Franklin

Capitalizing Central Banks [electronic resource] : A Net Worth Approach, Ize, Alain.

Author/Creator:
Ize, Alain.
Publication:
Washington, D.C. : International Monetary Fund, 2005.
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 05/15.
IMF Working Papers; Working Paper No. 05/15
Format/Description:
Government document
Book
1 online resource (25 p.)
Local subjects:
Central bank.
Central banks.
Central Banks and Their Policies.
Currency board.
Currency crises.
Currency debt.
Currency risk.
Debt.
Debt Management.
Domestic currency.
Domestic debt.
Excess debt.
External debt.
External loans.
Inflation.
Market debt.
Monetary authorities.
Monetary fund.
Monetary independence.
Monetary liabilities.
Monetary policy.
Monetary Policy (Targets, Instruments, and Effects).
National debt.
Public debt.
Public debt management.
Reserve accumulation.
Reserve currency.
Reserve holdings.
Reserve portfolio.
Reserve requirements.
Chile.
Costa Rica.
Mozambique.
Summary:
This paper provides a simple, quantitative, net worth-based, approach to assessing the need for central bank capital. It derives a concept of ""core capital"" (a function of the central bank''s operating expenditures and the carrying cost of its international reserves) as the minimum capital needed by a central bank to ensure the credibility of its inflation target. The approach is illustrated with the published accounts of three loss-making central banks and selected accounting entries for a broader sample of central banks. Policy implications are explored. In particular, the paper argues that central bank capitalizations cannot be automatic and require instead a broad policy debate.
Notes:
Description based on print version record.
Contributor:
Ize, Alain.
Other format:
Print Version:
ISBN:
145186034X:
9781451860344
ISSN:
1018-5941
Publisher Number:
10.5089/9781451860344.001
Access Restriction:
Restricted for use by site license.
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