Search results for " central bank"
showing 10 items of 15 documents
Continuous auditing in public sector and central banks: a framework to tackle implementation challenges
2022
Purpose This paper aims to analyse the implementation challenges faced by internal audit departments of public sector organisations and central banks when implementing continuous auditing (CA) systems. CA aims to monitor internal control systems and risk levels on a continuous basis to support the audit process. This study identifies the implementation challenges of CA systems and proposes adequate countermeasures. Design/methodology/approach This study employs the design science information system research and the design science research process methodologies to ensure the rigor of this analysis. These research methodologies are adopted to tackle identified organisational problems and pro…
Política monetaria en tiempos de pandemia: evaluación y propuesta del Helicóptero Monetario
2020
La pandemia del Covid-19 ha provocado una de las crisis más importantes desde la Gran Depresión. Ante esto, es necesaria una mayor coordinación entre la política monetaria y las políticas fiscales. En este artículo, se ha analizado el Helicóptero Monetario como posible respuesta a la crisis y como complemento a las medidas adoptadas. Tras presentar evidencia histórica de los efectos del Helicóptero Monetario, examinar los distintos ejemplos propuestos en la literatura, y evaluar sus fortalezas y debilidades, se ha articulado una propuesta para la eurozona a través del Banco Central Europeo (BCE) en coordinación con el grupo del Banco Europeo de Inversiones (BEI)
European Banking Union and bank risk disclosure: the effects of the Single Supervisory Mechanism
2022
AbstractThis paper provides evidence on the impact of European Banking Union (BU) and the associated Single Supervisory Mechanism (SSM) on the risk disclosure practices of European banks. The onset of BU and the associated rules are considered as an exogenous shock that provides the setting for a natural experiment to analyze the effects of the new supervisory arrangements on bank risk disclosure practices. A Difference-in-Differences approach is adopted, building evidence from the disclosure practices of systemically important banks supervised by the European Central Bank (ECB) and other banks supervised by national regulators over the period 2012–2017. The main findings are that bank risk…
Unconventional monetary policy reaction functions: evidence from the US
2020
Abstract We specify unconventional monetary policy reaction functions for the Fed using linear and nonlinear econometric frameworks. We find that nonstandard policy measures are largely driven by the dynamics of inflation and the output gap, with the effect being particularly strong during QE rounds. Moreover, we uncover the presence of asymmetry and regime dependence in central bank’s actions since the global financial crisis, especially concerning the response of the term spread and the shadow short rate to the growth rate of central bank reserves. From a policy perspective and given the lack of a systematic response of monetary policy to asset price growth in nonstandard times, our findi…
Deficit sustainability and inflation in EMU: An analysis from the Fiscal Theory of the Price Level
2007
Price determination theory typically focuses on the role of monetary policy, while the role of fiscal policy is usually neglected. From a different point of view, the Fiscal Theory of the Price Level takes into account monetary and fiscal policy interactions and assumes that fiscal policy may determine the price level, even if monetary authorities pursue an inflation targeting strategy. In this paper we try to test empirically whether the time path of the government budget in EMU countries would have affected price level determination. Our results point to the sustainability of fiscal policy in all the EMU countries but Finland, although no firm conclusions can be drawn about the prevalence…
The response of Brent crude oil to the European central bank monetary policy
2022
Este artículo examina el impacto de las decisiones de política monetaria del Banco Central Europeo (BCE) sobre los precios del petróleo y la liquidez mediante un estudio de eventos con datos intradía. Analizamos el período de enero de 1999 a diciembre de 2020, que incluye la crisis financiera que comenzó en agosto de 2007. Nuestros resultados muestran una respuesta significativa de los rendimientos del petróleo solo durante la crisis financiera. Específicamente, encontramos que los rendimientos de los futuros de petróleo crudo Brent respondieron negativamente a variaciones inesperadas en la prima de riesgo italiana como medida de acciones de política monetaria no convencionales, y positivam…
Regional Asymmetric Reactions to Shocks in EMU: an Assessment of Different Approaches
2002
In recent years there has been an increasing research effort in estimating regional asymmetric shocks and assessing their importance within the European Monetary Union (EMU). In this chapter we offer an evaluation of the different approaches by distinguishing them according to methodological underpinnings, variables used and pitfalls and potential extensions of the analysis. The structure of this contribution is the following. In section 2 we discuss the relative importance of asymmetric shocks and the main problems connected with their measurement. In section 3 we focus on the explanatory variables which are assumed to determine the asymmetric reaction to shocks and distinguish between sec…
Il ruolo della BCE nel complesso equilibrio tra tecnica e politica
2020
Il lavoro affronta il tema della compatibilità delle misure non convenzionali introdotte e/o solo annunciate dalla BCE con la disciplina disegnata dai Trattati e su cui la Corte di giustizia si é pronunciata in varie occasioni, ma anche quello di comprendere quali possano essere i contrappesi in termini di controllo e di accountability a fronte di scelte non meramente tecniche pur mantenendo fermo il principio dell'indipendenza dell'organo in questi The work addresses the issue of the compatibility of the unconventional measures introduced and / or only announced by the ECB with the discipline drawn up by the Treaties and on which the Court of Justice has ruled on various occasions, but als…
L’evoluzione del sistema dei pagamenti in Italia: configurazioni strutturali e profili di integrazione finanziaria
2019
Un corretto ed ordinato sistema dei pagamenti costituisce condizione essenziale per la stabilità e l’efficienza del sistema finanziario, per il buon funzionamento dei mercati e per la conduzione della politica monetaria. L’intero sistema dei pagamenti italiano è evoluto in direzione di più elevati livelli di efficienza ed efficacia, in un contesto di progressiva armonizzazione e cooperazione sovranazionale, quale condizione per lo sviluppo di un sistema integrato dei pagamenti europeo; il presente articolo pertanto delinea, seppure a grandi linee, il quadro evolutivo del sistema dei pagamenti nazionale, avuto riguardo agli aspetti istituzionali, economico-finanziari e regolamentari. This pa…
Monetary Policy Rules: From Adam Smith to John Taylor
2012
We describe, through the lenses of history, the intellectual origins of the Taylor rule. The Taylor rule was an important component of the transformation that swept through the monetary policy landascape in a remarkable few years following the abandonment of monetary targeting. In this long paper we provide an original overview of the long-dated debate on rules vs discretion in monetary policy, ever since Adam Smith and the monetary controversies of the XIX century. We then analyse in greater detail the debates in the interwar years (Wicksell, Keynes, Cassel, Simons, Fisher) and the debates in the 1950s and 1960s (Phillips, Friedman, the rational expectation hipothesis) and how these debate…