of the data presented in this article is to use it in ex post estimations of interest rate decisions by the European Central Bank (ECB), as it is done by Bletzinger and Wieland (2017) [1]. The data is of quarterly frequency from 1999 Q1 until 2013 Q2 and consists of the ECB's policy rate, inflation rate, real output growth and potential output growth in the euro area. To account for forward-looking decision making in the interest rate rule, the data consists of expectations about future inflation and output dynamics. While potential output is constructed based on data from the European Commission's annual macro-economic database, inflation and real output growth are taken from two different sources both provided by the ECB: the Survey of Professional Forecasters and projections made by ECB staff. Careful attention was given to the publication date of the collected data to ensure a real-time dataset only consisting of information which was available to the decision makers at the time of the decision.

  14. Real-time data for estimating a forward-looking interest rate rule of the ECB

    Directory of Open Access Journals (Sweden)

    Tilman Bletzinger

    2017-12-01

    Full Text Available The purpose of the data presented in this article is to use it in ex post estimations of interest rate decisions by the European Central Bank (ECB, as it is done by Bletzinger and Wieland (2017 [1]. The data is of quarterly frequency from 1999 Q1 until 2013 Q2 and consists of the ECB's policy rate, inflation rate, real output growth and potential output growth in the euro area. To account for forward-looking decision making in the interest rate rule, the data consists of expectations about future inflation and output dynamics. While potential output is constructed based on data from the European Commission's annual macro-economic database, inflation and real output growth are taken from two different sources both provided by the ECB: the Survey of Professional Forecasters and projections made by ECB staff. Careful attention was given to the publication date of the collected data to ensure a real-time dataset only consisting of information which was available to the decision makers at the time of the decision. Keywords: Interest rate rule estimation, Real-time data, Forward-looking data

  15. The European Central Bank and the Eurosystem

    OpenAIRE

    Carol C. Bertaut

    2002-01-01

    The Eurosystem comprises the European Central Bank at its center as well as the national central banks of the twelve countries currently participating in monetary union. The European Central Bank was established in July 1998, six months before the beginning of Stage Three of economic and monetary union. Although decisions regarding monetary policy are made centrally by the Governing Council of the Eurosystem, the operational aspects of monetary policy-including open market operations, adminis...

  16. Risk Premium and Central Bank Intervention

    OpenAIRE

    Pinar Ozlu

    2006-01-01

    This study examines the relation between the risk premium and central bank intervention. Forward rates are calculated for the Turkish Lira-USD exchange market and then the effect of central bank intervention on the risk premium is estimated. Using high quality daily intervention data from the Central Bank of Turkey as well as implied forward rates, an MA (21)-GARCH (1,1) model is estimated. Both purchases and sales of US dollars by the Central Bank of Turkey appear to have no effect on the si...

  17. CENTRAL BANKING IN THE NEW ERA

    Directory of Open Access Journals (Sweden)

    Bilal Bagis

    2017-12-01

    Full Text Available This paper analyzes the evolution of central banking, and in particular the American experience of central banking. It provides projections for the future of central banking in the new era of post 2008. The paper initially demonstrates recent improvements in the financial and banking sectors, regulations and different measures of monetary and financial rules both in the USA and the rest of the advanced economies. Then, it claims institutions, such as central banks, will gain new objectives and more significance in this new era and thus will be given new roles, over time and along with the improvements and deepening in the financial system. The paper argues centuries long central bank evolution is not complete yet and that more objectives should be expected to come forward. In that line, there is need for a shift in the conventional policy measures. New trends in central banking such as the helicopter money, popular nominal GDP targeting regime and the retro developmental central banking are all critically analyzed. The paper provides a breakdown of financial development and central banking activities in a historical context and provides a rationale and a new basis for possible future innovations.

  18. Actual versus Perceived Central Bank Transparency : The Case of the European Central Bank

    NARCIS (Netherlands)

    van der Cruijsen, C.A.B.; Eijffinger, S.C.W.

    2007-01-01

    Central banks have become more and more transparent about their monetary policy making process. In the central bank transparency lit- erature the distinction between actual and perceived central bank trans- parency is often lacking. However, as perceptions are crucial for the ac- tions of economic

  19. Central bank independence and financial instability

    NARCIS (Netherlands)

    Klomp, J.G.; de Haan, J.

    2009-01-01

    It has been argued that central bank independence (CBI) may not only be beneficial for reaching the objective of price stability, but also for maintaining financial stability. Greater independence from external pressure implies that central banks are less politically constrained in acting to prevent

  20. Orden monetario y bancos centrales Monetary order and Central Banks

    Directory of Open Access Journals (Sweden)

    Aglietta Michel

    1996-06-01

    Full Text Available Con el enfoque evolucionista e institucionalista de la economía de las convenciones francesa, este trabajo analiza el surgimiento histórico de la banca central y la creación institucional del 'arte de la banca central'. El artículo estudia los modelos formales del orden monetario, la banca libre y la banca central, y analiza los eventos históricos que llevaron a que el Banco de Inglaterra inventara el arte de manejar los bancos centrales en conjunción con el aprendizaje colectivo e institucional que lo hizo posible. Aglietta muestra que la banca central no es una creación del Estado sino una creación institucional endógena al sistema de mercado.With the evolutionist and institutionalist focus of the economics of the French conventions, this paper analyzes the historical rise of the central bank and the institutional creation of the 'art of the central bank'. The article studies formal models of the monetary order, free banking and the central bank, and analyzes the historie events that led to the Bank of England inventing the art of managing the central banks, in conjunction with the collective and institutional learning that made it possible. Aglietta shows that the central bank is not a creation of the State, but rather aninstitutional creation endogenous to the market system.

  1. Financial Crisis and the Central Bank System

    Directory of Open Access Journals (Sweden)

    RICHARD POSPISIL

    2015-05-01

    Full Text Available The financial crisis that began in 2008 gradually developed into a global economic crisis and continues to this day. There is a lot of causes standing behind the creation, depth and process of the crisis, which is the deepest since the thirties of last centrury. One of the reasons can be found in the risky behavior of commercial banks, especially in the excessive lending of credits and mortgages. Its share on the financial crisis have central banks and their failure as the financial supervisory authority. But there is a lot of another causes of failures in the commercial banking system. And some of the causes lies outside the banking system and monetary policy. Its share of the blame has also become from state and its expenditure on the social policy.This article analyzes the role of the commercial banking system and the central banks on the financial crisis including prevention options and measures.

  2. FINANCIAL CRISIS AND THE CENTRAL BANK SYSTEM

    Directory of Open Access Journals (Sweden)

    Richard POSPISIL

    2015-07-01

    Full Text Available The financial crisis that began in 2008 gradually developed into a global economic crisis and continues to this day. There is a lot of causes standing behind the creation, depth and process of the crisis, which is the deepest since the thirties of last centrury. One of the reasons can be found in the risky behavior of commercial banks, especially in the excessive lending of credits and mortgages. Its share on the financial crisis have central banks and their failure as the financial supervisory authority. But there is a lot of another causes of failures in the commercial banking system. And some of the causes lies outside the banking system and monetary policy. Its share of the blame has also become from state and its expenditure on the social policy.This article analyzes the role of the commercial banking system and the central banks on the financial crisis including prevention options and measures.

  3. A new paradigm of modern central banking

    Directory of Open Access Journals (Sweden)

    Aleksandra Szunke

    2013-05-01

    Full Text Available The changes in the modern monetary policy, which took place at the beginning of the twenty-first century, in response to the global financial crisis led to the transformation of the place and the role of central banks. The strategic aim of the central monetary institutions has become preventing financial instability. So far, central banks have defined financial stability as a public good, which took care independently of other monetary purposes (Pyka, 2010. Unconventional monetary policy resulted in changes the global central banking. The aim of the study is to identify a new paradigm of the role and place of the central bank in the financial system and its new responsibilities, aimed at countering financial instability.

  4. Financial Stability and Central Bank Governance

    NARCIS (Netherlands)

    Koetter, Michael; Roszbach, Kasper; Spagnolo, Giancarlo

    2014-01-01

    The financial crisis has ignited a debate about the appropriate objectives and the governance structure of Central Banks. We use novel survey data to investigate the relation between these traits and banking system stability focusing in particular on their role in micro-prudential supervision. We

  5. Central Bank Challenges in the Global Economy

    NARCIS (Netherlands)

    F. Amtenbrink (Fabian)

    2011-01-01

    textabstractIntroductory Remarks: There are few institutions linked to the exercise of public power in the economic sphere that have stood the test of time for as long as central banks. Indeed their origins can be traced back to the seventeenth century when in 1668 the Swedish ‘Bank of the Estates

  6. Legal and actual central bank independence : A case study of Bank of Indonesia

    NARCIS (Netherlands)

    Artha, I.K.D.S.; de Haan, J.

    2010-01-01

    Indicators of central bank independence (CBI) based on the interpretation central bank laws in place may not capture the actual independence of the central bank. This paper develops an indicator of actual independence of the Bank Indonesia (BI), the central bank of Indonesia, for the period

  7. Making Central Banks Serve The Real Economy

    Directory of Open Access Journals (Sweden)

    Suleika Reiners

    2013-10-01

    Full Text Available The challenge is to redirect central bank money into the real economy and to the needs of society. If new money is issued to expand the productive capacity, there is no reason for inflation. Long-term financing could become available at an affordable price. Central bank money must not replace a sound tax system and the distribution of income and wealth, but complement them. The remaining task, apart from the financing of real needs, is the prevention of speculative asset price inflation. For this, central banks and regulators should install debt brakes for the financial sector. Furthermore, independent monetary policy calls for capital account management. It enables national central banks to find space for the conduct of their own policies in an interdependent global economy. Coordination between central banks and governments might increase as policies combine monetary, fiscal and regulatory facets. The future role of central banks should particularly lie in their insights regarding capital flows and leverage cycles and in their ability to create and withdraw money, depend­ing on economic conditions.

  8. Monetary policy and wage bargaining in the EMU: restrictive ECB policies, high unemployment, nominal wage restraint and inflation above the target

    Directory of Open Access Journals (Sweden)

    Eckhard Hein

    2002-09-01

    Full Text Available Assessing the effects of monetary policy and wage bargaining on employment andinflation in the European Monetary Union (EMU, the first step sees development of a Post-Keynesian competitive claims model of inflation with endogenous money. In this model the NAIRU is considered to be a short-run limit to employment enforced by independent and conservative central banks. In the long run, however, the NAIRU will follow actual unemployment and is therefore also dependent on the forces determining aggregate demand, including monetary policies. But the NAIRU may also be reduced through effectively co-ordinated wage bargaining, as has been shown by institutional political economists. Applying these considerations to the economic performance of the EMU, different scenarios determined by wage bargainingcoordination and the European Central Bank's (ECB monetary policies are developed. It is shown that the first phase of the EMU was dominated by uncoordinated wage bargaining across the EMU and an "anti-growth-bias" of theECB. Thus the euro area was plagued with nominal wage restraint, highunemployment and inflation above the ECB target. Economic performance will improve if the ECB abandons its asymmetric monetary strategy. This may be facilitated by a higher degree of effective wage bargaining co-ordination across the EMU.

  9. Implications of the single supervisory mechanism on ECB's functions and on credit institutions' activity

    Directory of Open Access Journals (Sweden)

    Teodora Cristina BARBU

    2013-03-01

    Full Text Available The European Commission's proposal launched on September 12, 2012 for conferring the European Central Bank extended powers in the field of Euro zone banking supervision has become a hotly debated topic across EU member states. Until now, there is still strong resilience of the EU countries outside the single currency area.The prospects for its practical implementation raised, however, a series of questions related to its technical feasibility. Our paper intends to shed light on some issues concerning the implications of the single monitoring mechanism on the traditional functions of the ECB, on the coexistence between supranational supervision and the national one, and on various facets of the impact that the new architecture of European banking supervision will have on the business of credit institutions, in terms of performance indicators, efficiency, risk and competition.

  10. Actual versus perceived central bank transparency: the case of the European Central Bank

    NARCIS (Netherlands)

    van der Cruijsen, C.; Eijffinger, S.

    2008-01-01

    Central banks have become more and more transparent about their monetary policy making process. In the central bank transparency literature the distinction between actual and perceived transparency is often lacking. However, as perceptions are crucial for the actions of economic agents this

  11. Do central bank law reforms affect the term in office of central bank governors?

    NARCIS (Netherlands)

    Klomp, J.G.; de Haan, J.

    In this paper we confirm the hypothesis that central bank independence reforms reduce the likelihood that a central bank governor will be replaced. However, the strength of this effect depends on the rule of law and the degree of political polarization. (c) 2009 Elsevier B.V. All rights reserved.

  12. Anti-crisis monetary policy on the example of selected central banks in 2007-2011

    Directory of Open Access Journals (Sweden)

    Łukasz Kluczyński

    2015-04-01

    Full Text Available The purpose of this article was to present the actions of the monetary authorities in the light of the recent financial crisis. Destabilization of global markets and the economic recession that began with the collapse of Lehman Brothers meant that the standard monetary policy emerged ineffective in combating the crisis. The article shows how two major central banks of the world that is, the FED and the ECB, through modifying the existing instruments of monetary policy and the introduction of completely new tools tried to restore liquidity in the financial markets, after the standard monetary policy instruments have been insufficient and ineffective. In contrast, activities of the NBP also shown, which were primarily preventive aspect.

  13. 31 CFR 535.433 - Central Bank of Iran.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Central Bank of Iran. 535.433 Section 535.433 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE OF... § 535.433 Central Bank of Iran. The Central Bank of Iran (Bank Markazi Iran) is an agency...

  14. Central bank independence and public debt policy

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; Bovenberg, A.L.

    1997-01-01

    The various proposals for the institutional design of the European Monetary Union have drawn fresh attention to the link between monetary and public debt policies. This paper explores the strategic interaction between fiscal authorities setting public debt and the central bank controlling monetary

  15. A Theory of Central Bank Accountability

    NARCIS (Netherlands)

    Eijffinger, S.C.W.; Hoeberichts, M.M.; Schaling, E.

    1998-01-01

    This paper develops a theory of central bank accountability. Two aspects of accountability are considered. The first one is transparency of actual monetary policy, the second aspect is the question of who bears final responsibility for monetary policy. Monetary policy is transparent if there is

  16. The ultimate determinants of central bank independence

    NARCIS (Netherlands)

    Eijffinger, S.C.W.; Schaling, E.

    1995-01-01

    Using a graphical method, a new way of determining the optimal degree of central bank conservativeness is developed in this paper. Unlike Lohmann (1992) and Rogoff (1985), we are able to express the upper and lower bounds of the interval containing the optimal degree of conservativeness in terms of

  17. The Politics of Central Bank Independence

    NARCIS (Netherlands)

    de Haan, J.; Eijffinger, Sylvester

    2016-01-01

    This paper reviews recent research on the political economy of monetary policy-making, both by economists and political scientists. The traditional argument for central bank independence (CBI) is based on the desire to counter inflationary biases. However, studies in political science on the

  18. The ECB monetary policy strategy and the money market

    OpenAIRE

    Gaspar, Vítor; Pérez Quirós, Gabriel; Sicilia, Jorge

    2001-01-01

    This paper aims at contributing to the understanding of how the ECB conducts monetary policy as seen from a money market perspective. More specifically it covers two different issues. First, it looks at the 'learning period' for banks since the Eurosystem started implementing the single monetary policy. It shows that during the first three weeks of 1999 the narrow corridor in place during this period was effective in limiting daily volatility of the money market overnight rates. In addition, ...

  19. CENTRAL BANKS AND FINANCIAL STABILITY - Literature review

    Directory of Open Access Journals (Sweden)

    Adina APÃTÃCHIOAE

    2013-06-01

    Full Text Available Financial stability is a feature of the financial system, reflecting its ability to determine an efficient allocation of the resources and to manage financial risk by its own self-regulating mechanisms. Since the condition of financial systems changes over time, due to various shocks that components suffers, financial stability is a dynamic feature, but the system itself is constantly attempting to recover under the action of specific auto regulatory mechanisms. It is generally accepted that central banks play an important role in ensuring financial stability, there are a number of specific features that can help them achieve financial stability. Recent phenomena such as deregulation, globalization, the intensification of innovation, and so on, have supplemented the functions of central banks and at the same time, led to an intensification of links between banking and other large sectors of the financial system: insurance and financial markets.The objective of this article is to present the different views in the literature on the role of the central bank in ensuring financial stability and the new challenges that she must confront in assuming this new mandate. The role of central banks in ensuring financial stability is in the forefront and should be expanded beyond the traditional functions of stability, which determined that monetary and stability policies to converge. Moreover, due to vulnerabilities manifested by the financial markets in recent decades and that capital flows have become more intense, these vulnerabilities may spread rapidly, increasing the fragility of all markets and, for this reason, ensuring financial stability has become a key objective of public policies. Especially, since the stability of financial systems stimulates economic development and improved living standards, the competent authorities pays a particular attention to these issues

  20. Endogenous Central Bank Information and the Optimal Degree of Transparency

    OpenAIRE

    Romain Baeriswyl

    2011-01-01

    As a policymaker, the central bank both observes and shapes the economy. The central bank scrutinizes market activity to assess the state of the economy, and its policy strongly shapes market outcomes. When transparency allows the central bank to shape the economy more effectively, it may also cause the informational role of the economic aggregate to deteriorate. This paper presents a simple model to capture the endogenous nature of central bank information and to address welfare issues. Firs...

  1. The European Central Bank : Independence, accountability and strategy: A review

    NARCIS (Netherlands)

    De Haan, J

    1997-01-01

    This paper reviews research on central banking and monetary policy, with special emphasis on the position of the future European Central Bank. Nowadays, it is often thought that an independent central bank with an explicit mandate to aim for price stability constitutes an important institutional

  2. Central Bank Communication and the Yield Curve

    DEFF Research Database (Denmark)

    Leombroni, Matteo; Vedolin, Andrea; Venter, Gyuri

    countries. We study two explanations for this finding, revelation of the ECB’s private information and credit risk, and argue that neither channel can explain the effect on yield spreads. Motivated by this, we consider an alternative explanation in which central bank communication affects the aggregate...... demand due to the presence of reaching-for-yield investors. We show that a resulting risk premium channel helps to rationalize our findings....

  3. The euro and the European Central Bank

    OpenAIRE

    Jeffrey M. Wrase

    1999-01-01

    The formation of a monetary union by 11 European countries has received a lot of notice from the press since January 1, 1999, when the union's common currency, the euro, was officially introduced. To facilitate adoption of a single currency, these same countries have established a central bank that sets a common monetary policy for the members of the monetary union. In this article, Jeff Wrase gives some background on the European monetary union, outlines the procedure for introduction of the...

  4. Eurozone Public Debt Crisis: ECB Bond Buying and the Setup of European Financial Stability Facility

    Directory of Open Access Journals (Sweden)

    Ionela Bălțătescu

    2010-01-01

    Full Text Available The purpose of the present article is to briefly review two of the most important policy responses of EU authorities to the Eurozone public debt crisis: (1 ECB bond buying; and (2 the setup of European Financial Stability Facility with the special task of issuing Eurobonds. The Securities Markets Programme approved by ECB marks an important change in the ECB policy. According to European treatises, ECB must remain an independent bank, but since the beginning of the debt crisis, in early 2010, the ECB has been pressured by the Eurozone governments that encountered financial problems to purchase Eurozone government bonds. By surrendering to these requests, ECB is being accused that it became a political bank, like its American counterpart, the FED. The Eurobonds represent as well a controversial measure because they allow the already highly indebted countries to access new funds on behalf of other Eurozone countries with a relative better financial and economic situation. Also, another important problem is that both measures curtail incentives for prudence and responsible fiscal policies for countries that already proved lack of prudence and fiscal discipline.

  5. Money supply growth and inflation – the monetary policy strategy of the European Central Bank

    Directory of Open Access Journals (Sweden)

    Svatopluk Kapounek

    2007-01-01

    Full Text Available The main aim of this article is to find out whether there is a significant relationship between money supply growth and inflation in the Eurozone. For this reason, the monetary policy strategy of the European Central Bank (ECB has been evaluated. Since the establishment of the ECB in January 1999 to May 2003 the ECB‘s monetary policy strategy consisted of three main elements: a quantitative definition of price stability, a prominent role for money in the assessment of risks to price stability (aggregate M3 as a reference value, and a broadly based assessment of the outlook for price developments. Nevertheless, since May 2003 M3 or any other monetary aggregate has lost its prominent role in the ECB‘s strategy. Therefore the nowadays ECB‘s monetary policy strategy consists of a quantitative definition of the primary objective of price stability and an analytical framework based on two pillars – economic analysis and monetary analysis. These two pillars are used by the ECB‘s Governing Council in the overall assessment of risks to price stability and in monetary policy decisions.The empirical part of this article is based on time series correlation between money supply growth and inflation in selected member countries of the Economic and Monetary Union (EMU - Eurozone during the period 1995–2005. The time series are divided into two parts. The first part covers data for selected member countries of the European Union from 1995 till 1998, i.e. before the establishment of the EMU. Whereas the second part includes data for the whole Eurozone since its official start in 1999 to 2005. The time series are adjusted by SARIMA models.

  6. Central Bank Independence, Transparency and Accountability Indexes: a Survey

    Directory of Open Access Journals (Sweden)

    Dumiter Florin Cornel

    2014-06-01

    Full Text Available Recently, the remarkable trend upon central bank independence and the efficient monetary policy were seriously highlighted in the monetary economics field. Starting from 1990s’ central bank independence was at the core of policy making and central banking problems, because of the widespread economical, political, personal and budgetary autonomy of the central bank. Nowadays, we can observe an increasing trend upon central bank transparency, for evaluating more accurate the central bank’s performances by the wide public, mass-media and financial markets. Consequently, a central bank must encompass a high degree of accountability and responsibility, because of the final liability in case of failure. In this paper we present, analyze and assess the construction of the most important indices regarding central bank independence, transparency and accountability in a chronological manner, presenting also the advantages and disadvantages of these indices related to actual practices of central banks. Moreover, we analyze the analytical results of the empirical testing of these indices with a considerable impact upon the developed and developing country group. In regard with the empirical results of different authors, we suggest the importance and the necessity for constructing an aggregate index for measuring central bank independence, transparency and accountability, based on de jure stipulations and the actual practices of the central banks.

  7. Does Central Bank Tone Move Asset Prices?

    DEFF Research Database (Denmark)

    Schmeling, Maik; Wagner, Christian

    the next press conference. Moreover, we find that positive tone changes are associated with increasing government bond yields, lower implied equity volatility, lower variance risk premia, and lower corporate credit spreads. Since we also show that tone changes are unrelated to current and future economic...... fundamentals, these results support the conjecture that central bank tone matters for asset prices through a risk-based channel. Our main findings also apply to U.S. markets, where stock prices and Treasury yields increase when the Fed chair’s tone in the Congressional Testimony becomes more positive....

  8. Modelling Central Bank Independence and Inflation: Deus Ex Machina?

    Directory of Open Access Journals (Sweden)

    Dumiter Florin

    2015-11-01

    Full Text Available Central bank independence represents the core element of assessing the complex relationship between government and central bank, having at background the fundamental issue of a free monetary policy decision-making process from the hands of the political circle. However, central bank independence is a multilevel concept within some social, economic and behavioral implications both for the central banks and for the society at whole. Central bank independence is needed in order to establish an autonomous central bank with a high degree of freedom in choosing its’ instruments, objectives, techniques and tactics. Moreover, a high degree of transparency for the public disclosure and monitoring of central bank operation and transaction is needed for the social barometer of the central bank. Consequently the central bank must have a high degree of accountability and responsibility vis - á - vis of the most democratic institution, i.e. Parliament. In this article it is presented a comprehensive study regarding the complex relationship between central bank independence and inflation by modeling these two monetary policy panacea, in order to make a fine tuning regarding the causal relationship established in a heterodox manner.

  9. CENTRAL BANK TRANSPARENCY AND EVALUATION OF MONETARY POLICY COMMUNACATIONS

    Directory of Open Access Journals (Sweden)

    V. Romanchukevych

    2018-01-01

    Full Text Available The article reveals approaches to evaluate transparency of the central banks and, operating indices, measures it for the National bank of Ukraine. The quantitative analysis of the informational disclosure of the central banks of Ukraine, Czech Republic, Poland, and Russia is allocated. The aspects of the communications of the National Bank of Ukraine in the process of the monetary regime transformation are explored.

  10. TARGET2 Imbalances and the ECB as Lender of Last Resort

    Directory of Open Access Journals (Sweden)

    Francesco Purificato

    2015-10-01

    Full Text Available This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis, when some countries registered a decisive inflow of the central bank liquidity and others showed an outflow. The dynamics in the TARGET2 are here explained as being due to a fall in the level of confidence in the capacity of the Economic and Monetary Union to survive, rather than to disparities in the level of competitiveness among countries of the Eurozone. This crisis of confidence has to be considered as the consequence of the implicit refusal of the European institutions to create a mechanism working as lender of last resort for the euro area member States; indeed, only when the ECB took this responsibility by launching the Outright Monetary Transactions clear signs of improvement were observed in the sovereign debt crisis.

  11. Financial Independence of Central Bank through the Balance Sheet Prism

    Directory of Open Access Journals (Sweden)

    Ivanović Valentina

    2014-05-01

    Full Text Available The main reason for central bank independence lies in the fact that it is necessary to clearly distinguish spending money from the ability of making money. Independence of central banks is now a characteristic of almost all developed and highly industrialized countries. In this respect, it represents an essential part of the overall economic reality of these countries. Over the past decade or somewhat earlier, the issue of importance of central bank independence has been raised in developing countries, making the institutional, functional, personal and financial independence of central banks current topics for consideration. The key reason for the growing attention to financial independence of central banks is due to the effects of the global financial crisis on their balance sheets and therefore the challenges related to achieving the basic goals of the functioning of central banks - financial stability and price stability.

  12. The Trade Off Between Central Bank Independence and Conservativeness

    NARCIS (Netherlands)

    Eijffinger, S.C.W.; Hoeberichts, M.M.

    1996-01-01

    This paper introduces a parameter for central bank independence in a monetary policy game with a conservative central banker.It tries to explain the optimal degree of central bank independence and conservativeness by four economic and political determinants, both theoretically and empirically.There

  13. Contested Communication; A Critical Analysis of Central Bank Speech

    NARCIS (Netherlands)

    L.H.J. Noordegraaf-Eelens (Liesbeth)

    2010-01-01

    textabstractThe more important words become, the more difficult it is to say things. This is the central message of this study on the communication by central bank presidents. Since the end of the twentieth century, central bank presidents see communication as an important means to influence

  14. Central bank independence and conservatism under uncertainty: Substitutes or complements?

    OpenAIRE

    Hefeker, Carsten; Zimmer, Blandine

    2010-01-01

    The paper examines the optimal combination of central bank independence and conservatism in the presence of uncertain central bank preferences. We develop a model of endogenous monetary policy delegation in which government chooses the central bank's degree of inde-pendence and conservatism so as to minimise society's loss function. We find that the optimal combination between independence and conservatism is not necessarily characterised by substitutability. When uncertainty about the centra...

  15. Central Bank Financial Strength and Policy Performance; An Econometric Evaluation

    OpenAIRE

    Peter Stella; Ulrich H Klueh

    2008-01-01

    The financial health of central banks and its relation to policy outcomes has recently been recognized as an important policy issue. While case study evidence clearly indicates that weak central bank finances can hamper effective policy implementation, the question of whether central bank financial strength influences policy performance remains controversial. This is due, in part, to a lack of econometric evidence. The paper presents a first step toward filling this gap, by providing a quanti...

  16. Heterogeneity across emerging market central bank reaction functions

    Directory of Open Access Journals (Sweden)

    Mesut Turkay

    2017-09-01

    Full Text Available The purpose of this study is to analyze monetary policy reaction functions of inflation targeting emerging market economies. Heterogeneity across central bank behavior is modelled using dynamic common correlated effects estimator in a panel data framework of 15 countries. The empirical method allows us to obtain country specific coefficients and shows differences across central bank reaction functions. Model results imply that central banks behave according to an extended Taylor rule and respond to deviation of inflation from the target, output gap, real exchange rate and external financial conditions. The study finds that emerging market central banks consider not only price stability, but also financial stability in setting of interest rates.

  17. Did ECB Liquidity Injections Help the Real Economy?

    DEFF Research Database (Denmark)

    Daetz, Stine Louise; Subrahmanyam, Marti G.; Tang, Dragon Yongjun

    on corporate policies in the Eurozone, is an important but unanswered issue. We analyze a large panel of individual corporations across countries in the Eurozone, and find that non-financial corporations issued more long-term debt and hoarded more cash following the ECB liquidity injections. However......, this increase in corporate liquidity was not employed in a productive manner, as corporations generally did not subsequently increase their investments or employment, regardless of their banking connections. The exceptions to this weak response were corporations in countries with corresponding accommodative...

  18. The Bank of Canada's Monetary Policy Framework; Have Recent Changes Enhanced Central Bank Credibility?

    OpenAIRE

    Takatoshi Ito; Brenda Gonzalez-Hermosillo

    1997-01-01

    In recent years the Bank of Canada has made important changes in the way it conducts monetary policy. In particular, the bank has adopted explicit inflation targets and introduced significant changes to its operational framework designed to increase transparency and reduce market uncertainty. This paper examines the key issues associated with the recent changes in the Bank of Canada’s monetary policy framework and analyzes various indicators of central bank credibility.

  19. Central Bank Independence and Inflation IN EU-28

    Directory of Open Access Journals (Sweden)

    Beju Daniela-Georgeta

    2017-12-01

    Full Text Available Today, both policymakers and academicians consider that the central bank’s main goal is to guarantee price stability. The central bank can sustain the government’s economic policies, but only without prejudicing this objective. In order to focus on price stability several studies found that central bank should have a high level of independence. This is why during the recent decades the majority of developed countries, but also several emerging economies have employed institutional reforms that conferred their monetary authorities – the central bank – more independence.

  20. The Central Bank and the State Budget: Selected Legal Aspects

    Directory of Open Access Journals (Sweden)

    Andrzej Borodo

    2015-09-01

    Full Text Available The Polish Central Bank (National Bank of Poland – NBP performs mainly macro-economic tasks, for maintaining price levels. This Bank is not focused on tasks aimed at the interests of the State Budget. The Central Bank has a lot of power in the creation of money. It seems, there is possible to create the budgetary revenues, which are connected with the emission of money. In particular, the income from emission of coins may be determined as the budget revenue. The connection the Treasury with the Central Bank results from the historical evolution of the origin and role of the Central Bank. It is reasonable to increase the role of the treasury securities in the Central Bank activity. The Treasury Bills should be used in the open market policy leading by the Central Bank. There is the issue of changing of the Constitution of the Republic Poland in the field of limit of the public debt (60% of GDP. It seems, the Polish Constitution should not be the only constitution in the world that introduced such a limit. This limit, and the limit on annual budgetary deficit, introduces EU law. That is a sufficient legal limit.

  1. The Central Bank and the State Budget: Selected Legal Aspects

    OpenAIRE

    Andrzej Borodo

    2015-01-01

    The Polish Central Bank (National Bank of Poland – NBP) performs mainly macro-economic tasks, for maintaining price levels. This Bank is not focused on tasks aimed at the interests of the State Budget. The Central Bank has a lot of power in the creation of money. It seems, there is possible to create the budgetary revenues, which are connected with the emission of money. In particular, the income from emission of coins may be determined as the budget revenue. The connection the Treasury with ...

  2. Central Banks Exit Strategies in Theory and Practice. The Case of the Polish National Bank's Policy

    Directory of Open Access Journals (Sweden)

    Anna Szelągowska

    2015-07-01

    Full Text Available This paper makes an attempt in discussing the pros and cons of central banks exiting from unconventional monetary policy strategies. Having in mind the latest international economic research concerning the optimal entrance and exit strategies of the zero interest rate policy, it is worth discussing the results of the contemporary central banks in preserving the financial system and supporting the real economy. The main aim of this paper is the assessment of the Polish central bank's low rate interest rates policy effectiveness and to find out its influence on the economy. The following research problem is discussed: should central banks use the exit strategy from zero interest rates and if yes, why and when. This task requires to put forward the following research hypothesis: too late implementation of the cycle of low interest rates by the National Bank of Poland does not help improvement of the Polish economy situation.

  3. CENTRAL BANK INDEPENDENCE AND INFLATION TARGETING - THE BRITISH EXPERIENCE

    Directory of Open Access Journals (Sweden)

    David Delia

    2010-07-01

    Full Text Available Known as the ‘Old Lady’ of Threadneedle Street, the Bank of England is the central bank of the United Kingdom. Founded in 1694, the Bank of England is standing at the centre of the United Kingdom’s financial system, and is committed to promoting and maintaining monetary and financial stability as its contribution to a healthy economy. In our opinion, it is very important to analyze the Bank of England’s monetary policy strategy, starting from 1992 – adoption of the inflation target and the evolution of it’s monetary policy strategy, through an important feature – delegating operational accountability regarding the monetary policy in 1997 as well as the appropriate institutional framework. More over, it is important to analyze the Bank of England’s performances before and after granting central bank independence.

  4. Use of distributed ledger technology by central banks: A review

    Directory of Open Access Journals (Sweden)

    César del Río

    2017-12-01

    Full Text Available This paper reviews what stage the central banks of the world’s leading economies are at in their study and adoption of distributed ledger technology (DLT to reengineer their various systems and functions. A brief description of DLT will be given, followed by an analysis of central banks’ publications and pronouncements to determine what each central bank is doing on their journey to DLT adoption. It was found that of the central banks for which information was available, all of them have expressed interest in DLT and have evaluated it to some extent. Nevertheless, no central bank has an operational DLT-based system at this point. This is because some issues remain regarding the speed, cost of processing, security, transparency and privacy, legal settlement finality, scalability and network effects of the technology. As DLT matures, the expectation is that these issues will begin to be resolved.

  5. The interdealer market and the central bank intervention

    OpenAIRE

    Paula Albuquerque

    2005-01-01

    This paper studies the consequences of having either an interventionist or a non-interventionist central bank in the foreign exchange market, in a market microstructure framework. Although a simple one-period model is used, it allows the characterization of the effect of the central bank intervention on the behaviour of dealers. The model also identifies the conditions for the dealer that acts as the counterpart of the central bank to be better or worse than the other dealers. The price is ex...

  6. Analisis Kinerja Keuangan Bank Sebelum Dan Sesudah Diakuisisi Oleh Investor Asing: Studi Empiris Pada Bank Central Asia Dan Bank Niaga

    Directory of Open Access Journals (Sweden)

    Yen Sun

    2011-11-01

    Full Text Available Banking industry is one of the most influence factors in the economy growth of one country. However, during 1997-1998 Indonesia banking industry went through hard times because of economic crisis. After that years, many banks were liquidated and restructured. The interesting part is through the restructuring process, several bank acquired by foreign investor and became the foreign-domestic bank. In 2010, some of those banks were in the 10 biggest banks in Indonesia based on asset. Hence, the writer interesting to compare the bank’s financial performance before and after being acquired using two banks as samples of empirical study. Data is based on financial statements published by the companies and Central Bank of Indonesia in 1995-1996, and 2003-2004. Two sample of banks have been selected based on several criteria, they are BCA and Bank Niaga. To analyse their financial performance, several analysis tools will be using, specifically CAMELS (CAR, NPL, NIM, BOPO, LDR minus mangement and sensitivity. The result of the study observed that after being acquired, financial performance of BCA and Niaga Bank is getting better in CAR, NIM, BOPO, but NPL and LDR is less favorable for BCA and so NPL is less favorable for Niaga Bank. Moreover, in terms of profitability analysis, both banks shows better performance. While, the result of credit analysis indicates that the credit risk for both banks is in the stable range at CCC.

  7. Corporate Culture of Central Banks: Lessons from the Past

    OpenAIRE

    Joke Mooij

    2004-01-01

    Interest in corporate culture is a late 20th century phenomenon. So far it seems tohave been of sole interest to business scientists and management consultants, although there is much to be learned from history as well. This paper explores what may be learned about the culture of financial institutions in particular central banks by looking at their historiography. Can we determine from the historiography of national central banks national differences and a change of corporate culture over time?

  8. Sporadic manipulation in money markets with central bank standing facilities

    OpenAIRE

    Ewerhart, Christian; Cassola, Nuno; Ejerskov, Steen; Valla, Natacha

    2004-01-01

    In certain market environments, a large investor may benefit from building up a futures position first and trading subsequently in the spot market (Kumar and Seppi, 1992). The present paper identifies a variation of this type of manipulation that might occur in money markets with an interest rate corridor. We show that manipulation involving the use of central bank facilities would be observable only sporadically. The probability of manipulation decreases when the central bank uses an active ...

  9. The Mayekawa Lecture: Central Banks-Paradise Lost

    OpenAIRE

    Otmar Issing

    2012-01-01

    The focus of the paper is to analyze how the concept behind central bank policy developed over time and how the recent financial crisis and its consequences will have an influence. While the principles of the institutional arrangement for central banks (independence, clear mandate, prohibition of monetary financing) are relevant as ever, pre- crisis consensus strategies of monetary policy have been revealed as flawed. The close monitoring of money and credit developments, a key lesson to be d...

  10. Foreign bank entry, bank efficiency and market power in Central and Eastern European Countries

    NARCIS (Netherlands)

    Poghosyan, Tigran; Poghosyan, Arsen

    2010-01-01

    This article analyses the implications of the recently observed sharp expansion of foreign banks in the Central and Eastern European Countries (CEECs) as measured by equity ownership. We show that the mode of foreign entry has a pivotal impact on the post-entry performance of banks in CEECs. Foreign

  11. What Drives the European Central Bank's Interest-Rate Changes?

    DEFF Research Database (Denmark)

    Jensen, Henrik; Aastrup, Morten

    We show that the ECB's interest rate changes during 1999-2010 have been mainly driven by changes in economic activity in the Euro area. Changes in actual or expected future HICP inflation play a minor, if any, role.......We show that the ECB's interest rate changes during 1999-2010 have been mainly driven by changes in economic activity in the Euro area. Changes in actual or expected future HICP inflation play a minor, if any, role....

  12. Monetary Romanticism, Currency and Central Banks in the Nineteenth Century

    DEFF Research Database (Denmark)

    Ravn Sørensen, Anders

    How do monetary institutions, such as currencies and central banks, interrelate to the construction of national communities? Using the national conflict between the Danish state and the Duchies of Schleswig-Holstein in the nineteenth century as an exemplary case, this article demonstrates how both...... banks and currencies were mobilized as political symbols to promote an agenda of regional nationalism. In the article I show how the local Schleswig-Holstein currency and the local Schleswig-Holsteinische Landsbank became symbolic antagonists to the Danish central bank and the official state......-sanctioned currency – which by Danish politicians were considers key elements in the attempt to consolidate the Danish nation-state. The article highlights the symbolic qualities of monetary institutions and offers an example of the interrelation between currencies, banks and nations. Through an empirical analysis...

  13. MERGERS, ACQUISITIONS AND BANKING CONSOLIDATION IN CENTRAL AND EASTERN EUROPE

    Directory of Open Access Journals (Sweden)

    Andreea Nicoleta Popovici

    2013-12-01

    Full Text Available Acquisitions and mergers are the growth and expansion strategies that are commonly used by the companies in all over the world because of several reasons such as increasing the profit, sales and market share, entering into new markets, operating with economics of scale, coping with managerial problems and so on. This article underlines the characteristics of mergers and acquisitions (M&A, the different types of M&A, the challenges and opportunities for the banking system in Central and Eastern Europe and we analyze the implications of the recently observed sharp expansion of foreign banks in the Central and Eastern European Countries.

  14. Os Bancos Centrais e sua ambivalência público-privada [Central Banks and their public-private nature

    Directory of Open Access Journals (Sweden)

    Gentil Corazza

    2001-01-01

    Full Text Available The paper analyzes the historic origin of Central Banks, from three basic processes: the evolution and convergence of the free banking system to a hierarchical and centralized system in the Central Bank; the transformation of Clearing Houses in Central Banks, and finally, the processes by which governmental banks were assuming Central Bank’s functions and transforming themselves in Central Banks. The assumes the hypothesis by which the Central Banks were not created arbitrarily by Government, but from the evolution of private banking system suffering periodic crises, which needed public intervention. Finally, the paper concludes that this historic origin grounds the ambivalent public-private nature in Central Banks.

  15. The Determinants of Banks' Liquidity Buffers in Central America

    OpenAIRE

    Corinne Deléchat; Camila Henao; Priscilla Muthoora; Svetlana Vtyurina

    2014-01-01

    Banks’ liquidity holdings are comfortably above legal or prudential requirements in most Central American countries. While good for financial stability, high liquidity may nonetheless hinder financial market development and monetary policy transmission. Using a panel of 96 commercial banks from Central America, Panama and the Dominican Republic for 2006-2010, we find that the demand for precautionary liquidity buffers is associated with measures of bank’s size, profitability, capitalization, ...

  16. The Impact of Central Bank FX Interventions on Currency Components

    NARCIS (Netherlands)

    Beine, M.; Bos, C.S.; Laurent, S.

    2007-01-01

    This article assesses the impact of official FOREX interventions of the three major central banks in terms of the dynamics of the currency components of the major exchange rates over the period 1989-2003. We identify the currency components of the mean and volatility processes of exchange rates

  17. Seed bank response to prescribed fire in the central Appalachians.

    Science.gov (United States)

    Thomas M. Schuler; Melissa Thomas Van-Gundy; Mary B. Adams; W. Mark. Ford

    2010-01-01

    Pre- and post-treatment seed-bank characteristics of woody species were compared after two prescribed fires in a mesic mixed-oak forest in the central Appalachians. Nineteen woody species were identified from soil samples. Mean species richness declined but evenness did not after prescribed burning. The...

  18. Contribution of Macroprudensial Policy of Central Bank On Microprudensial Islamic Banking

    Directory of Open Access Journals (Sweden)

    Riduwan Riduwan

    2018-03-01

    Full Text Available The purpose of this research will be to answer the contribution of the macroprudential policy of Central Bank to the microprudential of islamic banking during the period of January 2008 - February 2016. The method used by quantitative analysis with panel data regression to be able to describe macroprudential policy contribution to FDR of islamic banking in Indonesia. Macroprudential policy instruments use Loan-to-Value Ratio (LTR, Statutory Reserves (GWM based on Loan-to-Funding Ratio (LFR and Countercyclical Capital Buffer (CCB. The islamic bankingmicroprudential instrument used is Financing to Deposit Ratio (FDR. The result shows that macroprudential policy contribution through LTV instrument to FDR has negative and significant influence. Statutory Reserves based on LFR on FDR have a positive and significant influence and CCB on FDR of Indonesia’s islamic banking shows negative and significant influence.

