Diss. Göteborg : Göteborgs universitet, 2002. / Härtill 4 uppsatser.

Thesis (Ph. D.)--University of Wisconsin--Madison, 1956. / Typescript. Vita. Published in book form in 1957 under title: Central banking in Mexico: monetary policies and financial crises, 1864-1940. eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references (leaves [263]-266).

Today's monetary policy is a historic one, where the introduction of negative interest rates has started a new "age" of unconventional monetary policy and some argue that there is a need for further unconventional monetary tools. The purpose of this thesis is to analyze negative interest rates, how they came to be, what long-term eect they have on economic stability and if its possible to get out. We do this by analyzing existing theoretical and empirical research, including a theoretical model based on household consumption, a cost of money function and an illustration of the liquidity trap. Thereby the thesis concludes that the short term positive eects of negative interest rate policy get exhausted in the long-term as the negative eects increase over time, thus creating an environment of excessive borrowing both by consumers and governments that might lead to instability and economic downturn in the long-term. Furthermore, the negative interest rate policy is creating a diculty of getting out of the negative interest rate environment because the consumers and the rms have gotten used to the "cheap money" and might have hard time nancing day to day operations in normal interest rate world.

In the first chapter, I analyze the impact of changes in aggregate holding in special asset purchase programs by Federal Reserve Systems (FED) as an alternate monetary policy at aggregate level. Later, to complement the analysis of monetary impact at aggregate level, I also analyze the impact of monetary actions at bank stock level with a set of 186 banks. First, for the overall sample period, expected monetary shock has positive effect on bank stock return; however, unexpected shock component has otherwise negative impact. Second, during both conventional and QE regime, monetary shocks are not significant in explaining weekly stock returns; however change in FED’s total asset holding in special programs is significant during the QE regime and such findings are more robust for the “large” banks when compared to “medium” and “small” banks. The second chapter presents the second essay that is one of the early studies to analyze whether either the changes in accounting standard or the changes in prudential regulatory regimes may affect the bank earning management in terms of Loan Loss Provisioning (LLP) systematically. Results suggest that, in general, bank managers use LLP as a tool for earning management for income smoothing and also for capital management once LLP is allowed to be a part of Tier-I capital requirement. Both changes in prudential regulation from pro-cyclic to a dynamic regime and convergence of accounting standard from rule-based to principle-based standards have significant negative fixed effects separately and jointly once included.

This thesis aims to examine the effect of European Central Bank's (ECB) oral communication on the financial systemic stress in the euro area. It considers ad-hoc speeches and interviews by the members of the ECB Governing Coun- cil as well as official press conferences between July 2008 and January 2014. The empirical analysis tests the effects of communication intensity and senti- ment and whether they differ in different stress regimes. Regression results of ARIMA based models and Threshold auto-regressive model suggest that oc- currence of official press conference increases the systemic stress, sentiment of communication matters only in the case of the ad-hoc speeches and interviews, but mainly that both the official and unofficial oral communication have a con- siderably stronger effect in periods of heightened systemic stress. Although the estimated effects are rather small, this thesis provides support for the hypoth- esis that ECB communication can affect the systemic stress. i

Šiame rašto darbe analizuojami Europos Sąjungos šalių narių nacionaliniai centriniai bankai ir jų vaidmuo vykdant finansinio stabilumo užtikrinimo funkciją. Šios, vienos iš pagrindinių funkcijų vykdymas, atliekamas naudojant įvairius finansinio stabilumo užtikrinimo instrumentus, kurių įvairiapusiškas tyrimas yra pagrindinė diplominio darbo ašis. Darbo pagrindinis tikslas yra apibendrinti nacionalinių centrinių bankų teisinį savarankiškumą ES erdvėje, ištirti naudojamų finansinio stabilumo užtikrinimo instrumentų rinkinius ir įvertinti naudojamų rinkinių veiksmingumą. Diplominį darbą sudaro trys pagrindinės dalys. Pirmoje dalyje atliekama finansinio stabilumo sampratos ir centrinių bankų veiksmų, siekiant finansinio stabilumo užtikrinimo, mokslinės literatūros analizė. Antroje dalyje pristatoma atliekamo tyrimo problema, pateikiama tyrimo logika bei metodologija. Trečioje dalyje apibendrinami tyrimo rezultatai, pateikiamos išvados ir autoriaus rekomendacijos nustatytose probleminėse srityse. Darbe atliktas tyrimas patvirtina pakankamai didelį ES nacionalinių centrinių bankų teisinį savarankiškumą bei jų disponuojamų finansinio stabilumo užtikrinimo instrumentų skaičių. Taip pat tyrimo rezultatai leidžia daryti išvadą, jog centrinių bankų finansinio stabilumo užtikrinimo efektyvumas priklauso nuo disponuojamų instrumentų skaičiaus ir jų pobūdžio. / This paper work analyses EU national central banks and their role performing financial stability maintenance function. Implementation of one of central banks’ key functions is exercised through special financial stability instruments which are the hinge in accomplished research in this paper. The main objective in this diploma work is to measure national central banks’ legal independence in EU area, examine different usable sets of financial stability instruments in member countries and estimate efficiency of these sets. This paper work consists of three main parts. Theoretical analysis of financial stability and central banks’ actions in maintaining it, is presented in the first part. Second part covers the main problem and methodology of fulfilled research. All results of the research, their evaluation and authors proposals in the situation are presented in the third part. Accomplished research confirms that nation central banks in EU have considerable legal independence and dispose major part of possible financial stability instruments. The research also affirms that there is a quantitative dependence between disposed financial stability instruments number and their complexion.

