Bignon, Vincent, Jobst, Clemens, (2017), “The real economic benefits of easy central bank access: Evidence from the Great French Wine Blight”, Vox Eu, 30 Απριλίου
Who should have access to central bank refinancing and which assets should be eligible for central bank operations? As the Bank for International Settlements recently noted in 2013 and 2015, the answers to these questions vary widely among central banks (BIS 2013, BIS-CGFS 2015). Some central banks, like the Eurosystem, give almost every financial institution direct access and against a widely defined set of collateral including, for example, corporate bonds or credit claims. Other central banks, like the Federal Reserve, restrict their normal operations to a small set of counterparties, allowing them to use only the most liquid investment-grade assets such as treasury bills or government bonds.
Σχετικές Αναρτήσεις
- Benoît Cœuré, (2017), “Central bank communication in a low interest rate environment”, Bruegel, 31 Μαρτίου
- Transparency International EU, (2017), “TWO SIDES OF THE SAME COIN? Independence and Accountability of the European Central Bank”, March