Matches in SemOpenAlex for { <https://semopenalex.org/work/W3146989923> ?p ?o ?g. }
Showing items 1 to 77 of
77
with 100 items per page.
- W3146989923 abstract "Since 2008, the central banks of advanced countries have borrowed trillions of dollars from their commercial banks in the form of interest-paying reserves and invested the proceeds in portfolios of risky assets. We investigate how this new style of central banking affects central banks' solvency. A central bank is insolvent if its requirement to pay dividends to its government exceeds its income by enough to cause an unending upward drift in its debts to commercial banks. We consider three sources of risk to central banks: interest-rate risk (the Federal Reserve), default risk (the European Central Bank), and exchange-rate risk (central banks of small open economies). We find that a central bank that pays dividends equal to a standard concept of net income will always be solvent—its reserve obligations will not explode. In some circumstances, the dividend will be negative, meaning that the government is making a payment to the bank. If the charter does not provide for payments in that direction, then reserves will tend to grow more in crises than they shrink in normal times. To prevent this buildup, the charter needs to provide for makeup reductions in payments from the bank to the government. We compute measures of the financial strength of central banks, and discuss how different institutions interact with quantitative easing policies to put these banks in less or more danger of instability. We conclude that the risks to financial stability are real in theory, but remote in practice today." @default.
- W3146989923 created "2021-04-13" @default.
- W3146989923 creator A5006318958 @default.
- W3146989923 creator A5086784344 @default.
- W3146989923 date "2015-01-01" @default.
- W3146989923 modified "2023-09-23" @default.
- W3146989923 title "Maintaining Central-Bank Financial Stability under New-Style Central Banking" @default.
- W3146989923 hasPublicationYear "2015" @default.
- W3146989923 type Work @default.
- W3146989923 sameAs 3146989923 @default.
- W3146989923 citedByCount "0" @default.
- W3146989923 crossrefType "posted-content" @default.
- W3146989923 hasAuthorship W3146989923A5006318958 @default.
- W3146989923 hasAuthorship W3146989923A5086784344 @default.
- W3146989923 hasConcept C10138342 @default.
- W3146989923 hasConcept C116168712 @default.
- W3146989923 hasConcept C126285488 @default.
- W3146989923 hasConcept C144133560 @default.
- W3146989923 hasConcept C150149615 @default.
- W3146989923 hasConcept C162324750 @default.
- W3146989923 hasConcept C183582576 @default.
- W3146989923 hasConcept C2777817046 @default.
- W3146989923 hasConcept C2778215004 @default.
- W3146989923 hasConcept C2779465119 @default.
- W3146989923 hasConcept C29185160 @default.
- W3146989923 hasConcept C2992735868 @default.
- W3146989923 hasConcept C38070178 @default.
- W3146989923 hasConcept C3963096 @default.
- W3146989923 hasConcept C4163816 @default.
- W3146989923 hasConcept C556758197 @default.
- W3146989923 hasConcept C73283319 @default.
- W3146989923 hasConcept C94866938 @default.
- W3146989923 hasConceptScore W3146989923C10138342 @default.
- W3146989923 hasConceptScore W3146989923C116168712 @default.
- W3146989923 hasConceptScore W3146989923C126285488 @default.
- W3146989923 hasConceptScore W3146989923C144133560 @default.
- W3146989923 hasConceptScore W3146989923C150149615 @default.
- W3146989923 hasConceptScore W3146989923C162324750 @default.
- W3146989923 hasConceptScore W3146989923C183582576 @default.
- W3146989923 hasConceptScore W3146989923C2777817046 @default.
- W3146989923 hasConceptScore W3146989923C2778215004 @default.
- W3146989923 hasConceptScore W3146989923C2779465119 @default.
- W3146989923 hasConceptScore W3146989923C29185160 @default.
- W3146989923 hasConceptScore W3146989923C2992735868 @default.
- W3146989923 hasConceptScore W3146989923C38070178 @default.
- W3146989923 hasConceptScore W3146989923C3963096 @default.
- W3146989923 hasConceptScore W3146989923C4163816 @default.
- W3146989923 hasConceptScore W3146989923C556758197 @default.
- W3146989923 hasConceptScore W3146989923C73283319 @default.
- W3146989923 hasConceptScore W3146989923C94866938 @default.
- W3146989923 hasLocation W31469899231 @default.
- W3146989923 hasOpenAccess W3146989923 @default.
- W3146989923 hasPrimaryLocation W31469899231 @default.
- W3146989923 hasRelatedWork W146215952 @default.
- W3146989923 hasRelatedWork W1532128249 @default.
- W3146989923 hasRelatedWork W1541518451 @default.
- W3146989923 hasRelatedWork W1582345980 @default.
- W3146989923 hasRelatedWork W1839419982 @default.
- W3146989923 hasRelatedWork W1932533501 @default.
- W3146989923 hasRelatedWork W2127400205 @default.
- W3146989923 hasRelatedWork W2135929091 @default.
- W3146989923 hasRelatedWork W2164588574 @default.
- W3146989923 hasRelatedWork W2184630123 @default.
- W3146989923 hasRelatedWork W2278566049 @default.
- W3146989923 hasRelatedWork W2487642369 @default.
- W3146989923 hasRelatedWork W2558963326 @default.
- W3146989923 hasRelatedWork W2736375481 @default.
- W3146989923 hasRelatedWork W282698332 @default.
- W3146989923 hasRelatedWork W3122343400 @default.
- W3146989923 hasRelatedWork W3122596072 @default.
- W3146989923 hasRelatedWork W3123050136 @default.
- W3146989923 hasRelatedWork W3125701913 @default.
- W3146989923 hasRelatedWork W3134436590 @default.
- W3146989923 isParatext "false" @default.
- W3146989923 isRetracted "false" @default.
- W3146989923 magId "3146989923" @default.
- W3146989923 workType "article" @default.