Khan, Ashraf, (2017), “Central Bank Legal Frameworks in the Aftermath of the Global Financial Crisis”, IMF, 1 Μαΐου
Central banking is subject to ongoing changes, even more so since the Global Financial Crisis. Noteworthy developments include, for instance, the usage of unconventional monetary policies in many advanced economies, which in part, led to significant expansion and diversification of central banks’ balance sheets. Moreover, discussions on the mandates of central banks, and the functions they should perform, are ongoing. Relatively “new” functions such as macro prudential policies and resolution are at the forefront. Discussions on the role of central banks in maintaining financial integrity and contributing to consumer protection are relevant as well. To facilitate these discussions amongst policy makers, proper data and information on central banks is required. This relates to quantitative data on balance sheets in general, including exposures, reserves, and aspects relating to (quasi) fiscal financing, but also to quantitative and qualitative data on mandates and objectives, governance arrangements, disclosure, transparency and accountability arrangements, and a host of other issues relating to the central bank and the context in which it operates. The IMF’s Central Bank Legislation Database (CBLD) fulfills part of this need, as the most comprehensive central bank law database in the world.
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