Download Central Banking and Financial Stability in East Asia by Frank Rövekamp, Moritz Bälz, Hanns Günther Hilpert PDF

By Frank Rövekamp, Moritz Bälz, Hanns Günther Hilpert

This publication explores monetary balance concerns within the context of East Asia. within the East Asian sector monetary balance has been an incredible problem ever because the Asian concern of 1997/98, which nonetheless looms huge within the collective reminiscence of the affected nations. the worldwide drawback, which had its place to begin in 2007, in basic terms served to exacerbate this hindrance. Safeguarding monetary balance is for this reason an immense aim of any state within the area. Diverging cultural, political and monetary backgrounds could despite the fact that pose assorted balance demanding situations and valuable cooperation might be complex by way of this range. by contrast backdrop the contributions of this e-book by way of prime lecturers from the fields of economics and legislations in addition to by way of practitioners from critical banks make clear numerous monetary balance matters. the quantity explores the felony atmosphere of primary banks as creditors of final lodge and analyzes demanding situations to monetary balance equivalent to shadow banking and the alternative of trade cost regimes. Case stories from China, Japan and Indonesia are contrasted with reports from Europe.

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Extra resources for Central Banking and Financial Stability in East Asia

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1 Measuring Central Bank Independence Through Indices A quantitative approach, as opposed to a qualitative approach, to the assessment of central bank independence can be determined through the application of central bank independence indices (“CBI indices”). They allow a—somewhat rough— comparative perspective of the independence of central banks to be made. The most common methodology is to build an index based upon an arrangement of institutional and legal aspects (de iure index). Standard proxy measures for central bank independence rely on interpreting quantitative measures for formal institutional arrangements, such as appointment procedure, the Bank’s monetary policy decision-making body, and the interaction with the government.

Along this line, Bell and Feng claim that, notwithstanding the formal non-independent status of the PBoC, the rising central bank authority in China has marked a significant change in Chinese monetary institutions and policy (Bell and Feng 2013: 298 et seq). 44 Chin. “重要事项”. On the political relations between the PBoC and the party leadership, see Bell and Feng, note 4 above, p. 116 et seq. B. Pißler Reporting Obligations and Supervision The PBoC has reporting obligations and is subject to supervision.

With regard to considering the opinions the government representatives express, and any request for postponement they make, the Policy Board decides by a majority vote. In practice, the attendance of government representatives is the rule. In a much-discussed demonstration of the Bank’s independence, in August 2000, the Policy Board rejected a request by the government representatives to postpone a decision to terminate the Bank’s zero interest rate policy. 3 Personal Independence Personal independence of a central bank is arguably of particular importance where the legal rules concerning the other dimensions of independence leave room for interpretation.

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