  19. Negative Interest Rates: Central Banks Initiated an Experiment

    Directory of Open Access Journals (Sweden)

    Aleksey N. Burenin

    2016-01-01

    Full Text Available Negative interest rates appeared as a consequence of economic problems that countries with market economy came across after the crises of2007-2008. The attempts of monetary authorities to stimulate economies with the help of quantitative easing didn't bring the desired result. That's why the central banks once again resorted to a traditional tool of their monetary policy of changing interest rates. But this time they launched an experiment, they used negative interest rates. The European Central Bank, the Swedish Riksbank, the Bank of Japan, and the National Bank of Hungary introduced negative rates in order to stimulate economic growth and fight the threat of deflation, the Danish National Bank and the Swiss National Bank tried to deter appreciation of their currencies. Negative rates of the central banks brought about negative yields of government and nongovernment securities in several countries. The problem acquires an aggravated form due to the fact that negative rates appeared in several European countries simultaneously at the moment when global financial markets were not in crises. Some questions arise concerning the negative rates, for example, how low can central banks bring down the rates in the future, what is their influence on the stock markets, what is the reaction of depositors to the introduction of negative deposit rates by commercial banks, must one consider a negative rate as a rate of interest or payment to store money of the depositor, in which circumstances negative rates can be justified to fight deflation. The last question plays an important role, because recent studies find that positive economic growth is possible during deflation. If central banks don't take this nuance into consideration, they can create economic imbalances by increasing liquidity. Negative rates are not as inoffensive as it may seem at first glance. Not far ago an investor, who tried to averse risk, was buying government securities. Their yields

  20. Deflation Risk in the Euro Area and Central Bank Credibility

    NARCIS (Netherlands)

    G. Galati (Gabriele); Z. Gorgi (Zion); R. Moessner (Richhild); C. Zhou (Chen)

    2016-01-01

    textabstractThis paper investigates how the perceived risk that the euro area will experience deflation has evolved over time, and what this risk implies for the credibility of the ECB. We use a novel data set on market participants’ perceptions of short- to long-term deflation risk implied by

  1. 26 CFR 1.895-1 - Income derived by a foreign central bank of issue, or by Bank for International Settlements, from...

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Income derived by a foreign central bank of... foreign central bank of issue, or by Bank for International Settlements, from obligations of the United States or from bank deposits. (a) In general. Income derived by a foreign central bank of issue from...

  2. Comparison between the European Central Bank as a New Monetary Experiment and other Major - Central Banks - US Federal Reserve and Bank of Japan

    Directory of Open Access Journals (Sweden)

    Tache I.

    2014-12-01

    Full Text Available Our goal is to make a survey of three major central banks practices and to emphasize both the different national characteristics and the similarities derived from the global changes of financial environment. Using a descriptive methodology, the comparison will concern the central banks’ goals, the institutional and organizational structures, strategies and tools of monetary policy

  3. THE EUROPEAN CENTRAL BANK AND THE EUROZONE CRISIS MANAGEMENT

    Directory of Open Access Journals (Sweden)

    MONICA ŞAGUNA

    2013-05-01

    Full Text Available The Euro is the single currency shared by 17 of the European Union's Member States, which together make up the Euro area. Since its introduction, in January 2002, it became the second most traded currency in the world after the United States dollar. With the launch of the Euro, the monetary policy became the responsibility of the independent European Central Bank, which was created for that purpose, and of the national central banks of the Member States, having adopted the Euro. However, the accumulation of massive and unsustainable deficits and public debt levels in a number of peripheral economies threatened the Eurozone's viability by the end of its first decade, triggering a Eurozone sovereign debt crisis. The institutional mechanisms surrounding the Euro have also been an integral part of the crisis. On this line, the European Monetary Union is supported on one side by treaties and multilateral agreements including the Maastricht Treaty, the Stability and Growth Pact and the Lisbon Strategy and, on the other side, by the European Central Bank. The combination of these institutions has produced a mix of monetary, fiscal and labour market policies with powerful social implications. And, what started as a debt crisis in Greece in late 2009 has evolved into a broader economic and political crisis in the Eurozone and European Union. In this framework, the purpose of my paper is to analyze the roots of the Eurozone crisis, as the biggest challenge since the Euro adoption and the European Central Bank’s response to it. Therefore the objectives are: identification of the reasons that stand behind the crisis, then observing how the crisis has affected the functioning of the European Central Bank and the Euro, and how it was forced to respond and, finally, focusing on the future and the challenges that lie ahead.

  4. Legal Central Bank Independence and Inflation in Latin America During the 1990s

    OpenAIRE

    Luis Ignacio Jácome

    2001-01-01

    This paper reviews central banks' legal reform in Latin America during the 1990s and discusses the status of central bank independence in the region. Based on this information, it builds a simplified index of central bank independence which, in addition to the commonly used criteria of political and economic independence, incorporates provisions of central banks' financial autonomy, accountability, and lender-of-last-resort. The paper finds a moderate negative correlation between increased ce...

  5. Central Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment - Theory and Some Evidence

    NARCIS (Netherlands)

    Cukierman, A.; Lippi, F.

    1998-01-01

    This paper proposes a conceptual framework to investigate the effects of central bank independence, of the degree of centralization of wage bargaining and of the interaction between those institutional variables, on real wages, unemployment and inflation, in a framework in which unions are averse to

  6. Central Banks' Involvement in Encouraging Economic Education and Literacy

    Directory of Open Access Journals (Sweden)

    Marius Constantin APOSTOAIE

    2010-12-01

    Full Text Available Currently, economic education plays a vital role in the future health of world economy and enables citizens to efficiently participate in the society in which they live. The economic literacy of citizens is not only the problem of state authorities, but it is also a common challenge and responsibility for many public institutions and non-profit organizations. Key players among these institutions are central banks that invest significant resources in educating the public to achieve economic efficiency, a good conduct of monetary policy and welfare. The aim of the paper is to emphasize the involvement of more-and-more central banks in fostering economic education and literacy, not before clarifying some key concepts and highlighting the importance of the subject in our society.

  7. Budget deficits, monetization, and central-bank independence in developing countries

    NARCIS (Netherlands)

    Sikken, BJ; de Haan, J

    Using various indicators for central bank independence we examine the relationship between central bank independence and government budget deficits. Using a two-stage procedure we also analyze whether central bank independence affects the monetization of deficits. First, the monetization relation in

  8. Variation in central bank independence across countries : Some provisional empirical evidence

    NARCIS (Netherlands)

    deHaan, J; vantHag, GJ

    1995-01-01

    In this paper seven hypotheses to explain variation in central bank independence across countries are tested. The predictions based upon the theory that delegation of authority by politicians to the central bank is used as a commitment device are not supported: central bank independence is not

  9. Negative Interest Rates: Central Banks Initiated an Experiment

    OpenAIRE

    Aleksey N. Burenin

    2016-01-01

    Negative interest rates appeared as a consequence of economic problems that countries with market economy came across after the crises of2007-2008. The attempts of monetary authorities to stimulate economies with the help of quantitative easing didn't bring the desired result. That's why the central banks once again resorted to a traditional tool of their monetary policy of changing interest rates. But this time they launched an experiment, they used negative interest rates. The European Cent...

  10. Central bank independence and its effect on money market stability

    OpenAIRE

    MSc. Anera Alishani

    2012-01-01

    Since 1990s many countries have moved toward greater central bank independence (CBI) by either amending their Central Bank’s laws or writing them de novo. Also countries of Western Balkans and many other transition countries have moved toward greater CBI. There are many potential benefits associated with greater CBI, and one of them is stable growth of money and liquidity. For a given level of money market development the hypothesis is that a more independent CB is likely to promote more stab...

  11. Interest Rate Policy Of Selected Central Banks In Central And Eastern Europe

    Directory of Open Access Journals (Sweden)

    GRABIA TOMASZ

    2015-03-01

    Full Text Available The aim of this article is to present and evaluate interest rate policies of three selected central banks in Central and Eastern Europe (Poland, the Czech Republic, and Hungary from 2001 to 2013. The study consists of an introduction (Section 1 and three main parts. The introduction contains a theoretical description of the role of interest rate policy, the dilemmas connected with it, as well as an analysis of the strategies and goals of monetary policies of the National Bank of Poland (NBP, the Czech National Bank (CzNB, and the National Bank of Hungary (NBH in the context of existing legal and institutional conditions. In turn, the first empirical part (Section 2 examines how the analysed central banks responded to changes in inflation, unemployment, and economic growth rates. The tools of the analysis are the nominal and real interest rates of those banks. The subsequent research part (Section 3 attempts to evaluate the degree of the contractionary nature of interest rate policies in specific countries in the context of the Taylor rule. The text ends with a summary (Section 4 encompassing concise conclusions drawn from the earlier analyses.

  12. Private shareholding: An analysis of an eclectic group of central banks

    Directory of Open Access Journals (Sweden)

    Jannie Rossouw

    2016-03-01

    Large differences in the classes of shareholders of these eclectic central banks and differences in their approaches to dividend payments are highlighted in the paper. The conclusions reached are, firstly, that investment only in the shares of the central banks of Belgium and Greece (albeit only for residents in the latter instance can be regarded as growth investments. Secondly, shareholding in the Italian central bank has been used to recapitalise ailing commercial banks. Thirdly, shareholders play no role in the formulation and implementation of monetary policy. Lastly, the shareholding structure of these banks contributes to improved governance in the case of the central banks of Belgium, Greece, Italy, South Africa, Switzerland and Turkey, but no evidence can be found that central banks with shareholders in any way outperform central banks without shareholders.

  13. Central Bank of Ecuador, 1927: among Dictatorship, Revolution and Crisis

    Directory of Open Access Journals (Sweden)

    Cristian Paúl Naranjo Navas

    2017-01-01

    Full Text Available On July 9th, 1925, a coup d’état overthrew the Ecuadorian government of the president Gonzalo S. Córdova. The Military Junta chose the new president, Dr. Isidro Ayora, who founded the Central Bank of Ecuador in 1927. The majority of historians emphasize the patriotic spirit of the military forces in order to eliminate the influence of private banks. Nonetheless, there is a less popular view of the Julian Revolution, which understands the coup d’état, and the foundation of the Central Bank of Ecuador, as the result of struggles between bankers due to controversies around currency emissions. The arguments behind the Julian Revolution were based on some economic facts. Even though real GDP did not decrease in any year from 1913 to 1927, there was a generalized perception of a critical economy due to the constant fluctuation in prices, the increasing of fiscal deficit, and the reduction of revenues from the trade balance. The economic crisis was a common factor in the urban areas, which represented less than half percent of the total population.

  14. Foreign banks and credit stability in Central and Eastern Europe. A panel data analysis

    NARCIS (Netherlands)

    De Haas, Ralph; van Lelyveld, Iman

    We examine whether foreign and domestic banks in Central and Eastern Europe react differently to business cycles and banking crises. Our panel dataset comprises data of more than 250 banks for the period 1993-2000, with information on bank ownership and mode of entry. During crisis periods domestic

  15. The stock market performance of the central banks of Belgium and Japan

    NARCIS (Netherlands)

    Kabir, Mohammed Rezaul; Goldberg, Lawrence G.

    2002-01-01

    Most central banks issue stock that is held by the government and/or commercial banks and is not tradable. In contrast, stocks of the central banks of Belgium and Japan are traded on the Brussels and Tokyo stock exchanges. The purpose of the paper is to examine this unique phenomenon of stock market

  16. Liquidity Regulation, the Central Bank, and the Money Market

    OpenAIRE

    Scheubel, Beatrice; Körding, Julia

    2013-01-01

    As reliance on excessively short-term wholesale funding has been one of the major causes for the 2007-2009 financial crisis, recent advances in global liquidity regulation try to curb the excessive reliance on short-term wholesale funding without being clear on how such an approach will affect the overall equilibrium on money markets. In particular, liquidity regulation may interfere with the central bank's influence on short-term money market rates. This paper tries to fill the gap in unders...

  17. The role of central bank transparency for guiding private sector forecasts

    OpenAIRE

    Ehrmann, Michael; Eijffinger, Sylvester C W; Fratzscher, Marcel

    2009-01-01

    There is a broad consensus in the literature that costs of information processing and acquisition may generate costly disagreements in expectations among economic agents, and that central banks may play a central role in reducing such dispersion in expectations. This paper analyses empirically whether enhanced central bank transparency lowers dispersion among professional forecasters of key economic variables, using a large set of proxies for central bank transparency in 12 advanced economies...

  18. Modelling the monetary policy reaction function of the Colombian Central Bank

    OpenAIRE

    Otero, Jesus; Ramírez, Manuel

    2008-01-01

    This paper proposes a simple Ordered Probit model to analyse the monetary policy reaction function of the Colombian Central Bank. There is evidence that the reaction function is asymmetric, in the sense that the Bank increases the Bank rate when the gap between observed inflation and the inflation target (lagged once) is positive, but it does not reduce the Bank rate when the gap is negative. This behaviour suggests that the Bank is more interested in fulfilling the announced inflation target...

  19. Central bank independence and its effect on money market stability

    Directory of Open Access Journals (Sweden)

    MSc. Anera Alishani

    2012-06-01

    Full Text Available Since 1990s many countries have moved toward greater central bank independence (CBI by either amending their Central Bank’s laws or writing them de novo. Also countries of Western Balkans and many other transition countries have moved toward greater CBI. There are many potential benefits associated with greater CBI, and one of them is stable growth of money and liquidity. For a given level of money market development the hypothesis is that a more independent CB is likely to promote more stable growth of money supply (Dželetović et al., 2008. As a result the main research task of this work is to estimate the effects of CBI on money market growth for five Western Balkans countries and five other European transition countries. Because the empirical studies were very limited for the relationship between CBI and money market growth, there were no clear conclusions. In addition, there were different measuring methodologies that attempt to quantify the extent of legal and actual CBI. Related to the main research task, this dissertation has examined the effects of CBI on money market stability (proxied by bank deposit growth for a sample of 10 countries for a period from 1999-2009 by using fixed effect model. Through this methodology different regressions have been estimated, but the results were not robust and there are no clear finding on the relationship between CBI and money market growth.

  20. SURVEY OF DEMAND AND SUPPLY BALANCE IN LOAN MARKETS: CENTRAL BANK'S EXPERIENCE

    Directory of Open Access Journals (Sweden)

    S. Naumenkova

    2014-09-01

    Full Text Available This article examines the existing Bank Lending Survey (BLS approaches to the assessment of the non-price lending conditions' impact on the credit market balance. BLS responses provided domestic central banks an early and reliable signal about the deterioration of financing conditions and the financial access. The monitoring pattern stipulate by using the core indicators: net percentage, diffusion index, Bank Lending Tightness (BLT. The priority tasks for National Bank of Ukraine for Bank Lending Survey were put forward by author. Senior Loan Officer Opinion Survey (SLOOS on Bank Lending Practices address changes in the supply of, and demand for, bank loans to businesses and households over the past months.

  1. Uso de la familia léxica de sovereignty en los discursos de la Presidencia del Banco Central Europeo (2003-2016

    Directory of Open Access Journals (Sweden)

    Albert Morales

    2017-05-01

    Full Text Available The financial crisis stemming from the US subprime mortgage meltdown represented a setback for the European economy that still affects many European countries. The European Central Bank (ECB, a key monetary policy institution, is one of the major actors shaping European neoliberal financial discourse. An earlier lexicometric analysis of a corpus of speeches delivered by ECB presidents between 2003 and 2016 revealed a high specificity index for the term sovereignty in certain years. This article aims to analyze how the ECB justifies transferring, inter alia, financial and national sovereignty to the European Union and its institutions and what the ECB refers to when utilizing this highly symbolic concept from public discourse. Ultimately, this work aims to determine how the ECB, “Europe’s illicit emperor” (Bouchard 2013, frames its discourse of economic domination. Consequently, this article quantitatively (using Lexico 3.6 and qualitatively analyses the various forms in this lexical family (sovereignty, sovereignties, sovereign, sovereigns to assess how they have evolved over time in the speeches given by ECB presidents. It adopts a methodology steeped in the theory and practice of discourse analysis, studying the contexts in which the selected terms appear in order to shed light on the implications of these changing backdrops

  2. Inflation Performance and Constitutional Central Bank Independence. Evidence from Latin America and the Caribbean

    OpenAIRE

    Eva Gutiérrez

    2004-01-01

    This paper explores the relationship between the constitutional entrenchment of central bank independence and inflation performance. Empirical studies for developing countries have not found a relationship between central bank independence, proxied by the "de jure" independence established in the central bank law, and inflation. We argue that the constitution is likely to be better enforced than ordinary statutes owing to its higher legal rank. Our empirical analysis finds that in a sample of...

  3. EMPIRICAL APPROACH UPON THE RELATIONSHIP BETWEEN CENTRAL BANK INDEPENDENCE AND INFLATION IN DEVELOPED AND DEVELOPING COUNTRIES

    Directory of Open Access Journals (Sweden)

    Dumiter Florin Cornel

    2012-07-01

    Full Text Available Central bank independence has become over time one of the key concepts in modern theory and policy. Most economists agree that central bank independence is desirable because it helps achieving and maintaining the long – term goal of price stability. Although one might think about alternative mechanisms to reach lower inflation rates, central bank independence is clearly the most often recomended. The empirical trends upon a more independent central bank with a more transparent and accountable monetary policy regime has emerged in economic literature regarding central banking and monetary economics. In recent years, starting from the Maastricht Treaty central bank independence has become the panacea of the monetary economics and monetary policy approaches. Moreover it is important to analyze and assess the impact of this key issue in central banking upon the inflation performances of the central banks. In this article we provide a qualitative overview upon some recent trends in the central bank independence field: does it still matter? How can be it evaluate and stress it’s impact upon macroeconomic performances, especially upon inflation. As we can observe in the economic literature upon central bank independence there are several approaches to use several indices in order to measure this qualitative and quatitative institutional variables. The most important debate is to eliminate the gap between de jure and de facto independence in order to flatten the measuring of institutional aspects, the legal implication, the constitutional facts and the actual practices of the central banks. Finally, we suggest that according to the new index for measuring central bank independence and inflation targeting index we can evaluate more accurate the degree of the de jure and de facto independence and stress the impact on inflation performance with a case study for ten developed countries and ten developing countries.

  4. Central Bank Independence - the Case of the National Bank of Republic of Macedonia

    Directory of Open Access Journals (Sweden)

    Bezhoska Anita Angelovska

    2017-09-01

    Full Text Available This paper explores the level of independence of the National bank of the Republic of Macedonia by primarily focusing on the legal provisions that pertain to the key aspects for achieving and maintaining price stability. It provides a historical perspective of the evolution of the independence since the first years of transition. The assessment of the independence of the NBRM is based on the index of Cukierman, Webb, and Neyapti (1992, as one of the most commonly used indices, and the index of Jacome and Vazquez (2005, which incorporates some specific aspects relevant for transition economies. Both indices indicate that the legal independence of the NBRM has increased over the years and that the current legal framework provides a high level of independence. Yet, it should be emphasized that there is a room for further strengthening, in particular in the areas of policy formulation and the process of appointment of the non-executive members of the council of the NBRM. As the indices are based on the legal provisions, they can serve only as an indication of the actual independence of the central bank.

  5. Securing financial independence in the legal basis of a central bank

    OpenAIRE

    Amtenbrink, Fabian

    2005-01-01

    textabstractTogether with institutional, functional and organizational independence, financial independence constitutes one of the cornerstones of central bank independence, the economic ratio of which has been demonstrated extensively in the literature. In broad terms financial independence may be defined as referring to the legal and practical arrangements identifying the finances of a central bank and the extent to which the bank is subject to outside influence in this regard. In the (lega...

  6. Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?

    OpenAIRE

    Benjamin M. Friedman; Kenneth N. Kuttner

    2010-01-01

    Central banks no longer set the short-term interest rates that they use for monetary policy purposes by manipulating the supply of banking system reserves, as in conventional economics textbooks; today this process involves little or no variation in the supply of central bank liabilities. In effect, the announcement effect has displaced the liquidity effect as the fulcrum of monetary policy implementation. The chapter begins with an exposition of the traditional view of the implementation of ...

  7. 78 FR 57922 - American Energy Production, Inc., Best Energy Services, Inc., Community Central Bank Corporation...

    Science.gov (United States)

    2013-09-20

    ... SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] American Energy Production, Inc., Best Energy Services, Inc., Community Central Bank Corporation, Explortex Energy, Inc., HemoBioTech, Inc., Larrea... concerning the securities of Community Central Bank Corporation because it has not filed any periodic reports...

  8. The role of central bank transparency for guiding private sector forecasts

    NARCIS (Netherlands)

    Eijffinger, S.C.W.; Ehrmann, M.; Fratzscher, M.

    2012-01-01

    Central banks have become remarkably more transparent over the last few decades. In this paper, we study the effects of this evolution, focusing on whether enhanced central bank transparency lowers dispersion among professional forecasters of key economic variables. We use a large set of proxies for

  9. The Formation of New Monetary Policies: Decisions of Central Banks on the Great Recession

    Directory of Open Access Journals (Sweden)

    Ana Esther Castro

    2014-05-01

    Full Text Available The effect that the Great Recession had on monetary policies has led to the profound reorientation of central banks’ actions from 2007 to 2013. The purpose of this work is to analyze the monetary policies applied by the main central banks, mainly the European Central Bank, the Federal Reserve System of USA and the Bank of Japan, in order to raise thoughts on the guidelines that central banks should follow in the future. In the first section the bases of monetary policy before the crisis are described; in the second we explain the change in the orientation of the role of central banks during the crisis; and finally, we synthesize the bases on which the economic debate is taking place on the orientation of future monetary policies. We conclude that, in so far as the inoperativeness of transmission mechanisms still persists, monetary policies will remain in a process of change.

  10. Endogenous Financial Structure and the Transmission of ECB Policy

    NARCIS (Netherlands)

    I.J.M. Arnold (Ivo); C.G. de Vries (Casper)

    1999-01-01

    textabstractThere is a widely held view that existing differences in the capital and money market structures across EMU countries are an important matter of concern for the ECB, because they might hinder the uniform transmission of monetary policy actions. We argue that many aspects of financial

  11. Optimal regional biases in ECB interest rate setting

    NARCIS (Netherlands)

    Arnold, I.J.M.

    2005-01-01

    This paper uses a simple model of optimal monetary policy to consider whether the influence of national output and inflation rates on ECB interest rate setting should equal a country’s weight in the eurozone economy. The findings depend on assumptions regarding interest rate elasticities, exchange

  12. Did ECB Liquidity Injections Help the Real Economy in Europe?

    DEFF Research Database (Denmark)

    Daetz, Stine Louise; Subrahmanyam, Marti G.; Tang, Dragon Y.

    on non-financial corporations. In this paper, we show that non-financial firms in the Eurozone indeed ended up with more cash as a consequence of the ECB liquidity injections. However, such an increase in cash holdings was not necessarily employed in a productive manner, but as a form of "carry trade...

  13. Money Supply as the Target of the Central Bank

    Directory of Open Access Journals (Sweden)

    Jędruchniewicz Andrzej

    2014-06-01

    Full Text Available The main purpose of the article is a critical analysis of the monetary policy strategy that is based on the adoption of money supply as an intermediate target. The analysis is conducted from the perspective of the theory of the Austrian school. The first part of the article presents an influence of the supply of money on changes of categories in economy according to mainstream theories of economics. The second part discusses the essence of the strategy of monetary policy using money supply as an intermediate target from the point of view of the main trend in economics. It is demonstrated that in order to use it, two elementary conditions must be met: the function of demand for money must be at least relatively stable and the central bank must practically shape changes in the money supply at the planned level. The third part is of key importance for the purpose of this article. It involves the criticism of Friedman’s principle, i.e. a constant increase in money supply as a monetary strategy. According to the Austrian theory, an increase in the quantity of money which is not financed by voluntary savings separates the time structure of production and consumption. Thus, after the period of prosperity there a collapse in production must take place. It is also pointed out that the crisis can be postponed only when the quantity of money increases at an ever faster rate.

  14. The Measurement of Central Bank Autonomy; Survey of Models, Indicators, and Empirical Evidence

    OpenAIRE

    Bernard J Laurens; Marco Arnone; Jean-François Segalotto

    2006-01-01

    This paper presents a survey of the literature on the measurement of central bank autonomy. We distinguish inputs that constitute the building blocks in the literature, and the literature that builds on them. Issues including sensitivity analysis, robustness, and endogeneity are discussed. The review shows that empirical evidence regarding the beneficial effects of central bank autonomy is substantial, although some technical issues still remain for further research. In particular, central ba...

  15. THE CRUCIAL ROLE OF CENTRAL BANK TRANSPARENCY IN ASSESSING THE MONETARY POLICY COMMITTEE MECHANISM

    Directory of Open Access Journals (Sweden)

    Dumiter Florin Cornel

    2012-12-01

    Full Text Available In the past, central banks used to be very reserved regarding their activities, strategies and monetary policy decisions and actions. As central banks become more and more independent, transparency gained importance based upon accountability arguments. An important fact for adopting an increasing central bank transparency lies in its importance of influencing the development of expectations. The concept of central bank transparency has emerged in the economic literature relatively later than some other key concepts. The widespread agreement of an inflation targeting regime and a more transparent central bank is desired by the most central banks around the world in the context of the need of the public disclosure of macroeconomic models, the quarterly time series for indicators like: inflation, output, budgetary deficit, public debt, interest rate, inflation expectations, the public announcement of the monetary policy decisions, objectives and targets, the publication of some key monetary tools like: inflation report, financial stability report, monetary policy committee report, annual report. These are all key issues in the construction of a more transparent and independent central bank in the context of a good global governance. Moreover, for the fruitful success of the central bank, latum sensu, and monetary policy, stricto sensu, it must be encompassed a complex monetary policy committee mechanism. This complex mechanism must by edowed with the collegial approach of the monetary policy committee, structure of the voting mechanism within the committee, the importance of the person which announces the changes within the interest rates and the public disclosure of these information’s enriched in a communication strategy. This communication strategy is very important for assessing and public understanding of the central bank’s actions but also for communicating the objectives, targets and forward looking approaches of the monetary

  16. Pengaruh Kualitas Pelayanan Terhadap Kepuasan Nasabah Di Pt. Bank Central Asia (Bca Tbk Cabang Undaan Surabaya

    Directory of Open Access Journals (Sweden)

    Yulian Belinda Rahmawati

    2014-10-01

    Full Text Available This study aims to determine the effect of Quality of Service Characteristics on Customer Satisfaction in the PT. Bank Central Asia (BCA Branch Surabaya Undaan. The sampling in this study using stratified sampling (Stratified Random Sampling. Analysis techniques that are used are double linear regression. The calculation result shows that the quality of services simultaneous effect on customer satisfaction in PT. Bank Central Asia (BCA Branch Surabaya Undaaan. The quality of services that include variables Responsiveness, Tangibles, Empathy, Assurance, and Reliability in a partial effect on customer satisfaction in PT. Bank Central Asia (BCA Branch Surabaya undaaan.

  17. Central bank balance sheet concerns and credible optimal escape from the Liquidity trap

    OpenAIRE

    Mendes, Arthur Galego

    2001-01-01

    I show that when a central bank is financially independent from the treasury and has balance sheet concerns, an increase in the size or a change in the composition of the central bank's balance sheet (quantitative easing) can serve as a commitment device in a liquidity trap scenario. In particular, when the short-term interest rate is up against the zero lower bound, an open market operation by the central bank that involves purchases of long-term bonds can help mitigate the ...

  18. Foreign bank entry, bank efficiency and market power in Central and Eastern European Countries

    Czech Academy of Sciences Publication Activity Database

    Poghosyan, T.; Poghosyan, Arsen

    2010-01-01

    Roč. 18, č. 3 (2010), s. 571-598 ISSN 0967-0750 Institutional research plan: CEZ:MSM0021620846 Keywords : foreign bank entry * bank efficiency * market power Subject RIV: AH - Economics Impact factor: 0.536, year: 2010

  19. Did Oral Interventions by the Indonesian Central Bank Support the Rupiah?

    NARCIS (Netherlands)

    Sahminan, S.; de Haan, J.

    Most previous studies on the effectiveness of oral interventions (statements by officials in support of the exchange rate) focus on industrial countries. The present paper examines whether statements by Bank Indonesia officials (i.e. the central bank of Indonesia) during the period 20042007 have had

  20. The Impact of International Financial Crisis on Bank Performance in Eastern and Central European Countries

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    Alin-Marius Andrieș

    2016-05-01

    Full Text Available In this paper we investigate the determinants of bank profitability in 10 countries from Central and Eastern Europe, in the period between 2004 and 2013. We proxy the profitability of banks with more commonly used ratio: the return on assets (ROA, computed as a ratio of the net profit to the total bank assets. We used multiple regression with bank specific variables, banking industry variables and macroeconomic variables. Moreover, we added a global financial crisis dummy to highlight the crisis impact on asset return. OLS is the main estimation method, but we also used difference-in-difference in order to test if the crisis impact was amplified or diminished by the bank specific characteristics. The evidence shows significant differences between the profit levels of the CEEC banks. Our results are in line with the empirical literature. The impact of the international financial crisis on ROA was negative and statistically significant, as expected. The second part of the analysis we separate the banks sample in three categories: banks with high capital adequacy, large banks by total assets and foreign-owned banks. Our findings show that the three selected variables both amplified and decreased the crisis effect.

  1. Securing financial independence in the legal basis of a central bank

    NARCIS (Netherlands)

    F. Amtenbrink (Fabian)

    2005-01-01

    textabstractTogether with institutional, functional and organizational independence, financial independence constitutes one of the cornerstones of central bank independence, the economic ratio of which has been demonstrated extensively in the literature. In broad terms financial independence may be

  2. Central Bank Transparency, the Accuracy of Professional Forecasts, and Interest Rate Volatility

    NARCIS (Netherlands)

    Middeldorp, M.

    2011-01-01

    Central banks worldwide have become more transparent. An important reason is that democratic societies expect more openness from public institutions. Policymakers also see transparency as a way to improve the predictability of monetary policy, thereby lowering interest rate volatility and

  3. CENTRAL BANK INDEPENDENCY ON THE DEVELOPMENT OF THE FINANCIAL SECTOR. A CASE OF RESERVE BANK OF ZIMBABWE (1998-2008

    Directory of Open Access Journals (Sweden)

    KOSMAS NJANIKE

    2010-01-01

    Full Text Available The study looks deeper in the relationship between central bank independence and Gross Domestic product growth and other economic variables which are indicative of improved performance with specific reference to a developing economy. It seeks to find out how the central bank policies affected the state of development of the financial sector and the extent to which the banking sector influenced economic development in the economy. The research also aims to find out how the government affected or influenced the state of development of the financial sector in the country. It was found that the government was sorely dependent on central bank financing as a matter of survival due to limited sources of finance as GDP decline meant a reduction tax revenue base. Rising inflation and contracting real incomes put pressure on the fiscal budget. Questionnaires, interviews and document review were used to obtain information for the study. It was concluded that the cohesion between fiscal and monetary policy is of paramount importance; and there was need for a high degree of formal instrument independence.

  4. Quality Management Principles and Benefits of their Implementation in Central Banks

    OpenAIRE

    Radoica Luburić

    2015-01-01

    This article discusses the principles of quality management and benefits of their implementation in central banks. It is based on new principles of quality management, in particular to: customer focus, leadership, engagement of people, process approach, improvement, evidence-based decision making, and, relationship management. With a view to continuously improving their performance and achieving sustained success, central banks have a realistic opportunity to use these principles in an effici...

  5. Talking about monetary policy: the virtues (and vice?) of central bank communication

    OpenAIRE

    Alan Blinder

    2009-01-01

    Central banks, which used to be so secretive, are communicating more and more these days about their monetary policy. This development has proceeded hand in glove with a burgeoning new scholarly literature on the subject. The empirical evidence, reviewed selectively here, suggests that communication can move financial markets, enhance the predictability of monetary policy decisions, and perhaps even help central banks achieve their goals. A number of theoretical drawbacks to greater communica...

  6. Central Bank Financial Strength and the Cost of Sterilization in China

    DEFF Research Database (Denmark)

    Ljungwall, Christer; Xiong, Yi; Yutong, Zou

    2013-01-01

    Using a unique monthly data set over the period 2000:1-2008:12, this paper presents empirical findings on China's central bank, the People's Bank of China, from the viewpoint of its financial strength and the cost of monetary policy instruments. The results show that PBoC is constrained...... by the costs of its monetary policy instruments. PBoC tend to use less costly but market-distorting instruments such as the deposit interest rate cap and reserve-ratio requirements, rather than more market-oriented but more costly instruments such as central bank note issuance. These costs remain under control...

  7. Call for a Spatial Classification of Banking Systems through the Lens of SME Finance - Decentralized versus Centralized Banking in Germany as an Example

    OpenAIRE

    Gärtner, Stefan; Flögel, Franz

    2014-01-01

    We are calling for comparisons of banking and banking systems from a spatial perspective. Therefore, this paper develops a classification identifying decentralized and centralized banking according to two characteristics: geographical market orientation (regional vs. supraregional) – to determine whether banks facilitate regional savings-investment cycles – and place of decision-making (proximity vs. distance) – to identify whether the flow of soft information is supported in SME lending. The...

  8. The Role of Central Bank Transparency for Guiding Private Sector Forecasts

    NARCIS (Netherlands)

    Ehrmann, M.; Eijffinger, S.C.W.; Fratzcher, M.

    2009-01-01

    There is a broad consensus in the literature that costs of information processing and acquisition may generate costly disagreements in expectations among economic agents, and that central banks may play a central role in reducing such dispersion in expectations. This paper analyses empirically

  9. Identifying Central Bank Liquidity Super-Spreaders in Interbank Funds Networks

    NARCIS (Netherlands)

    Leon Rincon, C.E.; Machado, C.; Sarmiento Paipilla, N.M.

    2015-01-01

    We model the allocation of central bank liquidity among the participants of the interbank market by using network analysis’ metrics. Our analytical framework considers that a super-spreader simultaneously excels at receiving (borrowing) and distributing (lending) central bank’s liquidity for the

  10. Building the foundations for a new central bank doctrine: Redefining central banks’ missions in the 21st century

    Directory of Open Access Journals (Sweden)

    Eric Pichet

    2013-05-01

    Full Text Available The 2007-2008 financial crisis demonstrated both the responsibilities that central bankers, alongside other actors, bear for turbulences of this kind as well as how economics can be used to provide central bankers and governments with the understanding and tools that they need to prevent the international financial system from collapsing. At the same time, central banks’ responses to the crisis have taken monetary policy into unknown territory. The paper’s first section diagnoses good and bad practice in post-crisis central banking; assesses the efficiency of pre-crisis doctrines; and identifies the dangers of actions exceeding certain limits. It specifically focuses on the European Central Bank’s much-debated intervention in certain peripheral bond markets, particularly Greece. The second section is more normative and lays the foundations for a social science perspective of how to manage modern central banks, an approach that draws on a variety of disciplines including economics, governance theory and management. This starts with a definition of the new doctrine and its underlying philosophy, followed by an identification of sound central banking practices (revolving around a few key concepts, notably inflation and financial stability. The missions and objectives of these practices are then defined (along with a choice of indicators, culminating in an exploration of which strategies and tools might be used in both normal and turbulent times. Lastly, a few concrete rules of governance are offered, built on the triptych of central banks’ independence, accountability and composition, with specific focus placed on the process for selecting governors fit to handle the new role that modern central banks are destined to assume in developed countries.

  11. Central banking and financial innovation. A survey of the modern literature

    Directory of Open Access Journals (Sweden)

    Jan Marc Berk

    2002-09-01

    Full Text Available We review the literature regarding the impact of financial innovation on the monetary transmission mechanism and on the way the central bank can achieve its ultimate goal, that is to control the price level. We argue that, although the form ofcentral bank instruments and current methods for implementing monetary policy may change, the goals that the policy makers try achieve by employing these instruments remain valid, and achievable.

  12. Central Bank independence in Latin America La independencia de la Banca Central en América Latina

    Directory of Open Access Journals (Sweden)

    Junguito Bonnet Roberto

    1996-06-01

    Full Text Available This article describes the origin and evolution of the central banks of Argentina, Brazil, Chile, Colombia, Mexico, and Venezuela, and analyzes their respective institutional structures. It also studies the contribution of the central bank to stabilization and the problems for maintaining this independence into the future.Este artículo describe el origen y la evolución de los Bancos Centrales de Argentina, Brasil, Chile, Colombia, México y Venezuela, y analiza sus respectivas estructruras institucionales. También estudia la contribución de la banca central a la estabilización y los problemas para que esta independencia se mantenga en el futuro.

  13. A MACROPRUDENTIAL SUPERVISION MODEL. EMPIRICAL EVIDENCE FROM THE CENTRAL AND EASTERN EUROPEAN BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    Trenca Ioan

    2013-07-01

    Full Text Available One of the positive effects of the financial crises is the increasing concern of the supervisors regarding the financial system’s stability. There is a need to strengthen the links between different financial components of the financial system and the macroeconomic environment. Banking systems that have an adequate capitalization and liquidity level may face easier economic and financial shocks. The purpose of this empirical study is to identify the main determinants of the banking system’s stability and soundness in the Central and Eastern Europe countries. We asses the impact of different macroeconomic variables on the quality of capital and liquidity conditions and examine the behaviour of these financial stability indicators, by analyzing a sample of 10 banking systems during 2000-2011. The availability of banking capital signals the banking system’s resiliency to shocks. Capital adequacy ratio is the main indicator used to assess the banking fragility. One of the causes of the 2008-2009 financial crisis was the lack of liquidity in the banking system which led to the collapse of several banking institutions and macroeconomic imbalances. Given the importance of liquidity for the banking system, we propose several models in order to determine the macroeconomic variables that have a significant influence on the liquid reserves to total assets ratio. We found evidence that GDP growth, inflation, domestic credit to private sector, as well as the money and quasi money aggregate indicator have significant impact on the banking stability. The empirical regression confirms the high level of interdependence of the real sector with the financial-banking sector. Also, they prove the necessity for an effective macro prudential supervision at country level which enables the supervisory authorities to have an adequate control over the macro prudential indicators and to take appropriate decisions at the right time.

  14. Applying IFRS 9 to Central Banks Foreign Reserves

    OpenAIRE

    World Bank

    2016-01-01

    Effective January 1, 2018, IFRS 9 Financial Instruments will replace IAS 39 Financial Instruments: Recognition and Measurement (IAS 39). Unlike most publications on IFRS 9, this paper focuses primarily on the application of the new standard on central banks’ foreign reserve assets, which increasingly constitute a substantial part of central banks’ balance sheet. Based on IFRS 9 implementa...

  15. Quality Management Principles and Benefits of their Implementation in Central Banks

    Directory of Open Access Journals (Sweden)

    Luburić Radoica

    2015-09-01

    Full Text Available This article discusses the principles of quality management and benefits of their implementation in central banks. It is based on new principles of quality management, in particular to: customer focus, leadership, engagement of people, process approach, improvement, evidence-based decision making, and, relationship management. With a view to continuously improving their performance and achieving sustained success, central banks have a realistic opportunity to use these principles in an efficient and effective manner whereby the top management certainly holds the most responsibility. Quality management principles are analysed herein both in their original form and in terms of their implementation in the financial system and its most prominent entity - central bank. The article also incorporates new standard-related terms such as `context` and `risk-based thinking` that significantly strengthen quality management principles and contribute to a more effective and efficient achievement of sustainable success.

  16. Monetary policy change of the Central bank of Poland

    Directory of Open Access Journals (Sweden)

    Kraś Ireneusz

    2015-07-01

    Full Text Available The National Bank of Poland is an institution which, in conjunction with the government is responsible for the implementation of country’s economic policy reinforces its democratic character. Provisions of its operation are governed by the Constitution of The Republic of Poland and by the Act on the National Bank of Poland. To this end, the objective of the present research is to analyse the proposed amendments in the Act on the NBP. The latter concerns the amendment procedures, term of office and the rotations and numbers of Monetary Policy Council. The remaining part of the analyses is dedicated to the issue of dismissal of a MPC’s member in conjunction with the prohibition of occupying other positions, the adoption of the NBP’s financial statements and the separation of instruments of monetary policy’s instruments for stability of domestic financial system. Introduced changes in the proposed draft reduce the independence of the NBP while making it more subject to the Cabinet. Following the result of further consultations on the draft of Act on the NBP, provisions which reduce the independence of the NBP shall be partially removed.

  17. Comparison of Monetary Policy Actions and Central Bank Communication on Tackling Asset Price Bubbles-Evidence from China's Stock Market.

    Science.gov (United States)

    Sun, Ou; Liu, Zhixin

    2016-01-01

    We examine the different effects of monetary policy actions and central bank communication on China's stock market bubbles with a Time-varying Parameter SVAR model. We find that with negative responses of fundamental component and positive responses of bubble component of asset prices, contractionary monetary policy induces the observed stock prices to rise during periods of large bubbles. By contrast, central bank communication acts on the market through expectation guidance and has more significant effects on stock prices in the long run, which implies that central bank communication be used as an effective long-term instrument for the central bank's policymaking.

  18. A study on the mechanism of speculative attack and the defence strategy of the central bank.

    Directory of Open Access Journals (Sweden)

    Chang-Hyun Yun

    1999-09-01

    Full Text Available We first analyze the concrete mechanism of speculative attack on the foreign exchange market which became very prevalent phenomena during the foreign exchange crisis. When the central bank of the domestic country tries to defend the attack by increasing the interest rate, some problems can arise in that the speculative attacks through foreign exchange options market and/or index futures markets can be very successful due to that policy. So the central bank should pay much attention to the microstructure of the financial markets when the defence strategy against speculative attack is determined.

  19. An investigation on the effect of central bank money injection on creating currency crisis

    Directory of Open Access Journals (Sweden)

    Nazi Mohamadzadeh Asl

    2014-04-01

    Full Text Available This paper investigates the effects of different factors influencing on supplement of currency in Iran and the likelihood of currency crises. The study implements two methods of Logit and Probit to determine the likelihood of currency crises based on the historical data over the period 1989-2012. In this study, currency crisis is defined in terms of three variables of currency change on market, interest rate and central bank foreign deposits. The results of the study indicate that the ratio of government (non-government liabilities to central bank/Growth domestic product (GDP has positive (negative relationship with currency crises.

  20. PAYMENT SYSTEMS AND THE ROLE OF THE CENTRAL BANK OF ROMANIA

    Directory of Open Access Journals (Sweden)

    MARIA VASILESCU

    2014-05-01

    Full Text Available The management of payment and settlement systems is one of the traditional functions of central banks that seeks to ensure financial stability. Similar to the case of other important function, that of lender of last resort, it is wise to ask ourselves whether the central bank is the best institution to manage payment systems. Also, considering the advances in the field, some questions arise: whether or not they contributed to the reduction of systemic risk?, do they bring extra liquidity and stability of the EMU scheme?.

  1. The generation and distribution of central bank seigniorage in the Czech Republic, Hungary and Poland

    Directory of Open Access Journals (Sweden)

    Eduard Hochreiter

    2002-12-01

    Full Text Available We measure the amount of central bank seigniorage generated in three economies in transition and inquire to what extent seigniorage ultimately accrues to the government. We relate our findings to the institutional environment of the three countries. We find that, in parallel to the process of disinflation, seigniorage has declined substantially in the 1990s in all three countries under consideration pointing to more monetary discipline and a strengthening of central bank independence. Only in Hungary seigniorage benefited the government to a significant amount. We interpret this as being the consequence of past policies, rather than an obstacle to further disinflation.

