Central bank financial strength, transparency, and policy credibility

IMF Staff Papers

Volumn 52, Issue 2, 2005, Pages 335-365

  Stella, Peter ^a  

^a Monetary and Financial Systems Department   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 27144512701     PISSN: 10207635     EISSN: None     Source Type: Book Series    
DOI: None     Document Type: Article

References (75)

1. Alexander, William E., Tomás J. T. Baliño, and Charles Enoch, 1995, The Adoption of Indirect Instruments of Monetary Policy, IMF Occasional Paper No. 126 (Washington: International Monetary Fund).
2. Backus, David, and John Driffill, 1985, "Rational Expectations and Policy Credibility Following a Change in Regime," Review of Economic Studies, Vol. 52, pp. 211-21.
3. Bank of Canada, 2005, Annual Report 2004. Available via the Internet: www.bankofcanada.ca.
4. Bank of Estonia, 1999, Bulletin, Vol. 47, No. 5.
5. Barro, Robert J., and David Gordon, 1983a, "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, Vol. 91, No. 4, pp. 589-610.
6. Barro, Robert J., 1983b, "Rules, Discretion, and Reputation in a Model of Monetary Policy," Journal of Monetary Economics, Vol. 12 (July), pp. 101-22.
7. Blejer, Mario I., and Adrienne Cheasty, eds., 1993, How To Measure the Fiscal Deficit: Analytical and Methodological Issues (Washington: International Monetary Fund).
8. Blejer, Mario I., and Liliana Schumacher, 1998, "Central Bank Vulnerability and the Credibility of Commitments: A Value-at-Risk Approach to Currency Crises," IMF Working Paper 98/65 (Washington: International Monetary Fund).
9. Blinder, Alan S., 2000, "Central-Bank Credibility: Why Do We Care? How Do We Build It?" American Economic Review, Vol. 90 (December), pp. 1421-31.
10. Board of Governors of the Federal Reserve System, Annual Report, various issues (Washington).
11. CEMLA, 2000, "Reunión Sobre Aspectos Contables y Presupuestarios de Banca Central: Conclusiones y Recomendaciones." Available via the Internet at: www.cemla.org.
12. Central Bank of Costa Rica, 2001, Memoria Anual 2000. Available via the Internet: www.bccr.fi.cr.
13. Central Bank of Costa Rica, 2003, "Informe Económico II Semestre de 2002." Available via the Internet: www.bccr.fi.cr.
14. Central Bank of Chile, 2001, Memoria Annual 2000. Available via the Internet: www.bcentral.cl.
15. Commission of the European Communities, 2002, Convergence Report 2002 Sweden (Brussels: European Commission).
16. Courtis, Neil, and Benedict Mander, eds., 2003, Accounting Standards for Central Banks (London: Central Banking Publications).
17. Cukierman, Alex, 1992, Central Bank Strategy, Credibility, and Independence: Theory and Evidence (Cambridge, Massachusetts: MIT Press).
18. Cukierman, Alex, Geoffrey Miller, and Bilin Neyapti, 2001, "Central Bank Reform, Liberalization and Inflation in Transition Economies - An International Perspective," CEPR Discussion Paper No. 2808 (London: Centre for Economic Policy Research).
19. Czech National Bank, 2001, Annual Report 2000. Available via the Internet: www.cnb.cz.
20. de Rezende Rocha, Roberto, and Fernando Saldanha, 1992, "Fiscal and Quasi-Fiscal Deficits, Nominal and Real," World Bank Policy Research Working Paper No. 919 (Washington: World Bank).
21. Dornbusch, Rudi, 2001, "Fewer Monies, Better Monies," American Economic Review, Papers and Proceedings, Vol. 91 (May), pp. 238-42.
22. Edwards, Sebastián, 2000, "La Situación Macroeconómica en Guatemala: Evaluación y Recomendaciones Sobre Política Monetaria y Cambiaria." Available via the Internet: http://www.banguat.gob.gt/publica/macro/resumen.pdf.
23. Ernhagen, Tomas, Magnus Vesterlund, and Staffan Viotti, "Central Banks' Equity Needs," Sveriges Riksbank Economic Review, Vol. 2002, No. 2. Available via the Internet: www.riksbank.com.
24. European Central Bank, 2003, "Opinion of the European Central Bank of 15 October 2003." Available via the Internet: http://www.ecb.int/ ecb/legal/pdf/EN_CON_2003_22_f_sign.pdf.
