04532nam 2200673 450 991046362380332120180927220628.01-4623-0332-31-4527-8439-697866128412791-282-84127-01-4518-7034-5(CKB)3170000000055078(EBL)1607960(SSID)ssj0000943988(PQKBManifestationID)11944101(PQKBTitleCode)TC0000943988(PQKBWorkID)10982842(PQKB)11674834(OCoLC)465418142(MiAaPQ)EBC1607960(EXLCZ)99317000000005507820140227h20082008 uy 0engurcnu||||||||txtccrCentral bank financial strength and policy performance an econometric evaluation /Ulrich Klüh and Peter Stella[Washington, District of Columbia] :International Monetary Fund,2008.©20081 online resource (69 p.)IMF Working PapersIMF working paper ;WP/08/176Description based upon print version of record.1-4519-1487-3 Includes bibliographical references.Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Theoretical Considerations and Related Literature; A. Reasons for A Lack of Central Bank Financial Strength; B. Theories Linking Central Bank Financial Strength and Policy Performance; C. Related Empirical Evidence; III. Evaluating Cross-Country Indicators of Central Bank Financial Strength; A. Conceptualization of Central Bank Financial Strength and Data Sources; B. Recent Trends in Central Bank Profitability; 1. Return on Average Assets in a Large Sample of Central Banks, 1995-20052. Median Return on Average Assets in Bankscope Sample 3. Share of Central Banks with High Central Bank Financial Strength; 4. Share of Central Banks with Negative IFS Capital; 5. Central Bank Financial Strength in a Group of Western Hemisphere Countries; 6. Distribution of Reported Sum of Capital and OIN in Percent of Total Assets; 7. Distribution of Reported OIN in Percent of Total Assets; 8. Measures of Central Bank Revenues and Costs; IV. Econometric Analysis; A. Data and Approach; 9. Price Stability and Central Bank Financial StrengthB. Central Bank Financial Strength and Inflation in a Panel of Latin American and Caribbean Countries 1. Baseline Results with Alternative Control Variables and Excluding Outliers; 2. Fixed Effects Estimates with Alternative Control Variables; 3. Fiscal Variables and Alternative Dependent Variable; 4. Results for Central Bank Financial Strength; 5. Feasible Generalized Least Squares Estimation; C. Central Bank Financial Strength and Inflation in a Large Cross-Section of Countries; 6. Results for the Cross-Section; 10. Relationship Between Central Bank Financial Strength7. Accounting for Extreme Cases of Balance Sheet Distortions 11. Relationship Between Central Bank Financial Strength and d; V. Policy Conclusions and Future Research; Appendix: Statistical Information and Figures; References; FootnotesThe financial health of central banks and its relation to policy outcomes has recently been recognized as an important policy issue. While case study evidence clearly indicates that weak central bank finances can hamper effective policy implementation, the question of whether central bank financial strength influences policy performance remains controversial. This is due, in part, to a lack of econometric evidence. The paper presents a first step toward filling this gap, by providing a quantitative evaluation of the relationship between measures of central bank financial strength and policyIMF Working PapersBanks and banking, CentralEconometric modelsMonetary policyEconometric modelsElectronic books.Banks and banking, CentralEconometric models.Monetary policyEconometric models.332.1332.11Klüh Ulrich H860305Stella Peter860306MiAaPQMiAaPQMiAaPQBOOK9910463623803321Central bank financial strength and policy performance1919625UNINA