  2. The minimum liquidity deficit and the maturity structure of central banks' open market operations: lessons from the financial crisis

    OpenAIRE

    Eisenschmidt, Jens; Holthausen, Cornelia

    2010-01-01

    This paper studies the relationship between the size of the banking sector’s refinancing needs vis-à-vis the central bank and auction rates in its open market operations in times of financial market stress. In a theoretical model, it is found that marginal rates at central bank auctions may increase if the share of troubled banks becomes too high relative to the total size of the banking sector’s refinancing needs. An empirical analysis then aims at determining the size of open market operati...

  3. Talking heads : the effects of ECB statements on the euro-dollar exchange rate

    NARCIS (Netherlands)

    Jansen, DJ; De Haan, J

    This paper studies the reaction of the conditional mean and volatility of the euro-dollar exchange rate to statements by European Central Bank and national central bank officials. We focus on comments on monetary policy and the external value of the euro. We find that the Bundesbank has dominated

  4. Central bank transparency, private information and the predictability of monetary policy in the financial markets : theoretical, experimental and empirical evidence

    NARCIS (Netherlands)

    Middeldorp, M.H.

    2010-01-01

    Central banks worldwide have become considerably more communicative about their policies and forecasts. An important reason is that democratic societies expect such transparency from public institutions. Central bankers, supported by a significant body of empirical research, also believe that

  5. Frictions, Persistence, and Central Bank Policy in an Experimental Dynamic Stochastic General Equilibrium Economy

    NARCIS (Netherlands)

    Noussair, C.N.; Pfajfar, D.; Zsiros, J.

    2011-01-01

    New Keynesian dynamic stochastic general equilibrium models are the principal paradigm currently employed for central bank policymaking. In this paper, we construct experimental economies, populated with human subjects, with the structure of a New Keynesian DSGE model. We give individuals monetary

  6. The impact of macro news and central bank communication on emerging European forex markets

    Czech Academy of Sciences Publication Activity Database

    Égert, B.; Kočenda, Evžen

    2014-01-01

    Roč. 38, č. 1 (2014), s. 73-88 ISSN 0939-3625 R&D Projects: GA ČR(CZ) GAP403/11/0020 Institutional support: PRVOUK-P23 Keywords : exchange rate * macroeconomic news * central bank communication Subject RIV: AH - Economics Impact factor: 0.649, year: 2014

  7. Real-Time Effects of Central Bank Interventions in the Euro Market

    DEFF Research Database (Denmark)

    Fatum, Rasmus; Pedersen, Jesper

    This paper investigates the real-time effects of foreign exchange intervention using official intraday intervention data provided by the Danish central bank. Denmark is currently pursuing an active intervention policy under the provisions of the Exchange Rate Mechanism (ERM II) and intervenes...

  8. Why are price stability and statutory independence of central banks negatively correlated? : the role of culture

    NARCIS (Netherlands)

    Jong, Eelke de

    2001-01-01

    This paper investigates whether in OECD-countries the negative relation between central bank independence and inflation is related to culture, in the sense of common values and norms. It appears that inflation is lower in countries where people dislike uncertainty. The tolerance in a society with

  9. Foreign exchange intervention and central bank independence: The Latin American experience

    OpenAIRE

    Nunes, Mauricio; Da Silva, Sergio

    2007-01-01

    Employing data from 13 Latin American countries, we find that greater central bank independence is associated with lesser intervention in the foreign exchange market, and also with leaning-against-the-wind intervention. We also find that the structural reforms that occurred in Latin America mostly in the 1990s helped to reduce the need for foreign exchange intervention.

  10. Transition to IFRS 9 : Practical Guidance for the Foreign Reserves of Central Banks

    OpenAIRE

    Ha, Yunjung S.

    2017-01-01

    This paper provides practical guidance to central banks on accounting practices for their foreign reserves, in connection with the transition from International Accounting Standard 39 Financial Instruments: Recognition and Measurement (IAS 39) to International Financial Reporting Standard 9 Financial Instruments (IFRS 9). The IFRS 9 preparation process can be summarized in three steps: (1)...

  11. An Independent Central Bank faced with Elected Governments: A Political Economy Conflict

    NARCIS (Netherlands)

    Demertzis, M.; Hughess Hallett, A.; Viegi, N.

    2004-01-01

    The literature argues that the benefits of an independent central bank accrue at no cost to the real side. In this paper, we argue that the lack of correlation between monetary autonomy and output variability is due to the proactive role of fiscal policy when faced with rigid monetary objectives.

  12. Central Bank Reform, Liberalization and Inflation in Transition Economies : An International Perspective

    NARCIS (Netherlands)

    Cukierman, A.; Miller, G.P.; Neyapti, B.

    2000-01-01

    This paper develops extensive new data on the legal independence of new central banks in 26 former socialist economies (FSE).This data is constructed using the codification system for measuring legal independence developed in Cukierman, Webb and Neyapti (1992) and in chapter 19 of Cukierman

  13. Strategic interaction between government and central bank in framework of cooperative and non-cooperative games

    NARCIS (Netherlands)

    Mahmoudinia, D.; Engwerda, Jacob; Esfahani, Rahim Dallali; Dastjerdi, R.B.; Fakhar, M.

    2016-01-01

    In this paper we analyzed the strategic interaction between government and central bank in Iranian economy. Using dynamic differential games and Nash equilibrium within cooperative and non-cooperative setting, we try to find the optimal values of debt, deficit and monetary base. The results of

  14. The importance and role of the Central Bank in the creation of a healthy monetary and investment policy

    Directory of Open Access Journals (Sweden)

    Šmigić-Miladinović Jasmina

    2016-01-01

    Full Text Available The paper's starting point is finding an answer to the question: What kind of monetary policy should be followed by the Central bank in new market circumstances? As a major monetary institution, the Central bank should provide credibility for its monetary policy, which is particularly important during a macroeconomic stabilisation. In order to choose the most appropriate monetary policy, its creators should be familiar with the monetary policy's effects on economic activities, first of all on investment activities and the period in which they may occur. The Central bank uses its special status and authorisations to control monetary trends, to keep and handle foreign exchange reserves, to keep banks' required reserves, to manage the country's debt, to be the final creditor of the banking system, to take care of the banking system's liquidity. That is why the Central bank has become important for the functioning of the whole financial market, and especially the monetary market. The Central bank has both direct and indirect influence on the most important events on financial markets, financial system, as well as a wider influence - on a country's whole economy. In order to envisage the financial market's impact on monetary and investment policies, one should begin with the Central bank's role on the financial market, and at the same time analyse the financial market's instruments and institutions.

  15. Interconnectedness between shadow and traditional banking systems in Europe

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    Popović Svetlana

    2017-01-01

    Full Text Available The financial crisis that emerged in the US quickly spread across Europe, causing a severe banking and sovereign debt crisis. That revealed the importance of short-term financing for traditional banks, which increased their exposure to the financial conditions on the interbank market. Financial innovations, especially the securitization process led to the growing importance of different institutions within the shadow banking system - which undergo a credit, liquidity and maturity transformation, without accessing the central bank liquidity or other forms of guarantees. The European banks had an active role in the US securitization process, but also securitized the products from the European market. The authors used the available data from the ECB statistics on shadow bank entities, broadly and narrowly defined, in order to analyze the various measures of interconnectedness between the shadow and traditional banking systems. The analysis showed that non-regulated financial institutions pose severe systemic risks, not just because of their size, but also due to the strong web of interconnectedness with the regulated banking sector.

  16. Central bank independence and inflation in Africa: The role of financial systems and institutional quality

    Directory of Open Access Journals (Sweden)

    Abel Mawuko Agoba

    2017-12-01

    Full Text Available The study examines the effects of financial systems and the quality of political institutions on the effectiveness of central bank independence in achieving lower inflation. Drawing from the fiscal theory of price level (FTPL and political economy of macroeconomic policy (PEMP literature; we estimate a panel regression model, using Two Stage Least Squares instrumental variables procedure, on a sample of 48 African countries over the period 1970–2012. The study finds that central bank independence-inflation nexus is dependent on the model, sample and estimation technique used. After accounting for various control variables and introducing inflation targeting as an additional explanatory variable, the study shows that, unlike in developed countries, CBI is not sufficient in achieving lower inflation in Africa and the developing world. However, common to developed, developing and African countries, is that, higher central bank independence is more effective in lowering inflation in the presence of high levels of banking sector development and institutional quality. The findings of the study also show that while stock market development enhances the effectiveness of CBI in developed and developing countries, it has no significant effect on CBI effectiveness in Africa.

  17. The Penetration of Foreign Capital into the Banking Sector in Central and Eastern Europe’s Countries

    Directory of Open Access Journals (Sweden)

    Ramona Mariana CALINICA

    2014-08-01

    Full Text Available The purpose of this paper is to analyze the degree of the penetration of foreign banks in the banking system of some countries in Central and Eastern Europe, with special reference to Romania. This is done using two significant indicators, such as: the share of foreign banks in the total of the banks in a country and the share of foreign bank assets in the total bank assets in a country. It will also analyze the global character of the activity of foreign banks in Romania and their international character, with the focus on how these two aspects have evolved over time. This will be achieved by analyzing the indicator: FOREIGN claims of BIS reporting banks towards Romania.

  18. Central bank interest rate decisions, household indebtedness, and psychiatric morbidity and distress: Evidence from the UK.

    Science.gov (United States)

    Boyce, Christopher J; Delaney, Liam; Ferguson, Eamonn; Wood, Alex M

    2018-07-01

    Central banks set economy-wide interest rates to meet exclusively economic objectives. There is a strong link between indebtedness and psychiatric morbidity at the individual level, with interest rates being an important factor determining ability to repay debt. However, no prior research has explored whether central bank interest rate changes directly influence mental health, nor whether this varies by levels of indebtedness. We use British data (N = 93,255) to explore whether the Bank of England base-rate affected how perceived burden of non-mortgage debt (low, medium, and high) influenced psychiatric morbidity. Psychiatric morbidity was measured using the General Health Questionnaire (GHQ-12). Our primary outcome measure was a binary indicator of "psychiatric caseness" (>3 on a 0-12 scale). We also used the GHQ-12 as a continuous measure of distress. When interest rates are high (low) there is an increased (decreased) risk of psychiatric morbidity only among those with a high debt burden (b = 0.026, p =  0.02). This result was robust to alternative explanations. Thus a 1 percentage point base-rate increase is associated with a 2.6% increase that someone with a high debt burden will experience psychiatric morbidity. Our study uses subjective indicators of debt burden. We were unable to determine the mechanism behind our effect. Changes in central bank interest rates to meet economic objectives pose a threat to mental health. Mental health support is needed for those in debt and central banks may need to consider how their decisions influence population mental health. Copyright © 2018. Published by Elsevier B.V.

  19. Challenges of the Central Banks in the Post Crisis Period when Needed to Ensure the Financial Stability

    Directory of Open Access Journals (Sweden)

    Anisoara Niculina APETRI

    2016-09-01

    Full Text Available The concerns of the European and domestic monetary authorities to reform the current regulatory but also supervisory framework became our main reason to achieve this scientific approach. The international financial crisis has generated important dysfunctions at the level of the main activity of central banks but also at the level of the objectives that these banks should meet. Thereby, if most central banks have normally pursued the objective clearly stated in their mandate as "price stability", nowadays they are trying to achieve the "financial stability". Thus the main objective of this study particularly concerns: highlighting the role of central banks in ensuring the financial stability; and analyzing the challenges of the central banks after the financial crisis.

  20. L'autonomia della banca Centrale in Italia e in Europa. (Central bank independence in Italy and in Europe

    Directory of Open Access Journals (Sweden)

    A. JOZZO

    2013-12-01

    Full Text Available I problemi che riguardano il rapporto tra le autorità monetarie ,del potere  esecutivo e potere legislativo è attualmente al centro di un dibattito politico ed economico , sia a livello nazionale che a livello europeo . A livello europeo il progresso dell'integrazione economica e monetaria solleva la questione dell'autonomia delle autorità monetarie responsabili della gestione valutaria . A livello nazionale la necessità di migliorare l'economia in Italia e ridurre l'inflazione spiega la proposta di aumentare l'indipendenza della Banca d' Italia  rispetto al Tesoro . Questi due aspetti sono tuttavia interdipendenti . Il presente lavoro fa riferimento al dibattito del dopoguerra che ha avuto luogo in Germania per quanto riguarda la ricostruzione di una banca centrale , al fine di analizzare il presente questione dell'indipendenza della banca centrale in Italia e in Europa The problems concerning the relationship between monetary authorities, executive and legislative powers is currently at the centre of a political and economic debate, both at the national and at the European level. At the European level the progress of economic and monetary integration raises the issue of the autonomy of monetary authorities in charge of currency management. At the national level the need to improve Italy’s economy and reduce inflation explains the proposal to increase the Bank of Italy’s independence with respect to the Treasury. These two aspects are, however, interdependent. The present work makes reference to the post-war debate that took place in Germany regarding the reconstruction of a central bank, in order to analyse the present issue of central bank independence in Italy and Europe.JEL: E58, F36

  1. Should cryptocurrencies be included in the portfolio of international reserves held by central banks?

    Directory of Open Access Journals (Sweden)

    Winston Moore

    2016-12-01

    Full Text Available In most countries, the central bank is required to hold reserve assets as a means of providing credibility for the value of the fiat currency. These assets can be in the form of gold, foreign exchange or some other internationally recognised reserve asset and are held to permit the country to engage in international transactions. Within recent years, cryptocurrencies have been increasingly utilised for international transactions, and it is possible that the use of these cryptocurrencies might expand in the future. This paper therefore examines the potential role of digital currency balances as part of the portfolio of external assets held by a central bank. Using the case of Barbados, the paper also provides a simulation of the effect holding some proportion of their asset-base would have had on the stability of the foreign reserves as well as the return on the portfolio of assets.

  2. Does the central bank directly respond to output and 
inflation uncertainties in Turkey?

    Directory of Open Access Journals (Sweden)

    Pelin Öge Güney

    2016-06-01

    Full Text Available This paper investigates the role of inflation and output uncertainties on monetary policy rules in Turkey for the period 2002:01–2014:02. In the literature it is suggested that uncertainty is a key element in monetary policy, hence empirical models of monetary policy should regard to uncertainty. In this study, we estimate a forward-looking monetary reaction function of the Central Bank of the Republic of Turkey (CBRT. In addition to inflation and output gap variables, our reaction function also includes both the inflation and output growth uncertainties. Our results suggest that the Central Bank of the Republic of Turkey (CBRT concerns with mainly price stability and significantly responds to inflation and growth uncertainties.

  3. Inflation, unemployment and the Central Bank: Themes for a critical reappraisal

    Directory of Open Access Journals (Sweden)

    P. SYLOS LABINI

    2013-10-01

    Full Text Available Two propositions are discussed, the first to be attributed to the monetarists (“the variations of the monetary base determine those of prices”, the second to certain Keynesian economists (“the variations of prices ultimately depend on the rate of unemployment”. The author argues that both propositions are wrong. As for the former, it is maintained that inflationary impulses do not originate from the quantity of money but from the activity of firms, which, however, can be influenced by the policy of the central bank. As for the latter, the rate of unemployment appears to be only one of several variables affecting the behaviour of wages and prices. A critical reappraisal of the explanation of inflation is now particularly important since the European Central Bank will become operative at the beginning of the next year.  

  4. Does Central Bank Quality Determine Sovereign Ratings and Credit Default Swap Spreads: Evidence from the World?

    Directory of Open Access Journals (Sweden)

    Ramlall Indranarain

    2016-09-01

    Full Text Available This study innovates from prior research which focuses on the determinants of sovereign ratings and credit default swap spreads for a large sample of countries by incorporating the quality of central banks, let alone refined proxies. Findings show that the explanatory power of both sovereign ratings and CDS spreads model improve by a hefty 11 percent in case of sovereign ratings and 6 to 9 percent in the case of CDS spreads when central bank quality is incorporated. Such a finding bolters the notion that institutional quality does play a preponderant role when it comes to assessing country risk, making it a systematic component of institutional quality. The effect of labour participation implies that countries buffeted by stronger effects of an ageing population have greater propensity of increases in CDS spreads. Evidence is also found as to the driving dynamics of CDS spreads and sovereign ratings to be distinct. Our results hold robust post tackling for endogeneity problem.

  5. Fine-tuning Central Banks Web Communications: Usability Tests & Content Management

    OpenAIRE

    Christian A. Bolu; Rajiv Sharma; Rishi Malik

    2012-01-01

    Business processes especially in the Central Banks are more fully integrated and streamlined than ever before. Also, realistic system landscapes often consist of many systems. Disconnected silos of unstructured information continue to pile up for each organizational function and different interfaces are often implemented using the technology that is considered to be ideal for the respective interface. There appears to be lack of Enterprise Content Management strategy thus leading to significa...

  6. Central banks should communicate their interventions in the foreign exchange market

    OpenAIRE

    Menkhoff, Lukas; Stöhr, Tobias

    2017-01-01

    Central banks frequently intervene in foreign exchange markets. Using recognized criteria this report analyzes the probability of success in a data set of 4,500 intervention episodes in 33 countries. It is important to differentiate among exchange rate regimes because each focuses on a different goal. While flexible exchange rate regimes intervene less frequently and seek to influence trends, other regimes target exchange rate stabilization by establishing a band within which the exchange rat...

  7. Bringing culture back in: A neo-Durkheimian perspective on central banking

    Directory of Open Access Journals (Sweden)

    Carlo Tognato

    2008-06-01

    Full Text Available In the course of the past few decades, independent central banks have been regarded as one of the purest institutional distillates of modern rationality. Occasionally, however, and quite paradoxically, religious metaphors and narratives percolate into the monetary sphere and transform it. The purpose of this paper is to discuss whether a Durkheimian reading of monetary affairs is analytically suitable, to what extent it is so, and what implications it may have upon monetary studies.

  8. Central banks' use in East Asia of money market instruments in the conduct of monetary policy

    OpenAIRE

    Robert F. Emery

    1992-01-01

    The paper examines the greater use in the past decade of money market instruments in the conduct of monetary policy by the central banks, or their equivalent, in six of the main East Asian developing economies. Some of these economies have been successful in using various money market instruments to control liquidity, while others have been much less successful. A common theme in the case of the successful economies has been one of employing money market instruments that have yields based on ...

  9. Demand for Reserves and the Central Bank's Management of Interest Rates

    OpenAIRE

    Martin Schlegel; Sébastien Kraenzlin

    2009-01-01

    The implementation of monetary policy is prevalently done by interest rate targeting with a short term market rate serving as operational target. The instruments for achieving the operational target are the provision of reserves and the interest rate charged in these transactions. This paper presents a model for the estimation of the demand curve for reserves, derived from the central bank's fixed rate tender auction and the interbank money market. Using data from Switzerland, the slope of th...

  10. The function of central bank's communication: From dogma to argumentation in the virtual times

    Directory of Open Access Journals (Sweden)

    Drvendžija Jelena

    2014-01-01

    Full Text Available Communication is one of the important instruments for conducting a central bank's policy. The recent financial crisis and the development of communication technology have made central banks face some new challenges: communication with the market versus communication with political stakeholders; transferring the message versus participating in the public discourse; and balancing between short-term and long-term focus. The significance of a consistent message has remained the same, but the context in which a message is sent and received has drastically changed, having resulted in non-homogenous target groups, versatile communication genres, and the public discourse media unused so far. Today, a central bank communicates beyond the narrow circle of economic experts, and against the constant attempts at simplification and exaggeration for the purpose of making things look spectacular. The fact that communication takes place in a multi-lingual context adds to the complexity of communication. The debate on essential issues has to be anticipated; arguments and key messages have to be conveyed in a clear, consistent and responsible manner, resorting to the new potential granted by modern means of communication.

  11. Management of Risks to Financial Stability from the Perspective of a Central Bank

    Directory of Open Access Journals (Sweden)

    Gabriela Lățea

    2016-11-01

    Full Text Available This article investigates the main issues pertaining to a central bank’s concerns relative to financial stability, as seen from the perspective of risks, sources and key ways of action. At macroeconomic level, central banks need to identify and monitor the risk that market operators face payment default towards local entities (companies, households, government and/or foreign creditors. Moreover, central banks entrusted with supervisory and licensing tasks are also carefully examining the various risks threatening banks, be they credit risk, liquidity risk, market risk, or risks associated with exposure concentration and distribution. On financial markets, prices, profit margins, interest rates, net exposure to certain financial instruments must be monitored to be able to identify build - ups of risks, stress and significant drawbacks to its adequate functioning. Adding to these is the Contingent Claims Analysis (CCA1, which involves oversight and assessment of risks in various sectors as well as of the needs to counter them, by drawing on the real market data to identify the probability of default in one sector or another and the impact on other sectors in an integrated manner.

  12. banks

    Directory of Open Access Journals (Sweden)

    Elena Grigoryeva

    2016-11-01

    The thaw period was a kind of bank from which our country set sail towards unexplored horizons. The series on the Moscow Palace of Young Pioneers is continued by the article by Felix Novikov (144-151, who writes about the history of the design of this wonderful building, today’s monument of architecture of Soviet modernism.

  13. Banca centrale e innovazione finanziaria. Una rassegna della letteratura recente (Central Banking and Financial Innovation: A Survey of the Modern Literature

    Directory of Open Access Journals (Sweden)

    Jan Marc Berk

    2002-12-01

    Full Text Available I review the literature regarding the impact of financial innovation on the monetary transmission mechanism and on the way the central bank can achieve its ultimate goal, that is to control the price level. We argue that, although the form of central bank instruments and current methods for implementing monetary policy may change, the goals that the policy makers try to achieve by employing these instruments remain valid, and achievable.

  14. The adaptation of monetary policy to the constraints of the global financial crisis by central banks of ASEAN-5 countries

    Directory of Open Access Journals (Sweden)

    Sorina BOTIŞ

    2015-12-01

    Full Text Available Global financial crisis represented an important test for central banks, generating multiple challenges that gave rise to both expanding their monetary policy tools and redefining its role in the financial system. The present work aims to identify the characteristics of the monetary policy by the central banks of the five countries belonging to ASEAN-5 Group(Indonesia, Malaysia, the Philippines, Singapore and Thailand, during and after the outbreak of the international financial crisis. For this purpose we carried out a comparative analysis between the five central bank s belonging to the Group, both in terms of the challenges of the monetary policy and the type of measures taken in response to the first. The analysis shows that central banks have different levels of responsibilities, corresponding to the internal economic and financial realities, and also different ways of adaptation and adjustment of their monetary policy.

  15. Puumala hantavirus infections in bank vole populations: host and virus dynamics in Central Europe.

    Science.gov (United States)

    Reil, Daniela; Rosenfeld, Ulrike M; Imholt, Christian; Schmidt, Sabrina; Ulrich, Rainer G; Eccard, Jana A; Jacob, Jens

    2017-02-28

    In Europe, bank voles (Myodes glareolus) are widely distributed and can transmit Puumala virus (PUUV) to humans, which causes a mild to moderate form of haemorrhagic fever with renal syndrome, called nephropathia epidemica. Uncovering the link between host and virus dynamics can help to prevent human PUUV infections in the future. Bank voles were live trapped three times a year in 2010-2013 in three woodland plots in each of four regions in Germany. Bank vole population density was estimated and blood samples collected to detect PUUV specific antibodies. We demonstrated that fluctuation of PUUV seroprevalence is dependent not only on multi-annual but also on seasonal dynamics of rodent host abundance. Moreover, PUUV infection might affect host fitness, because seropositive individuals survived better from spring to summer than uninfected bank voles. Individual space use was independent of PUUV infections. Our study provides robust estimations of relevant patterns and processes of the dynamics of PUUV and its rodent host in Central Europe, which are highly important for the future development of predictive models for human hantavirus infection risk.

  16. The Single Supervisory Mechanism: the Building Pillar of the European Banking Union

    Directory of Open Access Journals (Sweden)

    Luigi Chiarella

    2016-07-01

    Full Text Available One of the lessons learned from the 2008 financial crisis is that when a bank in Europe goes into trouble the ensuing effects can reach far beyond the immediate threat to its depositors and shareholders. In particular, the crisis has revealed the extent to which irresponsible behavior in the banking sector could undermine the foundations of the financial system and threaten the real economy, turning a banking crisis into a sovereign debt crisis as occurred in the eurozone in 2011. In response to this lesson, Member States first tried to address the systemic fragility of their banking systems through national policy tools, but countries that share a common currency and are more interdependent required more integrated responses. Therefore, at the euro area summit in June 2012, the European Council agreed to break the vicious circle between banks and sovereign debt and decided to create a banking union that would allow a centralized supervision for banks in the euro area through a newly established Single Supervisory Mechanism (SSM and a centralized resolution scheme. The SSM became operational in November 2014 and represents the building pillar of the banking union. The purpose of this paper is then to provide, after a brief description of the background (Par. 1, an analysis of the Single Supervisory Mechanism, illustrating its functioning (Par. 2, then focusing on the position and the powers of the ECB within it (Par. 3 and finally pointing out some remarks on the potential weaknesses of the new regime (Par. 4.

  17. The central bank issuing policy and Fisher´s equation of exchange

    Directory of Open Access Journals (Sweden)

    Richard Pospíšil

    2013-05-01

    Full Text Available The issue of money and establishing interest rates are the main activities of central banks. Through this, the banks immediately influence the behaviour of households, companies, financial markets and the state with the impact on real outcome, employment and prices. When monitoring the issue of money, it is necessary to focus not only on its volume, but also on the attributes and functions carried by money. Among the first economists who considered the quality monetary aspect were J. Locke, D. Hume, D. Ricardo and others. The founders of modern monetarism of the 20th century were I. Fisher and M. Friedman. Fisher was the first to define the equation of monetary equilibrium in the present-day form. The objective of the paper is to point out different approaches to the equation and its modifications and different meanings of its variables. As regards the monetary aggregate M – Money – the paper also deals with the denomination of the aggregate to its various elements, which is significant for fulfilling monetary policy targets. This approach is very important especially at present in the time of crisis when central banks are performing their policy considering contradictory targets of price stability and economic growth.

  18. Central bank policy under significant balance-of-payment shocks and structural shifts

    Directory of Open Access Journals (Sweden)

    Andrey Sinyakov

    2016-09-01

    Full Text Available In this paper, we analyze a number of monetary and FX policy alternatives using the model of a small open oil-exporting economy hit by severe balance-of-payment shocks, such as those that simultaneously affected the Russian economy in 2014–2015. For our purposes, we modify Romer's (2013 IS-MP general equilibrium model by adding a structure similar to the Russian economy (tradables and oil vs. non-tradables. In the model, we consider an optimal policy mix that includes a floating exchange rate, FX liquidity provision by a central bank and temporary tightening of monetary policy. The flexible exchange rate works as a shock absorber, helping restore aggregate demand and domestic production. If inflation expectations are not anchored, contractionary monetary policy helps to stabilize them. Financial stability risks are addressed by lending FX liquidity to the banking sector.

  19. Exchange Rate Determination: A Model of the Decisive Role of Central Bank Cooperation and Conflict

    OpenAIRE

    Robin Pope; Reinhard Selten; Sebastian Kube; Johannes Kaiser; Jürgen von Hagen

    2007-01-01

    Opinion is divided on whether it is better to have a single world  money or variable exchange rates.  Pope, Selten and von Hagen (2003)  propose that fresh light would be shed via an analysis that allows  for seven complexity impacts on the exchange rate that are  underplayed (where not entirely absent) from current analyses: 1) the  role of official sector, including its central bank; 2) the numerous  official and private sector goals; 3) the disparate degrees of market  power of dif...

  20. Central Bank Communication Affects the Term-Structure of Interest Rates

    Directory of Open Access Journals (Sweden)

    Fernando Chague

    2015-06-01

    Full Text Available We empirically analyze how the Brazilian Central Bank (BCB communication affects the term structure of future interest rates. Using principal components analysis, we construct a measure of the Monetary Policy Committee Minutes content that reflects policy makers optimism about the economic conditions. We call this measure the Optimism Factor (OF. When policy makers are more optimistic, reflected by increments in the OF, markets expectations respond and long-term future interest rates drop. Furthermore, when policy makers are pessimistic, reflected by a decrease in the OF, volatility on future interest rates increases. Our result indicates that policy maker communication has an effective impact on market expectations.

  1. The Effect of Central Bank Policy Decisions on Stock Market Returns in Chile

    Directory of Open Access Journals (Sweden)

    Andrés A. Acuña

    2015-06-01

    Full Text Available This paper analyzes the stock-market response to monetary policy decisions made by the Central Bank of Chile.  We use a methodology designed for the study of low frequency events and monthly data from September 2001 to December 2013 to estimate the effect of anticipated and unanticipated changes in the Chilean monetary policy interest rate on stock returns.  In contrast to the research findings in the literature for the U.S., we find no evidence that monetary surprises affect Chilean stock returns.

  2. Modeling of the interest rate policy of the central bank of Russia

    Science.gov (United States)

    Shelomentsev, A. G.; Berg, D. B.; Detkov, A. A.; Rylova, A. P.

    2017-11-01

    This paper investigates interactions among money supply, exchange rates, inflation, and nominal interest rates, which are regulating parameters of the Central bank policy. The study is based on the data received from Russian source in 2002-2016. The major findings are 1) the interest rate demonstrates almost no relation with inflation; 2) ties of money supply and the nominal interest rate are strong; 3) money supply and inflation show meaningful relations only in comparison to their growth rates. We have developed a dynamic model, which can be used in forecasting of macroeconomic processes.

  3. El Niño effects on soil seed bank dynamics in north-central Chile.

    Science.gov (United States)

    Gutiérrez, Julio R; Meserve, Peter L

    2003-03-01

    The soil seed bank was monitored in four 75x75 m plots over 6 years (1990-1995) in an arid thorn scrub community in north-central Chile. Sixty-six species were identified. Total seed densities ranged from 2,000 to 42,000/m(2). Average mass of shrub seeds was significantly greater than that of other growth-forms. Between 70 and 90% of the seeds were less than 1 mg, with those in the 0.51-1.00 mg size class being most numerous. Seed densities were highly variable between years as well as within years, but were also closely associated with plant cover patterns and rainfall regime. Higher seed densities were found in wet years, and in samples taken in early summer and early autumn (i.e., after seed set); the lowest seed densities were in late winter (i.e., after annual plant germination). The annual plant species with the highest cover were also the most abundant in the soil seed bank and exhibited the largest seed density fluctuations. In general, seed densities were 5- to 10-fold higher during the 1991-1992 El Niño/southern oscillation (ENSO) years than non-ENSO years, showing the importance of this phenomenon for seed bank replenishment in the arid region of Chile.

  4. The effect of monetary policy of Central Bank on activities of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hossein Vazifehdust

    2013-08-01

    Full Text Available This paper examines the relationship between monetary policy and activity of the Tehran Stock Exchange. The statistical population of the research consists of all companies listed in Tehran Stock Exchange and central bank monetary policy variables including time series generated by the central bank seasonally. For the purpose of data analysis, econometric autoregressive system models, and two-stage ADF regression with unit roots test, co-integration and reliability were used to determine level of effect and type of effect of the four components of monetary policy on exchange activity. The results of this study show that there is a strong relation between share price index and monetary policy variables and between monetary policy variables and trading volume. However, the relation between monetary policy variables and cash yield index was not so strong, but monetary policy variables’ effect on stock exchange activity was acceptable considering strong relation between the two first variables. It is suggested that if this work is done using non-linear models, it will yield better results.

  5. Have European Banks Actually Changed Since the Start of the Crisis?

    NARCIS (Netherlands)

    Bertay, A.C.; Huizinga, Harry

    This paper documents trends in key bank variables over the 2003-2013 period for the set of banks that the ECB directly supervises as of January 30, 2015. This time period enables us to see how the crisis has affected the banks, and also how they have changed since the crisis. A range of variables is

  6. Il cambio dollaro/euro, il prezzo del petrolio e la Banca Centrale Europea (Dollar/Euro Exchange Rate, Oil Price and the European Central Bank

    Directory of Open Access Journals (Sweden)

    Stefano Sylos Labini

    2000-09-01

    Full Text Available In this paper an analysis on dollar/euro exchange rate, oil price and European Central Bank monetary policy is worked out. Firstly, data on the main variables related with the exchange rate and an equation to explain the variation of the exchange rate in the period March 1998-September 2000 are presented; secondly, the consequences of oil price growth and eurodevaluation on the US and European economies are taken into account; lastly, different policy strategies to stop eurodevaluation are discussed. The European Central Bank strategy, that consists of small increases of the interest rate, is not reaching any result. An alternative strategy is based on innovative public demand, that should be financed by European bonds using "central bank excess funds" as security. Public demand of infrastructures and new technologies should aim at reducing oil dependence and would stimulate growth and sustainable development in Europe, with positive effects on the exchange rate.

  7. The Importance of Being Vigilant: Has ECB Communication Influenced Euro Area Inflation Expectations?

    OpenAIRE

    David-Jan Jansen; Jakob de Haan

    2007-01-01

    Using daily data on inflation-indexed bonds, we find evidence of a negative relationship between ECB communication regarding risks to price stability - measured on the basis of the frequency and strength of the keyword ‘vigilance’ - and changes in euro area break-even inflation. However, this result is only found for the second half of 2005. At that time, the start of a tightening of ECB monetary policy was increasingly likely. This suggests that communication should be closely in line wi...

  8. Preferences of the central bank of Brazil under the inflation targeting regime: commitment vs. discretion

    Directory of Open Access Journals (Sweden)

    Andreza Aparecida Palma

    2011-12-01

    Full Text Available This work aims to estimate the preferences of the Central Bank of Brazil during the inflation targeting regime, using a standard new keynesian model with forward-looking expectations, as proposed by Givens (2010. The presence of rational expectations in the model makes a distinction between two modes of optimization, commitment and discretion, and thus allows us to evaluate which of these specifications is favored by the data. Using quarterly data for the period from 2000-1 to 2010-4, the obtained results allow us to affirm that the data favor a discretionary policy. Estimates of the loss function show that the monetary authority gives great weight to inflation stabilization, followed by interest rate smoothing and stabilization of the output gap.

  9. Recharge estimation in semi-arid karst catchments: Central West Bank, Palestine

    Science.gov (United States)

    Jebreen, Hassan; Wohnlich, Stefan; Wisotzky, Frank; Banning, Andre; Niedermayr, Andrea; Ghanem, Marwan

    2018-03-01

    Knowledge of groundwater recharge constitutes a valuable tool for sustainable management in karst systems. In this respect, a quantitative evaluation of groundwater recharge can be considered a pre-requisite for the optimal operation of groundwater resources systems, particular for semi-arid areas. This paper demonstrates the processes affecting recharge in Palestine aquifers. The Central Western Catchment is one of the main water supply sources in the West Bank. Quantification of potential recharge rates are estimated using chloride mass balance (CMB) and empirical recharge equations over the catchment. The results showing the spatialized recharge rate, which ranges from 111-216 mm/year, representing 19-37% of the long-term mean annual rainfall. Using Water Balance models and climatological data (e. g. solar radiation, monthly temperature, average monthly relative humidity and precipitation), actual evapotranspiration (AET) is estimated. The mean annual actual evapotranspiration was about 66-70% of precipitation.

  10. Are the Intraday Effects of Central Bank Intervention on Exchange Rate Spreads Asymmetric and State Dependent?

    DEFF Research Database (Denmark)

    Fatum, Rasmus; Pedersen, Jesper; Sørensen, Peter Norman

    This paper investigates the intraday effects of unannounced foreign exchange intervention on bid-ask exchange rate spreads using official intraday intervention data provided by the Danish central bank. Our starting point is a simple theoretical model of the bid-ask spread which we use to formulate...... exert a significant influence on the exchange rate spread, but in opposite directions: intervention purchases of the smaller currency, on average, reduce the spread while intervention sales, on average, increase the spread. We also show that intervention only affects the exchange rate spread when...... the state of the market is not abnormally volatile. Our results are consistent with the notion that illiquidity arises when traders fear speculative pressure against the smaller currency and confirms the asymmetry hypothesis of our theoretical model....

  11. Plasma selenium levels in healthy blood bank donors in the central-eastern part of Belgium.

    Science.gov (United States)

    Van Cauwenbergh, Rudy; Robberecht, Harry; Van Vlaslaer, Veerle; De Smet, Annie; Emonds, Marie-Paule; Hermans, Nina

    2007-01-01

    Graphite furnace atomic absorption spectrometry, with Zeeman background correction and after improved matrix modification, was used to measure the plasma selenium content of healthy blood bank donors in the central part of Belgium. The mean plasma selenium concentration of 80 men and 80 women was 79.7+/-4.4ng/mL with a range of 55.0-117.4ng/mL. There was no gender difference observed. Plasma selenium level was significantly highest for the adult group, aged 45-64 years, compared to the others, except the young adults (18-24 years). The mean plasma selenium concentration measured corresponded well with literature data for Belgium. The obtained values were found to be in the medium range, compared with recent literature values for the European countries.

  12. Compliance with the guidelines of prescription writing in a central hospital in the West Bank.

    Science.gov (United States)

    Tayem, Y I; Ibrahim, M A; Qubaja, M M; Shraim, R K; Taha, O B; Abu Shkhedem, E

    2013-09-01

    This retrospective, cross-sectional study was carried out to evaluate the quality of 2208 outpatient prescriptions in a central hospital in the West Bank, Palestine. The physicians' handwriting was poorly readable or illegible in one-third of the prescriptions. The prescriber's name and signature and patient's name were mentioned in almost all orders whereas the patient's age was stated in 54.9%. The vast majority of physicians (95.5%) prescribed drugs using their trade (brand) names. Drug strength, quantity and dose/frequency were stated in 61.1%, 76% and 73.8% of prescriptions respectively. Only 33 prescriptions (1.5%) contained full directions for use for all drugs. Correlation analysis revealed that the presence of certain prescription elements was statistically significantly associated with the clinic of origin and the number of drugs prescribed. The overall poor legibility and incompleteness of the prescriptions is of concern.

  13. Are Central Banks in CEE Countries Concerned about the Burden of Public Debt?

    Directory of Open Access Journals (Sweden)

    Mackiewicz-Łyziak Joanna

    2017-03-01

    Full Text Available The aim of this study is to analyze the monetary policy rules in the Czech Republic, Hungary and Poland, with public debt as an additional explanatory variable. We estimate linear rules by the GMM estimation and non-linear rules, using the Markov-switching model. Our findings suggest that in the Czech Republic and Poland the monetary authorities respond to growing public debt by lowering interest rates, while in Hungary the opposite may be observed. Moreover, we distinguish between passive and active monetary policy regimes and find that the degree of interest rate smoothing is lower and the response of the central banks to inflation and/or output gap is stronger in an active regime. In the passive regime, the output gap seems to be statistically insignificant.

  14. How Far Ahead Does the Central Bank of the Republic of Turkey Look?1

    Directory of Open Access Journals (Sweden)

    Bulut Umit

    2016-01-01

    Full Text Available In monetary economics literature, there is an agreement that monetary policy has a lagged effect on inflation. As a result of this agreement, monetary policy reaction functions that include expected inflation, instead of current or lagged inflation, are established. On the other hand, there is uncertainty about how much time monetary policy needs to affect inflation. The purpose of this paper is to estimate empirically how far ahead the Central Bank of the Republic of Turkey looks. In other words, the paper examines whether the CBRT takes into consideration 12-month ahead inflation expectations or 24-month ahead inflation expectations while steering interest rates. According to the results of the paper, the CBRT considers 12-month ahead inflation expectations while steering interest rates.

  15. Availability of high-magnitude streamflow for groundwater banking in the Central Valley, California

    Science.gov (United States)

    Kocis, Tiffany N.; Dahlke, Helen E.

    2017-08-01

    California’s climate is characterized by the largest precipitation and streamflow variability observed within the conterminous US This, combined with chronic groundwater overdraft of 0.6-3.5 km3 yr-1, creates the need to identify additional surface water sources available for groundwater recharge using methods such as agricultural groundwater banking, aquifer storage and recovery, and spreading basins. High-magnitude streamflow, i.e. flow above the 90th percentile, that exceeds environmental flow requirements and current surface water allocations under California water rights, could be a viable source of surface water for groundwater banking. Here, we present a comprehensive analysis of the magnitude, frequency, duration and timing of high-magnitude streamflow (HMF) for 93 stream gauges covering the Sacramento, San Joaquin and Tulare basins in California. The results show that in an average year with HMF approximately 3.2 km3 of high-magnitude flow is exported from the entire Central Valley to the Sacramento-San Joaquin Delta often at times when environmental flow requirements of the Delta and major rivers are exceeded. High-magnitude flow occurs, on average, during 7 and 4.7 out of 10 years in the Sacramento River and the San Joaquin-Tulare Basins, respectively, from just a few storm events (5-7 1-day peak events) lasting for 25-30 days between November and April. The results suggest that there is sufficient unmanaged surface water physically available to mitigate long-term groundwater overdraft in the Central Valley.

  16. Towards sustainable groundwater management in Karst aquifers in semi-arid environments: Central West Bank, Palestine

    Science.gov (United States)

    Jebreen, H.; Banning, A.; Wohnlich, S.

