Close
Enter your search into one or more of the boxes below:
You can refine your search by selecting from any of the options below:
Search
Monetary Policy Operations and the Financial System

Monetary Policy Operations and the Financial System (Hardback)

£52.00
Despatched in 2 business days.
Order now for Free delivery in the UK or choose Express Delivery to receive in 2 business days.
More on delivery...

Synopsis

Since 2007, central banks of industrialized countries have counteracted financial instability, recession, and deflationary risks with unprecedented monetary policy operations. While generally regarded as successful, these measures also led to an exceptional increase in the size of central bank balance sheets. The book first introduces the subject by explaining monetary policy operations in normal times, including the key instruments (open market operations, standing facilities, reserve requirements, and the collateral framework). Second, the book reviews the basic mechanics of financial crises as they have hit economies many times. The book then explains what central banks need to do to when financial markets and banks are impaired to fulfil their monetary policy and financial stability mandates. Besides demonstrating the need for non-conventional monetary policy measures, the book also highlights their dangers, such as moral hazard and increased central bank risk taking.

The book draws a number of lessons from the crisis on non-conventional monetary policy operations, assessing what measures have worked well, and how a framework should be designed in future normal times such as to contribute to make financial crises less likely. Central bank monetary policy operations have traditionally been considered as a matter of practice, while the macroeconomic modelling of the transmission mechanism of monetary policy is regarded as a discipline relying on substantial theory ('monetary economics'). However, monetary policy operations can equally benefit from a theory, and from a normative framework to guide policy choices. The limited interest that monetary policy operations have found for many decades in academic economics may well have contributed to the many misunderstandings on central bank actions over recent years. This book provides a basis for a better theoretical understanding of real-world monetary policy operations.

BusinessEconomicsEconomic theory & philosophyBusinessEconomicsMacroeconomicsMonetary economicsBusinessFinance & accountingFinanceBanking Publisher: Oxford University Press Publication Date: 11/09/2014 ISBN-13: 9780198716907  Details: Type: Hardback Format: Books
Availability: Despatched in 2 business days. Login for Quick Checkout Add to Basket

After his studies, Ulrich Bindseil joined the Deutsche Bundesbank's economics department in 1994. In 1997, he moved on to the European Monetary Institute and to the European Central bank in 1998. There, he was subsequently responsible for the Liquidity Management Section, the Risk Management Division, and finally for the Directorate General Market Operations (since 2012). He has been a lecturer and visiting professor at the Technical University of Berlin since 2008 and has published in the areas of central bank market operations, risk management, and European governance.

More books by Ulrich Bindseil

Leave Review

Delivery

Delivery Options

All delivery times quoted are the average, and cannot be guaranteed. These should be added to the availability message time, to determine when the goods will arrive. During checkout we will give you a cumulative estimated date for delivery.

Location 1st Book Each additional book Average Delivery Time
UK Standard Delivery FREE FREE 3-5 Days
UK First Class £4.50 £1.00 1-2 Days
UK Courier £7.00 £1.00 1-2 Days
Western Europe** Courier £17.00 £3.00 2-3 Days
Western Europe** Airmail £5.00 £1.50 4-14 Days
USA / Canada Courier £20.00 £3.00 2-4 Days
USA / Canada Airmail £7.00 £3.00 4-14 Days
Rest of World Courier £22.50 £3.00 3-6 Days
Rest of World Airmail £8.00 £3.00 7-21 Days

** Includes Austria, Belgium, Denmark, France, Germany, Greece, Iceland, Irish Republic, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden and Switzerland.

Delivery Help & FAQs

Returns Information

If you are not completely satisfied with your purchase*, you may return it to us in its original condition with in 30 days of receiving your delivery or collection notification email for a refund. Except for damaged items or delivery issues the cost of return postage is borne by the buyer. Your statutory rights are not affected.

* For Exclusions and terms on damaged or delivery issues see Returns Help & FAQs

You might also like

Rethinking Economic and Monetary ...
(Hardback)
Philip B. Whyman
 
 
£115.00
 
China's Exchange Rate Regime
(Paperback)
China Development Research Foundation
 
 
£36.99
 
Financial Regulation in the European...
(Hardback)
Domenica Tropeano
 
 
£115.00
 
Latest Blog
Folklore of the Yorkshire Moors
10/02/2018

Read an Extract from Wendy Mitchell's Somebody I Used to Know
05/02/2018

Read an extract from Wendy Mitchell's Somebody I Used to Know, her memoir about living with dementia.

Where are you really from? An extract from Brit(ish): On Race, Identity and Belonging by Afua Hirsch
02/02/2018

Read an extract from Afua Hirsch's book Brit(ish): On Race, Identity and Belonging

View all Blog Entries
Twitter
Show/Hide Tweets
© W&G Foyle Ltd