25. European Central Bank, 2004, "Opinion of the European Central Bank of 20 January 2004." Available via the Internet: http://www.ecb.int/ ecb/legal/pdf/EN_CON_2004_1_f_Sign.pdf.
26. European Monetary Institute, 1998, Convergence Report (Frankfurt am Main: European Monetary Institute).
27. Faust, Jon, and Lars E. O. Svensson, 2001, "Transparency and Credibility: Monetary Policy with Unobservable Goals," International Economic Review, Vol. 42, pp. 369-97.
28. Fry, Maxwell, 1993, "The Fiscal Abuse of Central Banks," IMF Working Paper 93/58 (Washington: International Monetary Fund).
29. Fry, Maxwell, Charles A. E. Goodhart, and Alvaro Almeida, 1996, Central Banking in Developing Countries; Objectives, Activities and Independence (London: Routledge).
30. García Lara, Mario A., 2002, "Antecedentes, Elaboración y Espíritu de la Nueva Ley Orgánica del Banco de Guatemala." Available via the Internet: http:// www.banguat.gob.gt/publica/doctos/bgdoc007.pdf.
31. Giovannini, Alberto, and Martha de Melo, 1993, "Government Revenue from Financial Repression," American Economic Review, Vol. 83 (September), pp. 953-63.
32. Goodfriend, Marvin, 1994, "Why We Need an 'Accord' for Federal Reserve Credit Policy: A Note," Journal of Money, Credit and Banking, Vol. 26, No. 3, pp. 572-80. Reprinted in Federal Reserve Bank of Richmond, 2001, Economic Quarterly, Vol. 87, No. 1.
33. International Monetary Fund, 1995, Guatemala: Recent Economic Developments, IMF Staff Country Report No. 95/57 (Washington).
34. International Monetary Fund, 1996a, Uruguay: Recent Economic Developments, IMF Staff Country Report No. 96/94 (Washington).
35. International Monetary Fund, 1996b, Nicaragua: Recent Economic Developments, IMF Staff Country Report No. 96/124 (Washington).
36. International Monetary Fund, 1998, Venezuela: Recent Economic Developments, IMF Staff Country Report No. 98/117 (Washington).
37. International Monetary Fund, 2000a, Chile: Staff Report for the 2001 Article IV Consultation, IMF Staff Country Report No. 00/94 (Washington).
38. International Monetary Fund, 2000b, Azerbaijan Republic: Report on the Observance of Standards and Codes (ROSC) - Fiscal Transparency Module (Washington).
39. International Monetary Fund, 2001a, Chile: Staff Report for the 2001 Article IV Consultation, IMF Staff Country Report No. 01/116 (Washington).
40. International Monetary Fund, 2001b, Nicaragua: Article IV Consultation - Staff Report, IMF Staff Country Report No. 01/171 (Washington).
41. International Monetary Fund, 2001c, Government Finance Statistics Manual 2001 (Washington: International Monetary Fund).
42. International Monetary Fund, 2001d, Brazil: Report on the Observance of Standards and Codes (ROSC) - Fiscal Transparency Module, IMF Staff Country Report No. 01/217 (Washington).
43. International Monetary Fund, 2001e, World Economic Outlook - Fiscal Policy and Macroeconomic Stability (Washington: International Monetary Fund).
44. International Monetary Fund, 2003, Paraguay, IMF Staff Country Report No. 03/94 (Washington).
45. International Monetary Fund, 2004a, Costa Rica, IMF Staff Country Report No. 04/298 (Washington).
46. International Monetary Fund, 2004b, Nicaragua, IMF Staff Country Report No. 04/71 (Washington).
47. International Monetary Fund, 2004c, Chile, IMF Staff Country Report No. 04/291 (Washington).
48. Ize, Alain, 1987, "Fiscal Dominance, Debt, and Exchange Rates," IMF Working Paper 87/52 (Washington: International Monetary Fund).
49. Jácome, Luis, 2001, "Legal Central Bank Independence and Inflation in Latin America During the 1990s," IMF Working Paper 01/ 212 (Washington: International Monetary Fund).
50. Kopits, George, 2001, "Fiscal Rules: Useful Policy Framework or Unnecessary Ornament?" IMF Working Paper 01/145 (Washington: International Monetary Fund).
51. Kopits, George, 2004, Rules-Based Fiscal Policy in Emerging Markets: Background, Analysis and Prospects (New York: Palgrave Macmillan Ltd.).