    2017-12-01

    The Central West Bank (CWB) is characterized by karstified carbonate aquifers in the semiarid climate zone, where groundwater resources are frequently threatened by overexploitation and pollution. Despite often limited system knowledge, quantitative and qualitative factors such as groundwater recharge rate, aquifer parameters, flow and transport dynamics, anthropogenic impacts, and groundwater vulnerability need to be assessed. Therefore, sustainable groundwater use in the CWB is of critical importance. In the present study, we explore the scale of the groundwater problems in CWB as well as the possibility of sustainable management through different scenarios: 1) Managed aquifer recharge using a water balance model, stable isotopes (2H & 18O) and chloride mass balance, 2) Geochemical evolution and renewability of groundwater, and 3) Anthropogenic impacts. A total of 20 spring water samples were collected and analyzed for pH, electrical conductivity, total dissolved solids (TDS), hardness, major-ion chemistry (Cl-, HCO3-, SO42-, Na+, K+, Ca2+ and Mg2+), trace elements (Li, Be, Al, Ba, Tl, Pb, Bi, V, Cr, Mn, Fe, Co, Ni, Cu, Zn, Ga, Rb, Sr, Mo, Ag and Cd), microbiological data (total and fecal coliforms bacteria), and stable isotopes (2H & 18O). The results show a spatialized recharge rate, which ranges from 111-211 mm/year, representing 17-33 % of the long-term mean annual rainfall. The mean annual actual evapotranspiration was about 19-37 % of precipitation. The chemical composition of groundwater of the study area is strongly influenced by rock-water interaction, dissolution and deposition of carbonate and silicate minerals. Stable isotopes show that precipitation is the source of recharge to the groundwater system. All analyzed spring waters are suitable for irrigation but not for drinking purposes. This studýs results can serve as a basis for decision makers, and will lead to an increased understanding of the sustainable management of the Central West Bank

  17. Earnings management: estudo de caso do Banco Nacional Earnings management: Central Bank's case study

    Directory of Open Access Journals (Sweden)

    César Medeiros Cupertino

    2006-08-01

    Full Text Available Este artigo promove um estudo de caso de uma das maiores instituições financeiras brasileiras da década de 90: o Banco Nacional S.A. (BNSA. O BNSA teve sua intervenção decretada pelo Banco Central do Brasil em 1995, após ser identificada a existência de ativos insolventes, originados por gerenciamento fraudulento dos lucros da entidade. O estudo visa investigar a gestão fraudulenta de lucros do Banco Nacional S.A., tanto nos seus aspectos motivadores, quanto em relação aos seus efeitos na composição patrimonial da entidade. A abordagem metodológica contempla: (i pesquisa explicativa, quanto aos objetivos do estudo; (ii estudo de caso, quanto aos procedimentos aplicados e (iii pesquisa qualitativa, quanto à abordagem do problema. Constatou-se que pode haver interesses inconciliáveis entre o agente e o principal, conforme disciplinado pela teoria da agência. O artigo, ainda, ressalta a importância do conhecimento dos dados financeiros na identificação dos fatos de interesse, dos ajustes pertinentes e da correta evidenciação da situação patrimonial da entidade.This paper features a case study of one of the main Brazilian banks of the 90's: Banco Nacional S/A (BNSA. The bank had its intervention decreed by Central Bank of Brazil in 1995, after the existence of insolvent assets, originated by fraudulent earnings management, were identified. The study aims to investigate the fraudulent earnings management of BNSA, both in motivational aspects and in relation of the effects in its balance sheet structure. The methodological approach of the study encompasses: (i an explanatory research, regarding the intended aim of the study; (ii case study, regarding the applied procedures; and (iii a qualitative research, regarding the approach to the problem. It was concluded that irreconcilable conflicts of interest might occur between the agent and the principal, according to the Agency Theory. The paper also emphasizes the importance of

  18. PENGARUH HUBUNGAN KERJA, PENGALAMAN KERJA DAN MOTIVASI KERJA TERHADAP KINERJA KARYAWAN BANK CENTRAL ASIA (BCA CABANG BOROBUDUR, MALANG

    Directory of Open Access Journals (Sweden)

    Laniwidyanti - -

    2012-05-01

    Full Text Available ABSTRACT   This study analyzed effects of working relationship, working experience and working motivation toward the employees’ performance in Bank Central Asia (BCA Branch of Borobudur Malang, either simultaneously or partially, as well as the dominant effect toward performance of the employees. This study was conducted in Bank Central Asia (BCA Branch of Borobudur Malang, including : KCP Lawang, KCP Singosari, KCP Blimbing, KCP Tumpang, with the number of sample 109 persons comprising of 17 managers and 92 employees to identify the effect of working relationship, working experience and working motivation toward the employees’ performance, therefore multiple regression analysis was applied. Results of the study concluded that : (1 The result of the study simultaneously indicated that the variables of the study, working relationship, working experience, and working motivation have significant effect toward the employees’ performance in Bank Central Asia (BCA Branch of Borobudur Malang, (2 The result of the study partially indicated that the respective variables including working relationship, working experience, and working motivation has significant effect toward the employees’ performance in Bank Central Asia (BCA Branch of Borobudur Malang. Among the variables, the dominant one is the variable of working motivation.   Keywords: working relationship, working experience, motivation

  19. CLO-PLA: a database of clonal and bud-bank traits of the Central European flora

    Czech Academy of Sciences Publication Activity Database

    Klimešová, Jitka; Danihelka, J.; Chrtek, Jindřich; de Bello, Francesco; Herben, Tomáš

    2017-01-01

    Roč. 98, č. 4 (2017), s. 1179 ISSN 0012-9658 R&D Projects: GA ČR GB14-36079G Institutional support: RVO:67985939 Keywords : Clonal traits * Central Europe * CLO-PLA database * bud-bank traits Subject RIV: EH - Ecology, Behaviour OBOR OECD: Ecology Impact factor: 4.809, year: 2016

  20. Identifying Central Bank Liquidity Super-Spreaders in Interbank Funds Networks (Replaced by CentER DP 2014-047)

    NARCIS (Netherlands)

    León, C.; Machado, C.; Sarmiento, M.

    2014-01-01

    Evidence suggests that the Colombian interbank funds market is an inhomogeneous and hierarchical network in which a few financial institutions fulfill the role of “super-spreaders” of central bank liquidity among market participants. Results concur with evidence from other interbank markets and

  1. THE DEVELOPMENT OF THE ACTIVITY OF BANKS WITH FOREIGN CAPITAL IN CENTRAL AND EASTERN EUROPE

    Directory of Open Access Journals (Sweden)

    RADULESCU MAGDALENA

    2014-05-01

    Full Text Available The privatization has as purpose to reestablish the functionality of a type of property under the public agreement. The privatization of banks brings both positive and beneficial aspects, but also some notions with a negative impact that influence the capital markets and banking system. Among the benefits we can include: the increase of the effectiveness and performance of the banking operations, the implementation of some effective structures that lead to the gradual integration of the banking system into the greatly developed economies, the improvement and perfecting of the bank services. In Romania, the privatization of banks started rather late and in some cases it turned up to be very difficult. Romanian banking system is dominated by the Austrian and Greek investors. The Romanian banking system is very concentrated, but the intermediation level is still lower than in other European or Eastern European countries.

  2. A virtual tissue bank for primary central nervous system lymphomas in immunocompetent individuals.

    Science.gov (United States)

    Ponzoni, Maurilio; Kwee, Ivo; Mazzucchelli, Luca; Ferreri, Andrés J M; Zucca, Emanuele; Doglioni, Claudio; Cavalli, Franco; Bertoni, Francesco

    2007-01-01

    Primary central nervous system lymphoma (PCNSL) is a rare form of extranodal non-Hodgkin's lymphoma with continuously increasing incidence in both immunosuppressed and immunocompetent individuals. PCNSL is a very aggressive tumor with a poor outcome, and its clinical outcome is much worse than for nodal lymphomas. Differently from lymphomas arising in lymph nodes or in other extranodal sites, the treatment of PCNSL remains very unsatisfactory. Current biologic knowledge of PCNSL is still limited and several fundamental questions remain to be answered. This is mainly due to the paucity of PCNSL material for adequate translational research. With the aim of providing biologic material to investigators interested in PCNSL, we have implemented a virtual tissue bank (VTB) for PCNSL in immunocompetent patients. After registration, the VTB is accessible via any web browser at www.ielsg.org. Only anonymous data are centralized at the website of the International Extranodal Lymphoma Study Group, whilst the pathologic material is maintained at the local pathology institutes. (c) 2007 S. Karger AG, Basel.

  3. Foreign bank entry and performance with a focus on Central and Eastern Europe

    NARCIS (Netherlands)

    Naaborg, I.

    2007-01-01

    Since the Fall of the Wall in 1989, large international banks have been opening branches in former Eastern Bloc countries with high expectations. Ilko Naaborg investigated how these banks function in eleven different countries. In 1995, on average, foreign banks made up about 25 percent of the total

  4. The external impacts of Central Bank independence Os impactos externos da independência dos Bancos Centrais

    Directory of Open Access Journals (Sweden)

    Carroll Howard Griffin

    2010-12-01

    Full Text Available The term "central bank independence" (or abbreviated, CBI can be broadly defined as the degree of freedom of the central bank to pursue monetary policy without interference from political considerations. The idea of central bank independence has been widely accepted over the last several decades by many countries around the world, both developed and developing. Since being first written about academically in the late 1980s, many countries have come to adopt this policy and many governments have come to recognize this as standard procedure. As such, many countries around the world granted autonomy to their central banks during the 1980s and 1990s. The majority of past studies have examined primarily the impact of central bank independence on inflation. however, the additional theoretical benefits are much more far reaching, the result of a more stable and prosperous macroeconomic environment. Additionally, there is only now sufficient data to empirically determine whether many of these claims are true. This study examines central bank independence in developing countries of Latin America and Asia as well as selected developed countries to determine what actual impact an autonomous central bank has had. It also examines such phenomena as financial crises (including the current global crisis of 2008-2009, inflation targeting, legal systems, country development and fiscal policy to determine the effects of these items on not only inflation, but the broad spectrum of macroeconomic outcomes. Although there is some empirical evidence to support the benefits of central bank independence, it is limited in scope to certain areas.O termo "independência do banco central" (ou IBC pode ser amplamente definido como o grau de liberdade que o banco central possui para seguir sua política monetária sem a interferência de considerações políticas. A ideia da independência do banco central foi aceita nas últimas décadas por muitos países ao redor do mundo

  5. Impact of financial liberalization on banking sectors performance from central and eastern European countries.

    Directory of Open Access Journals (Sweden)

    Alin Marius Andries

    Full Text Available In this paper we analyse the impact of financial liberalization and reforms on the banking performance in 17 countries from CEE for the period 2004-2008 using a two-stage empirical model that involves estimating bank performance in the first stage and assessing its determinants in the second one. From our analysis it results that banks from CEE countries with higher level of liberalization and openness are able to increase cost efficiency and eventually to offer cheaper services to clients. Banks from non-member EU countries are less cost efficient but experienced much higher total productivity growth level, and large sized banks are much more cost efficient than medium and small banks, while small sized banks show the highest growth in terms of productivity.

  6. Impact of Financial Liberalization on Banking Sectors Performance from Central and Eastern European Countries

    Science.gov (United States)

    Andries, Alin Marius; Capraru, Bogdan

    2013-01-01

    In this paper we analyse the impact of financial liberalization and reforms on the banking performance in 17 countries from CEE for the period 2004–2008 using a two-stage empirical model that involves estimating bank performance in the first stage and assessing its determinants in the second one. From our analysis it results that banks from CEE countries with higher level of liberalization and openness are able to increase cost efficiency and eventually to offer cheaper services to clients. Banks from non-member EU countries are less cost efficient but experienced much higher total productivity growth level, and large sized banks are much more cost efficient than medium and small banks, while small sized banks show the highest growth in terms of productivity. PMID:23555745

  7. Comparison of Monetary Policy Actions and Central Bank Communication on Tackling Asset Price Bubbles—Evidence from China’s Stock Market

    Science.gov (United States)

    Sun, Ou; Liu, Zhixin

    2016-01-01

    We examine the different effects of monetary policy actions and central bank communication on China’s stock market bubbles with a Time-varying Parameter SVAR model. We find that with negative responses of fundamental component and positive responses of bubble component of asset prices, contractionary monetary policy induces the observed stock prices to rise during periods of large bubbles. By contrast, central bank communication acts on the market through expectation guidance and has more significant effects on stock prices in the long run, which implies that central bank communication be used as an effective long-term instrument for the central bank’s policymaking. PMID:27851796

  8. Strengthening the Three Lines of Defence in Terms of More Efficient Operational Risk Management in Central Banks

    Directory of Open Access Journals (Sweden)

    Luburić Radoica

    2017-01-01

    Full Text Available This paper is the result of the author`s many years of multidisciplinary research in the areas of quality management and operational risk management. The main focus of the research is aimed at strengthening the model of the “three lines of defence” in terms of more efficient management of operational risks - those that arise as a result of inadequate and unsuccessful processes and systems, human factors, as well as those that can appear as a result of external events. The strengthening of the three lines of defence model is brought about through the synergy of quality management principles, the principles of risk management, and the total quality management approach. In essence, the term strengthening may be interpreted as a process of continual improvement. Business operations based on the principles of quality management and risk management allow central banks to be able to continuously improve their overall business performance. The principles of quality management contain properly aligned and matched best solutions from current management theory and practice. Designed to work together - and this essentially means in a consistent, synchronized and synergistic manner, the principles are translated into a series of requirements and guidelines of international standards suitable for implementation. Through their synergy, the principles of quality management and risk management, as well as approaches to total quality management form a clear, applicable and sustainable paradigm of successful management of central banks. Incorporation of the principles of quality management in central bank systems and processes would significantly strengthen the three lines of defence, in terms of efficient operational risk management, which this paper aims to show in a clear and comprehensive manner. Although any central bank is a specific institution, all the principles of quality management and risk management can be applied to its operations. In addition to

  9. Central fuel banking to reduce the number of proliferation sensitive enrichment activities

    International Nuclear Information System (INIS)

    Cserhati, A.

    2008-01-01

    Central fuel banking is a complex international political, economic and technical concept that aims to reduce uncontrolled spreading of uranium enrichment technology in the world in order to prevent proliferation of nuclear weapons. This paper first gives an outline of the notions: 'non-proliferation', the 'front-end' of the fuel cycle, the scope of fuel baking, nuclear fuel and the 60 years of enrichment technology. Enrichment technology is highly concentrated in the nuclear weapon states and other developed countries, but this is not exclusive any more. The technology is spreading. The global demand for enrichment services - parallel to massive nuclear investments in the civil sector and the ageing of older facilities - is constantly growing. Proliferation sensitivity calls for an effective and comprehensive non-proliferation regime. The solution may be multilateralizing the nuclear fuel cycle. After a historical overview, the proposals on multilateral nuclear approaches are presented. The assessment of the proposals is complex in the dimensions of: the non-proliferation aim, the assurance of supply aspect and other variables such as legal issues and non-nuclear inducements. A general evaluation and the recommendations of the Expert Panel of the IAEA are introduced outlining a plan on a middle- and long-term basis. The conclusion of the paper stresses the importance and challenge in finding the 'new balance' between obligations and interests of the members of the global community stating that the answers will have a significant impact on the nuclear indus- try, world wide economics and security policy. (orig.)

  10. The Impact of the Public Authorities’ Messages – the European Central Bank Case

    Directory of Open Access Journals (Sweden)

    Ioan Talpos

    2007-03-01

    Full Text Available The public authorities (the agency messages could play a key role in the social subjects’ decisions. How and when the agency communicates the path of its future policies influences the present social and economic architecture. The aim of this paper is to advance an explanatory framework for the connections between the transparency and credibility of the public authorities and the volatility of the social output. In order to provide some empirical evidences, the paper will consider the case of the European Central Bank as a representative monetary authority. The main output of the paper resides in the thesis that, with a certain consistency, there are some connections between the agency’s mandates, the types of the messages transmitted by the agency and the volatility of the obtained results, and also in the idea that an agency entrusted with a “strong” mandate could transmit “mixed” type messages (i.e. “informative-persuasive” ones which, in special conditions, could influence the decisions of certain categories of clients and/ or non-members. Of course, the following core question still remains: “How sustainable could be the effects induced by the impact of different agency messages received by the various beneficiaries?” And this, because in the end “The one who knows does not speak and the one who speaks does not know” (LAO ZI - DAO DE JING.

  11. Just words?: A quantitative analysis of the communication of the Central Bank of Brazil

    Directory of Open Access Journals (Sweden)

    Carlos Carvalho

    2013-12-01

    Full Text Available We quantify the informational content of statements issued by the interest-rate setting committee of the Central Bank of Brazil (COPOM, building on the methodology developed by Lucca and Trebbi (2011. Using Google search queries, we measure the extent to which each CO-POM statement is perceived to be associated with more "hawkish" or "dovish" language. This allows us to construct a time-series of the informational content of COPOM statements, which we then use in regressions to explain changes in the term-structure of interest rates around COPOM meetings - together with a market-based measure of interest-rate surprises. We find that, during Governor Tombini's tenure, interest-rate surprises started to be "passed through" one-to-one (or more even at long maturities, as markets seem to have bought into the idea that the interest-rate cuts that began in mid-2011 would lead to lower yields in Brazil into the foreseeable future. Most importantly, changes in the informational content of COPOM statements seem to have meaningful effects on yields at short-to-medium maturities. However, this result only holds for the period prior to Tombini's tenure.

  12. SYNERGISTIC EFFECTS OF TOTAL QUALITY MANAGEMENT AND OPERATIONAL RISK MANAGEMENT IN CENTRAL BANKS

    Directory of Open Access Journals (Sweden)

    Radoica Luburić

    2012-12-01

    Full Text Available This paper focuses on two very important and current approaches to management: Total Quality Management (TQM and Operational Risk Management (ORM. As a paradigm of business success, TQM provides the key assumptions for survival, development and success of an organisation, regardless of any limitations whatsoever. ORM, on the other hand, is predetermined to be an irreplaceable managerial tool that enables organisations to survive in any environment. In times of accelerated political, economic and technological changes, frequent natural disasters, acts of terrorism and other external events, a successful risk management has been gaining importance and becomes one of the key competitive advantages of an organisation. The ultimate objective is to make TQM and ORM, as two rather compatible and complementary approaches to risk management, harmonized, efficient and functional in order to get their synergistic effects in an organisation in full swing and practice. Various organisations, and thus central banks as conservative institutions, have an innovative opportunity to timely minimize their operational risk through preventive, comprehensive and synergistic operation of TQM and ORM and thus significantly contribute to improving their business performance.

  13. How a central bank perceives the (visual) communication of security features on its banknotes

    Science.gov (United States)

    Tornare, Roland

    1998-04-01

    The banknotes of earlier generations were protected by two or three security features with which the general public was familiar: watermark, security thread, intaglio printing. The remaining features pleased primarily printers and central banks, with little thought being given to public perception. The philosophy adopted two decades ago was based on a certain measure of discretion. It required patience and perseverance to discover the built-in security features of the banknotes. When colour photocopiers appeared on the scene in the mid- eighties we were compelled to take precautionary measures to protect our banknotes. One such measure consisted of an information campaign to prepare ourselves for this new potential threat. At this point, we actually became fully aware of the complex design of our banknotes and how difficult it is to communicate clearly the difference between a genuine and a counterfeit banknote. This difficult experience has nevertheless been a great benefit. It badgered us continually during the initial phase of designing the banknotes and preparing the information campaign.

  14. Assessing the Impact of the ECB's Monetary Policy on the Stock Markets: A Sectoral View

    OpenAIRE

    Konstantin Kholodilin; Alberto Montagnoli; Oreste Napolitano; Boriss Siliverstovs

    2008-01-01

    This paper analyzes the response of the European stock markets to the monetary policy shocks by the European Central Bank using the heteroskedasticity based approach of Rigobon (2003). We find that monetary policy tightening has a heterogeneous impact on the Euro Area sectors on the day the monetary policy is publicly announced. Furthermore, we provide statistical evidence against the use of the popular event study approach when assessing the impact of monetary policy shocks on the stock mark...

  15. Do central banks respond to exchange rate movements? Some new evidence from structural estimation

    OpenAIRE

    Wei Dong

    2013-01-01

    This paper investigates the impact of exchange rate movements on the conduct of monetary policy in Australia, Canada, New Zealand and the United Kingdom. We develop and estimate a structural general equilibrium two-sector model with sticky prices and wages and limited exchange rate pass-through. Different specifications for the monetary policy rule and the real exchange rate process are examined. The results indicate that the Reserve Bank of Australia, the Bank of Canada and the Bank of Engla...

  16. Inflazione, disoccupazione e banca centrale: temi per una riconsiderazione critica (Inflation, unemployment and the Central Bank: Themes for a critical reappraisal

    Directory of Open Access Journals (Sweden)

    Paolo Sylos Labini

    2012-04-01

    Full Text Available Two propositions are discussed, the first to be attributed to the monetarists ("the variations of the monetary base determine those of prices", the second to certain Keynesian economists ("the variations of prices ultimately depend on the rate of unemployment". The author argues that both propositions are wrong. As for the former, it is maintained that inflationary impulses do not originate from the quantity of money but from the activity of firms, which, however, can be influenced by the policy of the central bank. As for the latter, the rate of unemployment appears to be only one of several vari-ables affecting the behaviour of wages and prices. A critical reappraisal of the explanation of inflation is now particularly important since the European Central Bank will become operative at the be-ginning of the next year.  JEL Codes: E31, E32 

  17. Constitutional pluralism as mutually assured discretion: The Court of Justice, the German Federal Constitutional Court, and the ECB / Matthias Goldmann

    Index Scriptorium Estoniae

    Goldmann, Matthias

    2016-01-01

    Euroopa Kohtu poolt Gauweiler'i kaasuses rakendatud ülevaate standardist, mis puudutasid Euroopa Keskpana (ECB) rahalisi otsetehinguid (OMT). Euroopa Kohtu vaatenurgast ratsionaalsusele ja proportsionaalsusele, mis kannab suurt potentsiaali Euroopa Liidu pluralismile

  18. IMPLEMENTASI KRIPTOGRAFI GAMBAR MENGGUNAKAN KOMBINASI ALGORITMA ELGAMAL DAN MODE OPERASI ECB (ELECTRONIC CODE BOOK

    Directory of Open Access Journals (Sweden)

    Delva Rizal

    2016-10-01

    Full Text Available Studio foto Aura photography merupakan suatu usaha yang bergerak di berbagai bidang seperti studio foto, fotocopy dan warnet. Studio ini memiliki satu komputer server dan delapan komputer client (warnet, dimana komputer server digunakan untuk menyimpan berbagai file penting, khususnya file gambar berekstensi .jpg dan .jpeg. Namun penggunaan komputer server tidak hanya karyawan saja, sehingga dalam pengaksesan data penting yang disimpan mudah diakses oleh orang lain yang tidak memiliki hak atas data tersebut. Oleh karena itu, untuk mengamankan file tersebut dibutuhkan pemanfaatan kriptografi dengan mengkombinasikan algoritma Elgamal dan mode operasi ECB dalam melakukan enkripsi dan dekripsi. Penelitian ini memilih kedua algoritma tersebut karena Elgamal merupakan algoritma asimetris serta menitik beratkan kekuatan kuncinya pada pemecahan masalah logaritma diskrit sedangkan ECB adalah mode operasi yang digunakan dengan kemampuan dekripsi dan enkripsi yang tepat. Sehingga dalam menggunakan kedua algoritma ini dapat memperkuat pengamanan file gambar dan menyulitkan kriptanalis dalam memecahkan file yang terenkripsi. Namun untuk file gambar yang sudah diserang seperti penambahan Brightness atau contrass, noise, blurring dan cropping tidak dapat di dekripsi karena intesitas nilai piksel pada chipertext berubah. Hasil pengujian dari gambar sebelum enkripsi dan sesudah enkripsi dekripsi yaitu MSE 0 dan PSNR inf. Kata kunci: Kriptografi, Elgamal, ECB, File Gambar.

  19. Il cambio dollaro/euro, il prezzo del petrolio e la Banca Centrale Europea (Dollar/Euro Exchange Rate, Oil Price and the European Central Bank

    Directory of Open Access Journals (Sweden)

    Stefano Sylos Labini

    2012-04-01

    Full Text Available In this paper an analysis on dollar/euro exchange rate, oil price and European Central Bank monetary policy is worked out. Firstly, data on the main variables related with the exchange rate and an equation to explain the variation of the exchange rate in the period March 1998-September 2000 are presented; secondly, the consequences of oil price growth and eurodevaluation on the US and European economies are taken into account; lastly, different policy strategies to stop eurodevaluation are discussed. The European Central Bank strategy, that consists of small increases of the interest rate, is not reaching any result. An alternative strategy is based on innovative public demand, that should be financed by European bonds using "central bank excess funds" as security. Public demand of infrastructures and new technologies should aim at reducing oil dependence and would stimulate growth and sustainable development in Europe, with positive effects on the exchange rate.       JEL Codes: E58, F31Keywords: Devaluation, Exchange Rates, Monetary

  20. Correlation and regression analysis of tools influencing on targets of monetary policy of Central Bank of the Russian Federation

    Directory of Open Access Journals (Sweden)

    Gordyachkova O. V.

    2016-07-01

    Full Text Available the article presents the correlation and regression analysis of the influence of the Central Bank tools of Russian monetary policy on its aims. Such analysis is the basic method of estimating monetary policy efficiency by means of quantity-related parameters. The results outlined by the authors prove the lack of efficiency of influencing tools: inflation, money supply and the exchange rate.

  1. Community structure and quality after 10 years in two central Ohio mitigation bank wetlands.

    Science.gov (United States)

    Spieles, Douglas J; Coneybeer, Meagan; Horn, Jonathan

    2006-11-01

    We evaluate two 10-year-old mitigation bank wetlands in central Ohio, one created and one with restored and enhanced components, by analysis of vegetation characteristics and by comparison of the year-10 vegetation and macroinvertebrate communities with reference wetlands. To assess different measures of wetland development, we compare the prevalence of native hydrophytes with an index of floristic quality and we evaluate the predictability of these parameters in year 10, given 5 years of data. Results show that the mitigation wetlands in this study meet vegetation performance criteria of native hydrophyte establishment by year 5 and maintain these characteristics through year 10. Species richness and floristic quality, as well as vegetative similarity with reference wetlands, differ among mitigation wetlands in year 1 and also in their rate of change during the first 10 years. The prevalence of native hydrophytes is reasonably predictable by year 10, but 5 years of monitoring is not sufficient to predict future trends of floristic quality in either the created or restored wetland. By year 10, macroinvertebrate taxa richness does not statistically differ among these wetlands, but mitigation wetlands differ from reference sites by tolerance index and by trophic guild dominance. The created wetland herbivore biomass is significantly smaller than its reference, whereas detritivore biomass is significantly greater in the created wetland and smaller in the restored wetland as compared with respective reference wetlands. These analyses illustrate differences in measures of wetland performance and contrast the monitoring duration necessary for legal compliance with the duration required for development of more complex indicators of ecosystem integrity.

  2. Banking union through Hungarian eyes–assessment of a possible close cooperation

    Directory of Open Access Journals (Sweden)

    Anikó Szombati

    2017-03-01

    Full Text Available Legislation laying down the first two pillars of the institutional system of the Banking Union was finalised in April 2014. In accordance with the regulations, non-euro area Member States, including Hungary, may notify the ECB at any time if they wish to participate in the common system even before the euro is adopted. The paper aims at summarising the possible pros and cons vis-à-vis the Banking Union from a Hungarian perspective. It highlights the reasons for not opting in at the inception of the new supervisory system and also gives indications about those major milestones that could give rise to the reconsideration of the present position. In its existing form, the single supervisory and crisis management mechanism has not achieved the initial target, i.e. the separation of the stability of national banking systems and the fiscal capacity of Member States and the elimination of interdependencies. In addition, close cooperation implies weaker powers than those provided by actual membership, and the separation of central bank and supervisory functions carries risks in non-euro area countries. By contrast, the attraction of Banking Union membership lies in the opportunity to join a uniform European system, a wider analyst base and ultimately, the “ammunition” of the EUR 98 billion available for crisis management in comparison to the Hungarian banking system. In October 2013, a uniform supervisory system integrated into the central bank was set up in Hungary, and the domestic resolution institutional system was complete by the end of 2014. Therefore, until the finalisation of the Banking Union through the creation of the common deposit insurance fund and a common fiscal backstop, it is reasonable to put the decision to join on hold; indeed, such a decision should be made in light of several factors presented in this study.

  3. THE ADEQUACY OF THE CAPITAL - CENTRAL OBJECTIVE OF PERFORMANCE MANAGEMENT AND BANKING RISK

    Directory of Open Access Journals (Sweden)

    LOREDANA CIURLĂU

    2016-08-01

    Full Text Available The main objective of this work is to highlight the role that the methods and techniques for the management of banking risks have in internal process the capital adequacy at risk in the future and to reflect the continued growth of the banking risks in the contemporary age, in conjunction with the intensification of cooperation that led to the internationalizing of regulations, within the meaning of the development of national rules in accordance with the principles accepted by several countries, the kind of international groups of studies organized by the Bank for International Settlements the Basel Convention or the application of Community rules, drawn up in the form of the Directives of the European Communities. The work has the research field the theoretical and practical aspects of the completion of the internal process the capital adequacy at risk in banks.

  4. Incertezza e processo finanziario: le conseguenze per il potere della banca centrale. ( Uncertainty and the financial process and its consequences for the power of the central bank

    Directory of Open Access Journals (Sweden)

    J.C.R. DOW

    2013-12-01

    Full Text Available La maggior parte dei teorici monetari sostengono che l'offerta di moneta determina il livello dei prezzi e che le autorità fissano i tassi di interesse per  influenzare gli investimenti e i consumi . L'autore chiede come le banche centrali , relativamente piccole istituzioni finanziarie ,siano in grado di influenzare il mondo reale . Nell'analisi , l'articolo si occupa di determinazione dei tassi di cambio , tassi di interesse e l'offerta di moneta . L'autore conclude che le banche centrali hanno influenza , all'interno di una gamma limitata , solo a causa di incertezza . A causa dell'incertezza , i legami tra attività finanziarie e reali sono deboli nel breve -medio periodo consentendo una certa influenza da maneggiato da un'autorità centraleMost monetary theorists claim that the money supply determines the price level and that the authorities set interest rates to influence investment and consumption. The author asks how central banks, relatively small financial institutions, can affect the real world. In analysis, the article deals with determination of exchange rates, interest rates and the money supply. The author concludes that central banks have influence, within a limited range, only because of uncertainty. Because of uncertainty, the links between financial and real assets are weak in the short- to medium-term allowing some influence to be wielded by a central authority.JEL: E52, E58

  5. Seed bank and established vegetation in the last remnants of the Mexican Central Plateau wetlands: the Lerma marshes.

    Science.gov (United States)

    Zepeda, Carmen; Lot, Antonio; Nemiga, Xanat Antonio; Manjarrez, Javier

    2014-06-01

    Seed banks play a central role in vegetation dynamics of many wetlands. Therefore, knowledge of seed reservoirs in the soils of aquatic communities should provide useful tools for conservation and restoration efforts. This study was conducted in the Lerma marshes, one of the last remnants of the vast wetlands that were once in the Mexican Central Plateau. The main objective was to determine the composition and abundance of seed bank and its relationship with established vegetation of the three Lerma marshes. In each marsh, we systematically selected 18 to 40 sampling sites. In each site, the composition of vascular plant vegetation was evaluated in two 10m lines perpendicular to the shore. Every 0.5m, we determined the coverage of species by measuring the intercepted length for each plant or group of plants. At each sampling site where we had evaluated the established vegetation, we collected a sample of the top 10cm of sediment; the soil cores were divided into an upper layer (0-5cm) and a lower layer (5-10cm). These samples were used to evaluate the seed bank by the seedling emergence method. All samples were placed in a greenhouse at 20-25 degrees C and remained flooded for 15 weeks. Forty-nine species were recorded in the vegetation. Chiconahuapan had the richest and most diverse flora and the greatest number of perennial species. A life-forms analysis showed that perennial herbs, especially rooted-emergent hydrophytes, dominated in the three wetlands. Sixty-one species were identified in the total seed bank; Chimaliapan had the most diverse total seed bank, whereas the mean seedling density was higher in Chignahuapan. Only two species of the total seed bank of each marsh had a density greater than 10% of the total, and more than half were uncommon. The upper layer of sediment (0-5cm) contained two times more seeds/m2 and species per sample than the lower layer (5-10cm), and there was a significant decrease of seed density with depth. The detrended

  6. BANKING ON MULTINATIONALS: THE DETERMINANTS OF CROSS-BORDER CREDITS TO CENTRAL AND EASTERN EUROPE, 1990-2015

    Directory of Open Access Journals (Sweden)

    Roksolana Zapotichna

    2017-11-01

    Full Text Available Taking into account the rising dependence of Central and Eastern Europe on multinational banks’ credits, the main purpose of the article is to identify and examine the determinants of cross-border credits through a methodology based on “push” and “pull” factors. The author presents the results of a regression analysis on the determinants of cross-border credits provided by multinational banks from EU-15 to Central and Eastern Europe over the period of 1990-2015 by using the statistical data compiled and published by the Bank for International Settlements. The obtained results suggest that global as well as home and host country level determinants influence cross-border credits but to a different extent. According to our results, higher stability and predictability of global economic environment contribute to higher cross-border credit growth. The results of the host country determinants analysis indicate that more effective and profitable economies receive more credits from multinational banks. We also find that multinational banks provide more credits to countries with small markets, low inflation rate, high external debt burden, high capital account deficit, fixed exchange rate regime, and developed institutional environment. Regarding home level determinants, we find the existence of a negative correlation between home country economic cycle and the amount of cross-border credits received by the host country, which can be explained by low economic growth in continental Europe over the period under consideration that stimulated European banks to expand lending on foreign markets with higher profit opportunities. Thus, cross-border credits appear to have been countercyclical to growth in home countries and procyclical to growth in host countries. Finally, it is found that host country level determinants play the most important role in explaining changes in cross-border credits on host countries in Central and Eastern Europe during

  7. Nonlinear expectations in speculative markets – Evidence from the ECB survey of professional forecasters

    DEFF Research Database (Denmark)

    Stadtmann, Georg; Rülke; Reitz

    2012-01-01

    Chartist and fundamentalist models have proven to be capable of replicating stylized facts on speculative markets. In general, this is achieved by specifying nonlinear interactions of otherwise linear asset price expectations of the respective trader groups. This paper investigates whether...... in the neighborhood of the fundamental value, whereas expectations tend to be stabilizing in the presence of substantial oil price misalignment....... or not regressive and extrapolative expectations themselves exhibit significant nonlinear dynamics. The empirical results are based on a new data set from the European Central Bank Survey of Professional Forecasters on oil price expectations. In particular, we find that forecasters form destabilizing expectations...

  8. Isolation and expression analysis of EcbZIP17 from different finger millet genotypes shows conserved nature of the gene.

    Science.gov (United States)

    Chopperla, Ramakrishna; Singh, Sonam; Mohanty, Sasmita; Reddy, Nanja; Padaria, Jasdeep C; Solanke, Amolkumar U

    2017-10-01

    Basic leucine zipper (bZIP) transcription factors comprise one of the largest gene families in plants. They play a key role in almost every aspect of plant growth and development and also in biotic and abiotic stress tolerance. In this study, we report isolation and characterization of EcbZIP17 , a group B bZIP transcription factor from a climate smart cereal, finger millet ( Eleusine coracana L.). The genomic sequence of EcbZIP17 is 2662 bp long encompassing two exons and one intron with ORF of 1722 bp and peptide length of 573 aa. This gene is homologous to AtbZIP17 ( Arabidopsis ), ZmbZIP17 (maize) and OsbZIP60 (rice) which play a key role in endoplasmic reticulum (ER) stress pathway. In silico analysis confirmed the presence of basic leucine zipper (bZIP) and transmembrane (TM) domains in the EcbZIP17 protein. Allele mining of this gene in 16 different genotypes by Sanger sequencing revealed no variation in nucleotide sequence, including the 618 bp long intron. Expression analysis of EcbZIP17 under heat stress exhibited similar pattern of expression in all the genotypes across time intervals with highest upregulation after 4 h. The present study established the conserved nature of EcbZIP17 at nucleotide and expression level.

  9. CLO-PLA: the database of clonal and bud bank traits of Central European flora

    Czech Academy of Sciences Publication Activity Database

    Klimešová, Jitka; de Bello, F.

    2009-01-01

    Roč. 20, č. 3 (2009), s. 511-516 ISSN 1100-9233 R&D Projects: GA ČR(CZ) GA526/06/0723 Institutional research plan: CEZ:AV0Z60050516 Keywords : bud bank * clonal traits * database Subject RIV: EF - Botanics Impact factor: 2.376, year: 2009

  10. Construção e validação fatorial da Escala de Caracterização do Burnout (ECB Construction and factorial validation of the Burnout Characterization Scale (ECB

    Directory of Open Access Journals (Sweden)

    Mauricio Robayo Tamayo

    2009-12-01

    Full Text Available Este artigo descreve o desenvolvimento da Escala de Caracterização do Burnout (ECB. No primeiro estudo, 375 trabalhadores de enfermagem e do ensino responderam a primeira versão da ECB com 77 itens. Análises fatoriais revelaram os fatores Exaustão Emocional (Alfa = 0,94; Desumanização (Alfa = 0,88, Realização Pessoal (Alfa = 0,76 e Decepção no Trabalho (Alfa = 0,80. No segundo estudo, 787 membros da Policia Civil responderam a segunda versão da ECB com 46 itens. Os resultados de novas análises fatoriais evidenciaram os mesmos três fatores do estudo 1: Exaustão Emocional (Alfa = 0,93; Desumanização (Alfa = 0,84 e Decepção no Trabalho (Alfa = 0,90. Os itens do fator Realização Pessoal, observado no estudo 1, foram incorporados ao fator Decepção no Trabalho. A versão final da ECB apresentou 35 itens. O fator Exaustão Emocional evidenciou a maior consistência interna. Os níveis de consistência interna dos outros dois fatores superaram índices apresentados por outras medidas de burnout.This paper presents the development of the Burnout Characterization Scale (ECB. In the first study, 375 nurses and teachers answered the 77 items initial version of the ECB. Factor analysis revealed the factors Emotional Exhaustion (Alpha = 0.94; Dehumanization (Alpha = 0.88, Personal Achievement (Alpha = 0.76 and Disappointment in the Work (Alpha = 0.80. In the second study, 787 members of the police force answered the second 46 items version of the ECB. Factor analysis results showed the same three factors revealed in the first study: Emotional Exhaustion (Alpha = 0.93; Dehumanization (Alpha = 0.84 and Disappointment in the Work (Alpha = 0.90. The items of the factor Personal Achievement found in the first study were included in the factor Disappointment in the Work. The ECB's final version has 35 items. The factor Emotional Exhaustion had the greatest internal consistency. The internal consistencies of the two other factors were greater

  11. Dropout and Functional Illiteracy Rates in Central Appalachia. Appalachian Data Bank Report #1.

    Science.gov (United States)

    Crew, B. Keith; And Others

    Computerized analysis of 1980 Census data documented educational deficiencies in 85 Central Appalachian counties of Kentucky, Tennessee, Virginia, and West Virginia. Dropout rates among youth ages 16-19 were found to be higher in Central Appalachian counties than in non-Central Appalachian counties, the poorest counties had the highest dropout…

  12. THE FINANCIAL SECTOR OF THE STATE - THE STRUCTURE OF THE BANKING SYSTEM WITH A BANKING SECTOR IN CENTRAL AND EASTERN EUROPEAN COUNTRIES

    Directory of Open Access Journals (Sweden)

    Ljiljana Stošić Mihajlović

    2017-10-01

    Full Text Available The financial sector of each country in the world has its own specificities that depend on many factors. In this paper we will talk about the structure of the financial system in our country from the aspect of the banking sector. Banks are specialized institutions that have a special role in the development of the country's economic system, as their basic function is to supply the economy with the necessary amount of loans and money. Banking business is a special economic activity. It is determined by the type and content of banking operations. In general terms, banking transactions are divided into two groups: active and passive. The Bank is established as a joint-stock company, which is regulated by the laws on banks and international regulatory frameworks.

  13. Causes of the outbreak of the eurozone crises: the role of the USA and the European Central Bank monetary polic

    Directory of Open Access Journals (Sweden)

    Nalia Białek

    2015-10-01

    Full Text Available This paper argues that the loose monetary policy of two of the world’s most important financial institutions—the U.S. Federal Reserve Board and the European Central Bank—were ultimately responsible for the outburst of global financial crisis of 2008-09. Unusually low interest rates in 2001- 05 compelled investors to engage in high risk endeavors. It also encouraged some governments to finance excessive domestic consumption with foreign loans. Emerging financial bubbles burst first in mortgage markets in the U.S. and subsequently spread to other countries. The paper also reviews other causes of the crisis as discussed in literature. Some of them relate directly to weaknesses inherent in the institutional design of the European Monetary Union (EMU while others are unique to members of the EMU. It is rather striking that recommended remedies tend not to take into account the policies of the European Central Bank.

  14. The role of commercial banks in enterprise restructuring in Central and Eastern Europe

    OpenAIRE

    Long, Millard; Rutkowska, Izabela

    1995-01-01

    Many countries in Eastern Europe assigned banks the responsibility for restructuring enterprises. Such restructuring had five components: 1) triage of enterprises into three classes -- viable, viable with debt relief, and nonviable; 2) work with management of overindebted firms on a restructuring plan before granting debt relief; 3) trigger the bankruptcy liquidation process on nonviable firms; 4) fund new investments needed as part of physical restructuring; and 5) provide corporate governan...

  15. OPERATIONS OF THE CENTRAL BANK ON THE FINANCIAL MARKET FOR THE PERIOD OF EXIT FROM THE RECESSION

    Directory of Open Access Journals (Sweden)

    O. Liubkina

    2014-01-01

    Full Text Available The global economy is currently facing one of the longest recessions in the past fifty years. The way out of the Great recession requires active measures to stimulate the demand in the economy. However, distinctive features of the recent recession are the significant amount of a debt burden on national budgets, low inflation contributes to an increasing potential of a monetary policy to ensure economic recovery, but require from the central bank an unconventional approach to achieve the broad set of goals. One of the tools of so-called unconventional monetary policy is quantitative easing. The USA experience of applying the unconventional monetary policy suggests that the quantitative easing is an effective tool for warming up the economy in the recession phase, especially in the medium terms, but it causes challenges for developing of the national economy (credit risk deterioration of the central bank's portfolio, rising commodity prices, flows of speculative capital and like "secondary effects" challenges for developing of the global economy (interest rates volatility, price bubbles on stock markets, currency risks, etc..

  16. TuBaFrost 5: multifunctional central database application for a European tumor bank.

    Science.gov (United States)

    Isabelle, M; Teodorovic, I; Morente, M M; Jaminé, D; Passioukov, A; Lejeune, S; Therasse, P; Dinjens, W N M; Oosterhuis, J W; Lam, K H; Oomen, M H A; Spatz, A; Ratcliffe, C; Knox, K; Mager, R; Kerr, D; Pezzella, F; van de Vijver, M; van Boven, H; Alonso, S; Kerjaschki, D; Pammer, J; Lopez-Guerrero, J A; Llombart Bosch, A; Carbone, A; Gloghini, A; van Veen, E-B; van Damme, B; Riegman, P H J

    2006-12-01

    Developing a tissue bank database has become more than just logically arranging data in tables combined with a search engine. Current demand for high quality samples and data, and the ever-changing legal and ethical regulations mean that the application must reflect TuBaFrost rules and protocols for the collection, exchange and use of tissue. To ensure continuation and extension of the TuBaFrost European tissue bank, the custodianship of the samples, and hence the decision over whether to issue samples to requestors, remains with the local collecting centre. The database application described in this article has been developed to facilitate this open structure virtual tissue bank model serving a large group. It encompasses many key tasks, without the requirement for personnel, hence minimising operational costs. The Internet-accessible database application enables search, selection and request submission for requestors, whereas collectors can upload and edit their collection. Communication between requestor and involved collectors is started with automatically generated e-mails.

  17. GRANNY, a data bank of chemical analyses of Laramide and younger high-silica rhyolites and granites from Colorado and north-central New Mexico

    Science.gov (United States)

    Steigerwald, Celia H.; Mutschler, Felix E.; Ludington, Steve

    1983-01-01

    GRANNY is a data bank containing information on 507 chemically analyzed Laramide or younger high-silica rhyolites and granites from Colorado and north-central New Mexico. The data were compiled from both published and unpublished sources. The data bank is designed to aid in the recognition of igneous rocks with a high exploration potential for the discovery of molybdenum (and other lithophile element) deposits. Information on source reference, geographic location, age, mineralogic and petrologic characteristics, major constituent analyses, and trace element analyses for each sample are given. The data bank is available in two formats: 1) paper- or microfiche-hardcopy, and 2) fixed format computer readable magnetic tape.

  18. Bank erosion of navigation canals in the western and central Gulf of Mexico

    Science.gov (United States)

    Thatcher, Cindy A.; Hartley, Stephen B.; Wilson, Scott A.

