LEADER 06430oam 22011534 450 001 9910788233003321 005 20230721045636.0 010 $a1-4623-0332-3 010 $a1-4527-8439-6 010 $a9786612841279 010 $a1-282-84127-0 010 $a1-4518-7034-5 035 $a(CKB)3170000000055078 035 $a(EBL)1607960 035 $a(SSID)ssj0000943988 035 $a(PQKBManifestationID)11944101 035 $a(PQKBTitleCode)TC0000943988 035 $a(PQKBWorkID)10982842 035 $a(PQKB)11674834 035 $a(OCoLC)465418142 035 $a(MiAaPQ)EBC1607960 035 $a(IMF)WPIEE2008176 035 $a(EXLCZ)993170000000055078 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCentral Bank Financial Strength and Policy Performance : $eAn Econometric Evaluation /$fPeter Stella, Ulrich Klueh 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (69 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/176 300 $aDescription based upon print version of record. 311 $a1-4519-1487-3 320 $aIncludes bibliographical references. 327 $aCover 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, 1995-2005 327 $a2. 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 Strength 327 $aB. 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 Strength 327 $a7. 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; Footnotes 330 3 $aThe financial health of central banks and its relation to policy outcomes has recently been recognized as an important policy issue. While case study evidence clearly indicates that weak central bank finances can hamper effective policy implementation, the question of whether central bank financial strength influences policy performance remains controversial. This is due, in part, to a lack of econometric evidence. The paper presents a first step toward filling this gap, by providing a quantitative evaluation of the relationship between measures of central bank financial strength and policy performance, in particular inflation. The paper's major finding is that there indeed is a negative relationship between central bank financial strength and inflation outcomes. This relationship appears to be robust to the choice of alternative country samples, control variables, estimation strategies, and conceptualizations of central bank financial strength. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/176 606 $aBanks and banking, Central$xEconometric models 606 $aMonetary policy$xEconometric models 606 $aAccounting$2imf 606 $aBanks and Banking$2imf 606 $aInflation$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aCentral Banks and Their Policies$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aPublic Administration$2imf 606 $aPublic Sector Accounting and Audits$2imf 606 $aBanking$2imf 606 $aMacroeconomics$2imf 606 $aFinancial reporting, financial statements$2imf 606 $aCentral bank autonomy$2imf 606 $aFinancial statements$2imf 606 $aCentral bank balance sheet$2imf 606 $aBanks and banking$2imf 606 $aPrices$2imf 606 $aFinance, Public$2imf 607 $aChile$2imf 615 0$aBanks and banking, Central$xEconometric models. 615 0$aMonetary policy$xEconometric models. 615 7$aAccounting 615 7$aBanks and Banking 615 7$aInflation 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aCentral Banks and Their Policies 615 7$aPrice Level 615 7$aDeflation 615 7$aPublic Administration 615 7$aPublic Sector Accounting and Audits 615 7$aBanking 615 7$aMacroeconomics 615 7$aFinancial reporting, financial statements 615 7$aCentral bank autonomy 615 7$aFinancial statements 615 7$aCentral bank balance sheet 615 7$aBanks and banking 615 7$aPrices 615 7$aFinance, Public 676 $a332.1 676 $a332.11 700 $aStella$b Peter$01485168 701 $aKlueh$b Ulrich$01485169 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788233003321 996 $aCentral Bank Financial Strength and Policy Performance$93704159 997 $aUNINA