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Full Description
This informative book discusses the evolution of monetary policy, particularly since the subprime crisis. The contributors analyse diverse examples of the implementation of monetary policies across a range of countries, from those with major central banks such as Canada and Switzerland to developing economies such as Brazil and Nigeria, exploring how the practical workings of these measures can vary.
The authors examine the different instruments that can be used to control base interest rates, such as open market operations, reserve requirements and remuneration and rediscount operations. Chapters delve into 11 different case studies, which include monetary policy implementations in China, a reconstruction of the monetary policy framework in Argentina during COVID-19 and an overview of the instruments and procedures used by the European Central Bank. This comprehensive book also provides an overview of the various challenges that can arise in the process of implementing novel strategies.
Students and scholars of financial economics and regulation, political economy and money and banking will greatly benefit from this book. With its theoretical insights, it is also a crucial resource for academics in post-Keynesian economics, as well as practitioners in central banking and the financial press.
Contents
Contents
Introduction to Central Banking and Monetary Policy
Implementation xix
Sylvio Antonio Kappes, Louis-Philippe Rochon and Guillaume Vallet
1 A reconstruction of the monetary policy framework in
Argentina during the Covid-19 pandemic 1
Juan Matias De Lucchi, Ariel Dvoskin and Germán D. Feldman
2 Implementation of the Reserve Bank of Australia's inflation
target and the impact of Covid-19: an assessment 26
Peter Docherty
3 An analysis of the Brazilian Central Bank balance sheet and
its main policy instruments 65
Sylvio Antonio Kappes
4 The Bank of Canada and the six principles of monetary
policy implementation: lessons from post-Keynesian economics 78
Guillermo Matamoros
5 The evolution of monetary policy implementation in China 96
Hui Yuan and Geyang Xie
6 The European Central Bank: monetary policy instruments,
procedures, and decisions 119
Eladio Febrero
7 Monetary policy in open emergent economies with weak
financial markets: the case of Mexico and its effect on the
banking system 147
Noemi Levy Orlik and Jorge Bustamante
8 Central Bank of Nigeria and monetary policy implementation 171
Salewa Olawoye and Adesuwa Erediauwa
9 Monetary policy under permanent excess liquidity: the case
of Poland 182
Zbigniew Polański
10 Central banking and monetary policy implementation in Russia 219
Vadim Grishchenko, Grigory Zhirnov and Vasily Tkachev
11 Monetary policy operating procedures in Switzerland: a
critical appraisal 261
Sergio Rossi