    2011-01-01

    Erosion of navigation canal banks is a direct cause of land loss, but there has been little quantitative analysis to determine why certain major canals exhibit faster widening rates (indicative of erosion) than others in the coastal zones of Texas, Louisiana, Mississippi, and Alabama. We hypothesize that navigation canals exhibit varying rates of erosion based on soil properties of the embankment substrate, vegetation type, geologic region (derived from digital versions of state geologic maps), and the presence or absence of canal bank armaments (that is, rock rip-rap, concrete bulkheads, or other shoreline protection structures). The first objective of this project was to map the shoreline position and substrate along both banks of the navigation canals, which were digitized from 3 different time periods of aerial photography spanning the years of 1978/79 to 2005/06. The second objective was to quantify the erosion rates of the navigation canals in the study area and to determine whether differences in erosion rates are related to embankment substrate, vegetation type, geologic region, or soil type. To measure changes in shoreline position over time, transects spaced at 50-m (164-ft) intervals were intersected with shorelines from all three time periods, and an annual rate of change was calculated for each transect. Mean annual rates of shoreline change ranged from 1.75 m/year (5.74 ft/year) on the west side of the Atchafalaya River, La., where there was shoreline advancement or canal narrowing, to -3.29 m/year (-10.79 ft/year) on the south side of the Theodore Ship Channel, Ala., where there was shoreline retreat or erosion. Statistical analysis indicated that there were significant differences in shoreline retreat rates according to geologic region and marsh vegetation type, and a weak relationship with soil organic content. This information can be used to better estimate future land loss rates associated with navigation canals and to prioritize the location of

  19. Fundamental Flaws in the Architecture of the European Central Bank: The Possible End of the Euro Zone and its Effects to East African Community (EAC Countries

    Directory of Open Access Journals (Sweden)

    Nothando Moyo

    2014-09-01

    Full Text Available European countries embarked on a European integration programme that saw the formation of the Euro, which has emerged as a major currency (Blair, 1999 that was introduced in 1998. With the Euro, came the establishment of the European Central Bank. Thus this study seeks to investigate the flaws in the formation of the European Central Bank that surfaced during the major economic crisis in Europe. The crisis revealing the gaps in the formation and structure of the European central bank have created major challenges for the Economic and Monetary Union (EMU. Through an extant review of literature the study will examine the East African Community Countries, investigating the ties they have to the euro zone to analyse how the crisis has affected them. Furthermore, the study will analyse what would happen to the growth patterns of the East African Countries and the various prospects they may have should the Eurozone come to an end.

  20. Assessing Cultural Readiness of Organization For Successful Implementation of Knowledge Managment, Appling FMCDM Approach: Case of Central Bank of Iran

    Directory of Open Access Journals (Sweden)

    Shaban Elahi

    2012-02-01

    Full Text Available Supportive organizational culture for knowledge management can vouch for successful implementation of knowledge management. In the case of lacking this kind of supportive culture, the organizational culture is one of the obstacles which can lead the implementation of knowledge management to full failure and waste of organizational assets. In this research, a framework based on FMCDM was utilized to assess the cultural readiness of organization as the knowledge management implementation prerequisite. This framework has been utilized to assess Central Bank of Iran’s cultural readiness. The methodology of research was descriptive and research data were gathered by questionnaire and were answered by experts and CBI executives. In this term, the cultural readiness of CBI was assessed and in accordance with this assessment, embarking on corrective action was proposed.

  1. What drives forex interventions? Evidence from the Brazilian Central Bank interventions on the BRL/USD market

    Directory of Open Access Journals (Sweden)

    Felipe Wolk Teixeira

    2013-07-01

    Full Text Available In this paper we study what drives buy-side and sell-side probabilities of intervention by the Brazilian Central Bank (BCB on the USD/BRL spot market between 1999 and 2010. BCB’s forex interventions seem to be related to the exchange rate returns and volatility as well as to the spread between domestic and foreign interest rates. Lagged interventions also appear to have an effect on current interventions. Our findings suggest that the operation of the policymaker in the forex market may serve as a signaling of a possible coordination between BCB’s foreign and monetary policies along with the possibility of an unofficial adoption of an exchange rate band.

  2. Prevalence and risk factors of obesity and hypertension among students at a central university in the West Bank.

    Science.gov (United States)

    Tayem, Yasin I; Yaseen, Nagham A; Khader, Wiam T; Abu Rajab, Lama O; Ramahi, Ahmad B; Saleh, Mohammad H

    2012-01-01

    We aimed to determine the prevalence and correlates of obesity and hypertension (HTN) among students at a central university in the West Bank. This cross-sectional study targeted a cohort of 553 students (59.5% males, 40.5% females) aged 17-26 years (median = 21) from Al-Quds University. Body mass index (BMI) and blood pressure (BP) were measured. Participants completed a questionnaire on physical activity, sedentary behavior, dietary factors, smoking and family history of obesity, HTN, and coronary artery disease. The magnitude of correlation was assessed by Spearman's rho (r(s)) and Chi-square tests. The prevalence of overweight was 25% (31.1% males, 15.6% females) and obesity 7.2% (9.4% males, 4% females). Obesity and overweight were associated with family history of obesity in both genders (pinterventional program is urgently needed to control these cardiovascular risk factors in this community.

  3. Central Bank autonomy in Europe and Latin America: analysis of differences and applications Autonomía de la banca central en Europa y América Latina

    Directory of Open Access Journals (Sweden)

    Rollinat Robert

    1996-06-01

    Full Text Available This article makes a comparative analysis of the experiences of the independent central bank in Latin America and Europe. After reviewing the problems and theories of central bank autonomy, it studies the recent evolution of the Latin American central bank in comparison with the European central bank, high lights the perverse effects of the reforms, and shows that their objective is more the stability of the financial system than the stability of prices. Finally, it describes the tests to which the new Latin American central banks have been subjected and the effects on their credibility. It concludes that these entities have had to correct and pay for the incoherences and errors of the market, and that their independence or autonomy depends on their continuing to ful fill this role, not only for economíc or monetary reasons but for the needs of political and social democracy.Este artículo hace un análisis comparativo de las experiencias de la banca central independiente en América Latina y Europa. Después de revisar los problemas y las teorías de la autonompia de los bancos centrales, estudia la reciente evolución de la banca central latinoamericana en comparación con la europea, destaca los efectos perversos de estas reformas u muestra que sus objetivo es más la estabilidad del sistema financiero que la de los precios. Finalmente, describe las pruebas a que han sido sometidos los nuevos bancos centrales latinomaericanos y los efectos de sus credibilidad. Concluye que estas entidades han tenido que corregir y pagar las incoherencias y los errrores del mercado, y que su 'independencia' o autonomía depende de que sigan cumpliendo con ese papel no sólo por razones económicas o monetarias sino por las necesidades de la democracia política y social.

  4. Policy impact of the Indonesian Central Bank certificate related on loan interest rate to the demand growth of property

    Science.gov (United States)

    Wirjodirdjo, B.; Asjari, H. Y.

    2018-04-01

    The Indonesian economic indicators shown a positive progress in the last three years, Foreign exchange reserves position of the end of March 2017 stood at US 121.8 billion higher than the position of the end of 2015 amounted to US 105.9 billion of the end of 2015. This reserve would ensure the resilience and maintaining sustainable Indonesian economic growth in the future. Although Indonesia’s foreign exchange is better, the structure of expenditure in the country is still less than ideal due the proportion of spending of consumer goods is far greater than the capital goods and tend to be unproductive spending. This needs to be regulated so that in the long term does not cause balance of payments deficit. Therefore, Indonesian Central Bank took a policy to raise interest rates for retail banks from 6% to 7.25% per annum gradually up to present. Policies relating to the interest rates on loans are intended to reduce the proportion of debt financing of consumer goods, however, these policies have implications to various economic sectors and one of those is property sector. A lot of research has been conducted related the impact of loan interest to the property sector but most of it is still in partial related to the ability the people to buy. However, this research has tried to see the implication of the macro Economic Policy of Indonesian Central Bank to the property sector as a systemic problem. This paper is going to present the study on the effects of these policies on the property sector, especially residence house. To obtain a comprehensive analysis and capture the relationship between interest rate policies and their impacts to the property sector, in this study the model developed and simulated using system dynamic methodology as an approach. Various scenarios are applied to the model to get an accurate information about how and when the effectiveness of the policy related to the property sector can be enforced. The result of this study can be delivered to

  5. William Pitt, the Bank of England, and the 1797 Suspension of Specie Payments: Central Bank War Finance During the Napoleonic Wars

    Directory of Open Access Journals (Sweden)

    Scott N. Duryea

    2010-05-01

    Full Text Available Modern military engagements are made possible by a state’s ability to easily acquire revenue. By either taking the money from its citizens via taxation, borrowing funds through bonds or loans from private financiers or other governments, or inflating the currency by issuing bank notes without the backing of specie or another commodity, Western governments wield enough power over money and banking to fund any venture. British involvement in the Napoleonic Wars was no exception to the rule. This paper examines the role of the British government, including William Pitt and Parliament, and the Bank of England in manipulating the currency, by borrowing, taxing, and issuing Bank notes to fund the war with Napoleonic France in the late eighteenth and early nineteenth centuries.

  6. CLO-PLA: a database of clonal and bud-bank traits of the Central European flora.

    Science.gov (United States)

    Klimešová, Jitka; Danihelka, Jiří; Chrtek, Jindřich; de Bello, Francesco; Herben, Tomáš

    2017-04-01

    This dataset presents comprehensive and easy-to-use information on 29 functional traits of clonal growth, bud banks, and lifespan of members of the Central European flora. The source data were compiled from a number of published sources (see the reference file) and the authors' own observations or studies. In total, 2,909 species are included (2,745 herbs and 164 woody species), out of which 1,532 (i.e., 52.7% of total) are classified as possessing clonal growth organs (1,480, i.e., 53.9%, if woody plants are excluded). This provides a unique, and largely unexplored, set of traits of clonal growth that can be used in studies on comparative plant ecology, plant evolution, community assembly, and ecosystem functioning across the large flora of Central Europe. It can be directly imported into a number of programs and packages that perform trait-based and phylogenetic analyses aimed to answer a variety of open and pressing ecological questions. © 2017 by the Ecological Society of America.

  7. The Centralized Reliability Data Organization (CREDO); an advanced nuclear reactor reliability, availability, and maintainability data bank and data analysis center

    International Nuclear Information System (INIS)

    Knee, H.E.

    1991-01-01

    The Centralized Reliability Data Organization (CREDO) is a data bank and data analysis center, which since 1985 has been jointly sponsored by the US Department of Energy's (US DOE's) Office of Technology Support Programs and Japan's Power Reactor and Nuclear Fuel Development Corporation (PNC). It focuses on reliability, availability and maintainability (RAM) data for components (e.g. valves, pumps, etc.) operating in advanced nuclear reactor facilities. As originally intended, the purpose of the CREDO system was to provide a centralized source of accurate, up-to-date data and information for use in RAM analyses necessary for meeting DOE's data needs in the areas of advanced reactor safety assessments, design and licensing. In particular, creation of the CREDO system was considered an essential element needed to fulfill the DOE Breeder Reactor Safety Program's commitment of 'identifying and exploiting areas in which probabilistic methods can be developed and used in making reactor safety Research and Development choices and optimizing designs of safety systems'. CREDO and its operation are explained. (author)

  8. The Asymmetric Implementation of the European Banking Union (EBU: Consequences for Financial Stability

    Directory of Open Access Journals (Sweden)

    Vollmer Uwe

    2016-06-01

    Full Text Available EU Member States outside the Eurozone are hesitating to enter the European Banking Union (EBU and to establish “close cooperation” in bank supervision with the ECB. This paper analyzes the consequences of such asymmetric integration for financial stability in Europe. It argues that the main obstacles against establishing close cooperation are a lack of voting rights and insufficient access to the fiscal backstop provided by the European Stability Mechanism (ESM. The paper presents arguments as to why international cooperation in bank supervision could be welfare improving, if multinational banks are dominant. It also discusses suitable reform options for making it more attractive for EU Member States to begin a close cooperation with the ECB.

  9. Non-steroidal anti-inflammatory drugs and antibiotics prescription trends at a central west bank hospital.

    Science.gov (United States)

    Tayem, Yasin I; Qubaja, Marwan M; Shraim, Riyad K; Taha, Omar B; Abu Shkheidem, Imadeddin A; Ibrahim, Murad A

    2013-11-01

    We aimed to reliably describe the pattern of outpatient prescription of non-steroidal anti-inflammatory drugs (NSAIDs) and antibiotics (ATBs) at a central hospital in the West Bank, Palestine. This was a retrospective, cross-sectional study investigating a cohort of 2,208 prescriptions ordered by outpatient clinics and the emergency room over one year in Beit Jala Hospital in Bethlehem, West Bank. The orders were analysed for the rate and types of NSAIDs and ATBs utilised, and the appropriateness of these drugs to the diagnosis. Of the total prescriptions, 410 contained NSAIDs (18.6%), including diclofenac (40.2%), low dose aspirin (23.9%), ibuprofen (17.8%) and indomethacin (15.1%). A minority of these prescriptions contained a combination of these agents (2.5%). Only one prescription contained cyclooxyeganse-2 inhibitors (0.2%). The appropriateness of NSAID use to the diagnosis was as follows: appropriate (58.3%), inappropriate (14.4%) and difficult to tell (27.3%). The rate of ATB use was 30.3% (669 prescriptions). The ATBs prescribed were amoxicillin (23.3%), augmentin (14.3%), quinolones (12.7%), first and second generation cephalosporins (9.4% and 12.7%, respectively) and macrolides (7.2%). ATB combinations were identified in 9.4%, with the most common being second-generation cephalopsorins and metronidazole (4.3%). Regarding the appropriateness of prescribing ATBs according to the diagnosis, it was appropriate in 44.8%, inappropriate in 20.6% and difficult to tell in 34.6% of the prescriptions. These findings revealed a relatively large number and inappropriate utilisation of ATBs and NSAIDs. An interventional programme needs to be adopted to reinforce physicians' knowledge of the rational prescription of these agents.

  10. Monetary policy during Brazil's Real Plan: estimating the Central Bank's reaction function

    Directory of Open Access Journals (Sweden)

    Maria José S. Salgado

    2005-03-01

    Full Text Available This paper uses a Threshold Autoregressive (TAR model with exogenous variables to explain a change in regime in Brazilian nominal interest rates. By using an indicator of currency crises the model tries to explain the difference in the dynamics of nominal interest rates during and out of a currency crises. The paper then compares the performance of the nonlinear model to a modified Taylor Rule adjusted to Brazilian interest rates, and shows that the former performs considerably better than the latter.A função de reação do Banco Central do Brasil é modelada via um modelo TAR (Limiar Auto-regressivo para dar conta da mudança de regime na determinação da taxa nominal de juros. O modelo faz uso de um indicador de crises cambiais para explicar as distintas dinâmicas da taxa nominal de juros durante e fora das crises. O desempenho do modelo não-linear é significativamente melhor do que o de uma regra de Taylor ajustada às taxas de juros brasileiras, demonstrando o comportamento dual da função de reação do Banco Central do Brasil.

  11. Banking union through Hungarian eyes - The MNB’s assessment of a possible close cooperation

    OpenAIRE

    Anikó Szombati; Kornél Kisgergely

    2014-01-01

    Legislation laying down the institutional system of the Banking Union was finalised in April 2014. In accordance with the regulations, non-euro area Member States, including Hungary, may notify the ECB at any time if they wish to participate in the common system even before the euro is adopted. However, in its existing form, the single supervisory and crisis management mechanism has not achieved the initial goal, i.e. the separation of the stability of national banking systems and the fiscal ...

  12. Newly independent Bank of Japan reduces information disclosure

    OpenAIRE

    Werner, Richard A.

    1998-01-01

    To assess the economy and the role of the central bank, data on bank credit creation is crucial. Such data is produced by the central bank, creating a conflict of interest. The Japanese central bank, like many other central banks, only publishes such data after substantial time delays, although available to the central bank virtually in real time. Furthermore, the central bank has stopped the publication of detailed disaggregated credit data, which is vital for economic analysis and the appli...

  13. Securing Financial Stability: Problems and Prospects for New EU Members, Report on the SUERF Seminar jointly organised with the Central Bank of Malta

    DEFF Research Database (Denmark)

    Balling, Morten

    2003-01-01

    topics are monetary policy transparency, preservation of investor confidence, the adequacy of the legal framework governing the financial sector, asset price volatility, size and volatility of cross-border capital flows, implications of bank privatisations, increasing market shares of foreign banks......The article gives an overview of twelve contributions to a seminar organised in March 2003 by SUERF in cooperation with the Central Bank of Malta. The contributions analyse from different perspectives the problems related to securing financial stability in the EU accession countries. Important......, integration of European supervisory systems, choice of exchange rate regime and government debt policy. Four of the contributions are country case studies in which the financial stability experiences of countries that have become members of the EMU are described. Udgivelsesdato: July...

  14. Beyond the Mediterranean peninsulas: evidence of central European glacial refugia for a temperate forest mammal species, the bank vole (Clethrionomys glareolus).

    Science.gov (United States)

    Deffontaine, V; Libois, R; Kotlík, P; Sommer, R; Nieberding, C; Paradis, E; Searle, J B; Michaux, J R

    2005-05-01

    This study details the phylogeographic pattern of the bank vole, Clethrionomys glareolus, a European rodent species strongly associated with forest habitat. We used sequences of 1011 base pairs of the mitochondrial DNA cytochrome b gene from 207 bank voles collected in 62 localities spread throughout its distribution area. Our results reveal the presence of three Mediterranean (Spanish, Italian and Balkan) and three continental (western, eastern and 'Ural') phylogroups. The endemic Mediterranean phylogroups did not contribute to the post-glacial recolonization of much of the Palaearctic range of species. Instead, the major part of this region was apparently recolonized by bank voles that survived in glacial refugia in central Europe. Moreover, our phylogeographic analyses also reveal differentiated populations of bank voles in the Ural mountains and elsewhere, which carry the mitochondrial DNA of another related vole species, the ruddy vole (Clethrionomys rutilus). In conclusion, this study demonstrates a complex phylogeographic history for a forest species in Europe which is sufficiently adaptable that, facing climate change, survives in relict southern and northern habitats. The high level of genetic diversity characterizing vole populations from parts of central Europe also highlights the importance of such regions as a source of intraspecific genetic biodiversity.

  15. Fluid escape structures in the Graham Bank region (Sicily Channel, Central Mediterranean) revealing volcanic and neotectonic activity.

    Science.gov (United States)

    Spatola, Daniele; Pennino, Valentina; Basilone, Luca; Interbartolo, Francesco; Micallef, Aaron; Sulli, Attilio; Basilone, Walter

    2016-04-01

    In the Sicily Channel, (Central Mediterranean), two geodynamic processes overlap each other, the Maghrebides-Apennines accretionary prism and the Sicily Channel rift. Moreover, the northwestern sector (Banks sector) is characterised by an irregular seafloor morphology linked to the recent volcanic and tectonic activity.In order to discriminate the role exerted by both the processes in the morphostructural setting of the area we used a dataset of both high and very high resolution single-channel and multi-channel profiles, acquired in the frame of the RITMARE project respectively with CHIRP and sparker, and airgun sources, and high resolution (5 m cell) morpho-bathymetric data. The data allowed us to identify and characterise two areas where different geological features (sedimentary and volcanic) are prevailing. They present fluid escaping evidence, which often appears to be active and generating different types of morphologies (both positive and negative). In the western sector we recognised pockmarks at water depths of 195 to 317 m, with diameters from 25 to 580 m, depths from 1.3 to 15 m, and slope up to 23°. They show sub-circular shape in plan-view and reflectors with upward concavity in cross section, and are oriented along a NW-SE trend.The CHIRP and multichannel profiles highlight fluids that affect the Plio-Quaternary succession, especially in areas where the top surface of the Messinian succession is shallower. Conversely, wipe-out acoustic facies were recognised in proximity of: i) extensional faults of Mesozoic age with NW-SE trend; ii) dip/strike slip faults of Cenozoic age with NW-SE, N-S and about NNE-SSW trends, and iii) extensional neo-tectonic faults with NW-SE and NNW-SSE trends. We cannot exclude that they could feed the shallower reservoir producing a mixing between the two. In the eastern sector we recognised a cluster of volcanoes composed of seven cone-shaped structures (SCV1-7), pertaining to a wide area known as Graham Bank. A detailed

  16. Can We Stabilize the Price of a Cryptocurrency?: Understanding the Design of Bitcoin and Its Potential to Compete with Central Bank Money

    OpenAIRE

    Iwamura, Mitsuru; Kitamura, Yukinobu; Matsumoto, Tsutomu; Saito, Kenji

    2014-01-01

    This paper discusses the potential and limitations of Bitcoin as a digital currency. Bitcoin as a digital asset has been extensively discussed from the viewpoints of engineering and security design. But there are few economic analyses of Bitcoin as a currency. Bitcoin was designed as a payments vehicle and as a store of value (or speculation). It has no use bar as money or currency. Despite recent enthusiasm for Bitcoin, it seems very unlikely that currencies provided by central banks are at ...

  17. Prevalence and risk factors of obesity and hypertension among students at a central university in the West Bank

    Directory of Open Access Journals (Sweden)

    Yasin I. Tayem

    2012-10-01

    Full Text Available Objectives : We aimed to determine the prevalence and correlates of obesity and hypertension (HTN among students at a central university in the West Bank. Materials and methods : This cross-sectional study targeted a cohort of 553 students (59.5% males, 40.5% females aged 17–26 years (median = 21 from Al-Quds University. Body mass index (BMI and blood pressure (BP were measured. Participants completed a questionnaire on physical activity, sedentary behavior, dietary factors, smoking and family history of obesity, HTN, and coronary artery disease. The magnitude of correlation was assessed by Spearman's rho (r s and Chi-square tests. Results : The prevalence of overweight was 25% (31.1% males, 15.6% females and obesity 7.2% (9.4% males, 4% females. Obesity and overweight were associated with family history of obesity in both genders (p<0.001 and physical activity in males (r s= − 0.162, p<0.005. No correlation was demonstrated between participants’ BMI and sedentary lifestyle or consumption of fast food. Pre-HTN was detected in 27.1% (38% males, 11.2% females and HTN in 2.2% (3.3% males, 0.4% females. Pre-HTN and HTN were associated with obesity (r s=0.252, p<0.001 and smoking (p<0.05. No relationship was detected between students’ BP and sedentary behavior, family history of HTN/CAD, or consumption of fast food. The prevalence of increased BMI and BP among males was significantly higher than females (p<0.001. Conclusions : We detected a high prevalence of elevated BP and excess weight gain among students at Al-Quds University. An interventional program is urgently needed to control these cardiovascular risk factors in this community.

  18. Credit risk determinants in Sub-Saharan banking systems: Evidence from five countries and lessons learnt from Central East and South East European countries

    Directory of Open Access Journals (Sweden)

    Eftychia Nikolaidou

    2017-06-01

    Full Text Available Banking systems in Sub-Saharan Africa (SSA have grown notably over the past decades due to benign macroeconomic, regulatory and financial trends. Nonetheless, downside risks remain elevated by structural issues, commodity price fluctuations, reversal of capital flows and spill-over effects from external shocks in a manner similar to the Central East and South East European (CESEE countries. In the light of the 2008–2009 Global Financial Crisis, great attention has been given to understanding the causes of banking instability with most of the research focusing on advanced economies and, to a lesser extent, large emerging markets while little attention has been paid to the bank-based financial sectors of Sub-Saharan Africa. Furthermore, there is scarcity of studies aiming at knowledge-sharing among different emerging economies. This paper aims to identify the determinants of bank credit risk by focusing on five SSA countries: Kenya, Namibia, South Africa, Zambia and Uganda. Using the ARDL approach to cointegration, findings indicate that increased money supply conditions have a decreasing effect on NPLs in all counties, banking industry-specific variables play a significant role in the case of South Africa and Uganda while NPLs are driven by country-specific variables in the case of Kenya, South Africa and Zambia. The effect of the Global Financial Crisis is evidenced indirectly. Drawing on evidence from CESEE countries with long experience in banking crises, reforms and financial deepening process, the paper provides lessons for SSA countries and offers policy recommendations in the direction of strengthening banks’ balance sheets to ensure financial stability.

  19. Overexpression of EcbHLH57 Transcription Factor from Eleusine coracana L. in Tobacco Confers Tolerance to Salt, Oxidative and Drought Stress.

    Directory of Open Access Journals (Sweden)

    K C Babitha

    Full Text Available Basic helix-loop-helix (bHLH transcription factors constitute one of the largest families in plants and are known to be involved in various developmental processes and stress tolerance. We report the characterization of a stress responsive bHLH transcription factor from stress adapted species finger millet which is homologous to OsbHLH57 and designated as EcbHLH57. The full length sequence of EcbHLH57 consisted of 256 amino acids with a conserved bHLH domain followed by leucine repeats. In finger millet, EcbHLH57 transcripts were induced by ABA, NaCl, PEG, methyl viologen (MV treatments and drought stress. Overexpression of EcbHLH57 in tobacco significantly increased the tolerance to salinity and drought stress with improved root growth. Transgenic plants showed higher photosynthetic rate and stomatal conductance under drought stress that resulted in higher biomass. Under long-term salinity stress, the transgenic plants accumulated higher seed weight/pod and pod number. The transgenic plants were also tolerant to oxidative stress and showed less accumulation of H202 and MDA levels. The overexpression of EcbHLH57 enhanced the expression of stress responsive genes such as LEA14, rd29A, rd29B, SOD, APX, ADH1, HSP70 and also PP2C and hence improved tolerance to diverse stresses.

  20. THE BANKING UNION – THE SOLUTION TO REDUCE THE EUROPEAN BANKING SYSTEM RISKS?

    Directory of Open Access Journals (Sweden)

    ALINA LIGIA DUMITRESCU

    2014-11-01

    Full Text Available The banking union has been seen as "a panacea" for solving the system risks of the EU banking system. This paper objectives are to find out if is the banking union, with is strong and week sides, will be right answer to solve the actual issues that EU banking system has as: the fragmentation in the EU single market, the deterioration in asset quality, the need for recapitalization and the quality of banks’ loan portfolios. According with most of the experts the banking union will strength the process of economic integration. On the other side, the non-euro area member states are questioning about "equal rights and obligations for all Member States" inside the banking union. But, with all pros and cons of the banking union, the ECB's making decisions and tasks can be questioned, although its role of supervisor can not be disputed. The most important thing is that the banking union breaks the vicious circle between banks and sovereign debts, and ends "to big to fail"

  1. Elements of banking intermediation in the Algerian Banking system and the means to activate it

    Directory of Open Access Journals (Sweden)

    Habbar Abderezak, Dr.

    2014-06-01

    Banking intermediation raises several interrelated issues for banks, the central bank and the Treasury. It is linked to the gross domestic product, money supply and bank liquidity, etc. These elements will be examined in this article to learn the elements of bank intermediation in the Algerian banking system and ways of strengthening it.

  2. Monetary and Fiscal Policy Interaction and the Relationship between the Central Bank and the Government. (The Case of Republic of Moldova

    Directory of Open Access Journals (Sweden)

    Corina Chironachi

    2015-08-01

    Full Text Available In this paper the author is analyzing the impact of fiscal and monetary policies on the dynamics of the exchange rate, inflation and other macroeconomic variables. The author investigates the forms of strategic interaction between the Government and the Central Bank in designing and implementing these policies. As a result, the author concludes the necessity of institutions cooperation in the development and implementation of monetary and fiscal policy measures, but also concluded that the responsible institutions must remain independent in achieving an efficient monetary and fiscal policy of the Republic of Moldova.

  3. Relationship between seed bank expression, adult longevity and aridity in species of Chaetanthera (Asteraceae) in central Chile.

    Science.gov (United States)

    Arroyo, M T K; Chacon, P; Cavieres, L A

    2006-09-01

    Broad surveys have detected inverse relationships between seed and adult longevity and between seed size and adult longevity. However, low and unpredictable precipitation is also associated with seed bank (SB) expression in semi-arid and arid areas. The relationship between adult longevity, SB formation, seed mass and aridity is examined in annual and perennial herbs of Chaetanthera (Asteraceae) from the Chilean Mediterranean-type climate and winter-rainfall desert areas over a precipitation range of one order of magnitude. Seeds of 18 species and subtaxa (32 populations) were buried in field locations, and exhumed after two successive germination periods. Seeds not germinating in the field were tested in a growth chamber, and remnant intact seed tested for viability. Seed banks were classed as transient or persistent. The effect of life form, species, population and burial time on persistent SB size was assessed with factorial ANOVA. Persistent seed bank size was compared with the Martonne aridity index (shown to be a surrogate for inter-annual variation in precipitation) and seed size using linear regression. ANCOVA assessed the effect of life-form on SB size with aridity as covariate. Three species had a transient SB and 15 a persistent SB. ANOVA revealed a significant effect of life-form on SB size with annuals having larger SB size and greater capacity to form a persistent SB than perennials. Significant inter-population variation in SB size was found in 64% of cases. Seed mass was negatively correlated with persistent SB size. Persistent seed bank size was significantly correlated with the Martonne aridity index in the perennial and annual species, with species from more arid areas having larger persistent SBs. However, when aridity was considered as a covariate, ANCOVA revealed no significant differences between the annual and perennial herbs. Persistent seed bank size in Chaetanthera appears to reflect environmental selection rather than any trade-off with

  4. PENGATURAN DAN PERAN BANK INDONESIA DALAM MEMPERKUAT SEKTOR PERBANKAN

    Directory of Open Access Journals (Sweden)

    Ninuk Triyanti

    2003-04-01

    Full Text Available Optimization of Indonesian Bank Role must be realized by means of Indonesian Bank independence as Central Bank. Thus, banking rate restructuring can be carried out significantly in order that economic crisis writing can be accomplished.

  5. Large-scale glacitectonic deformation in response to active ice sheet retreat across Dogger Bank (southern central North Sea) during the Last Glacial Maximum

    Science.gov (United States)

    Phillips, Emrys; Cotterill, Carol; Johnson, Kirstin; Crombie, Kirstin; James, Leo; Carr, Simon; Ruiter, Astrid

    2018-01-01

    High resolution seismic data from the Dogger Bank in the central southern North Sea has revealed that the Dogger Bank Formation records a complex history of sedimentation and penecontemporaneous, large-scale, ice-marginal to proglacial glacitectonic deformation. These processes led to the development of a large thrust-block moraine complex which is buried beneath a thin sequence of Holocene sediments. This buried glacitectonic landsystem comprises a series of elongate, arcuate moraine ridges (200 m up to > 15 km across; over 40-50 km long) separated by low-lying ice marginal to proglacial sedimentary basins and/or meltwater channels, preserving the shape of the margin of this former ice sheet. The moraines are composed of highly deformed (folded and thrust) Dogger Bank Formation with the lower boundary of the deformed sequence (up to 40-50 m thick) being marked by a laterally extensive décollement. The ice-distal parts of the thrust moraine complex are interpreted as a "forward" propagating imbricate thrust stack developed in response to S/SE-directed ice-push. The more complex folding and thrusting within the more ice-proximal parts of the thrust-block moraines record the accretion of thrust slices of highly deformed sediment as the ice repeatedly reoccupied this ice marginal position. Consequently, the internal structure of the Dogger Bank thrust-moraine complexes can be directly related to ice sheet dynamics, recording the former positions of a highly dynamic, oscillating Weichselian ice sheet margin as it retreated northwards at the end of the Last Glacial Maximum.

  6. Banking on the Nation

    DEFF Research Database (Denmark)

    Ravn Sørensen, Anders

    2015-01-01

    In this article, I analyse the narratives of four Danish central bank governors from the late nineteenth century until the mid-1990s. By conducting a historical analysis informed by neo-institutional theory, I show how these central bank governors were continuously involved in public debates over...... the appropriateness and desirability of their decisions and policies. In these debates, interpretations and reproductions of Danish national identity were central to the governors' claims to legitimacy. I argue that past narratives of the Danish central bank and its governors enabled and framed future legitimacy...... claims and that the central bank and its governors gradually became embedded in national identity. Thus, the article highlights the historical development of the co-configuring relationship between Danish national identity and the legitimacy of monetary organization....

  7. Look who's talking : ECB communication during the first years of EMU

    NARCIS (Netherlands)

    Jansen, David-Jan; De Haan, Jakob

    This paper studies communication by European central bankers during the first years of the European Economic and Monetary Union. We find that comments by central bankers on interest rates, inflation and economic growth in the Eurozone have often been contradictory. However, over the years, interest

  8. THE INFLUENCE OF THE CENTRAL BANK IN THE SPREAD OF «CONTAGION EFFECT» ON THE INTERBANK MARKET

    Directory of Open Access Journals (Sweden)

    V. E. Gladkova

    2013-01-01

    Full Text Available The paper studies the degree of development and the theoretical foundations of international experience in the exploration of two independent directions: the first one related to the concept, the question of the role and necessity of lender of last resort, while the latter, in turn, is connected with the problem of the spread of bankruptcies in the banking system, known in literature as the «contagion effect».

  9. PUSH FACTORS OF COMMUNITY PARTICIPATION IN THE MANAGEMENT OF WASTE BANK IN THE CITY OF SURAKARTA, CENTRAL JAVA PROVINCE, INDONESIA

    Directory of Open Access Journals (Sweden)

    Pambudi Y.S.

    2017-08-01

    Full Text Available This study aims to determine the influence of internal and external factors on community participation in the management of the waste bank. The method used in this research is descriptive quantitative with the cross-sectional approach. The population of the research is a community of Surakarta in five sub-districts namely Serengan sub-district, Jebres sub-district, Pasar Kliwon sub-district, Banjarsari sub-district, and Laweyan sub-district. The sample of the research is determined based on the random probability sampling with the Lemeshow method in order to obtain the minimum sample amount of 96 research sample. The amount of sample studied in this research is 125 respondents/head of household in five sub-districts in Surakarta. The data analysis technique used in this research is descriptive statistics and multiple linear regression test using SPSS software aid program to understand the influence of internal factors consisting of age, education, and gender, and the influence of external factors consisting of counselling, the activeness of environmental cadres, and the economic motivation of community of Surakarta against the community participation in the management of waste bank in Surakarta. The result of the research shows positive influence either internal factor consisting of age, education, and gender, and external factor consisting of access to information, the activeness of environmental cadres, psychological motive, social motive, economic motive against the community participation in the management of waste bank in Surakarta.

  10. FRACTIONAL BANKING

    OpenAIRE

    Maria Klimikova

    2010-01-01

    Understanding the reasons of the present financial problems lies In understanding the substance of fractional reserve banking. The substance of fractional banking is in lending more money than the bankers have. Banking of partial reserves is an alternative form which links deposit banking and credit banking. Fractional banking is causing many unfavorable economic impacts in the worldwide system, specifically an inflation.

  11. An Evaluation of Banks' Liability in Robbery Incidents at Banks ...

    African Journals Online (AJOL)

    The spate of armed robbery attack on banks in the last decade has been alarming. It is hoped with the current Central Bank of Nigeria (CBN) cashless policy there will be a drastic drop in such incidents. However, the issue of armed robbery attack at the bank premises brings to the fore two issues which are of paramount ...

  12. Risk Management Practices in Islamic Bank: A Case Study of Islami Bank Bangladesh Limited

    OpenAIRE

    Uddin, Md Akther

    2015-01-01

    Islamic banking industry has been growing rapidly for last three decades. As risk is inherent in banking business it is necessary to develop a comprehensive risk management framework and process. In this paper, a humble attempt has been made to study and analyze risk management practices of Islami Bank Bangladesh Limited (IBBL), one of the leading Islamic banks in Bangaladesh. Annual reports of IBBL and 7 other full-fledged Islamic banks, Bangladesh Bank, the central bank of Bangladesh, publi...

  13. BANCO DE SEMILLAS EN UN BOSQUE DE ROBLE DE LA CORDILLERA CENTRAL COLOMBIANA SOIL SEED BANK IN AN OAK FOREST FROM THE COLOMBIAN CENTRAL CORDILLERA

    Directory of Open Access Journals (Sweden)

    Luz Bibiana Moscoso Marín

    2005-12-01

    Full Text Available El banco de semillas del suelo es importante para el funcionamiento del ecosistema, pues se constituye en un reservorio de especies listas a germinar cuando se presenta una perturbación o cuando las condiciones ambientales cambian para iniciar el proceso de sucesión. El objetivo principal de esta investigación fue evaluar la variación espacial del banco de semillas y su relación con la vegetación actual en un fragmento de bosque altoandino dominado por roble de tierra fría (Quercus humbodtii Bonpl. a 2.290 m.s.n.m. en la cuenca de la Quebrada Piedras Blancas, en el departamento de Antioquia, Colombia. Allí se estableció una parcela de 6.400 m², donde se eligieron 57 puntos de muestreo. En cada uno de ellos se colectó una muestra de hojarasca y una de suelo. Además se marcaron cinco subparcelas de 160 m²para hacer el muestreo de la vegetación. La determinación del banco de semillas se hizo por el método de germinación directa, evaluando la emergencia de plántulas. En total, se censaron 204 individuos pertenecientes a 25 familias y 41 géneros. Las especies con mayor representación fueron Alfaroa cf. colombiana, Myrcia popayanensis Rich. y Quercus humboldtii Bonpl. En el ensayo de germinación se obtuvieron 428 individuos en las muestras de suelo y 113 en las de hojarasca, pertenecientes a 20 morfoespecies. La composición de especies del banco de semillas de este fragmento de robledal, no reflejó la composición actual de la vegetación del bosque. El banco de semillas esta constituido principalmente por especies herbáceas y en menor proporción por arbustos. La hojarasca contiene poca cantidad de semillas (198 semillas m-2 y en los primeros 10 cm del suelo se acumula una gran cantidad de semillas viables (4.330 semillas m-2. Se presenta una variación espacial significativa en la densidad de semillas del suelo a través del bosque a escala de unos pocos metros.Soil seed banks are important for ecosystem functioning because

  14. Latencia y banco de semillas en plantas de la región mediterránea de Chile central Seed bank and dormancy in plants of the Mediterranean region of central Chile

    Directory of Open Access Journals (Sweden)

    JAVIER A. FIGUEROA

    2004-03-01

    un modelo estructural y funcional del banco de semillas para el matorral de Chile central, que debería ser enriquecido con futuras investigacionesSeed banks on Mediterranean regions display characteristics that distinguish them from the seed banks of other regions. A seed bank is the concentration of viable propagules buried in the soil for variable periods of time. Seed banks in the Chilean matorral are chiefly transient and functionally similar to seed banks in other Mediterranean ecosystems not disturbed by fire, except for those of Australia. A transient seed bank is that composed of seeds that cannot survive in the upper levels of the soil for more than 1 year. The density of herb seeds in the Chilean matorral soil is one of the highest among Mediterranean ecosystems anywhere in the world, and a large proportion of these seeds is made up of seeds without dormancy that germinate easily, particularly annual grasses. With respect to the dormancy mechanisms that may be responsible for the behavior of these seeds stored in the transient bank, our analysis revealed the following germination syndromes: (1 species whose seeds must be stratified in cold due to the presence of physiological dormancy (particularly introduced herbs, (2 species whose seeds must be scarified with acids or mechanical means due to the presence of physical dormancy (mainly native woody species and, (3 species that present physiological dormancy and need heat stratification to activate germination (both native and introduced species. These syndromes determine that the timing of germination in central Chile has an autumn and an early spring phase. Besides, there is absence of sporadic germination syndromes for the components of a persistent seed bank. We propose a structural and functional model of the seed bank for the matorral of central Chile that should be enriched with future research

  15. Bank risk, bailouts and ambiguity

    NARCIS (Netherlands)

    Nijskens, R.G.M.

    2012-01-01

    The theoretical analysis in the second part investigates the effect of liquidity assistance and bailouts on bank risk taking and liquidity choice. Furthermore, it explores the possibilities for central banks to create ambiguity about liquidity assistance, thereby influencing bank choices. The

  16. Preparation of pre-cut corneas from fresh donated whole globes for Descemet's stripping automated keratoplasty: 3-year results at the Central Eye Bank of Iran.

    Science.gov (United States)

    Kanavi, Mozhgan Rezaei; Javadi, Mohammad Ali; Javadi, Fatemeh; Chamani, Tahereh

    2014-09-01

    To describe the technique and the results of the preparation of pre-cut corneas for Descemet's stripping automated endothelial keratoplasty (DSAEK) during a 3-year period at the Central Eye Bank of Iran (CEBI). The method of preparation of pre-cut corneas from donated whole globes at the CEBI is described and the frequency and percentage of pre-cut corneas prepared for DSAEK, between April 2009 and March 2012, are specified. Moreover, post-operative reports are reviewed for any complaints about using pre-cut tissues for DSAEK. Out of the 1,518 donated whole globes appropriate for DSAEK, 1,478 (97.4 %) pre-cut corneas were successfully prepared. The method of preparation failed in 40 (2.6 %) cases. Based on the eye bank post-operative reports, thickness of pre-cut tissues for DSAEK was deemed unacceptable in only 6 (0.4 %) cases prior to surgery; five of these were too thick and one was too thin. Preparation of pre-cut corneas, for DSAEK from donated whole globes, in the CEBI is a safe and easy method, with very good preservation of endothelial cells after the preparation of the pre-cut corneas and reduced risks from corneal manipulation.

  17. Islamic banking

    OpenAIRE

    Pak, Viktoriya

    2010-01-01

    The thesis is focused on introduction of Islamic banking system. Morover part of the work is devoted to a detailed description of the history of Islamic banking, on explanation of the principles on which the banking system is based. Also are analyzed in detail the basic Islamic banking products. And at the end are presented the advantages and disadvantages of the Islamic banking system.

  18. The crisis in the Area Zone and the role of ECB

    Directory of Open Access Journals (Sweden)

    Jonida Lamcja

    2016-07-01

    Full Text Available This paper presents the first comprehensive Target database of the Eurozone and interprets it from an economic perspective. We show that the Target accounts measure the intra-Eurozone balances of payments and indirectly also international credit given through the Eurosystem in terms of reallocating the ECB’s net refinancing credit. The Target and liabilities are interestbearing. Their interest rate equals the ECB’s main refinancing rate. However, interest revenues and expenses are socialized within the Euro system. Many think that the Target imbalances are a normal side effect of the Eurozone payment system, as they won’t occur in a currency system. The term Target balances has created much confusion even among academics; because it is a catchy term with several meanings that are not obviously connected with each other at first glance. In several countries, private debts arising from a property booble were transferred to sovereign debt as a result of banking system bailouts and government responses to slowing economies post-bubble.

  19. EXPERIENCE OF UTILIZATION OF CAPACITY BANKS AND SCHEMES OF FREQUENCY REGULATION IN MUNICIPAL CENTRALIZED HEATING SYSTEM OF CHISINAU

    Directory of Open Access Journals (Sweden)

    CHERNEI M

    2013-04-01

    Full Text Available The current paper provides a brief summary of the district heating system of the municipality Chisinau, including heat power sources, heat distribution network, production and consumption development over the past two decades and other data. Also, the priority investment projects realized by JSC "Termocom" are being presented. The company had implemented an automated monitoring system for the heat power production, transportation and distribution. For many years, the company used bellows pipes with polyurethane insulation, ball valves and plate heat exchangers. 14 out of 21 district heating boiler stations were upgraded 10 were completely automated having as a result no further need in full-time duty personnel there. The experience gained in the implementation of capacity banks and frequency inverters, summarizing the benefits and achieved results, is also presented in the current paper. It is to be underlined that in 2011 the company achieved decrease in electricity consumption by about 30% in comparison with 2005.

