Banki centralne na rynku aktywów sektora prywatnego

Radosław  Ślusarczyk

Published : 2023-11-21

Vol. 64 No. 3 (2016)

Banki centralne na rynku aktywów sektora prywatnego

Radosław Ślusarczyk

Abstract

The number of central banks that have in their balances securities issued by private sector is constantly growing in recent years. Undoubtedly, the last financial crisis was the catalyst for such changes. In this article there are three motives for private assets purchase by central banks, described namely: an international reserves management, a lender of last resort function of central bank and monetary policy in the situation of broken transmission mechanisms. The paper indicates cases of purchase of private assets by central banks with a division based on the motives mentioned above. Moreover, the profits and the risks of that policy (tools) were pointed out.

Keywords:

monetary policy, private assets in balance sheet of central bank, international reserve management, the zero lower bound, financial crisis

Details

References

Statistics

Authors

Download files

PDF (Język Polski)

Citation rules

Ślusarczyk, R. . (2023). Banki centralne na rynku aktywów sektora prywatnego. Safe Bank, 64(3), 59–84. Retrieved from https://ojs.bfg.pl/index.php/bb/article/view/285

Altmetric indicators

Cited by / Share

Licence

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

References

Bagehot W., Lombard Street: A description of the money market. 1873. Henry S. King and Co., London (dostępne na: http://www.econlib.org/library/Bagehot/bagLom7.html)

Bahmani-Oskooee M., Brown F., Demand for international reserves: a review article, „Applied Economics” 2002, No. 34.

Bauer M., Rudebusch G., The signaling channel for Federal Reserve bond purchases, „Federal Reserve Bank of San Francisco Working Paper Series” 2013, nr 2011-21.

Bernanke B., Reinhart V., Sack B., Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment, „Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board”, Washington D.C., 2004.

Borio C., Central banking post-crisis: What compass for uncharted waters?, Bank for International Settlements Working Papers, nr 353, wrzesień 2011.

Borio C., Disyatat P., Unconventional monetary policies: an appraisal, „BIS Papers” 2009, No. 292.

Borio C., Gabriele G., Heath A., FX reserve management: trends and challenges, „BIS Papers” 2008, No. 40.

Dimond D., Rajan R., Illiquidity and interest rate policy, „NBER Working Paper” 2009, 15197.

Durre A., Pill H., Central bank balance sheets as policy tools, „BIS Papers” 2012, No. 66, Are central bank balance sheets in Asia too large?

ECB press release, czerwiec 2014a, dostęp: https://www.ecb.europa.eu/press/pr/date/2014/html/pr140605_2.en.html

ECB press release, wrzesień 2014b, dostęp: https://www.ecb.europa.eu/press/pr/date/2014/html/pr140605_2.en.html

ECB press release, styczeń 2015, dostęp: https://www.ecb.europa.eu/press/pr/date/2014/html/pr140605_2.en.html

Eser F., Schwaab B., Assessing asset purchases within the ECB’s securities markets programme, „ECB Working Paper Series” 2013, No. 1587, wrzesień.

Goodfriend M., Central banking in the credit turmoil: an assessment of federal reserve practice, „Carnegie Mellon University and National Bureau of Economic Research” 2010, 30 August.

Guidelines for foreign exchange reserve management, IMF 2001 (dostęp: https://www.imf.org/external/np/mae/ferm/eng/#1).

Hamilton S., Ward J., Super Thursday: Five Things to Watch Out For, „Bloomberg” sierpień (2015).

Hyuga T., Nomura, left behind in U.S. mergers boom, to hire senior bankers, „Bloomberg” grudzieñ 2015 (dostęp: http://www.bloomberg.com/news/articles/2015-12-10/nomura-left-behind-in-u-s-mergers-boom-to-hire-senior-bankers).

International Relations Committee Task Force, The accumulation of foreign reserves, „Occasional Paper Series ECB” 2006, No. 43, February.

Jones S., Central banks load up on equities, „Bloomberg” 2013, 25 kwietnia (dostęp: http://www.bloomberg.com/news/articles/2013-04-24/central-banks-load-up-onequities-as-low-rates-kill-bond-yields).

Kimura T., Small D., Quantiative monetary easing and risk in financial asset markets, „Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board”, Waszyngton 2004.

Kindleberger C.P., Szaleństwa, panika, krach. Historia kryzysów finansowych, WigPress, Warszawa 1999.

Maiden Lane Transactions FRBNY, 2014 (dostęp: https://www.newyorkfed.org/markets/maidenlane.html).

McCauley R.N., Rigaudy J.F., Managing foreign exchange reserves in the crisis and after, „BIS Papers” 2011, No. 58.

Mishkin F., Monetary policy strategy, MIT PRESS 2007.

Monthly Bulletin, Europejski Bank Centralny, sierpień 2010.

Morahan A., Mulder C., Survey of reserve managers: lessons from the crisis, International Monetary Fund WP/13/99, 2013.

Raport Roczny, Europejski Bank Centralny, Frankfurt nad Menem 2012.

Raport Roczny, Narodowy Bank Czech, Praga 2008–2014.

Raport Roczny, Narodowy Bank Polski, Warszawa 2008–2014.

Raport Roczny, System Rezerwy Federalnej, Waszyngton 2009.

Smaga P., Rola banku centralnego w zapewnianiu stabilności finansowej, wyd. CeDeWu.pl, Warszawa 2014.

Smaghi L., Conventional and unconventional monetary policy, „International Center for Monetary and Banking Studies”, Genewa 2009.

Sprawozdanie z działalności Narodowego Banku Polskiego w 2014 roku, Warszawa 2015.

Steinkamp S., Westermann F., The role of creditor seniority in Europe’s sovereign debt crisis, „Economic Policy” 2013, Lietuvos Bankas, Vilinus 25–26 października.

Williamson S.D., Central Bank Purchases of Private Assets, 2014 Meeting Papers 2008, Society for Economic Dynamics, 2014.

Wooldridge P.D., The changing composition of official reserves, „BIS Quarterly Review” 2006, September.

Xie Y., Wong A., Once over $12 Trillion, the world’s currency reserves are now shrinking, „Bloomberg” kwiecień 2015 (dostęp: http://www.bloomberg.com/news/articles/2015-04-05/once-over-12-trillion-the-world-s-reserves-are-now-shrinking).

Zarządzanie przez Narodowy Bank Polski rezerwami dewizowymi, Najwyższa Izba Kontroli 2013, Informacja o wynikach kontroli, KBF-4101-03-00/2013.

Zumbrun J., Kruger D., Bernanke says promoting financial stability is key Fed role, „Bloomberg” 2012, 13 kwietnia (dostęp: http://www.bloomberg.com/news/articles/2012-04-13/bernanke-urges-greater-focus-on-promoting-financial-stability)