Thesis--University of London. / Includes bibliographical references.

Thesis--University of London. / Includes bibliographical references.

Orientador: Jose Carlos de Souza Braga / Tese (doutorado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-15T16:11:28Z (GMT). No. of bitstreams: 1 Chianamea_DanteRicardo_D.pdf: 1515687 bytes, checksum: a57ff0456f637ae53cb1bb1b5c59c245 (MD5) Previous issue date: 2010 / Resumo: A produção de moeda pelo sistema bancário é dependente de convenções sociais sobre o valor de diversos ativos. Quando essas convenções deixam de existir o ativo mais valorizado passa a ser a moeda produzida pelos bancos centrais. Para reduzir o número de falências e descumprimento de pagamentos, é, nesse caso, necessário que os bancos centrais aceitem, em troca da moeda que produzem, ativos que a sociedade não consegue mais avaliar. Em nenhuma nação esse fato é bem aceito por suas populações, mas algumas nações têm mais consciência do papel que seu banco central deve desempenhar nesse sentido. No Brasil, essa consciência sobre a necessidade e forma de desempenho de seu banco central oscilou muito ao longo da história e, após alguns anos recentes de estagnação, voltou agora a evoluir. Entretanto, ainda é incerto que o Banco Central do Brasil possa aceitar ativos de valor duvidoso nos próximos anos / Abstract: The production of currency by banking systems is dependent on social conventions about values of assets. End of such conventions turns central banks' currencies as the most wished assets. Central banks must offer their currencies by not well-evaluated assets so that the number of bankruptcies and delinquencies remains at low levels. Any country does not accept this fact, but some nations are more conscious of that central bank's role. Historically, the consciousness about the central bank's role as lender of last resort has changed a lot. However, it remains uncertain that the Brazilian central bank may accept doubtful valued assets in the coming years / Doutorado / Teoria Economica / Doutor em Ciências Econômicas

Orientador: Maria Alejandra Caporale Madi / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-19T09:34:02Z (GMT). No. of bitstreams: 1 Freddo_Daniela_M.pdf: 2232966 bytes, checksum: f3c245c19aa86dd98e6f0a563e3788cf (MD5) Previous issue date: 2011 / Resumo: O objetivo desta dissertação é examinar as transformações do sistema bancário norte-americano, no período 1930-2008, sob a ótica do negócio bancário: o banco é visto como agente central no processo de acumulação de capital. Analisam-se, neste trabalho, as tensões entre a ação regulatória e de política monetária do Federal Reserve e as estratégias de mercado dos bancos norte-americanos em conjunturas selecionadas: a Reforma Financeira da década de 1930; o período de inovações financeiras nos anos 1960 e 1970; a crise de Bretton Woods; o cenário caracterizado pelo Gramm-Leach-Bliley Act de 1999; a crise financeira iniciada em 2007; e possíveis impactos na estrutura financeira da economia norte-americana derivados da Lei Dodd Frank (2010). Entende-se que o marco regulatório firmado na década de 1930, nos Estados Unidos, cujo objetivo era evitar que crises financeiras profundas pudessem acontecer novamente, criou um período de bloqueio ao exercício do negócio bancário no mercado de capitais e, ao mesmo tempo, permitiu que os negócios neste último se desenvolvessem com maior liberdade. Como consequência houve impactos na divisão dos ativos financeiros entre os intermediários bancários e não-bancários. O período de Bretton Woods favoreceu um ambiente de concorrência no setor financeiro, o qual impulsionou o processo de inovações bancárias com impactos nas possibilidades de acumulação de capital nas órbitas financeira e industrial. Após a década de 1970, reafirma-se a tendência à superação dos bloqueios à expansão do negócio bancário, resultantes do marco regulatório que emergiu em 1930. Consolida-se, portanto, a dominância dos fundamentos de mercado na dinâmica financeira norte-americana. Pelo Gramm-Leach-Bliley Act de 1999, legitimam-se as inovações financeiras que possibilitaram o avanço dos bancos nos mercados de capitais. Nessa perspectiva, a crise financeira iniciada em 2007 e generalizada em 2008 é vista como consequência do processo de desregulamentação financeira / Abstract: This dissertation's objective is to examine the North-American banking system's transformations during the period between 1930 and 2008, when banks turned out to be the main agents of the capital accumulation process. It is analyzed the tensions between the Federal Reserve - considering both the monetary policy and regulatory actions - and the banks' strategies in selected periods: the 1930s Financial Reform; the financial innovations in the 1960s and 1970s; the Bretton Woods crisis; the 1999 Gramm-Leach-Bliley Act; the 2007/2008 financial crisis; besides the 2010 Dodd Frank Act. It is assessed that the regulatory framework established during the 1930s not only aimed to avoid that deep financial crisis could happen again but also created restrictions on the banking activity toward the capital market. Nevertheless, the Bretton Woods period favored an increase in the financial sector's competition that turned out to enhance banks' innovations in both credit and capital markets. As a result, after the 1970s, the banking activity overcame the 1930s regulatory constraints and the market fundamentals' preeminence was consolidated in the North-American financial dynamics. Through the 1999 Gramm-Leach-Bliley Act, a deregulated financial system was institutionalized. Under this perspective, the financial crisis that begun in 2007 and was generalized in 2008 is understood as a consequence of the financial deregulation process / Mestrado / Ciências Economicas / Mestre em Ciências Econômicas