  20. Sequential development of platform to off-platform facies of the great American carbonate bank in the central Appalachians: chapter 15

    Science.gov (United States)

    Brezinski, David K.; Taylor, John F.; Repetski, John E.

    2012-01-01

    In the central Appalachians, carbonate deposition of the great American carbonate bank began during the Early Cambrian with the creation of initial ramp facies of the Vintage Formation and lower members of the Tomstown Formation. Vertical stacking of bioturbated subtidal ramp deposits (Bolivar Heights Member) and dolomitized microbial boundtsone (Fort Duncan Member) preceded the initiation of platform sedimentation and creation of sand shoal facies (Benevola Member) that was followed by the development of peritidal cyclicity (Daragan Member). Initiation of peritidal deposition coincided with the development of a rimmed platform that would persist throughout much of the Cambrian and Early Odrovician. At the end of deposition of the Waynesboro Formation, the platform became subaerially exposed because of the Hawke Bay regression, bringing the Sauk I supersequence to and end. In the Conestoga Valley of eastern Pennsylvania, Early Cambrian ramp deposition was succeeded by deposition of platform-margin and periplatfrom facies of the Kinzers Formation.

  1. The roles of MCDW and deep water iron supply in sustaining a recurrent phytoplankton bloom on central Pennell Bank (Ross Sea)

    Science.gov (United States)

    Kustka, Adam B.; Kohut, Josh T.; White, Angelicque E.; Lam, Phoebe J.; Milligan, Allen J.; Dinniman, Michael S.; Mack, Stefanie; Hunter, Elias; Hiscock, Michael R.; Smith, Walker O.; Measures, Chris I.

    2015-11-01

    During January-February 2011 standing stocks of phytoplankton (chl a) in the Pennell Bank region of the Ross Sea were variable over 10-100 km spatial scales. One area of elevated chl a on central Pennell Bank (CPB) appeared to be a recurrent mid-summer feature. The western flank (WF) of Pennell Bank had pronounced signatures of Modified Circumpolar Deep Water (MCDW). We evaluated the spatial extent of Fe limitation and net primary production and tested whether MCDW may provide elevated amounts of Fe to the CPB region, through a combination of in situ measurements, shipboard incubations and a horizontally resolved physical model. Regional fluxes of dissolved Fe from deep to surface waters were compared to calculated Fe demands. Low in situ variable to maximum fluorescence (Fv/Fm; 0.24-0.37) and surface water dissolved Fe concentrations (~0.12-0.21 nM) were suggestive of widespread limitation, corroborated by the consistent responses (Fv/Fm, growth, and nutrient removal ratios) of incubation treatments to Fe addition. MCDW from the WF region had lower dissolved Fe concentrations than that measured in CDW (Circumpolar Deep Water), which suggests on-shelf modification with Fe deplete surface waters and is consistent with the lack of stimulation due to incubation amendments with filtered MCDW. Model results and empirical data suggest MCDW from the WF region is further modified and mixed en route to the CPB region, leading to both the erosion of the canonical MCDW signature and an elevated dissolved Fe inventory of CPB region deep water. This suggests the addition of Fe possibly via diagenesis, as suggested by Marsay et al. (2014). Calculated deep water supply rates to the surface waters of CPB were ~0.18-0.43 m d-1, while calculated rates at the WF or northern Pennell Bank (NPB) regions were negative. The CPB populations exhibited ~4.5-fold higher net production rates compared to those in the WF and NPB regions and required 520-3200 nmol Fe m-2 d-1. The modeled vertical

  2. How many species and under what names? Using DNA barcoding and GenBank data for west Central African amphibian conservation.

    Directory of Open Access Journals (Sweden)

    Jessica L Deichmann

    Full Text Available Development projects in west Central Africa are proceeding at an unprecedented rate, often with little concern for their effects on biodiversity. In an attempt to better understand potential impacts of a road development project on the anuran amphibian community, we conducted a biodiversity assessment employing multiple methodologies (visual encounter transects, auditory surveys, leaf litter plots and pitfall traps to inventory species prior to construction of a new road within the buffer zone of Moukalaba-Doudou National Park, Gabon. Because of difficulties in morphological identification and taxonomic uncertainty of amphibian species observed in the area, we integrated a DNA barcoding analysis into the project to improve the overall quality and accuracy of the species inventory. Based on morphology alone, 48 species were recognized in the field and voucher specimens of each were collected. We used tissue samples from specimens collected at our field site, material available from amphibians collected in other parts of Gabon and the Republic of Congo to initiate a DNA barcode library for west Central African amphibians. We then compared our sequences with material in GenBank for the genera recorded at the study site to assist in identifications. The resulting COI and 16S barcode library allowed us to update the number of species documented at the study site to 28, thereby providing a more accurate assessment of diversity and distributions. We caution that because sequence data maintained in GenBank are often poorly curated by the original submitters and cannot be amended by third-parties, these data have limited utility for identification purposes. Nevertheless, the use of DNA barcoding is likely to benefit biodiversity inventories and long-term monitoring, particularly for taxa that can be difficult to identify based on morphology alone; likewise, inventory and monitoring programs can contribute invaluable data to the DNA barcode library and

  3. Banking union through Hungarian eyes–assessment of a possible close cooperation

    OpenAIRE

    Anikó Szombati

    2017-01-01

    Legislation laying down the first two pillars of the institutional system of the Banking Union was finalised in April 2014. In accordance with the regulations, non-euro area Member States, including Hungary, may notify the ECB at any time if they wish to participate in the common system even before the euro is adopted. The paper aims at summarising the possible pros and cons vis-à-vis the Banking Union from a Hungarian perspective. It highlights the reasons for not opting in at the inception ...

  4. Banking contracts

    OpenAIRE

    Durčáková, Klára

    2010-01-01

    Resumé - Bank Contracts Bank Contracts are an integral part of our everyday lives. Citizen and bussines entities used bank contracts very often. Despite this fact we can't find legal definition in the Czech law. Banking contracts understand contracts that are signed by banks in their business activities and obligations under these contracts arise. While the banking contracts have been widely used, in Czech law there is not too much literature and judgements abou this issue. Lack of legislatio...

  5. Poverty and Ethnicity: A Cross-Country Study of Roma Poverty in Central Europe. World Bank Technical Paper.

    Science.gov (United States)

    Revenga, Ana; Ringold, Dena; Tracy, William Martin

    Roma, or "gypsies," are the main poverty risk group in many countries of central and eastern Europe. Living standards for the Roma have deteriorated more severely during the region's transition to a market economy than they have for other population groups, and Roma have been poorly positioned to take advantage of emerging economic and…

  6. Does Lack of Financial Stability Impair the Transmission of Monetary Policy?

    DEFF Research Database (Denmark)

    Acharya, Viral V.; Imbierowicz, Björn; Steffen, Sascha

    We investigate the transmission of central bank liquidity to bank deposit and loan spreads in Europe over the January 2006 to June 2010 period. When the European Central Bank (ECB) allocated liquidity to banks in a competitive tender at the beginning of the crisis, higher “aggregate” central bank...... banks refinance term loans drawing down loan commitments. They have lower payouts, lower capital expenditures and lower asset growth compared with borrowers of low risk banks. Our results suggest a differential transmission of central bank liquidity of low versus high risk banks, and an impaired...... liquidity (i.e. the total liquidity in the banking system that is held at the ECB) reduces bank deposit rates of low risk banks but has no effect on deposit rates of high risk banks or on corporate loan spreads of high or low risk banks. After the ECB started to fully allot all liquidity requested by banks...

  7. About Banking.

    Science.gov (United States)

    Pieslak, Raymond F.

    The student manual for high school level special needs students was prepared to provide deaf students with the basic fundamentals of banking. Five units are presented covering the topics of banks and banking services, checking accounts, other services of banks, savings accounts, and other investments. Each lesson was carefully written for easy…

  8. Relationship Banking in Labor Bank

    OpenAIRE

    三村, 聡

    2012-01-01

    As Labor bank is seemed as business partner of labor union, it contributes each community activities. For example, Labor bank helps retired employee, laborer and inhabitants. In addition, after the amendment of Money Lending Business Act of 2010, labor bank became clearly community based bank by consulting for heavily-indebted people and their education. This paper analyzes the new role of labor bank such as community contribution and enhancing financing service by collecting of the opinion o...

  9. PATHWAYS TO SUSTAINABLE BANKING MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Dragan (Santamarian Oana Raluca

    2012-12-01

    Full Text Available This paper describes one of the major challenges of the future: the sustainable development of the society. Sustainability is now increasingly recognized as central to the growth of emerging market economies. For the banking sector, this represents both a demand for greater social and environmental responsibility as well as a new landscape of business opportunity. Several years ago, the main part of the banks did not consider the social and environmental problems relevant for their operations. Recently, the banks began to realize the major impact of the sustainable development over the way of ulterior development of the society and, implicitly over the way of creating of the banking value in the future. In this context, the development of a banking management system, based on sustainable principles represents one of the provocations of these days.Starting from literature in the sustainable banking management field in this paper are presented several relevant issues related to risk management in the context of sustainable banking financing: the need to implement the sustainable management principles in financial and banking industry; the role of banks in sustainable development of society; social and environmental risk management policies, events that have shaped the role of the banking sector in sustainable development; international standards regarding sustainable banking management such us: Equator Principles for sustainable investment projects’ financing or GRI principles for sustainable reporting. Furthermore, we developed a practical case study related to the implementation of sustainable banking management at Bank of America.

  10. 75 FR 65331 - Federal Home Loan Bank Members Selected for Community Support Review

    Science.gov (United States)

    2010-10-22

    ... Bank, FSB Saint Cloud Minnesota. Capital Bank Saint Paul Minnesota. Bremer Bank, National Association........ South St. Paul Minnesota. Farmers & Merchants State Bank of Springfield Minnesota. Springfield. Central... Bank Denver Colorado. FirstBank of Cherry Creek--Denver, CO.... Denver Colorado. FirstBank of Denver...

  11. Bank Indonesia dalam Tata Pemerintahan Indonesia

    OpenAIRE

    Ismail, Maqdir

    2010-01-01

    This research focuses on problems as follows: First, position and role of Bank Indonesia as a state body in Indonesia; Second, independency of central bank in performing its monetary function. This research is a juridical normative research using primary legal source which is legislation concerning central bank. Data is collected through document study and literary study. This research concludes that position of Bank Indonesia as a legal entity should have been included in the explanation of ...

  12. Bank Indonesia Dalam Tata Pemerintahan Indonesia

    OpenAIRE

    Ismail, Maqdir

    2010-01-01

    This research focuses on problems as follows: First, position and role of Bank Indonesia as a state body in Indonesia; Second, independency of central bank in performing its monetary function. This research is a juridical normative research using primary legal source which is legislation concerning central bank. Data is collected through document study and literary study. This research concludes that position of Bank Indonesia as a legal entity should have been included in the explanation of ...

  13. [Soil seed bank and its correlations with aboveground vegetation and environmental factors in water level fluctuating zone of Danjiangkou Reservoir, Central China].

    Science.gov (United States)

    Liu, Rui-Xue; Zhan, Juan; Shi, Zhi-Hua; Chen, Long-qing

    2013-03-01

    Taking the water level fluctuating zone of the Danjiangkou Reservoir as a case, and by the method of hierarchical cluster analysis, the soil seed banks at 37 sampling plots within the areas of 140-145 m elevation were divided into 6 groups, and the species composition, density, and diversity of the soil seed banks among the groups were compared. The differences between the soil seed banks and the aboveground vegetations were analyzed by S0rensen similarity coefficient, and the correlations among the soil seed banks, aboveground vegetations, and environmental factors were explored by principal component analysis (PCA) and multivariable regression analysis. At the same altitudes of the water level fluctuating zone, the species composition of the soil seed banks had obvious heterogeneity, and the density and diversity indices of the soil seed banks among different groups were great. The similarity coefficient between the soil seed banks and aboveground vegetations was low, and the species number in the soil seed banks was obviously lesser than that in the aboveground vegetations. The density of the soil seed banks was highly positively correlated with the aboveground vegetations coverage and species number and the soil texture, but highly negatively correlated with the soil water-holding capacity and soil porosity.

  14. Mergers and Acquisitions and Banks Performance in Nigeria ...

    African Journals Online (AJOL)

    In order to strengthen the competitive and operational capabilities of banks in Nigeria with a view towards returning global and public confidence to the Nigerian banking sector and the economy in general, the Central Bank of Nigeria instituted a banking reform in 2004, which saw most of the then existing 89 banks merging ...

  15. Development of a methodology of evaluation of financial stability of commercial banks

    Directory of Open Access Journals (Sweden)

    Brauers Willem Karel M.

    2014-01-01

    Full Text Available The field of evaluation of financial stability of commercial banks, which emanates from persistent existence of financial crisis, induces interest of researchers for over a century. The span of prevailing methodologies stretches from over-simplified risk-return approaches to ones comprising large number of economic variables on the micro- and/or macro-economic level. Methodologies of rating agencies and current methodologies reviewed and applied by the ECB are not intended for reducing information asymmetry in the market of commercial banks. In the paper it is shown that the Lithuanian financial system is bankbased with deposits of households being its primary sources, and its stability is primarily depending on behavior of depositors. A methodology of evaluation of commercial banks with features of decreasing information asymmetry in the market of commercial banks is being developed by comparing different MCDA methods.

  16. BLC Bank - Lebanon : Leading in Banking on Women

    OpenAIRE

    International Finance Corporation

    2016-01-01

    The overall objective of this study is to learn about the impact of International Finance Corporation’s (IFC) Banking on Women (BoW) Program in the Europe and Central Asia and the Middle East and North Africa (EMENA) through BLC Bank of Lebanon. The objective of this specific case study is to understand the success of the BoW program for BLC Bank in Lebanon in terms of the program’s contri...

  17. Macroeconomic and Bank Specific Determinants of Non-Performing Loans (NPLs in the Indian Banking Sector

    Directory of Open Access Journals (Sweden)

    Memdani Laila

    2017-08-01

    Full Text Available The main objective of the paper is to find out the determinants of NPAs in the Indian Banking sector and to study if these determinants vary across the three different ownership structures viz., public sector banks (PSBs, private banks (PBs and foreign banks (FBs, of banks in India. The panel data for all the banks from 2005 to 2014 is collected from the official website of Reserve Bank of India (RBI, the Central Bank of the country. The econometric technique of Fixed Effects model and Random Effects model is used for the purpose. The results reveal that Macro economic factors, like log of percapita income (LPCY and Inflation (INFN, are significantly affecting NPLs in Public Sector Banks (PSBs. In case of private banks (PBs LPCY is highly significant while bank specific variables like size and total loans to total loans of the banking sector (TLTLBS are significant at 10% level. For FBs none of the variables were significant.

  18. Nástroje bankovního dohledu v Evropské unii

    OpenAIRE

    Hanychová, Marie

    2017-01-01

    European banking supervision has recently undergone major changes, through mere co-ordination of supervisory instruments, to the full integration of supervisory instruments in one centralized institution; European Central Bank (ECB). This master thesis deals with banking supervision instruments in the European Union while emphasises the instruments entrusted to the ECB under the second pillar of the banking union; the Single Supervisory Mechanism (SSM) and aims to analyse and evaluate their r...

  19. Reliability data banks

    International Nuclear Information System (INIS)

    Cannon, A.G.; Bendell, A.

    1991-01-01

    Following an introductory chapter on Reliability, what is it, why it is needed, how it is achieved and measured, the principles of reliability data bases and analysis methodologies are the subject of the next two chapters. Achievements due to the development of data banks are mentioned for different industries in the next chapter, FACTS, a comprehensive information system for industrial safety and reliability data collection in process plants are covered next. CREDO, the Central Reliability Data Organization is described in the next chapter and is indexed separately, as is the chapter on DANTE, the fabrication reliability Data analysis system. Reliability data banks at Electricite de France and IAEA's experience in compiling a generic component reliability data base are also separately indexed. The European reliability data system, ERDS, and the development of a large data bank come next. The last three chapters look at 'Reliability data banks, - friend foe or a waste of time'? and future developments. (UK)

  20. Is shadow banking really banking?

    OpenAIRE

    Bryan J. Noeth; Rajdeep Sengupta

    2011-01-01

    To those who don't know, the term "shadow banking" probably has a negative connotation. This primer draws parallels between what has been termed the shadow banking sector and the traditional banking sector—showing that they are similar in many ways.

  1. Size, productivity, and international banking

    NARCIS (Netherlands)

    Buch, Claudia M.; Koch, Catherine T.; Koetter, Michael

    Heterogeneity in size and productivity is central to models that explain which manufacturing firms expert. This study presents descriptive evidence on similar heterogeneity among international banks as financial services providers. A novel and detailed bank-level data set reveals the volume and mode

  2. Intervention in systemic banking crises

    NARCIS (Netherlands)

    Homar, T.

    2016-01-01

    Systemic banking crises often continue into recessions with large output losses. Governments and central banks intervene to preserve the key functions of the financial system and to mitigate the adverse impact of financial distress on economic growth. This thesis investigates how effective

  3. 75 FR 10485 - Formations of, Acquisitions by, and Mergers of Bank Holding Companies

    Science.gov (United States)

    2010-03-08

    ... Bank & Trust Company, Lexington, Kentucky, Central Bank of Jefferson County, Louisville, Kentucky, and... applied to acquire Central Bank, FSB, Nicholasville, Kentucky, and thereby engage in operating a savings... Central Bancshares, Inc., Lexington, Kentucky, and thereby acquire voting shares of Central Bank & Trust...

  4. 12 CFR 204.121 - Bankers' banks.

    Science.gov (United States)

    2010-01-01

    ... actual or impending failure of another depository institution; share insurance funds; depository... Federal Home Loan Bank, or in the National Credit Union Administration Central Liquidity Facility if the...

  5. Multifractal detrended fluctuation analysis to compare coral bank and seafloor seepage area-related characterization along the central Western continental margin of India

    Digital Repository Service at National Institute of Oceanography (India)

    Chakraborty, B.; VishnuVardhan, Y.; Haris, K.; Menezes, A.A.A.; Karisiddaiah, S.M.; Fernandes, W.A.; Kurian, J.

    ], [9]. In the western continental margin off Malpe, Karnataka coast, India, two living coral banks were identified using an EM 1002 multibeam echo sounder (MBES), namely, 1) the Gaveshani bank [10] and 2) an unnamed coral bank [11]. The other important.... MATERIALS AND METHODS The MBES data system for the present study was used to acquire a dataset during a survey (in 2006) onboard coastal research vessel (CRV) Sagar Sukti. The EM 1002 system operates at a frequency of 95 kHz and acquires the bathymetry 1545...

  6. The membrane tethered transcription factor EcbZIP17 from finger millet promotes plant growth and enhances tolerance to abiotic stresses.

    Science.gov (United States)

    Ramakrishna, Chopperla; Singh, Sonam; Raghavendrarao, Sangala; Padaria, Jasdeep C; Mohanty, Sasmita; Sharma, Tilak Raj; Solanke, Amolkumar U

    2018-02-01

    The occurrence of various stresses, as the outcome of global climate change, results in the yield losses of crop plants. Prospecting of genes in stress tolerant plant species may help to protect and improve their agronomic performance. Finger millet (Eleusine coracana L.) is a valuable source of superior genes and alleles for stress tolerance. In this study, we isolated a novel endoplasmic reticulum (ER) membrane tethered bZIP transcription factor from finger millet, EcbZIP17. Transgenic tobacco plants overexpressing this gene showed better vegetative growth and seed yield compared with wild type (WT) plants under optimal growth conditions and confirmed upregulation of brassinosteroid signalling genes. Under various abiotic stresses, such as 250 mM NaCl, 10% PEG6000, 400 mM mannitol, water withdrawal, and heat stress, the transgenic plants showed higher germination rate, biomass, primary and secondary root formation, and recovery rate, compared with WT plants. The transgenic plants exposed to an ER stress inducer resulted in greater leaf diameter and plant height as well as higher expression of the ER stress-responsive genes BiP, PDIL, and CRT1. Overall, our results indicated that EcbZIP17 improves plant growth at optimal conditions through brassinosteroid signalling and provide tolerance to various environmental stresses via ER signalling pathways.

  7. ONLINE BANKING IN THE ROMANIAN BANKING SYSTEM

    OpenAIRE

    IMOLA DRIGĂ

    2014-01-01

    In the world of banking, the development of IT has a huge effect on development of more flexible payments methods and more user-friendly banking services. Recently, modern electronic banking services, internet and mobile banking, have rejuvenated banking transactions. Electronic banking over the Internet is one of the newest e-banking services with several benefits both for banks and for customers. The paper aims to provide an overview of online banking services highlighting various aspect...

  8. Comparing Conventional Bank Credit Vis A Vis Shariah Bank Musharakah: Experimental Economic Approach

    Directory of Open Access Journals (Sweden)

    Muhamad Abduh

    2008-01-01

    Full Text Available Central Bank of Indonesia with dual banking system – i.e Shariah and Conventional Bank – keep on developing system that considered as an answer to generate the national economic growth. One of the banking activities that emphasized by the Central Bank of Indonesia is fund distribution through either conventional bank credit or shariah bank fi nancing. Having the Experimental Economic Approach based on Induced Value Theory and employing ANOVA, this paper found that shariah bank musharakah fi nancing system would come up with higher profi t opportunity compare to conventional credit system. One main reason is that musharakah fi nancing in shariah bank applies profi t and lost sharing (PLS scheme so that will not be a burden to the customer when he fi nd low profi t.Keywords: Credit Loan, Musharakah Financing, Induced Value Theory, Experimental Economic Approach, Analysis of Variance (ANOVA.

  9. Research network on capital markets and financial integration in Europe : results and experience after two years

    OpenAIRE

    European Central Bank ; Center for Financial Studies (CFS)

    2008-01-01

    In April 2002 the European Central Bank (ECB) and the Center for Financial Studies (CFS) launched the ECB-CFS Research Network to promote research on “Capital Markets and Financial Integration in Europe”. The ECB-CFS research network aims at stimulating top-level and policy-relevant research, significantly contributing to the understanding of the current and future structure and integration of the financial system in Europe and its international linkages with the United States and Japan. This...

  10. ONLINE BANKING IN THE ROMANIAN BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    IMOLA DRIGĂ

    2014-12-01

    Full Text Available In the world of banking, the development of IT has a huge effect on development of more flexible payments methods and more user-friendly banking services. Recently, modern electronic banking services, internet and mobile banking, have rejuvenated banking transactions. Electronic banking over the Internet is one of the newest e-banking services with several benefits both for banks and for customers. The paper aims to provide an overview of online banking services highlighting various aspects globally as well as in the Romanian banking system. Even if there already are several studies on web banking, this topic still remains a resourceful area for academic research in the next decade.

  11. Bank distress, consolidation and economic development in Nigeria ...

    African Journals Online (AJOL)

    The role of the banking sector in the economic development of any country cannot be over emphasized. Inter alia, the ... This paper takes an overview of the phenomenon of bank distress coupled with its attendant causes as well as the recent banking consolidation initiative spear-headed by the Central Bank of Nigeria.

  12. BANK GUARANTEES

    OpenAIRE

    Vasile NEME

    2012-01-01

    The present study propose the analyse of the irrevocable commitment of a bank entity towards a determined person, through which guarantees a certain legal conduct of its client, and, in case of breach, assumes the payment obligation of a determined amount of money. This kind of legal technique it is called bank guarantee and in the usual business language it is called “Letter of Bank Guarantee”. The determined reason to choose this scientific initiative it is the frequency of this kind of fin...

  13. European bank for reconstruction and development

    Directory of Open Access Journals (Sweden)

    Kastratović Radovan

    2015-01-01

    Full Text Available European Bank for Reconstruction and Development - EBRD was established in the year 1991 and commenced operations in 1991. The objective of the Bank was to instigate market oriented approach to business in the countries of Central and Eastern Europe. This comprises support offered to structural reforms, privatisation, and development of entrepreneurship and legal system through financing of project conducive to the achievement of the aimed targets. The Bank approves loans both to the nation states and to the private sector. European Bank for Reconstruction and Development often appears in the role of investor. In addition, the Bank has also its consultative function. Owners of the European Bank for Reconstruction and Development are the developed countries and those that participate in the distribution of the Bank's profit. The Bank invests in the countries of Central, Eastern and South-East Europe, but also in those of Central Asia and Southern Mediterranean. The importance that the European Bank for Reconstruction and Development has for our country is best illustrated by the fact that this Bank is our largest institutional investor, with investments exceeding 3.5 billion EUR. This work begins with presentation of general information on the work of the European Bank for Reconstruction and Development, its objectives, activities, background history, ownership and organisational structure. It proceeds by giving relevant data on the Bank's business operations - the manner of project financing, the Bank's funds distribution per geographic criteria and activities, and the operative and financial results of the Bank's business activities. Brief description is also offered of the cooperation that the European Bank has with other international financial institutions. Finally, data is given bearing witness on the importance that the European Bank for Reconstruction and Development has for Serbia.

  14. Seed bank dynamics of blowout penstemon in relation to local patterns of sand movement on the Ferris Dunes, south-central Wyoming

    Science.gov (United States)

    Kassie L. Tilini; Susan E. Meyer; Phil S. Allen

    2017-01-01

    Plants restricted to active sand dunes possess traits that enable both survival in a harsh environment and local migration in response to a shifting habitat mosaic. We examined seed bank dynamics of Penstemon haydenii S. Watson (blowout penstemon) in relation to local sand movement. We measured within-year sand movement along a 400 m transect and examined plant density...

  15. The contribution of the Kakum Rural Bank to poverty reduction in the Komenda-Edina-Eguafo-Abrem Municipality in the central region, Ghana

    Directory of Open Access Journals (Sweden)

    Enu-Kwesi Francis

    2013-01-01

    Full Text Available The study was designed to examine the contribution of Kakum Rural Bank (KRB to poverty reduction in the Komenda-Edina-Eguafo-Abrem Municipality (KEEA. The study employed descriptive and evaluative designs. All four agencies in the KEEA municipality were included in the study. The systematic random sampling technique was used to draw 370 customers and 14 members of staff of Kakum Rural Bank who were purposively sampled for the study. Questionnaires were principally used to collect data from respondents. Graphs and tables were used to present descriptive aspects of the results while non-parametric inferential procedure was used to present the evaluative aspect. The results of the study revealed that KRB, with its financial and non-financial services, has helped in poverty reduction in the KEEA Municipality. Data gathered from the respondents showed a significant improvement in most of the poverty indicators, with the exception of provision of potable water and clothing for families. Judging by the potential that KRB has for reducing poverty, it is recommended that the bank should expand its coverage in the municipality.

  16. REFORMING THE EUROPEAN FINANCIAL AND BANKING ARCHITECTURE IN THE CRISIS CONTEXT. THE BANKING UNION CONCEPT

    Directory of Open Access Journals (Sweden)

    Magdalena, RADULESCU

    2014-11-01

    Full Text Available Deep financial crisis which started in 2007 proved to be extremely contagious affecting the financial and banking EU system. Achieving an integrated banking market is the main component of the European policy in the financial-banking services area. The latest developments underlined that the difficulties faced by the banks can negatively impact on the entire financial stability of the member states. That's why, the European Central Bank will be entitled to supervise any bank of the euro area, especially the ones that benefit of public support. Reforming the financial and banking system must be shaped in the frame of insuring some durable national finances, of an urgent recapitalizing of the banks that need that and of elaborating some common fiscal and financial and banking regulations effective in the eurozone.

  17. 12 CFR 619.9140 - Farm Credit bank(s).

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Farm Credit bank(s). 619.9140 Section 619.9140 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM DEFINITIONS § 619.9140 Farm Credit bank(s). Except as otherwise defined, the term Farm Credit bank(s) includes Farm Credit Banks...

  18. MODEL IKATAN HUBUNGAN, NILAI PELANGGAN TERHADAP LOYALITAS NASABAH PADA BANK PEMERINTAH DI JAWA TENGAN

    OpenAIRE

    Naili Farida

    2017-01-01

    The study discussed about the integration of relational bonding, relational quality,on service quality and customer loyalty at the state-owned bank in Central Java. The loca-tions of research included Semarang City, Surakarta City, and Cilacap City. Research methodused multi stage sampling. The sample of research counted 278 customers of Regular Savingfrom Bank Negara Indonesia (BNI), Bank Mandiri, Bank Rakyat Indonesia, Bank TabunganNegara, and Bank Pembangunan Central of Java. The hypothesi...

  19. Model Ikatan Hubungan, Nilai Pelanggan Terhadap Loyalitas Nasabah Pada Bank Pemerintah Di Jawa Tengan

    OpenAIRE

    Farida, Naili

    2010-01-01

    The study discussed about the integration of relational bonding, relational quality,on service quality and customer loyalty at the state-owned bank in Central Java. The loca-tions of research included Semarang City, Surakarta City, and Cilacap City. Research methodused multi stage sampling. The sample of research counted 278 customers of Regular Savingfrom Bank Negara Indonesia (BNI), Bank Mandiri, Bank Rakyat Indonesia, Bank TabunganNegara, and Bank Pembangunan Central of Java. The hypothesi...

  20. In the absence of a central venous catheter, risk of venous thromboembolism is low in critically injured children, adolescents, and young adults: evidence from the National Trauma Data Bank.

    Science.gov (United States)

    O'Brien, Sarah H; Candrilli, Sean D

    2011-05-01

    To describe the incidence and risk factors of venous thromboembolism in a large sample of critical care pediatric, adolescent, and young adult trauma patients. The National Trauma Data Bank-the largest and most complete aggregation of trauma registry data in the United States. Seven hundred eighty-four level I to level IV trauma centers. Patients ≤ 21 yrs of age who spent at least 1 day in a critical care unit during a trauma admission between 2001 and 2005. To characterize differences between patients with and without venous thromboembolism, we extracted variables regarding patient demographics, injury pattern and severity, procedures, total length of stay, and intensive care unit and ventilator days. Odds ratios for predictors of venous thromboembolism were estimated with a logistic regression model. Among the 135,032 critical care patients analyzed, venous thromboembolism was uncommon (6 per 1,000 discharges). Placement of a central venous catheter was a significant predictor of venous thromboembolism (odds ratio = 2.24; p central venous catheter were of even greater magnitude, particularly in adolescents and young adults. The risk of venous thromboembolism in critical care patients without a central venous catheter was central venous access.

  1. Electronic Banking And Bank Performance In Nigeria

    African Journals Online (AJOL)

    2013-03-01

    Mar 1, 2013 ... deploying information Technology in banks therefore can ... profitability indices and other control of financial ..... impact of e-banking on bank profitability ..... [13] Nikolai L. and Bazlay J.D (1997) Intermediate Accounting, South-.

  2. Bank development; bank development efficiency; bank management; bank.

    OpenAIRE

    Самородов, Б. В.

    2014-01-01

    In the paper the theoretical research of determination of the essence of “management of bank financial development” is realized. The analysis is performed on the basis of substantial considering and comparing the philosophy and economical definitions of the components of its definition.

  3. isk governance: Experience of Islamic banks

    Directory of Open Access Journals (Sweden)

    Siti Rohaya Mat Rahim

    2015-05-01

    Full Text Available Risk governance has evolved tremendously in the banking industry. Risk governance recommends the imperative roles of Chief Risk Officer (CRO to oversee risk. This study explores risk governance influence over the Islamic banks performances. Multivariate analysis techniques measure simultaneously via Structural Equation Modelling (SEM. This study employed cross-sectional sample of 200 Islamic banks across 21 countries for the year 2014. To examine risk governance and Islamic banks performance, the study captures seventeen variables developed from risk management and corporate governance (ROA, ROE, Profit Margin, CRO, Shariah committee member, CEO, board size, remuneration meeting, credit rating, external audit, accounting standard, loan loss provision, capital adequacy ratio, total deposit ratio, GDP, central bank lending rate and inflation. The simulation result reveals, risk governance act as mediating variables towards Islamic banks performance. This study has practical and significance contribution for Islamic banks to understand risk governance, aligning with the fundamental risk management and corporate governance

  4. An incipient public authority: A short pre-history of the Central Bank of Iceland Stjórnvald í mótun: Drög að forsögu Seðlabankans

    Directory of Open Access Journals (Sweden)

    Helgi Skúli Kjartansson

    2011-06-01

    Full Text Available The author surveys the central banking functions progressively assumed by the National Bank of Iceland (Landsbanki Íslands prior to the establishment in 1961 of the separate Icelandic Central Bank (Seðlabanki Íslands. The NBI took over the issuance of banknotes in 1924; its central banking functions were defined by law (unrealistically, as the law foresaw a functioning gold standard which never was put into practice in 1927; its central banking section became financially separate in 1930; it was put under separate administration by law in 1957, and given the right, first exercised in 1960 onwards, to determine interest rates and reserve requirement in commercial banking. Among the particular points under discussion are NBI´s responsibility for other banks (none whatsoever when the country´s second bank failed in 1930; its involvement, from the early 1930s onward, in a regime of currency controls; its control of interest rates (limited and largely by persuasion as its rediscount rate was not an instrument of monetary policy; and its increasing willingness to state its own its monetary policy, even in opposition to the policy pursued by national government.Í greininni er fjallað um seðlabankahlutverk Landsbanka Íslands fram til 1961 þegar Seðlabanki Íslands varð að sjálfstæðri stofnun. Landsbankinn hafði annast seðlaútgáfu frá 1924 og verið skilgreindur sem seðlabanki að lögum frá 1927, en þar sem lögin gengu út frá föstu gullgengi og gullinnlausn krónunnar, sem aldrei varð að veruleika, var það reynslan fremur en lögin sem mótaði seðlabankahlutverk Landsbankans í raun. Seðlabankinn var sérstök deild Landsbankans, fjárhagslega aðskilin frá 1930 (þó hún annaðist fyrst um sinn stóran hluta af viðskiptabankastarfseminni líka og undir sérstakri stjórn frá 1957, en það var stærsta skrefið í átt til sjálfstæðs seðlabanka. Meðal annars er rætt um afskiptaleysi Landsbankans af falli

  5. Bank Lending, Housing and Spreads

    DEFF Research Database (Denmark)

    Aslam, Aqib; Santoro, Emiliano

    The framework presented in this paper takes its cue from recent financial events and attempts to develop a tractable framework for policy analysis of macro-linkages, in particular a first attempt at the integration of an independent profit-maximising banking sector that lends to and borrows from...... agents in the economy, and through which changes in the monetary policy rate by the central bank are transmitted. The inter-linkages between housing and the role of the banking sector in the transmission of monetary policy is emphasized. Two competing effects are highlighted: (i) a financial accelerator...... channel, due to the presence of collateralized borrowers, and (ii) a banking attenuator effect, which crucially arises from the spread in interest rates caused by the introduction of monopolistically competitive financial intermediaries. We show how the classical amplification mechanism explored in models...

  6. Merger and Acquisition in the Banking Sector

    Directory of Open Access Journals (Sweden)

    Anna Szewczyk

    2008-12-01

    Full Text Available The article presents situation on mergers and acquisitions (MA in banking sector during last twenty years. The main motives are selected and analyzed. All is explained on the base on research reports of the Deutsche Bundesbank and the European Central Bank.

  7. Bank liquidity, interbank markets, and monetary policy

    NARCIS (Netherlands)

    Freixas, X.; Martin, A.; Skeie, D.

    2011-01-01

    A lesson of the recent financial crisis is that the interbank market is crucial for banks facing uncertainty regarding their liquidity needs. This article studies the efficiency of the interbank market in allocating funds. We show that the central bank should lower the interbank rate when confronted

  8. Commercial Banks

    Directory of Open Access Journals (Sweden)

    Abbas Asosheh

    2009-09-01

    Full Text Available Information systems outsourcing issues has been attracted in recent years because many information systems projects in organizations are done in this case. On the other hand, failure rate of this kind of projects is also high. The aim of this article is to find success factors in risk management of information systems outsourcing in commercial banks using these factors leads to increase the success rate of risk management of information systems outsourcing projects. Research methods in the present article based on purpose are applied and descriptive- survey. In addition, research tool is questionnaire which was used among commercial bank experts. For this purpose, First information systems outsourcing risks were identified and then ranked. In the next step, the information systems outsourcing reasons were surveyed and the most important reasons were identified. Then the risks which have not any relationship with the most important reasons were removed and success factors in managing residual risks were extracted.

  9. Electronic banking

    OpenAIRE

    Gradišnik, Monika

    2017-01-01

    The development of information and communication technology is one of the most important reasons for the incredibly fast changes in business. Electronic commerce is spreading unstoppably in the operations of companies. The creation of new models, such as online banking, online shopping and the like, has sped up the development of the World Wide Web. Owing to the rapid progress of the World Wide Web and technologies for secure business operations, we can barely imagine life today without e...

  10. Sequential Banking.

    OpenAIRE

    Bizer, David S; DeMarzo, Peter M

    1992-01-01

    The authors study environments in which agents may borrow sequentially from more than one leader. Although debt is prioritized, additional lending imposes an externality on prior debt because, with moral hazard, the probability of repayment of prior loans decreases. Equilibrium interest rates are higher than they would be if borrowers could commit to borrow from at most one bank. Even though the loan terms are less favorable than they would be under commitment, the indebtedness of borrowers i...

  11. Simulating Retail Banking for Banking Students

    Science.gov (United States)

    Supramaniam, Mahadevan; Shanmugam, Bala

    2009-01-01

    The purpose of this study was to examine the implementation flow and development of retail bank management simulation based training system which could provide a comprehensive knowledge about the operations and management of banks for the banking students. The prototype of a Retail banking simulation based training system was developed based on…

  12. Beyond the Mediterranean peninsulas: evidence of central European glacial refugia for a temperate forest mammal species, the bank vole (Clethrionomys glareolus)

    Czech Academy of Sciences Publication Activity Database

    Deffontaine, V.; Libois, R.; Kotlík, Petr; Sommer, R.; Nieberding, C.; Paradis, E.; Searle, J. B.; Michaux, J.

    2005-01-01

    Roč. 14, - (2005), s. 1727-1739 ISSN 0962-1083 R&D Projects: GA ČR(CZ) GP206/05/P032 Institutional research plan: CEZ:AV0Z50450515 Keywords : central Europe Subject RIV: EB - Genetics ; Molecular Biology Impact factor: 4.301, year: 2005

  13. Change Management and Capacity Building for Regional Banking ...

    African Journals Online (AJOL)

    From the regulatory authorities led by the Central Bank of Nigeria (CBN), to each of the 25 banks that emerged, the successful conclusion of the first phase of banking reforms demonstrates a level of change management capacity deemed vital in successful corporate transformation. However, to successfully position ...

  14. To what extent does banks' credit stimulate economic growth ...

    African Journals Online (AJOL)

    This study examines the extent to which banks' credit affects economic growth in Nigeria. The data used was collected from the Central Bank of Nigeria statistical bulletin for a period of 24 years from 1990 to 2013. We used credit to the private sector, credit to the public sector and inflation to proxy commercial bank credit ...

  15. Banks' risk appetite, heterogeneity and monetary policy: evidence ...

    African Journals Online (AJOL)

    The study examines the effects of bank heterogeneity on risk appetite under changing monetary policy stance of the monetary authority. The scope of the study covers the period 2005 to 2015 using data obtained from the published accounts of the affected banks and Central Bank of Nigeria (CBN) statistical bulletin, various ...

  16. Cross-Border Banking in Europe : What's Next?

    NARCIS (Netherlands)

    Allen, F.; Beck, T.H.L.; Carletti, E.; Lane, P.; Schoenmaker, D.; Wagner, W.B.

    2011-01-01

    Understanding the role of banks in cross-border finance has become an urgent priority. Cross-border banks have played a central role in the dynamics of the global crisis of 2007-2009. First, European banks had a surprisingly large exposure to the US securitised asset markets, which arose to a

  17. Banking system trust, bank trust, and bank loyalty

    NARCIS (Netherlands)

    van Esterik-Plasmeijer, P.; van Raaij, W.F.

    2017-01-01

    Purpose The purpose of this paper is to test a model of banking system trust as an antecedent of bank trust and bank loyalty. Six determinants of trust and loyalty are included: competence, stability, integrity, customer orientation, transparency, and value congruence. The study provides insights

  18. The banking union and the financial and banking system reform in EU

    Directory of Open Access Journals (Sweden)

    Alina Ligia Dumitrescu

    2013-04-01

    Full Text Available Coordination among supervisors in financial and banking system is vital, but the financial crisis has shown that is not enough, and especially in the context of a single currency would require more common actions in EU. Therefore, the European Commission proposed “the creation of a banking union”, in order to place the banking sector on a more solid base and to restore confidence in the single currency, as part of a longer-term vision for the promotion of the economic and fiscal integration. Therefore, the new direction of the reform of the financial sector is "the creation of a banking union", that will help: to strengthen banks supervision, to ensure better deposits security, to recapitalize banks and last but not least to achieve the centralized management of the banking crises.

  19. Interest Rate Fluctuation Effect on Commercial Bank's Fixed Fund Deposit in Nigeria

    OpenAIRE

    Okolo Chimaobi Valentine

    2015-01-01

    Commercial banks in Nigeria adopted many strategies to attract fresh deposits including the use of high deposit rate. However, pricing of banking services moved in favor of the banks at the expense of customers, resulting in their seeking other investment alternatives rather than saving their money in the bank. Both deposit and lending rates were greatly influenced by the Central Bank of Nigeria (CBN) decision on interest rate. Therefore, commercial bank effort to attract...

  20. Inside money, procyclical leverage, and banking catastrophes.

    Science.gov (United States)

    Brummitt, Charles D; Sethi, Rajiv; Watts, Duncan J

    2014-01-01

    We explore a model of the interaction between banks and outside investors in which the ability of banks to issue inside money (short-term liabilities believed to be convertible into currency at par) can generate a collapse in asset prices and widespread bank insolvency. The banks and investors share a common belief about the future value of certain long-term assets, but they have different objective functions; changes to this common belief result in portfolio adjustments and trade. Positive belief shocks induce banks to buy risky assets from investors, and the banks finance those purchases by issuing new short-term liabilities. Negative belief shocks induce banks to sell assets in order to reduce their chance of insolvency to a tolerably low level, and they supply more assets at lower prices, which can result in multiple market-clearing prices. A sufficiently severe negative shock causes the set of equilibrium prices to contract (in a manner given by a cusp catastrophe), causing prices to plummet discontinuously and banks to become insolvent. Successive positive and negative shocks of equal magnitude do not cancel; rather, a banking catastrophe can occur even if beliefs simply return to their initial state. Capital requirements can prevent crises by curtailing the expansion of balance sheets when beliefs become more optimistic, but they can also force larger price declines. Emergency asset price supports can be understood as attempts by a central bank to coordinate expectations on an equilibrium with solvency.

