Zum Inhalt springen

Abgesagt: Central Banks as Shock Absorbers: The Long-Run View

01.12.2022 14:00 Uhr Hybrid: IOS (Raum 109) und Online Seminarreihe des AB Ökonomie

The following talk had to be cancelled.

Talk by Matthias Morys (York) as part of the Research Seminar Series of the IOS Economics Department.

Countries wish to reap the benefits of financial integration while shielding themselves from the vagaries of international financial markets. But can they have it both ways? This paper studies the respective roles of exchange rates, capital controls and central bank balance sheets to tame the effects of international financial shocks over the last 130 years, across very different monetary regimes. Our main contribution is to show that central banks have consistently used their balance sheet to mitigate the impact of an international financial shock on domestic financial markets; and not only since the Global Financial Crisis of 2008 and the discussion on balance sheet policies which it sparked. Their international portfolio (foreign reserves) limits the effects of the shock on the exchange rate while the domestic portfolio (loans & open market operations) stabilizes the money market. We rely on new collected weekly and monthly data of central bank balance sheets for 22 countries worldwide which can be traced back to the 1890s.

 

Cookie-Einstellungen

Diese Webseite verwendet neben technisch notwendigen Cookies auch solche, deren Zweck die Analyse von Websitezugriffen oder die Personalisierung Ihrer Nutzererfahrung ist. Ihre Einwilligung in die Verwendung können Sie jederzeit hier widerrufen. Mehr Informationen zu den im Einzelnen genutzten Cookies und Ihrem Widerrufsrecht erhalten Sie in der Datenschutzerklärung.
Name Verwendung Laufzeit
privacylayerStatusvereinbarung Cookie-Hinweis1 Jahr
Name Verwendung Laufzeit
_pk_idMatomo13 Monate
_pk_refMatomo6 Monate
_pk_sesMatomo30 Minuten
_pk_cvarMatomo30 Minuten
_pk_hsrMatomo30 Minuten
_pk_testcookieMatomoEnde der Sitzung
Name Verwendung Laufzeit
vimeoVimeo Video Einbindung
youtubeYoutube Video Einbindung