| Description |
1 online resource (43 pages) : color charts |
| Series |
IMF working paper ; WP/12/16 |
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IMF working paper ; WP/12/16.
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| Contents |
Cover; Contents; I. Introduction, Key Findings, and Recommendations; Boxes; 1. Review of the Literature; II. Characterizing Central Bank Lending to the Government; A. Modalities of Lending; B. Parameters for Lending; C. Data; III. Central Bank Lending to the Government: The Facts; A. Does Geography, Development, or the Exchange Rate Regime Matter?; Figures; 1. Legal Provisions for Central Bank Credit to the Government-By Region; 2: Legal Provisions for Central Bank Credit to the Government-By Level of Development and Exchange Rate Regime |
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B. If Lending to the Government is Allowed, under what Conditions?Tables; 1. Central Bank Advances/Loans to the Government -- Beneficiaries; 2. Central Bank Advances/Loans to the Government -- Who Sets Interest Rates; 3. Central Bank Advances/Loans to the Government -- Limits on the Amount; 4. Central Bank Advances/Loans to the Government-Maturity of Central Bank Loans; C. Basic Empirical Regularities; 5. Summary Statistics; 6. Pair-wise Correlations Between Selected Variables; IV. Final Remarks; Appendices; I. Credit Index; II. Preliminary Regression Analysis |
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7. Ordinary Least Squares Regressions of Inflation on Credit Restrictions to the GovernmentIII. Central Bank Regulations on Credit to the Government-Sample of Countries; References |
| Summary |
Using a central bank legislation database, this paper documents and analyzes worldwide institutional arrangements for central bank lending to the government and identifies international practices. Key findings are: (i) in most advanced countries, central banks do not finance government expenditure; (ii) in a large number of emerging and developing countries, short-term financing is allowed in order to smooth out tax revenue fluctuations; (iii) in most countries, the terms and conditions of these loans are typically established by law, such that the amount is capped at a small proportion of annual government revenues, loans are priced at market interest rates, and their maturity falls within the same fiscal year; and (iv) in the vast majority of countries, financing other areas of the state, such as provincial governments and public enterprises, is not allowed. The paper does not address central banks' financial support during financial crises |
| Notes |
Title from PDF title page (IMF Web site, viewed January 19, 2012) |
|
"January 2012." |
| Bibliography |
Includes bibliographical references (page 43) |
| Subject |
Banks and banking, Central -- Econometric models
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Banks and banking, Central -- Law and legislation -- Econometric models
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Bank loans -- Econometric models
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Bank loans -- Law and legislation -- Econometric models
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Expenditures, Public -- Econometric models
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Bank loans -- Econometric models
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Banks and banking, Central -- Econometric models
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Expenditures, Public -- Econometric models
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| Form |
Electronic book
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| Author |
Jácome, Luis Ignacio, author
|
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International Monetary Fund. Monetary and Capital Markets Department, issuing body.
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| ISBN |
1463953453 |
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9781463953454 |
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9781463957391 |
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1463957394 |
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