  1. Inside money, procyclical leverage, and banking catastrophes.

    Directory of Open Access Journals (Sweden)

    Charles D Brummitt

    Full Text Available We explore a model of the interaction between banks and outside investors in which the ability of banks to issue inside money (short-term liabilities believed to be convertible into currency at par can generate a collapse in asset prices and widespread bank insolvency. The banks and investors share a common belief about the future value of certain long-term assets, but they have different objective functions; changes to this common belief result in portfolio adjustments and trade. Positive belief shocks induce banks to buy risky assets from investors, and the banks finance those purchases by issuing new short-term liabilities. Negative belief shocks induce banks to sell assets in order to reduce their chance of insolvency to a tolerably low level, and they supply more assets at lower prices, which can result in multiple market-clearing prices. A sufficiently severe negative shock causes the set of equilibrium prices to contract (in a manner given by a cusp catastrophe, causing prices to plummet discontinuously and banks to become insolvent. Successive positive and negative shocks of equal magnitude do not cancel; rather, a banking catastrophe can occur even if beliefs simply return to their initial state. Capital requirements can prevent crises by curtailing the expansion of balance sheets when beliefs become more optimistic, but they can also force larger price declines. Emergency asset price supports can be understood as attempts by a central bank to coordinate expectations on an equilibrium with solvency.

  2. THE ACTIVITIES OF THE NATIONAL BANK OF UKRAINE ON THE OPEN MARKET: OPERATION WITH CERTIFICATES OF DEPOSITS

    OpenAIRE

    Yuliia Harkusha

    2016-01-01

    In the article investigated the activities of the National Bank of Ukraine on the open market. The analysis of operations of the National Bank of Ukraine banks to raise funds placing deposit certificates. Defined impact operations of the central bank's own debt securities to trading volumes deposit certificates of the National Bank of Ukraine on the stock market and the credit activity of banks. Identified problems interest rate policy and the ways to overcome them. Key words: National Bank o...

  3. Banking governance: New Approaches

    Directory of Open Access Journals (Sweden)

    Victor Mihăiţă Duţă

    2016-11-01

    Full Text Available Banks are companies like any other. However, banks are distinguished by certain intrinsic characteristics of companies that have a different impact on the motivation of stakeholders. Among these features, we mention:partnership and shareholders governance agreements; banks are heavily regulated companies; banking assets is the main source of haze banking and information asymmetry; between the bank and depositors there is a problem of moral hazard.

  4. Cross-Border Banking

    OpenAIRE

    Jonathan Eaton

    1994-01-01

    The banking systems of some countries export intermediation services to the rest of the world, while many other countries are net exporters of deposits to banks abroad and net importers of loans from banks abroad. Banking center countries typically have lower inflation, deeper financial systems, earn less government revenue from seigniorage, and have lower reserve money relative to bank assets than nonbanking-center countries. This paper develops a stylized model of regulated bank intermediat...

  5. ROMANIAN BANKS LIQUIDITY MANAGEMENT

    Directory of Open Access Journals (Sweden)

    BATRANCEA MARIA

    2013-07-01

    Full Text Available Most transactions or financial commitments have implications for a bank liquidity. Transactions are particularly vulnerable to liquidity problems at a specific institution. Therefore, one can deduce the importance of the correct calculation and liquidity indicator, not only for the bank concerned, but especially for NBR uses that bank risk management tool. That is why the authors took into consideration a sample of banks in Romania to show to what extent the banking crisis has influenced the development banks.

  6. Internet Banking integration within the banking system

    Directory of Open Access Journals (Sweden)

    Constantin Marian MATEI

    2008-01-01

    Full Text Available Internet Banking developed due to increasing demand of online banking transactions. The biggest advantages of Internet Banking consist of complex banking solutions, 24 hours availability, quick and secure access to the back-end application through Internet. These advantages are due to the use of SOA (service-oriented architecture. SOA appeared as a necessity of companies to integrate big and independent portions of applications, in order to obtain an homogeneous functionality of the system. For the Internet Banking applications, SOA proved to be the optimal architectural solution, for a smoth integration between banking services from the front-end to the back-end.This paper intend to offer an insite analyse of the Internet Banking applications architecture integrated with other banking systems. A SOA oriented analyse will establish the scope of the integration architecture.

  7. Green banking

    Directory of Open Access Journals (Sweden)

    Maja Drobnjaković

    2013-06-01

    Full Text Available There is an urgent need to march towards “low - carbon economy”. Global challenges of diminishing fossil fuel reserves, climate change, environmental management and finite natural resources serving an expanding world population - these reasons mean that urgent action is required to transition to solutions which minimize environmental impact and are sustainable. We are at the start of the low - carbon revolution and those that have started on their low - carbon journey already are seeing benefits such as new markets and customers, improved economic, social and environmental performance, and reduced bills and risks. Green investment banks offer alternative financial services: green car loans, energy efficiency mortgages, alternative energy venture capital, eco - savings deposits and green credit cards. These items represent innovative financial products.

  8. Bone banking.

    Science.gov (United States)

    Howard, W

    1999-04-01

    The use of human organs and tissues for transplantation in Australia has increased significantly over the past 30 years. In 1997, the Australian Coordinating Committee on Organ Registries and Donation (ACCORD) reported a total number of 190 organ donors, 636 corneal donors and 1509 bone donors Australia wide. Of the 1509 bone donations, 143 came from cadaveric sources and 1366 were made by living donors. Bone transplantation is not as widely recognised as solid organ or corneal transplantation. Due to improved technology and surgical skills, the demand for bone transplantation has increased markedly. This Clinical Update will provide an overview of the physiological aspects of bone transplantation and explore bone banking, a key step in the complex and critical process of bone transplantation.

  9. Efficiency of the Macedonian banking sector

    Directory of Open Access Journals (Sweden)

    Naumovska Elena

    2016-01-01

    Full Text Available The subject of this paper is to measure the efficiency of the Macedonian banking sector by applying two approaches: firstly, comparative analysis on the efficiency indicators of the banking sector in the Republic of Macedonia and the countries of Central and Southeastern Europe (CSEE and secondly, Data Envelopment Analysis (DEA. The aim is to provide directions and guidelines for further strengthening of the Macedonian banking sector. According to the comparative analysis of the efficiency indicators (net interest margin and operating costs of the Macedonian banking sector and the countries of CSEE, the countries whose banking sector shows lower operating costs are characterized with a higher level of financial deepening and greater degree of financial intermediation. The high interest margins direct towards unsuitable allocation of financial resources and insufficient competitiveness in the domestic banking sector. When applying the DEA approach, it can be stated that the group of large banks marks the highest efficiency within the Macedonian banking sector. The high concentration degree of banking activities within the group of large banks with a leading role in determining the interest rates, results in a rigid interest policy of the banks. In the direction of strengthening the efficiency of the Macedonian banking sector as a whole, the obtained results show that it is necessary for the banks to be further consolidated so as to utilize the advantages of the economies of scale, increase competitiveness, offer a diversified structure of products, invest in new contemporary software solutions that will allow reinforcement of their employees’ productivity and long-term reduction of the operating costs, as well.

  10. Internet Banking integration within the banking system

    OpenAIRE

    Constantin Marian MATEI; Catalin Ionut SILVESTRU; Dragos Stefan SILVESTRU

    2008-01-01

    Internet Banking developed due to increasing demand of online banking transactions. The biggest advantages of Internet Banking consist of complex banking solutions, 24 hours availability, quick and secure access to the back-end application through Internet. These advantages are due to the use of SOA (service-oriented architecture). SOA appeared as a necessity of companies to integrate big and independent portions of applications, in order to obtain an homogeneous functionality of the system....

  11. Bank supervision using the Threshold-Minimum Dominating Set

    Science.gov (United States)

    Gogas, Periklis; Papadimitriou, Theophilos; Matthaiou, Maria-Artemis

    2016-06-01

    An optimized, healthy and stable banking system resilient to financial crises is a prerequisite for sustainable growth. Minimization of (a) the associated systemic risk and (b) the propagation of contagion in the case of a banking crisis are necessary conditions to achieve this goal. Central Banks are in charge of this significant undertaking via a close and detailed monitoring of the banking network. In this paper, we propose the use of an auxiliary supervision/monitoring system that is both efficient with respect to the required resources and can promptly identify a set of banks that are in distress so that immediate and appropriate action can be taken by the supervising authority. We use the network defined by the interrelations between banking institutions employing tools from Complex Networks theory for an efficient management of the entire banking network. In doing so, we introduce the Threshold Minimum Dominating Set (T-MDS). The T-MDS is used to identify the smallest and most efficient subset of banks that can be used as (a) sensors of distress of a manifesting banking crisis and (b) provide a path of possible contagion. We propose the use of this method as a supplementary monitoring tool in the arsenal of a Central Bank. Our dataset includes the 122 largest American banks in terms of their interbank loans. The empirical results show that when the T-MDS methodology is applied, we can have an efficient supervision of the whole banking network, by monitoring just a subset of 47 banks.

  12. E-BANKING- MODERN BANKING SERVICES

    Directory of Open Access Journals (Sweden)

    MIRANDA PETRONELLA VLAD

    2009-05-01

    Full Text Available E-banking is the first of those banking services that really economize time, because it allows to the user to accomplish from behind the computer many operations in the bank account, represents the computational solution that allows to the holder to have

  13. Interest Free Banking in Nigeria - Welcome Islamic Banking ...

    African Journals Online (AJOL)

    Interest Free Banking in Nigeria - Welcome Islamic Banking; Welcome Christian Banking. ... banks pay interest on deposits, and charge interest on loans and advances, ... However, the literature on interest rates, in relation to Commercial Bank ...

  14. Success is in the bank

    Science.gov (United States)

    de Vincent-Humphreys, Rupert

    2008-05-01

    As the nation's central bank, the Bank of England is committed to promoting and maintaining monetary and financial stability. Broadly speaking, this means that it sets the interest rate at a level such that the economy should meet the UK government's 2% inflation target in the medium term, and it analyses the financial system to identify and reduce systemic risks to the country's financial infrastructure. The Bank also performs several other critical functions, including managing the approximately £42bn worth of banknotes in circulation and managing the nation's foreign-currency reserves - a multicurrency fund worth some £23bn. As a physicist, I find that I can make a full contribution to this work.

  15. Denying Foreign Bank Entry: Implications For Bank Interest Margins

    OpenAIRE

    Ross Levine

    2003-01-01

    This paper examines the impact of restricting foreign bank entry on bank net interest margins while controlling for (a) impediments to domestic bank entry, (b) the degree of foreign bank ownership of the domestic banking industry, (c) an array of bank-specific characteristics, (c) banking sectorconcentration, and (d) various country traits. Using data on almost 1200 banks across 47 countries, the results suggest that restricting foreign bank entry boosts bank net interest margins. Also, restr...

  16. Liquidity provision vs. deposit insurance : preventing bank panics without moral hazard?

    OpenAIRE

    Antoine Martin

    2001-01-01

    In this paper I ask whether a central bank policy of providing liquidity to banks during panics can prevent bank runs without causing moral hazard. This kind of policy has been widely advocated, most notably by Bagehot (1873). To analyze such a policy, I build a model with three key features: 1) bank panics can occur in equilibrium, 2) there can be moral hazard, 3) the central bank can create money which is willingly held. I show that a particular central bank repurchase policy provides liqui...

  17. Earnings and bank profitability in Nigeria

    Directory of Open Access Journals (Sweden)

    John N. N. Ugoani

    2016-12-01

    Full Text Available Bank earnings in form of retained profit help in the capital formation of banks. This is critical because capital inadequacy is often a cause of bank failures. During the banking crisis in Nigeria the gross earnings of many banks diminished considerably due to frauds and bad management. For example, in 2009 the Central Bank of Nigeria revoked the operating licences of fourteen banks which had huge nonperforming loans and were making losses. The fragility in the Nigerian banking system in the 1990s and beyond was compounded due to wide spread poor corporate governance practices and imprudent lending that led to the erosion of gross earnings and profitability. The study employed the exploratory research design. Data analyses were done through description statistics and the regression technique using the statistical package for the social sciences. The regression result was Y = 4.926 + 1.877x meaning that with an increase of 1 percent in gross earnings bank profitability increases by 1.88 percent. This is the crux of the study.

  18. The European Banking Union: Will It Be a True Union without Risk Sharing?

    Directory of Open Access Journals (Sweden)

    Mario Sarcinelli

    2013-06-01

    Full Text Available The recent developments of the Euro crisis reveal the lack of clear or coherent thinking on the part of both the Eurozone finance ministers and the European Commission. The crisis in Cyprus is partly the consequence of decisions made on private sector involvement in the previous Greek bailout, and other such examples may be made. It is time, therefore, to look reality in the face and strengthen the structures of the EMU. The article is devoted to what has been done and what must still be done to make the European banking system more robust and less permeable to crises, and to preserve the single financial market. It looks at the initiatives of both the European Commission and the European Council to complete the EMU by creating a banking union, the doubts on the wisdom of entrusting banking oversight to the ECB, the organization of the ECB’s new tasks, the continuing absence of facilities for the recovery or liquidation of banks, as well as for a Euro-wide deposit insurance, the need for some form of risk-sharing in order to stabilise the economy, and thus the recourse to a common budget and the possibility of joint debt for the Eurozone.

  19. Blood banking services in India.

    Science.gov (United States)

    Sardana, V N

    1996-01-01

    India's health care sector has made impressive strides toward providing health for all by the year 2000. That progress, however, has not been supported by a modern transfusion services network which continues to improve itself. In India, blood collection, storage, and delivery occur mainly in blood banks attached to hospitals, most of which are under central and state government controls. A significant portion of blood banking activity is also done by voluntary agencies and private sector blood banks. A study found the blood transfusion services infrastructure to be highly decentralized and lacking of many critical resources; an overall shortage of blood, especially from volunteer donors; limited and erratic testing facilities; an extremely limited blood component production/availability/use; and a shortage of health care professionals in the field of transfusion services. Infrastructural modernization and the technical upgrading of skills in the blood banks would, however, provide India with a dynamic transfusion services network. The safety of blood transfusion, the national blood safety program, HIV testing facilities, modernization of blood banks, the rational use of blood, program management, manpower development, the legal framework, voluntary blood donation, and a 1996 Supreme Court judgement on the need to focus greater attention upon the blood program are discussed.

  20. BANKING BUSINESS MODELS IN UKRAINIAN BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    Yuliya Onyshchenko

    2015-11-01

    Full Text Available The purpose of the paper is to work out and characterize bank business models that are formed in Ukraine. Methodology. Our research we will spend among banks that are functioning on the Ukrainian financial market and are not on the stage of liquidation, so the sample under study in our work is comprised of 131 banks which are different in their ownership structure and size. The core of the methodology is a statistical clustering algorithm that allows identifying the groups of banks (clusters with similar business models as banks with similar business model strategies have made similar choices regarding the composition of their assets and liabilities. The cluster analyses were taken on the base of seven chosen indicators: bank loans, bank liabilities, enterprise loans, enterprise liabilities, household loans, household liabilities and trading assets. Results. The traditional business model of bank is worked out. The bank business models that are functioning in Ukraine are identified on the base of cluster analyses using balance sheet characteristics of 131 Ukrainian banks. We find that in Ukraine were formed three types of bank business models: “Focused retail”, “Diversified retail” and “Corporative retail”. The description of each model is given. Practical implications. More detailed research of distinguished models allows not only to find out the main advantages and disadvantages of each bank model, but also the main problems that follow the development of Ukrainian banking sector. Identifying of bank models and their studying simplifies searching and elaboration of regulatory instruments as there is a two-way causation between regulation and bank business models. This implies a symbiotic relationship between regulation and bank business models: business models respond to regulation which in turn responds to the evolution of new business models. Value/originality. Such survey is conducted at the first time among Ukrainian banks. The

  1. What is shadow banking?

    NARCIS (Netherlands)

    Claessens, S.; Ratnovski, L.

    2014-01-01

    There is much confusion about what shadow banking is. Some equate it with securitization, others with non-traditional bank activities, and yet others with non-bank lending. Regardless, most think of shadow banking as activities that can create systemic risk. This paper proposes to describe shadow

  2. Essays on banking

    NARCIS (Netherlands)

    Tumer-Alkan, G.

    2008-01-01

    The banking literature documents various roles for banks in financial systems. Banks are both ‘liquidity providers’ and ‘information producers’. Banks are especially important for small and medium-size enterprises and represent these firms' principal source of external finance. Hence, the banks’

  3. Are EU Banks Safe?

    NARCIS (Netherlands)

    R.J. Theissen (Roel)

    2013-01-01

    markdownabstract__Abstract__ What exactly are the rules banks are subject to, and are they fit for purpose? These are the two questions addressed in this book ‘Are EU banks safe?’ and its descriptive companion book ‘EU banking supervision’. The full rulebook on banks is difficult to find

  4. Evolution in banking supervision

    OpenAIRE

    Edward J. Stevens

    2000-01-01

    Banking supervision must keep pace with technical innovations in the banking industry. The international Basel Committee on Banking Supervision currently is reviewing public comments on its proposed new method for judging whether a bank maintains enough capital to absorb unexpected losses. This Economic Commentary explains how existing standards became obsolete and describes the new plan.

  5. Analysis of the current financial analysis. Where do they take these billions they have not? How the State, insurer in last resort, offers access to the European Central Bank

    OpenAIRE

    Vallageas, Bernard

    2009-01-01

    The first stage of the plan for rescuing French banks in October 2008 rules that a special company owned by the State and the banks will borrow on the “markets” with the State warranty. The money collected will be lent to the banks so that they can finance economy. This is curious because there is no explanation of money creation, as if “markets” created money. Actually we demonstrate that the banks can use the special company to create money for themselves, then to lend the money to economy ...

  6. Small finance banks: Challenges

    Directory of Open Access Journals (Sweden)

    Jayadev M

    2017-12-01

    Full Text Available A recent innovation in the Indian banking structure has been the formation of a new banking institution—small finance banks (SFBs. These banks are expected to penetrate into financial inclusion by providing basic banking and credit services with a differentiated banking model to the larger population. In this context the new SFBs have multiple challenges in coming out with a new, differentiated business model. The challenges include building low cost liability portfolio, technology management, and balancing the regulatory compliances. This paper also presents the top of mind views of three senior executives of new small finance banks.

  7. GenBank

    OpenAIRE

    Benson, Dennis A.; Karsch-Mizrachi, Ilene; Lipman, David J.; Ostell, James; Rapp, Barbara A.; Wheeler, David L.

    2002-01-01

    The GenBank sequence database incorporates publicly available DNA sequences of more than 105 000 different organisms, primarily through direct submission of sequence data from individual laboratories and large-scale sequencing projects. Most submissions are made using the BankIt (web) or Sequin programs and accession numbers are assigned by GenBank staff upon receipt. Data exchange with the EMBL Data Library and the DNA Data Bank of Japan helps ensure comprehensive worldwide coverage. GenBank...

  8. SECURITIZATION AS A TOOL OF BANK LIQUIDITY AND FUNDING MANAGEMENT BEFORE AND AFTER THE CRISIS: THE CASE OF THE EU

    Directory of Open Access Journals (Sweden)

    Olga Teplova

    2013-02-01

    Full Text Available Before the financial crisis securitization was commonly considered an efficient way of replacing illiquid assets with liquid securities (ABS, in which the risk was supposed to be adequately compensated by the tranching techniques. However, with the emergence of the crisis investors became more risk aversive and reluctant to incur ABS due to the rapidly deteriorating quality of the underlying assets caused by poor macroeconomic fundamentals. The limited adverse effects of the poor collateral performance is the main reason why chances for recovery of the ABS market in the EU are estimated more highly than in the USA. The analysis indicates that, driven by the ECB repo operations, the securitization market has almost lost the pre-crisis motives behind the issuance of ABS. Banks’ attitudes toward securitization as a refinancing tool and a mechanism to extract additional profit underwent a shift. As the findings of the article suggest, after the crisis securitization is widely seen by banks as a liquidity tool within the frame of repo deals with the ECB, and to a lesser extent as a refinancing tool. Market regulation contributed considerably to this shift.

  9. CREDIT RISK MINIMIZATION WAYS AND PRICING OF BANKING SERVICES

    Directory of Open Access Journals (Sweden)

    V. E. Gladkova

    2011-01-01

    Full Text Available Accurate accounting of own expenses on rendering banking services and forming reasonable prices for them make it possible for commercial banks to adequately react to market situation changes. Credit risk minimization comprises: credit rationing (in Russia according to RF Central Bank norms; credit diversification; credit structuring; and forming reserves to cover respective bank risks (also in accordance with RF CB documents. Effective is bank credit hedging (insuring through credit derivatives. Most advanced at international finance markets are such risk minimization systems as Basel-II and IRBA. Pricing models based on individual assessment of each borrower’s risk class (Risk Based Pricing approach are widely used.

  10. Pengelolaan Likuiditas Bank Syariah

    Directory of Open Access Journals (Sweden)

    Nurul Ichsan

    2014-01-01

    Full Text Available Islamic Banking Liquidity Management. This article is about management of liquidity which discuss about the position of cash money in the company and its ability to fulfill the obligation (pay the debt on time. Management of liquidity is one of the essential function which is done by banking institution and inside its efficient management, is needed instrument and finance market which is taking not only short term but also long term, and not only conventional banking but also syariat. Through that natural necessity (placement and fulfillment of short term need, for Islamic banking in Indonesia has been availabled some instruments such as (IMA certificate of Mudhorobah Investment between bank, (PUAS market banking regulations between syariat bank, (SWBI Bank of Indonesia Wadiah certificate, (FPJPS provision about short term cost facility for Islamic banks  DOI:10.15408/aiq.v6i1.1371

  11. Banks and Banking Business in Russia in the Face of International Sanctions

    Directory of Open Access Journals (Sweden)

    Galina S. Panova

    2016-01-01

    Full Text Available The article provides an analysis of the present condition and prospects of development of banks and the banking business in the face of international sanctions. It identifies current trends, problems and the risks of banks and banking in Russia and in the world. Special attention is paid to the analysis of sectoral international sanctions against the Russian banks and the need to minimize negative impact of sanctions on the banking business, both nationally and internationally. Great value in these conditions has the state monetary policy. Anti-crisis policy pursued by the Bank of Russia, in a context of stagnating economy, leads to a reduction in the Russian share in the world economy and increases in the standard of living gap with the developed countries. The article argues that Russia's economic growth opportunities in 2016 are limited by restriction level of bank interest, the high volatility of the exchange rate of the national currency, insufficient development of credit relations, tough, high-budget (at the level of developed Europe tax burden, increasing administrative costs, dramatically increasing the concentration of risks of subjective decisions at the present stage of the electoral cycle. In a situation of uncertainty of predictions regarding the scope and duration of the application of sanctions, the Russian Government and the Central Bank of the Russian Federation had rightly seek to use a combination of anti-sanctions measures of austerity measures on introduction of contra-sanctions to create more comfortable conditions for doing business in Russia and her allies from member countries of Eurasian Economic Union, SCO, BRICS. The article examines the strategic aspects of development banks and banking business in Russia under the new circumstances. Given the practical recommendations on improvement of the development strategy of banks in Russia. The necessity to improve the theoretical, conceptual, methodological, her reasoning

  12. Bank, Banking System, Macroprudential Supervision, Stability of Banking System

    Directory of Open Access Journals (Sweden)

    Tetiana Vasilyeva

    2016-10-01

    Full Text Available Intensification of financial development during last decade causes transformation of banking sector functioning. In particular, among the most significant changes over this period should be noted the next ones: convergence of financial market segments and appearance of cross-sector financial products, an increase of prevailing of financial sector in comparison with real economy and level of their interdependent, an intensification of crisis processes in financial and especially banking sector and a significant increase of the scale of the crisis consequences etc. thus, in such vulnerable conditions it is become very urgent to identify the relevant factors that can influence on the stability of banking sector, because its maintenance seems to be one of the most important preconditions of the stability of the national economy as a whole. Purpose of the article is to analyze key performance indicators of the Ukrainian banking system, clarify its main problems, identify relevant factors of the stability of the Ukrainian banking system and the character of their influence on the dependent variable. Realization of the mentioned above tasks was ensured by regression analysis (OLS regression. Analysis of key indicators that characterize current situation in the Ukrainian banking system found out the existence of numerous endogenous and exogenous problems, which, in turn, cause worsening most of analyzed indicators during 2013-2015. Unfavorable situation in Ukrainian banking system determined the necessity of identification of relevant factors of banking system stability to avoid transmission of financial shocks. According to the results of regression analysis on the stability of banking sector positively influence such factors as increase of interest margin to gross income ratio, reserves to assets ratio, number of branches, ratio of non-performing loans to total loans. Meanwhile, negative impact on stability of banking system has an increase of liquid

  13. Bank Syariah Sebagai Alternatif

    Directory of Open Access Journals (Sweden)

    Adang Sudjana

    2003-03-01

    Full Text Available The principle of not allowing interest practices (riba has saved the Syariah Bank and their customers from the effects of monetary crisis. In view of Islamic Principles, interest is forbidden. Therefore, all transactions of syariah banking are based on sale-purchase pattern. Besides, all good banking aspects as applied in conventional banking such as, 5 Cs (capital, collateral, capacity, character, and condition are also applied properly in the line of ukhrawi aspects in managing fund of syariah banking.  The practice of “mark-up” in project funded by syariah bank seems to be very difficult.

  14. Pengaruh Ikatan Hubungan, Citra Perusahaan, Nilai Pelanggan, Kualitas dan Kepuasan Nasabah terhadap Loyalitas Nasabah Bank Pemerintah di Jawa Tengah

    OpenAIRE

    Farida, Naili

    2010-01-01

    The study discusses about the integration of relational bonding, relational quality, customer satisfaction, and customer loyalty at the state-owned bank in Central Java. The locations of research include Semarang City, Surakarta City, and Cilacap City. Research method uses multi stage sampling. The sample of research counts to 278 customers of Regular Saving from Bank Negara Indonesia (BNI), Bank Mandiri, Bank Rakyat Indonesia, Bank Tabungan Negara, and Bank Pembangunan Jateng. The hypothesi...

  15. The Assessment of Systemic Risk in the Kenyan Banking Sector

    Directory of Open Access Journals (Sweden)

    Hong Fan

    2018-01-01

    Full Text Available The present paper aims to assess the systemic risk of the Kenyan banking system. We propose a theoretical framework to reveal the time evolution of the systemic risk using sequences of financial data and use the framework to assess the systemic risk of the Kenyan banking system that is regarded as the largest in the East and Central African region. Firstly, we estimate the bilateral exposures matrix using aggregate financial data on loans and deposits from annual reports and analyze the interconnectedness in the market using network centrality measures. Next, we extend the Eisenberg–Noe method to a multiperiod setting to the systemic risk of the Kenyan banking system, in which the multiperiod includes the dynamic evolutions of the Kenyan banking system of every bank and the structure of the interbank network system. We apply this framework to assess dynamically the systemic risk of the Kenyan banking system between 2009 and 2015. The main findings are the following. The theoretical network analysis using network centrality measures showed several banks displaying characteristics of systematically important banks (SIBs. The theoretical default analysis showed that a bank suffering a basic default will trigger a contagious default that caused several other banks in the sector to go bankrupt. Further stress test proved that the KCB bank theoretically caused a few contagious defaults due to an unusually high interconnectedness. This methodology can contribute by being part of monitoring system of the Central Bank of Kenya (regulatory body as well as the implementation of policies (such as bank-internal stress tests that assist in preventing default contagion.

  16. Central Bank Communication and the Yield Curve

    DEFF Research Database (Denmark)

    Leombroni, Matteo; Vedolin, Andrea; Venter, Gyuri

    communication shocks have a significant impact, with intermediate maturities being affected the most; (ii) positive (negative) communication shocks significantly lower (raise) the yield spread between the peripheral and core countries; (iii) this cross-sectional difference arises after the 2008 financial crises......-for-yield investors....

  17. Regional Banks in the Russian Banking System

    Directory of Open Access Journals (Sweden)

    Mikhail Vitalyevich Leonov

    2015-06-01

    Full Text Available Despite the lack of a uniform definition of «a regional bank», problems of their activities are widely discussed in the context of increasing regulation of the banking sector and creation of conditions for accelerated development of certain regions. The author analyses the Russian-language scientific literature in order to define «a regional bank» and systematize its key differences from other commercial banks. The researcher shows that the allocation of regional banks in a separate group should be related to specific features of the environment and not by endogenous factors associated with the selection of activities and balance sheet structure. The low level of financial market development and concentration of specific undiversified risks are the principal qualifiers differentiating between regional banks and other credit institutions in Russia. As classification criteria the author uses following: spatial representation (the bank does not have structural subdivisions in Moscow and the ownership structure (among the bank’s owners there are no national and international financial groups that have a direct impact on the operations of the bank

  18. Analisis Perbandingan Bank Umum Konvensional Dan Bank Umum Syariah

    OpenAIRE

    Nuryati; Gendis Gumilar, Amethysa

    2011-01-01

    This study analyzes and compares the financial risk of the two types of commercial banks, namely conventional commercial bank and Islamic commercial bank. Analysis tools used in this study is to use financial ratios and dicriminant values (Z values). Analysis showed that the ratio of liquidity and solvability ratios higher islamic commercial bank than conventional commercial bank. Z values higher islamic commercial bank than conventional commercial bank. The commercial banks are in a state of...

  19. CUSTOMER SATISFACTION WITH INTERNET BANKING IN PUBLIC AND PRIVATE BANK

    OpenAIRE

    Inder Pal Singh S/o Roop singh*, Dr. Payal Bassi

    2017-01-01

    E- Banking is about using the infrastructure for digital age to create opportunities, both local & global. IT enables the dramatic lowering of transaction cost and the creation of new types of banking opportunities that address the barriers of time and distance. Banking opportunities are local, global and immediate in e-banking. Internet banking has many advantages over other traditional banking delivery methods. Internet banking provides banks with an increased customer base, cost savings, m...

  20. Stress Testing of the Montenegrin Banking System with Aggregated and Bank-Specific Data

    Directory of Open Access Journals (Sweden)

    Vuković Sanja

    2014-05-01

    Full Text Available There are many different approaches to the process of stress testing and two of them will be investigated in this paper. The first one is a stress test performed on aggregated data i.e. the banking system as a whole. The variable of interest in both exercises is the Loan Loss Provision ratio (hereinafter: the LLP. The main goal of the thesis is to find an answer to the following question: what are the macroeconomic variables that influence LLP the most and how will LLP, as a variable of interest, behave in a situation when all these variables were to experience negative performance at the same time? The resilience of the banking system to such scenario will be tested through the capital adequacy ratio. In order to find out more about the management practices of banks, microlevel data on banks were also used in the analysis. The focus was to see which of the variables are able to explain the LLP ratio for each bank individually and how is this information helpful for possible improvements in the banking sector. The relations between these variables will be able to explain some of the banks’ losses and some of the banks’ practices regarding credit activities. The analysis there will provide for some recommendations for the banks but also for the Central Bank and its way to influence the practices in the banking sector.

  1. Green Bank Observatory (GBO)

    Data.gov (United States)

    Federal Laboratory Consortium — The largest fully steerable telescope in the world - the Robert C. Byrd Green Bank Telescope (GBT), began observations in Green Bank, West Virginia in 2000and is a...

  2. GenBank

    Data.gov (United States)

    U.S. Department of Health & Human Services — GenBank is the NIH genetic sequence database, an annotated collection of all publicly available DNA sequences. GenBank is designed to provide and encourage access...

  3. Bank Resolution in the European Banking Union

    DEFF Research Database (Denmark)

    Gordon, Jeffrey N.; Ringe, Wolf-Georg

    The project of creating a Banking Union is designed to overcome the fatal link between sovereigns and their banks in the Eurozone. As part of this project, political agreement for a common supervision framework and a common resolution scheme has been reached with difficulty. However, the resolution...... at the discretion of the resolution authority must be available to supply liquidity to a reorganizing bank. On these conditions, a viable and realistic Banking Union would be within reach — and the resolution of global financial institutions would be greatly facilitated, not least in a transatlantic perspective....... framework is weak, underfunded and exhibits some serious flaws. Further, Member States’ disagreements appear to rule out a federalized deposit insurance scheme, commonly regarded as the necessary third pillar of a successful Banking Union. This paper argues for an organizational and capital structure...

  4. Bank Resolution in the European Banking Union

    DEFF Research Database (Denmark)

    Gordon, Jeffrey N.; Ringe, Georg

    2015-01-01

    The project of creating a Banking Union is designed to overcome the fatal link between sovereigns and their banks in the Eurozone. As part of this project, political agreement for a common supervision framework and a common resolution scheme has been reached with difficulty. However, the resolution...... mechanism deployable at the discretion of the resolution authority must be available to supply liquidity to a reorganizing bank. On these conditions, a viable and realistic Banking Union would be within reach--and the resolution of global financial institutions would be greatly facilitated, not least...... framework is weak, underfunded and exhibits some serious flaws. Further, Member States' disagreements appear to rule out a federalized deposit insurance scheme, commonly regarded as the necessary third pillar of a successful Banking Union. This paper argues for an organizational and capital structure...

  5. Framing a Bank

    DEFF Research Database (Denmark)

    Holmgreen, Lise-Lotte

    2012-01-01

    Danish bank, Danske Bank, during the 2008 financial crisis and hence in shaping its image projected to the public. Through the study of a number of semantic frames adopted by the Danish print press and those adopted by the Bank, this article will argue for the constructions of the press putting...... considerable strain on the Bank and its image, leading it to reconsider its previous strategy of denial of responsibility...

  6. GenBank

    OpenAIRE

    Benson, Dennis A.; Karsch-Mizrachi, Ilene; Lipman, David J.; Ostell, James; Wheeler, David L.

    2006-01-01

    GenBank (R) is a comprehensive database that contains publicly available nucleotide sequences for more than 240 000 named organisms, obtained primarily through submissions from individual laboratories and batch submissions from large-scale sequencing projects. Most submissions are made using the web-based BankIt or standalone Sequin programs and accession numbers are assigned by GenBank staff upon receipt. Daily data exchange with the EMBL Data Library in Europe and the DNA Data Bank of Japan...

  7. International Islamic Banking

    OpenAIRE

    saleem, shahid

    2007-01-01

    The purpose of this exploratory and to some extent descriptive analysis is to highlight the Islamic banking & finance theory, and to explain the practical disparity all over the Muslim Umma along with commonalities of Islamic banking in them. Islamic banking has been now become a value proposition which transcends cultures and will do speedily in next decades despite of cutting throat competition expected in global banking scenario. The size of Islamic Financial Industry has now reached size ...

  8. Supervision in banking industry

    OpenAIRE

    Šmída, David

    2012-01-01

    The aim of submitted thesis Supervision in banking is to define the nature and the importance of banking supervision, to justify its existence and to analyze the applicable mechanisms while the system of banking regulation and supervision in this thesis is primarily examined in the European context, with a focus on the Czech Republic. The thesis is divided into five main chapters. The first chapter is devoted to the financial system and the importance of banks in this system, it defines the c...

  9. Modern bank's credit risk

    Directory of Open Access Journals (Sweden)

    Šabović Šerif

    2015-01-01

    Full Text Available Credit risk is the most important risk banks have to face with. It occurs due to an obligation created because of debtors' capital and interest rate nonpayment. Debtors obligations non-fulfilment may lead to great losses and insolvency in bank's business. Credit risk is the crucial reason of bank's insolvency. Over 80% of bank's balance sheet is exposed to credit risk.

  10. REGULATION AND SUPERVISION OF BANKING ACTIVITY IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Anisoara Niculina APETRI

    2015-04-01

    Full Text Available The main challenges currently faced by most central banks are generated by the effects of the economic and financial crisis. Thus, at the national, European and international level there is a trend of changing the economic governance structures and improving the regulatory and supervisory policies, focusing on macro-prudential oversight. In the context of changes at the European Union level, the central banks of the Member States become also subject to changes in their carried out actions. The objectives of this research aim mainly at: highlighting the role of the National Bank of Romania in regulating and supervising the banking system in Romania and analyzing the measures implemented by the National Bank of Romania after the crisis so far; identifying the challenges of the National Bank of Romania on the basis of changes operated by European Union at the supervisory framework level.

  11. Mobile banking in Asia

    OpenAIRE

    Anne Ho

    2010-01-01

    Technology has transformed the banking industry with the introduction of mobile banking services that offer unprecedented convenience and accessibility to customers. This Asia Focus report describes the various approaches to mobile banking in Asia, and examines how particular countries have addressed regulatory issues.

  12. The NEA Data Bank

    International Nuclear Information System (INIS)

    Coddens, G.

    1983-01-01

    The NEA Data Bank provides the nuclear data and computer programs necessary for reactor design and other calculations over a wide range of nuclear energy applications. The role which the Data Bank plays in international cooperation efforts, and the procedures to follow to obtain data and programs from the Data Bank are described. (Auth.)

  13. Banks on Notice

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    Regulators issue policies to guide China’s banks as massive loans compromise the banking sector’s ability to contain future risks R egulatory departments are strengthening their supervision over financial institutions to prevent an incomprehensible financial scenario from unfolding: the failure of the Chinese banking

  14. Commercial Banking Industry Survey.

    Science.gov (United States)

    Bright Horizons Children's Centers, Cambridge, MA.

    Work and family programs are becoming increasingly important in the commercial banking industry. The objective of this survey was to collect information and prepare a commercial banking industry profile on work and family programs. Fifty-nine top American commercial banks from the Fortune 500 list were invited to participate. Twenty-two…

  15. Banking in Africa

    NARCIS (Netherlands)

    Beck, T.H.L.; Cull, R.; Berger, A.; Molyneux, P.; Wilson, J.

    2014-01-01

    This paper takes stock of the current state of banking systems across Sub-Saharan Africa and discusses recent developments including innovations that might help Africa leapfrog more traditional banking models. Using an array of different data, the paper documents that African banking systems are

  16. Banking crises : A review

    NARCIS (Netherlands)

    Laeven, L.

    2011-01-01

    This review surveys the theoretical and empirical literature on the causes and consequences of banking crises, and summarizes the lessons learned from policy interventions to resolve banking crises. Despite their different origins, banking crises display similar patterns. Their causes lie in

  17. Banking and Trading

    NARCIS (Netherlands)

    Boot, A.W.A.; Ratnovski, L.

    2016-01-01

    We study the interaction between relationship banking and short-term arm’s length activities of banks, called trading. We show that a bank can use the franchise value of its relationships to expand the scale of trading, but may allocate too much capital to trading ex post , compromising its ability

  18. Banking on the Internet.

    Science.gov (United States)

    Internet Research, 1996

    1996-01-01

    Electronic ground was broken in 1995 with the development of the completely Internet-based bank Security First Network Bank. This article discusses the need for developing online services, outlines the reasons for the formation of an Internet-based bank and argues that to remain competitive financial services providers must provide easier customer…

  19. GLOBALIZATION AND ITS EFFECTS ON THE BANKING MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Drăgan (Sântămărian Oana Raluca

    2012-12-01

    Full Text Available This paper describes one of the major challenges of the present: globalization and its effects on the banking. Globalization is now increasingly recognized as central to the growth of market economies. For the banking sector, this represents both a demand as well as a new landscape of business opportunity.Several years ago, the main part of the banks did not consider the globalization problems relevant for their operations. Recently, the banks began to realize the major impact of the globalization over the way of creating the banking risk in the future. The banking management in the context of globalization represents one of the challengesof these days. Starting from literature in the globalization field in this paper focuses on several relevant issues related to banking management.

  20. The Uneasy Case for Fractional-Reserve Free Banking

    OpenAIRE

    van den Hauwe, Ludwig

    2006-01-01

    Since a few decades several sub-disciplines within economics have witnessed a reorientation towards institutional analysis. This development has in particular also affected the fields of macroeconomics and monetary theory where it has led to several proposals for far-reaching financial and monetary reform. One of the more successful of these proposals advocates a fractional-reserve free banking system, that is, a system with no central bank, but with permission for the banks to operate with a...

  1. Workforce Optimization for Bank Operation Centers: A Machine Learning Approach

    OpenAIRE

    Sefik Ilkin Serengil; Alper Ozpinar

    2017-01-01

    Online Banking Systems evolved and improved in recent years with the use of mobile and online technologies, performing money transfer transactions on these channels can be done without delay and human interaction, however commercial customers still tend to transfer money on bank branches due to several concerns. Bank Operation Centers serve to reduce the operational workload of branches. Centralized management also offers personalized service by appointed expert employees in these centers. In...

  2. PENGARUH RASIO KESEHATAN BANK TERHADAP KINERJA KEUANGAN BANK SYARIAH PERIODE 2010-2013

    Directory of Open Access Journals (Sweden)

    Iwan Fakhruddin

    2015-09-01

    Full Text Available The research was aimed to analyze the effect of risk base bank ratio to the financial performance of syariah bank listed in Central Bank of Indonesia. The population covered all syariah Bank and the sample was 11 syariah Bank. Then, the data analyze through double regression. The research showed that Capital Adequacy Ratio (CAR, Non Performing Ratio (NPF, Operational efficiency Ratio (OER, Financing to Deposit Ratio (FDR, Quality of Productive Active (KAP effected simultaneously to Return of Asset (ROA. CAR variable had positive and significant effects to ROA. NPF contributed negative and significant effects to ROA. OER comprised negative and significant effect to ROA. FDR had positive and significant effect to ROA. KAP got negative and significant effect to ROA.

  3. Productive efficiency in the banking industry

    Directory of Open Access Journals (Sweden)

    Martín Leandro Dutto Giolongo

    2016-07-01

    Full Text Available The goal of this paper is to estimate the productive efficiency of Argentine banks. For this purpose, panel data of the universe of banks under the supervision of the Central Bank of the Republic of Argentina (BCRA has been collected. In order to build the bank´s indicators, we used a database of 66 institutions, with annual information for the period 2009-2013. The sources of information were both the BCRA´s web site (www.bcra.gov.ar, and the Buenos Aires Stock Exchange´s web site (www.bolsar.com. It has been selected an efficiency indicator ranging between 0 and 1, meaning the lowest and highest level of efficiency, respectively. The concept of efficiency used here is a relative one, because it considers a Bank´s performance in relation to the behavior of the best players in the industry, being the latter the base of the industry benchmark or frontier. The results show that the mean efficiency of Argentine banks is 0,8277 in the specific period under consideration. The comparison with the results of other studies relating efficiency and competitive pressure, didn´t allow us to infer that the Argentine banking industry experienced in the period a high level of competition

  4. Securities and banking: bridges and walls

    Directory of Open Access Journals (Sweden)

    Tommaso Padoa-Schioppa

    2002-09-01

    Full Text Available The paper examines the relationship between banking and securities activities in the light of financial market developments (securitisation, institutionalization of investment, emergence of complex financial instruments, conglomeration and consolidation, with particular reference to Europe. The enhanced links between banking and securitiesbusinesses have generated increased and new risks to financial institutions. However, banks' stability remains crucial for the stability of the financial system as a whole, because of their unique role as provider of liquidity. The paper also addresses the implications of the banking-securities combination for regulatory and supervisory arrangements. The exporting of prudential requirements traditional in banking (such as capital ratios into the securities field, and the importing of securities regulation (such as transparency requirements into the banking sector, can be deemed mutually beneficial. As regards supervision, there is a need to monitor the continued effectiveness of the current framework. This entails strengthening co-operation both at the national level and on a cross-border basis among sectoral supervisors in the micro-prudential field, and between them and central banks in the macro-prudential field.