52. Kurtzig, Joshua, and Benedict Mander, 2003, "Survey of Central Bank Accounting Practices," in Accounting Standards for Central Banks, ed. by Neil Courtis and Benedict Mander (London: Central Banking Publications).
53. Kydland, Finn E., and Edward C. Prescott, 1977, "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, Vol. 85, No. 3, pp. 473-91.
54. Leone, Alfredo, 1994, "Institutional and Operational Aspects of Central Bank Losses," in Frameworks for Monetary Stability: Policy Issues and Country Experience, ed. by Tomás J. T. Baliño and Carlo Cottarelli (Washington: International Monetary Fund).
55. Mackenzie, George A. (Sandy), and Peter Stella, 1996, Quasi-Fiscal Operations of Public Financial Institutions, IMF Occasional Paper No. 142 (Washington: International Monetary Fund).
56. Nelson, William R., and Ann L. Owen, 1997, "Profits and Balance Sheet Developments at U.S. Commercial Banks in 1996," Federal Reserve Bulletin (June).
57. Norges Bank, 2005, Annual Report 2004 (Oslo). Available via the Internet: http://www.norges-bank.no.
58. Okina, Kunio, 1999, "Monetary Policy Under Zero Inflation: A Response to 'Criticisms and Questions Regarding Monetary Policy,'" Monetary and Economic Studies, Vol. 17 (December) (Tokyo: Bank of Japan Institute for Monetary and Economic Studies), pp. 157-97.
59. Reserve Bank of Australia, 2001, Report and Financial Statements, August 29 (Sydney).
60. Robinson, David J., and Peter Stella, 1987, "Amalgamating Central Bank and Fiscal Deficits," IMF Working Paper 87/73; reprinted in How to Measure the Fiscal Deficit, ed. by Mario I. Blejer and Adrienne Cheasty (Washington: International Monetary Fund).
61. Rogoff, Kenneth, 1985, "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, Vol. 100, No. 4, pp. 1169-89.
62. Sargent, Thomas J., and Neil Wallace, 1981, "Some Unpleasant Monetarist Arithmetic," Federal Reserve Bank of Minneapolis Quarterly Review, Vol. 5 (Fall).
63. Sedlabanki Islands (Central Bank of Iceland), 2001, "New Central Bank Act," Monetary Bulletin, Vol. 3 (August). Available via the Internet: www.sedlabanki.is.
64. Sims, Christopher A., 2003, "Limits to Inflation Targeting" (mimeo; Princeton, New Jersey: Princeton University). Available via the Internet: www.sims.princeton.edu.
65. Stella, Peter, 1997, "Do Central Banks Need Capital?" IMF Working Paper 97/83 (Washington: International Monetary Fund).
66. Stella, Peter, 2002, "Central Bank Financial Strength, Transparency, and Policy Credibility," IMF Working Paper 02/137 (Washington: International Monetary Fund).
67. Stella, Peter, 2003, "Why Central Banks Need Financial Strength," Central Banking, Vol. 14 (November).
68. Sullivan, Kenneth, 2003, "Profits, dividends and capital - considerations for central banks," in Accounting Standards for Central Banks (London: Central Banking Publications).
69. Sullivan, Kenneth, ed., 2005, "Transparency in Central Bank Financial Statement Disclosures," IMF Working Paper 05/80 (Washington: International Monetary Fund).
70. Ulrich, Mauricio, 1998, "Cuánto Requiere de Capital un Banco Central? Propuesta del Nivel del Capital desde la Perspectiva Ecuatoriana." Available via the Internet: www.cemla.org/pdf/ pub-di-acp-mu.pdf.
71. United States General Accounting Office, 1996, Federal Reserve System: Current and Future Challenges Require Systemwide Attention (Washington).
72. United States General Accounting Office, 2002, Federal Reserve System: The Surplus Account (Washington).
73. Vaez-Zadeh, Reza, 1991, "Implications and Remedies of Central Bank Losses," in The Evolving Role of Central Banks, ed. by Patrick Downes and Reza Vaez-Zadeh (Washington: International Monetary Fund), pp. 69-92.
74. Woodford, Michael, 2001, "Fiscal Requirements for Price Stability," Journal of Money, Credit and Banking, Vol. 33 (August), pp. 669-728.
75. World Bank, 1993, Argentina: From Insolvency to Growth (Washington).