  5. The World Bank's innovation market.

    Science.gov (United States)

    Wood, Robert Chapman; Hamel, Gary

    2002-11-01

    Large, tradition-bound organizations can make space for radical, low-cost (and therefore low-risk) innovations. Just ask executives at the World Bank. The story of this best practice begins in 1998, when a young new-products group at the international funding agency proposed holding an Innovation Marketplace to capture novel ideas within the Bank for alleviating poverty. The forum, which eventually was opened to external participants, let people informally present their antipoverty ideas to potential funding sources. Funders could move among hundreds of booths and evaluate proposals for, say, a program that would provide postdisaster reconstruction insurance in developing countries or a vaccination development initiative. The marketplace truncated the Bank's standard project-review processes, which often stretched to a year or more, and gave funders permission to make commitments in the tens of thousands of dollars, rather than in the tens of millions more typical of Bank-financed projects. The marketplace concept met with some skepticism at the beginning. Some senior executives at the Bank felt no group had the right to spend the agency's money without following its well-established resource allocations process. But the marketplace team believed an open process for allocating grants would produce more breakthrough ideas in the long run than a centralized one. In this article, the authors describe how the new-products team brainstormed to create a market for ideas, how it got senior management's support, and how it has expanded on the original concept for these innovation marketplaces. The program's success, they contend, offers hope both for the world's poor and for business leaders looking to find new ideas under the hard crust of corporate dogma, conformance, and bureaucracy.

  6. The Response of Performance to Merger Strategy in Indonesian Banking Industry: Analyses on Bank Mandiri, Bank Danamon, and Bank Permata

    Directory of Open Access Journals (Sweden)

    Murti Lestari

    2010-05-01

    Full Text Available This study analyzes the responses of performances of BankMandiri, Bank Danamon, and Bank Permata to merger strategy.This paper harnesses the quantitative approach with structuralbreak analysis method and impulse response function. Theplausible findings indicate that the merger of Bank Permataproduces a better performance response in comparison to theconsolidation of Bank Mandiri and the merger of Bank Danamon.The merger of Bank Permata does not result in performanceshocks, and the structural break does not prevail either. On theother hand, the consolidation of Bank Mandiri and the mergerof Bank Danamon result in structural breaks, particularly in thespread performance. In order to return to the stable position, themergers of Bank Mandiri and Bank Danamon require a longertime than does the merger of Bank Permata. This researchindicates that for large banks, the mergers and acquisitions(retaining one existing bank will deliver a better performanceresponse than will the consolidations (no existing bank. Keywords: impulse response function; merger; structural break

  7. The Best Way to Rob a Bank

    Directory of Open Access Journals (Sweden)

    Aleksandar Marsavelski

    2018-03-01

    Full Text Available Cohen and Machalek’s (1988 evolutionary ecological theory of crime explains why obscure forms of predation can be the most lucrative. Sutherland explained that it is better to rob a bank at the point of a pen than of a gun. The US Savings and Loans scandal of the 1980s suggested ‘the best way to rob a bank is to own one’. Lure constituted by the anomie of warfare and transition to capitalism in former Yugoslavia revealed that the best way to rob a bank is to control the regulatory system: that is, to control a central bank. This makes possible theft of all the people’s money in a society. The criminological imagination must attune to anomie created by capitalism, and to the evolutionary ecology of lure.

  8. THE ACTIVITIES OF THE NATIONAL BANK OF UKRAINE ON THE OPEN MARKET: OPERATION WITH CERTIFICATES OF DEPOSITS

    Directory of Open Access Journals (Sweden)

    Yuliia Harkusha

    2016-06-01

    Full Text Available In the article investigated the activities of the National Bank of Ukraine on the open market. The analysis of operations of the National Bank of Ukraine banks to raise funds placing deposit certificates. Defined impact operations of the central bank's own debt securities to trading volumes deposit certificates of the National Bank of Ukraine on the stock market and the credit activity of banks. Identified problems interest rate policy and the ways to overcome them. Key words: National Bank of Ukraine, certificates of deposits, open market, interest rate policy, banks, stock exchange. JEL: E 58

  9. BANKING WITHOUT INTEREST

    Directory of Open Access Journals (Sweden)

    Jana Ilieva

    2017-06-01

    Full Text Available In recent years, there has been increased global awareness of Islamic finance. This topic is mainly opened with respect to the great financial crisis that mostly hit the banking system and the financial markets and caused many bank bankruptcies and state interventions. This paper analyzes the basic principles of Islamic banking. The absolute prohibition of receiving and giving interest (Riba and profit-and-loss sharing (PLS paradigms are elaborated in detail; they are primarily based on mudarabah (profit-sharing and musyarakah (joint venture concepts which nowadays are becoming an accepted way of doing business in several Western multinational banks. An overall comparison of the advantages of Islamic vs. conventional banking is also given. Islamic finance technology solutions have matured and they will face various challenges in the following decades, due to conventional banks offering, increasingly, Islamic products. The need for a more comprehensive environment and regulatory framework is emphasized, so that Islamic banking development can be ensured.

  10. Cooperative credit banks and regional growth: creation of a local development model and analysis of the «G. Toniolo» Cooperative Credit Bank in San Cataldo

    Directory of Open Access Journals (Sweden)

    Massimo Cermelli

    2015-11-01

    Full Text Available The economic crisis has called into question not only the banking systems, but also the development model. Cooperative credit banks have returned to occupy a central role, demonstrating with his broad background that another way of providing financial services can exist. In Italy, cooperative credit banks are principal players in the banking economic system. One of those banks is the «G. Toniolo», which has become over the years a reference in the local banking system.Received: 07.06.2015Accepted: 30.07.2015

  11. Multinational banks and credit growth in transition economics

    NARCIS (Netherlands)

    Haas, Ralph Theodoor Anna de

    2006-01-01

    This thesis examines the impact of multinational banks (MNBs) on the financial development of European transition countries. On the basis of our results, we conclude that the gradual deepening of the banking systems in Central and Eastern Europe and the Baltic countries (CEB) has enabled firms to

  12. The impact of microfinance bank credit on economic development of ...

    African Journals Online (AJOL)

    This paper x-rays the contribution of microfinance bank to the economic development of Nigeria for fifteen years by using secondary data collected from the Central Bank of Nigeria records, annual reports and statistical bulletin. The ordinary least square estimation technique was adopted using linear regression model.

  13. The trade-off between monetary policy and bank stability

    NARCIS (Netherlands)

    Lamers, Martien; Mergaerts, Frederik; Meuleman, Elien; Vennet, Rudi Vander

    2016-01-01

    This paper investigates how monetary policy interventions by the European Central Bank and the Federal Reserve affect the stock market perception of bank systemic risk. In a first step, we identify monetary policy shocks using a structural VAR approach by exploiting the changes of the volatility of

  14. Moderating Effects of Bank Ownership on the Relationship between Securitization Uptake and Financial Performance of Commercial Banks in Kenya

    Directory of Open Access Journals (Sweden)

    Paul Munene Muiruri

    2015-06-01

    Full Text Available Securitization is a process in which commercial banks can raise low-cost financing by assigning asset risks to investors’ appetite for risk. This has been one of the most dominant and fastest growing means of capital creation in the United States and the world over. After introduction of securitization, the banking industry in Kenya has recovered from a long period of poor performance. The aim of this study is to aim of study was to tests for the moderating effects of bank ownership on relationship between securitization uptake and financial performance of forty three commercial banks in Kenya, over a five-year period from 2009 to 2013. The researchers dominantly relied on secondary data from most recent annual published financial statements and banks supervision records at the Central Bank of Kenya. The data was complimented by use unstructured personal interview from 172 banks key officials; the mortgage, credit, risk and compliance and debt recovery who were identified by simple random sampling from each of 43 banks. The data were cross validated with information from secondary sources; five years annual published financial statements and bank supervision records at the Central Bank of Kenya so as to avoid premature conclusions. In line with the previous studies, the results indicate that the banks’ financial performance had been almost progressing over the operational periods considered for the study. The commendable performance in profitability of the banks was attributable to securitization uptake among banks. The study recommends banks to use securitization in ensuring they have adequate capital and bank managers to be allowed to invest their liquid assets so that can generate more income to boost their performance.

  15. BANKING UNION - ROMANIAN PERSPECTIVE

    Directory of Open Access Journals (Sweden)

    Coroiu Sorina Ioana

    2015-07-01

    Full Text Available The financial crisis showed that banks were not able to face the loss, because there is no framework for a resolution, so that it intervened with money from taxpayers. So, it has been highlighted the need to update the regulations applicable to the banking sector. Creating a single supervisory mechanism in the fall of 2014 was a time reference point to achieve a banking union in Europe. Banking Union is one of the four foundations for a genuine Economic and Monetary Union. The paper’s purpose is to analyze the Banking Union structure, based on three pillars: (i The Single Supervisory Mechanism - the transfer of the main responsibility regarding banking supervision from national to European level, (ii The Single Resolution Mechanism - introduction of common provisions to ensure legal support required to manage bank failures problem, (iii The Deposit Guarantee Schemes - harmonization of deposit guarantee rules. These measures were adopted at European Union level to ensure the stability of the European banking system and to prevent future crises. Because countries that are not part of the euro area are not required to join the Banking Union, the dilemma of these countries lies in the decision to join the Banking Union quickly or to wait. It is the case of Romania, also, so, this paper analyze the opportunity of Romania's accession to the Banking Union before adopting the euro. There are analyzed the advantages and disadvantages of Romania's participation in the Banking Union, showing that, in the context of single currency introduction, Romania's participation is required. So far, there are reduced debates regarding the need, advantages and disadvantages of Romania's participation in the European Banking Union, the top representatives of the National Bank of Romania being among the few who expressed their views in public and published papers on the subject.

  16. Occurrence of Radium-224, Radium-226 and Radium-228 in Water from the Vincentown and Wenonah-Mount Laurel Aquifers, the Englishtown Aquifer System, and the Hornerstown and Red Bank Sands, Southwestern and South-Central New Jersey

    Science.gov (United States)

    dePaul, Vincent T.; Szabo, Zoltan

    2007-01-01

    This investigation is the first regionally focused study of the presence of natural radioactivity in water from the Vincentown and Wenonah-Mount Laurel aquifers, Englishtown aquifer system, and the Hornerstown and Red Bank Sands. Geologic materials composing the Vincentown and Wenonah-Mount Laurel aquifers and the Hornerstown and Red Bank Sands previously have been reported to contain radioactive (uranium-enriched) phosphatic strata, which is common in deposits from some moderate-depth coastal marine environments. The decay of uranium and thorium gives rise to natural radioactivity and numerous radioactive progeny, including isotopes of radium. Naturally occurring radioactive isotopes, especially those of radium, are of concern because radium is a known human carcinogen and ingestion (especially in water used for drinking) can present appreciable health risks. A regional network in southwestern and south-central New Jersey of 39 wells completed in the Vincentown and Wenonah-Mount Laurel aquifers, the Englishtown aquifer system, and the Hornerstown and Red Bank Sands was sampled for determination of gross alpha-particle activity; concentrations of radium radionuclides, major ions, and selected trace elements; and physical properties. Concentrations of radium-224, radium-226, and radium-228 were determined for water from 28 of the 39 wells, whereas gross alpha-particle activity was determined for all 39. The alpha spectroscopic technique was used to determine concentrations of radium-224, which ranged from less than 0.5 to 2.7 pCi/L with a median concentration of less than 0.5pCi/L, and of radium-226, which ranged from less than 0.5 to 3.2 pCi/L with a median concentration of less than 0.5 pCi/L. The beta-counting technique was used to determine concentrations of radium-228. The concentration of radium-228 ranged from less than 0.5 to 4.3 pCi/L with a median of less than 0.5. Radium-228, when quantifiable, had the greatest concentration of the three radium

  17. Impact of E-Banking on Traditional Banking Services

    OpenAIRE

    Vyas, Shilpan Dineshkumar

    2012-01-01

    Internet banking is changing the banking industry, having the major effects on banking relationships. Banking is now no longer confined to the branches were one has to approach the branch in person, to withdraw cash or deposit a cheque or request a statement of accounts. In true Internet banking, any inquiry or transaction is processed online without any reference to the branch (anywhere banking) at any time. Providing Internet banking is increasingly becoming a "need to have" than a "nice to...

  18. TINGKAT SUKU BUNGA BANK KONVENSIONAL DAN KOMITMEN NASABAH MENABUNG DI BANK SYARIAH

    Directory of Open Access Journals (Sweden)

    Muchlis Yahya

    2017-03-01

    Full Text Available banking. Shariah banking customers were divided into Moslem customers that only saved money at shariahbank (n1, Moslem customers that saved money both in shariah and conventional banks (n2, non-Moslemcustomers (n3. This study used primary data through questionnaires distributed to 400 people gotten from295.498 customers of shariah bank in Central Java. Then the customer data was analyzed by using logit model.For groups of customers’ n2 and n3, the interest rate had a significant negative effect on the commitment toinvest in shariah banks. However, for n1, the interest rate did not affect anything. n1 customers developedrelationship with shariah bank because of religion ideology motive. The result showed that n2, n3 customershad rational-economic mindset, whereas n1 customers had emotional-ideology mindset. This result showedthat shariah banking customers were dominated by customers that had rational-economic character. The openingof disagreement about the bank interest which was not usury and which was supported by only some socioreligiousorganizations like NU and Muhammadiyah could be an important factor the growth of Islamicbanking.

  19. Bank equity connections, intellectual property protection and enterprise innovation – A bank ownership perspective

    Directory of Open Access Journals (Sweden)

    Xing Liu

    2016-09-01

    Full Text Available This study investigates the effects of bank equity connections and intellectual property protection on enterprises’ innovation behavior, and the regulating effect of intellectual property protection on the relationship between bank equity connections and innovation. In general, bank equity connections and intellectual property protection not only significantly increase innovation input, but also improve innovation performance. However, the efficiency of bank equity connections is influenced by the heterogeneity of enterprises and the value orientation of the subjects. Bank equity connections have a more significantly positive effect on innovation in private and central enterprises, whereas the principal-agent problem and government intervention may weaken the marginal contribution of bank equity connections to the innovation of local state-owned enterprises. Bank equity connections and intellectual property protection are complementary in promoting enterprise innovation. Not only are the combined effects of bank equity connections and intellectual property protection greater than the individual effects, but when the latter is relatively weak, the former’s positive effect on innovation is obviously weakened and may even crowd out innovation.

  20. Hydrography of the Wadge bank - premonsoon and monsoon seasons

    Digital Repository Service at National Institute of Oceanography (India)

    RamaRaju, V.S.; Rao, T.V.N.; RameshBabu, V.; Anto, A.F.

    The hydrography of the Wadge Bank during premonsoon and monsoon seasons is presented. The thermocline slopes downward towards the central region. Upwelling is prominent in the entire region during monsoon and is observed only in the western...

  1. BANK RUN AND STABILITY OF ISLAMIC BANKING IN INDONESIA

    Directory of Open Access Journals (Sweden)

    Rahmatina A. Kasri

    2017-08-01

    Full Text Available Bank run is an important economic phenomenon which increasingly occurred in in modern banking system and potentially threatened banking stability as it could trigger a banking crisis. However, most studies related to bank run focus on the occurrence of bank run in conventional banking system. Very few of them discuss the bank run phenomenon under Islamic banking system or dual banking system where Islamic banks jointly operating with conventional banks. Therefore, this study attempts to analyze the determinants of bank run in the Indonesian Islamic banking industry by employing primary data from 256 customers of Indonesia Islamic banks in 2015 and by utilizing factor analysis and descriptive statistics. In theory, Islamic banks tend to be more resilient towards any macroeconomic or financial shocks as compared to conventional banks due to the nature of its asset-based and risk-sharing arrangement. However, the result exhibits that both psychological and fundamental factors (i.e. macroeconomics and bank fundamentals strongly influence the behaviors of Islamic banking depositors to withdraw their funds, which might trigger the occurrence of bank runs in the country. Insider information, macroeconomic condition and bank fundamental factors are also shown to have the highest impacts among all variables. Hence, in the context of banking stability, the finding implies that Islamic banks are not completely immune to the impacts of macroeconomic shocks or financial crisis. As a country with a dual banking system, Indonesia had experienced several bank runs since 1990s. Therefore, the findings of the study should provide the policy makers important insight into research based-policy in order to attain financial stability as one of the main economic goals of the country. Keywords: Bank run, Islamic bank, Factor analysis, Indonesia JEL Classification: C83, G21, G28

  2. Banks Performance in Ghana: Trends and Determinants

    African Journals Online (AJOL)

    In these reforms, the roles of banks remained central in financing economic ... position of companies and offers greater flexibility in the source of finance for corporate ..... the fundamental advantage of a panel data set is that, it allows the ...

  3. Adopting Internet Banking in Ghana

    OpenAIRE

    G.O. Ofori-Dwumfuo; Betty A. Dankwah

    2013-01-01

    This study looks at the benefits, challenges and barriers in adopting Internet banking at a major bank in Ghana. The development of the Internet is changing the way financial services are provided in Ghana. The Internet banking facility has resulted in new ways of delivering banking services. The research is a case study based on the staffs that has worked with the bank for more than three years. In evaluating benefits, challenges and barriers to the bank in adopting Internet banking, intervi...

  4. Nuclear fuel banks

    International Nuclear Information System (INIS)

    Anon.

    2010-01-01

    In december 2010 IAEA gave its agreement for the creation of a nuclear fuel bank. This bank will allow IAEA to help member countries that renounce to their own uranium enrichment capacities. This bank located on one or several member countries will belong to IAEA and will be managed by IAEA and its reserve of low enriched uranium will be sufficient to fabricate the fuel for the first load of a 1000 MW PWR. Fund raising has been successful and the running of the bank will have no financial impact on the regular budget of the IAEA. Russia has announced the creation of the first nuclear fuel bank. This bank will be located on the Angarsk site (Siberia) and will be managed by IAEA and will own 120 tonnes of low-enriched uranium fuel (between 2 and 4.95%), this kind of fuel is used in most Russian nuclear power plants. (A.C.)

  5. Tissue banking in australia.

    Science.gov (United States)

    Ireland, Lynette; McKelvie, Helen

    2003-01-01

    The legal structure for the regulation of tissue banking has existed for many years. In Australia, the donation of human tissue is regulated by legislation in each of the eight States and Territories. These substantially uniform Acts were passed in the late 1970's and early 1980's, based on model legislation and underpinned by the concept of consensual giving. However, it was not until the early 1990's that tissue banking came under the notice of regulatory authorities. Since then the Australian Government has moved quickly to oversee the tissue banking sector in Australia. Banked human tissue has been deemed to be a therapeutic good under the Therapeutic Goods Act 1989, and tissue banks are required to be licensed by the Therapeutic Goods Administration and are audited for compliance with the Code of Good Manufacturing Practice- Human Blood and Tissues. In addition, tissue banks must comply with a myriad of other standards, guidelines and recommendations.

  6. Banks, regions and development

    Directory of Open Access Journals (Sweden)

    Pietro Alessandrini

    2003-03-01

    Full Text Available From the 1980s onwards the banking sectors in all the industrialised countries have been experiencing intense restructuring, aggregation and consolidation, radically changing their ownership structures and geography. Whatever the reasons behind such restructuring processes, the globalisation of the credit markets, the consolidation of banking structures, the removal of barriers to the free location of banks and their penetration of peripheral markets pose two main questions. Will integration of the banking systems lead to a narrowing or a widening of the development gap between regions? What relations will there be between financial centres and the periphery, and how will financial labour be divided between national (international banks and local (regional banks? The aim of this paper is to address such questions in the light of recent developments in the theoretical and empirical literature on financial integration.

  7. Monitoring centrálních bank - březen 2013

    OpenAIRE

    Česká národní banka

    2013-01-01

    Latest monetary policy developments at selected central banks and news. Spotlight: „Monetary policy in Japan“. Selected speech: „Guidance“ by Mark Carney (the Governor of the Bank of Canada, who will be replacing Mervyn King as head of the Bank of England).

  8. Forcing the few: Issues from the South African Reserve Bank's legal ...

    African Journals Online (AJOL)

    The amendments provide, inter alia, for shareholders regarded as associates in terms of the SA Reserve Bank Act to declare such relationship and their shareholding to the bank. While some associated shareholders made such declarations or provided undertakings to sell their shares, the central bank has reason to ...

  9. Numerical simulation of hydrodynamics and bank erosion in a river bend

    NARCIS (Netherlands)

    Rinaldi, M.; Mengoni, B.; Luppi, L.; Darby, S.E.; Mosselman, E.

    2008-01-01

    We present an integrated analysis of bank erosion in a high-curvature bend of the gravel bed Cecina River (central Italy). Our analysis combines a model of fluvial bank erosion with groundwater flow and bank stability analyses to account for the influence of hydraulic erosion on mass failure

  10. Regulation of “Banking Group” In Russia in Banking Mergers and Acquisitions in the Modern Conditions

    Directory of Open Access Journals (Sweden)

    Nikita V. Gurin

    2016-01-01

    Full Text Available The article says about the specific regulation of banking groups in Russia and applicability of the category in corporate structuring M&A practices. Relevancy and importance of the research are based on increasing attention of the regulatory authorities to the disclosure of grounds and means of establishing a control over groups of entities and, controlling of expenses of funding from the budget of the State Corporation "Deposit Insurance Agency", the Central Bank of the Russian Federation. The article discusses the definitions banking group", "banking holding", "group of entities", "group of entities connected to a credit institution", consolidated "banking group" and applicability of the definitions to filing of the group statements, the use of the banks' (banking group indicators, the applicability of these data to the efficient allocation of resources and the rehabilitation of the Russian banking system. This paper analyzes the current regulations, the author refers to the indicator maximum risk associated with the credit institution a person (a group associated with the credit institution officials, as well as a new version of the indicator maximum amount of loans, bank guarantees and sureties issued by a credit institution (banking group to its members (shareholders and the procedure for calculating them, which come into force from January 1,2016. At the end of the article the author suggests possible options to improve current regulations. The urgency of the problems mentioned is confirmed by cases from practice, which point to the problems identified. The novelty of the work lies in the complex economic and legal approach to risk management to ensure information transparency of banks in the performance of the duty of notification (approval of transactions with the Central Bank of the Russian Federation and the disclosure and reporting its performance. This approach acknowledges the practical importance of the conclusions. Based on the

  11. Banking: shop and compare.

    Science.gov (United States)

    O'Brien, Jennifer A; DeJarnette, Sherry

    2014-01-01

    There are many reasons to take a critical look at the practice's banking relationship(s)--technology advancements, security measures, improvements in available services, recent banking enhancements designed specifically for medical practices, the impact of the financial crisis on bank ratings and stability, changing practice needs, opportunities for operational automation at the practice--and it is just simply smart to periodically evaluate and compare the features, pricing, and potential savings offered by vendors.

  12. Digital Banking 2025

    OpenAIRE

    Gasser, Urs; Gassmann, Oliver; Hens, Thorsten; Leifer, Larry; Puschmann, Thomas; Zhao, Leon

    2017-01-01

    As time-to-market for digital banking products becomes shorter and shorter, thousands of Financial Technology (FinTech) startups and other non-banks are rising to the occasion by developing new products, services, and business models for all areas of banking in payments,investments, and financing along the entire value chain, touching all areas from front to back office, as client adoption of these new services accelerates. The lighting Company Osram, for example, recently had to reduce its w...

  13. Method of Banks Valuation

    OpenAIRE

    Eva Horvátová

    2010-01-01

    Since there is not a special common framework for valuation banks and it gives possibilities to create establishment, improvement and adaptation of various approaches to measuring the value of banks and financial institutions. Most approaches banks valuation note the strong dependence of financial institutions value from market interest rates (Mishkin, F., Miller, WD, Copeland, T., Koller, T., Damodaran, A., and others). Each approache reflects greater or lesser degree of accuracy depending o...

  14. GenBank

    OpenAIRE

    Benson, Dennis A.; Karsch-Mizrachi, Ilene; Lipman, David J.; Ostell, James; Sayers, Eric W.

    2008-01-01

    GenBank? is a comprehensive database that contains publicly available nucleotide sequences for more than 300 000 organisms named at the genus level or lower, obtained primarily through submissions from individual laboratories and batch submissions from large-scale sequencing projects. Most submissions are made using the web-based BankIt or standalone Sequin programs, and accession numbers are assigned by GenBank? staff upon receipt. Daily data exchange with the European Molecular Biology Labo...

  15. GenBank

    OpenAIRE

    Benson, Dennis A.; Cavanaugh, Mark; Clark, Karen; Karsch-Mizrachi, Ilene; Lipman, David J.; Ostell, James; Sayers, Eric W.

    2012-01-01

    GenBank? (http://www.ncbi.nlm.nih.gov) is a comprehensive database that contains publicly available nucleotide sequences for almost 260 000 formally described species. These sequences are obtained primarily through submissions from individual laboratories and batch submissions from large-scale sequencing projects, including whole-genome shotgun (WGS) and environmental sampling projects. Most submissions are made using the web-based BankIt or standalone Sequin programs, and GenBank staff assig...

  16. Banking Fees in Australia

    OpenAIRE

    Sarah Rudd; Chris Stewart

    2012-01-01

    The Reserve Bank has conducted a survey on bank fees each year since 1997. The results of the latest survey show that banks’ aggregate fee income rose slightly in the banks’ 2011 financial years, but that growth in fee income was less than that in banks’ total assets. Fee income from households declined while fee income from businesses grew, largely as a result of increases in fees on business loans and bank bills.

  17. Danske Bank - Imagekrise

    OpenAIRE

    Agerlin, Anne; Holmqvist, Maja

    2014-01-01

    This report examines and analyses the difference between Danske Bank's perception of themselves and the world's perception of the bank. The difference is illustrated, because tendency shows that boundaries have an effect on Danske Bank's image. We search through collected articles in a social constructivist perspective to handle both Danske Bank’s perception and the world’s perception. The empirical foundation has made it possible to process and interpret the stated problems. The adaptation i...

  18. Optimal preventive bank supervision

    OpenAIRE

    Belhaj, Mohamed; Klimenko, Nataliya

    2012-01-01

    Early regulator interventions into problem banks is one of the key suggestions of Basel Committee on Banking Supervision. However, no guidance is given on their design. To fill this gap, we outline an incentive-based preventive supervision strategy that eliminates bad asset management in banks. Two supervision techniques are combined: temporary regulatory administration and random audits. Our design ensures good management without excessive supervision costs, through a gradual adjustment of...

  19. Shareholder activism in banking

    OpenAIRE

    Roman, Raluca

    2015-01-01

    This paper conducts the first assessment of shareholder activism in banking and its effects on risk and performance. The focus is on the conflicts among bank shareholders, managers, and creditors (e.g., regulators, deposit insurer, taxpayers, depositors). This paper finds activism may generally be a destabilizing force, increasing bank risk-taking, but creating market value for shareholders, and leaving operating returns unchanged, consistent with the empirical dominance of the Shareholder-Cr...

  20. Price Strategies in Banking Marketing

    Directory of Open Access Journals (Sweden)

    Iuliana Cetina

    2007-01-01

    Full Text Available All organizations must settle a price for the services they offer. The price for services is an important element of the marketing mix, being an important income source for the organization. The settlement of a correct price, both for the market and the competition, is a significant element for the sector of financial - banking services. Another important factor to take into consideration is the fact that the banks do not settle only the prices for individual services, but also coordinate their prices for service packages. As the competition in the financial - banking services has intensified, the settlement of correct prices has become an essential element for the marketing strategy. Nevertheless it is important to remind that the price is not a central element. There are other significant grounds, the price being only one of the elements of the marketing mix. Although in Romania many customers may be sensitive in present to the price, as the competition will increase, the quality of the services will become more important to the customers, and the demand will be complex.

  1. Bulgarian banking: looking for sustainability

    Directory of Open Access Journals (Sweden)

    Garabed Minassian

    2013-10-01

    Full Text Available In this work, we trace and analyze the emergence of the crisis in the Bulgarian banking system as well as the behavior of the central bank and other macroeconomic institutions. The average annual rate of growth in the net profits of the commercial banks for the period 2002-2008 amounted to 31.6%, which encouraged and accounted for the increase in credits. After 2008, the pendulum began to swing back as the difficulties in collecting loan repayments increased, the strain in financial balances tightened and assistance and support from the regulators were requested. The level of the financial and operating income was maintained primarily because of the high interest rates on the loans, but the structure of their distribution shifted substantially. Administrative costs and depreciation were nearly frozen up, and impairment and provisions grew at the expense of profit. This work shows that macroeconomic policies allowed the expansion of the lending boom and encouraged its irrational development. Poor operation and poor quality of the institutions not only allowed but also enabled direction of investments to financing of inefficient production structures. Underestimating the negative consequences shoring up a dysfunctional institutional environment is deemed a form of irrationality; however, not one of the immediate economic players acted to override the economic and political environment. The financial and economic crisis currently affecting the country has its roots in the deficiencies of the domestic macroeconomic policies, and therefore, the efforts toward overcoming these failures should be directed at improved domestic macroeconomic management.

  2. THE IMPACT OF THE FALLING OIL PRICES ON THE BANKING SECTOR AND THE BANKING CRISIS IN AZERBAIJAN

    Directory of Open Access Journals (Sweden)

    Nijat Huseynov

    2018-03-01

    Full Text Available The Banking sector in Azerbaijan has been one of the most affected sectors and volatile due to the falling oil prices. In the recent years, the government’s approach to the banking sector has changed significantly. The national currency has depreciated against the foreign currencies. The main goal of this paper is to clarify the current situation and key challenges in the Azerbaijan Banking sector including assessing the role of the Central Bank of Azerbaijan Republic (CBA. In this paper, the crucial problems in the financial sector are also indicated and some key points for the future actions are recommended.

  3. Bank Resolution in Europe

    DEFF Research Database (Denmark)

    N. Gordon, Jeffery; Ringe, Georg

    2015-01-01

    Bank resolution is a key pillar of the European Banking Union. This column argues that the current structure of large EU banks is not conducive to an effective and unbiased resolution procedure. The authors would require systemically important banks to reorganise into a ‘holding company’ structure......, where the parent company holds unsecured term debt sufficient to cover losses at its operating financial subsidiaries. This would facilitate a ‘single point of entry’ resolution procedure, minimising the risk of creditor runs and destructive ring-fencing by national regulators....

  4. Banking Fees in Australia

    OpenAIRE

    Reserve Bank of Australia

    2010-01-01

    The Reserve Bank has conducted a survey on bank fees each year since 1997. In 2009 growth in fee income increased slightly from recent years though it was again slower than growth in banks’ balance sheets. Growth in fee income was higher for businesses than for households. Banks reacted to the financial crisis by competing more aggressively for deposit funding which resulted in total fee income from deposit accounts falling, and repricing loan products which contributed to an increase in fe...

  5. The Sovereign Debt Crisis in Europe, Save Banks Not States

    Directory of Open Access Journals (Sweden)

    Schäfer, Hans-Bernd

    2012-08-01

    Full Text Available The European central bank is a bank of banks but not a bank of states. This reduces the capabilities of member states to finance deficits. The role of the central bank to cope with the debt crises is institutionally more limited than in most other Western countries. The European Stability Mechanism has not enough financial power to bail out all distressed countries in the Eurozone. Eurobonds could increase lending capacities but would require a change of the European treaty, which is not in sight. They violate the no bail out clause of Art.125 of the Treaty on the Functioning of the European Union. The policy option is therefore debt restructuring of distressed countries and a bailout of financial institutions to avoid conflagration. This option would also shift some of the burden to creditors outside the Eurozone rather than to shift all risk on the people in solvent countries within the Eurozone.

  6. Essays on banking and regulation

    NARCIS (Netherlands)

    Todorov, R.I.

    2013-01-01

    This thesis consists of three chapters that explore issues related to bank capital, multinational bank supervision, and bank lending in a developing country. The first chapter explores the impact of peer banks on bank capital adjustments. The second chapter evaluates the extent to which distortions

  7. THE BANKING SYSTEM OF THE RUSSIAN FEDERATION: STATUS AND PROSPECTS

    Directory of Open Access Journals (Sweden)

    L. N. Sotnikova

    2015-01-01

    Full Text Available The features and current trends in the development of the banking system of the Russian Federation are highlighted in the article. The authors propose an original method of evaluation of activities of credit organizations with the use of statistical data and rating agencies. The concept of the banking system is summarized in this article. Also its structure is analyzed by the number of credit institutions and the quality of their operations. The authors identifie differences between the concepts of banking service, banking operation and banking product and propose classification according to different characteristics of banking institutions and operations that they carry out. Then the authors go to estimating the volume of banking services in Russia and their patterns in total. Separately the main passive (deposits and loans and active operations (lending to legal entities and individuals are characterized. The authors identifie the major developments in the banking system of the Russian Federation in 2014 due to political and economic sanctions by the U.S. and Eurozone countries. The article provides a vision of the authors on the further development of the banking activity in Russia and proposes specific measures to adapt the banking system of the Russian Federation in a constantly changing political and economic conditions (financial sanctions, a change of key Central Bank rates, devaluation, etc.. According to the authors' opinion the expected prospects of development of the banking system of the Russian Federation to 2015 are: the growth in savings accounts in banks; sanctions will be of a personal nature and will not affect the largest credit institutions; the active growth of the corporate loan portfolio will continue; the growth of retail lending portfolio will continue to slow; mortgage lending will increase in the total loan portfolio of the banking sector of Russia.

  8. EVOLUTIONARY ASPECTS OF THE GEORGIAN BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    Tamar ATANELISHVILI

    2016-08-01

    Full Text Available Georgian monetary relations have a centuries-old history. Credit associations were first founded in 11-13th centuries. Network of credit institutions became larger in the 19th century – independent commercial banks were established in the second half of the 19th century. Central State Bank of Georgia was established in the Democratic Republic of Georgia in the beginning of the 20th century. At the same time, there were efforts to create independent two-level banking system, although those efforts failed due to forceful sovietization of Georgia. But still, independent banking system was founded in Georgia after the collapse of the former Soviet Union. This work examines afore-mentioned evolutionary processes and some of peculiarities of modern banking system. The research shows that modern Georgian banking system is growing fast but it contains signs of oligopoly which contradicts the interests of vast masses of population and entrepreneurial development, while stimulating retaining of high interest rates and devaluation of national currency.

  9. Mediterranean banks in EBSA area: Hotspots of biodiversity under threat.

    Science.gov (United States)

    Altobelli, Chiara; Perzia, Patrizia; Falautano, Manuela; Consoli, Pierpaolo; Canese, Simonepietro; Romeo, Teresa; Andaloro, Franco

    2017-10-01

    This study demonstrates that, in the Central Mediterranean Sea, the Graham, Nereo and Pantelleria Vecchia Banks of the Strait of Sicily represent, in the wide and diversified 'Sicily Channel' Ecological or Biological Significant Area, unknown hot spots of biodiversity threatened by human activities. The investigated banks show an high ecological and biological value (EBV), assessed through presence/absence of specific indicators. The ecological groups of Graham Bank show the maximum EBV; the same as Nereo and Pantelleria Vecchia, except for the benthic component. All three banks are highly threatened, mainly the benthic and benthopelagic ecological groups. However, these Banks still have wide pristine areas to protect and can be considered eligible sites for the imposition of area-based management measures of conservation. This study represent also a support for decision makers involved in protection of the Mediterranean open sea areas, to pinpoint other priority conservation banks. Copyright © 2017 Elsevier Ltd. All rights reserved.

  10. Analisis Akad Mudharabah Dalam Fasilitas Pendanaan Jangka Pendek Syariah Pada Bank Syariah Mandiri

    Directory of Open Access Journals (Sweden)

    Ike Purnamasari

    2015-01-01

    Full Text Available Islamic Banking began to grow rapidly since 2001, in line with these developments required an Islamic Short Term Funding Facility (FPJPS, with mudharabah mechanism provided by the central bank, Bank Indonesia, so that the value of the liquidity of Islamic banking especially Bank Syariah Mandiri increased. This research is descriptive qualitative using data and information as well as the study of literature / bibliography. This study was elaborated on the Islamic Short Term Funding Facility (FPJPS mechanism mudharabah and Bank Syariah Mandiri how to respond to the Islamic Short Term Funding Facility

  11. Developing an ASD Macroeconomic Model of the Stock Approach - With Emphasis on Bank Lending and Interest Rates -

    OpenAIRE

    Yamaguchi, Yokei

    2017-01-01

    The financial crisis in 2008 evidenced an over-simplification of the role of banks made in the majority of macroeconomic models. Based on Accounting System Dynamics (ASD) modeling approach, the current research presents a model that incorporates banks as creators of deposits when making loans as opposed to the conventional view of banks as intermediaries of existing money. The generic model thus developed consists of five sectors; production, household, banking, government and central bank to...

  12. De EMU is niet af

    NARCIS (Netherlands)

    Arnold, I.J.M.

    2009-01-01

    In tegenstelling tot de Federal Reserve Bank heeft de Europese Centrale Bank de huizenmarkt niet doelbewust aangejaagd met een ruim monetair beleid. De macro-economische instabiliteit binnen de eurozone is vooral het gevolg van een onderschatte interne dynamiek, waarop de ECB weinig invloed had. De

  13. Monetary Policy Delelgation and Transparency of Policy Targets: A Positive Analysis

    Science.gov (United States)

    2011-06-01

    neoclassical time- inconsistency framework, monetary policy is modeled as a two-stage game between the private sector and the central bank as...simple neoclassical model and keep it to a minimum complexity which suffices to derive the results. The applied game-theoretic framework stands in the...accountability may imply that central banks choose lo be opaque. Applying the theory of bureau- cracy to the ECB. Forder (2002) argues that central banks

  14. Islamic banks and profitability: an empirical analysis of Indonesian banking

    OpenAIRE

    Jordan, Sarah

    2013-01-01

    This paper provides an empirical analysis of the factors that determine the profitability of Indonesian banks between the years 2006-2012. In particular, it investigates whether there are any significant differences in terms of profitability between Islamic banks and commercial banks. The results, obtained by applying the system-GMM estimator to the panel of 54 banks, indicate that the high bank profitability during these years were determined mainly by the size of the banks, the market share...

  15. PRIVATE BANKING AND WEALTH MANAGEMENT SERVICES OFFERED BY BANKS

    OpenAIRE

    IMOLA DRIGĂ; DORINA NIŢĂ; IOAN CUCU

    2009-01-01

    The paper examines the features of private banking business focusing on the substantial growth in private banking over the last decade as commercial banks have targeted upmarket high net worth individuals. The accumulation of wealth has prompted the development of private banking services for high net worth individuals, offering special relationships and investment services. Private banking is about much more than traditional banking services of deposits and loans. It's about providing a one-...

  16. Methods of Payment to Banks: e-Banking. Comparative Study on Three Banks

    Directory of Open Access Journals (Sweden)

    Miranda Petronella VLAD

    2012-11-01

    Full Text Available E-banking website, majority offers the banks. At first it was electronic-banking, Internet-banking followed, followed by mobile-banking service. These services offer the same facilities, Customer Bank just that varies the channel used for communication with the Bank. The services offered by banks through E-banking, approves: compilation of orders; scheduled payments; orders for payment of wages; internal transfers; pay rates on internal or external; currency exchanges; view balances of accounts at any time; information about foreign exchange rates; view and print account statements; the definition of beneficiaries of direct payments by the client.

  17. The role of the European Bank in the energy sector

    International Nuclear Information System (INIS)

    Coleman, J.

    1993-01-01

    The European Bank for Reconstruction and Development was established in 1991 to assist central and eastern European countries in making the transition from command economies to market economies. The Bank provides loans, equity investments, guarantees, advice, and technical cooperation to qualified applicants through its merchant banking and development banking operations. In the energy sector, the Bank recognizes that the energy resources of eastern Europe are enormous but so are the problems associated with their development. Since its foundation, most of the Bank's energy-related lending has been in the oil and gas sector in Russia and the Baltic countries. The Bank has approved eight projects in that sector with total capital costs of ca US$1.7 billion. Major problem areas to be overcome include uneconomic domestic pricing, high energy intensity and pollution, inadequate legal frameworks, inappropriate tax structures, and institutional complexity. Canadian firms have been actively involed in Bank-financed projects in the Russian oil and gas sector, and two such projects are briefly described. They comprise joint ventures with Russian enterprises or associations and include rehabilitation of Siberian oil fields and drilling new wells in the Komi (Arctic) region. A common feature of these projects is that they were well under way before the Bank got involved, but the Bank brings the benefits of additional financing and providing moral support and expertise which can be useful in overcoming administrative and regulatory difficulties

  18. Empirical Assessment on Financial Regulations and Banking Sector Performance

    Directory of Open Access Journals (Sweden)

    Igbinosa S.

    2017-09-01

    Full Text Available This study examines financial regulation and banking sector performance in Nigeria. Specifically, the study determines the impact of reforms on banking sector performance and also assesses the nexus between capital adequacy and banking sector performance. Time series data for the period 1993 to 2014 was used. As an analytical tool, the study uses unit root test to determine the stationary state of the variables. We also employed the Johansson co-integration and error correction model (ECM statistical techniques to establish both short-run and long-run dynamic relationships between the endogenous and exogenous variables. The empirical findings indicate that financial regulation significantly impacts the banking sector performance while financial regulation has both short-run and long-run dynamic relationships with the banking sector performance in Nigeria. It was found that the four-period lag of capital adequacy negatively affects banking sector performance and is not statistically significant. The paper suggests that the Central Bank of Nigeria (CBN should continually make public the impacts that the various financial regulations and reforms have on the performance of Nigerian banks. Majority of the policies on financial regulation by the apex bank (CBN need to be long-run which can enable confidence of stakeholders, shareholders and the general public in the Nigerian banking industry when critically evaluated.

  19. Taking the moral hazard out of banking: the next fundamental step in financial reform

    Directory of Open Access Journals (Sweden)

    Rainer Masera

    2011-01-01

    Full Text Available The path between financial meltdown and moral hazard in banking is, at best, narrow and impervious. During the financial crisis, public support became the standard response to save the banks in difficulty, heightening and broadening the moral hazard issue: subordinated/senior debt holders and large depositors were bailed out and equity holders were partially sheltered. In the Eurozone, the implicit promise to bail-out governments in difficulty has encouraged SIFIs and other financial operators to speculate on the yield differential between sovereigns and the ECB money market interest rates. The policy framework proposed here is two-pronged: the EFSF should evolve to permit more flexible and wide-ranging interventions, and be able to manage sovereign debt restructuring; with respect to SIFIs, very early corporate, market and supervisory responses are suggested. Intervention of supervisory authorities with mandatory (special powers would occur before the threshold of non-viability and, on a gone-concern basis, in terms of a European resolution procedure.

  20. Bankų atsargų rinkos veikimo dėsningumai

    OpenAIRE

    Šiaudinis, Sigitas

    2005-01-01

    The article examines the factors of supply and demand of bank reserves, the positions of liquidity of the banking system in the conditions of a different currency exchange rate mode and monetary politics operation system and states that both central banks who execute the politics of the flexible currency exchange rate and those retaining the fixed exchange rate, in order to avoid any misinterpretations of the signals of the monetary politics, must tune the supply of the bank reserves with the...