Overview

Understand the theories and interpret the actions of modern central banks Central Banking takes a comprehensive look at the topic of central banking, and provides readers with an understanding and insights into the roles and functions of modern central banks in advanced as well as emerging economies, theories behind their thinking, and actual operations practices. The book takes a systematic approach to the topic, while providing an accessible format and style that is appropriate for general audiences and students with only a minimal macroeconomic background. Theoretical reviews and examples of how the theories are applied in practice are presented in an easy-to-understand manner and serve as a guide for readers to further investigate specific ancillary central banking topics and as a means to make informed judgments about central bank actions. Important topics covered in the book include: Evolution of central banking functions and the international monetary system Theoretical backgrounds that are the foundation to the modern practice of monetary policy Monetary policy regimes, including exchange rate targeting, money supply growth targeting, the risk management approach, inflation targeting, and unconventional monetary policy. Actual practice in market operations and transmission mechanisms of monetary policy The exchange rate and central banking Theoretical backgrounds related to various dimensions of financial stability Current developments with regards to sustaining financial stability The future of central banking in the wake of the 2007-2010 global financial crisis Case studies on relevant practical issues and key concepts in central banking Designed as essential reading for students, market analysts, investors, and central banks' new recruits, Central Banking better positions readers to interpret the actions of central banks and to understand the complexities of their position in the global financial arena.

Full Product Details

Author:   Thammarak Moenjak
Publisher:   John Wiley & Sons Inc
Imprint:   John Wiley & Sons Inc
ISBN:  

9781118832578

ISBN 10:   1118832574
Pages:   320
Publication Date:   03 July 2014
Audience:   General/trade ,  General
Format:   Electronic book text
Publisher's Status:   Active
Availability:   Available To Order  
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Table of Contents

Preface ix Acknowledgments xi About the Author xiii PART ONE An Introduction to Central Banking CHAPTER 1 A Brief Look at Central Banking History 3 CHAPTER 2 A Brief Overview of the International Monetary System 17 CHAPTER 3 Modern Central Banking Roles and Functions: What Exactly Is a Central Bank? 37 CHAPTER 4 A Brief Review of Modern Central Banking Mandates: What Are the Goals That Modern Central Banks Try to Achieve? 59 PART TWO Monetary Stability CHAPTER 5 Theoretical Foundations of the Practice of Modern Monetary Policy 77 CHAPTER 6 Monetary Policy Regimes: What Monetary Policy Rules a Central Bank Can Use to Achieve Monetary Stability 93 CHAPTER 7 Monetary Policy Implementation: Financial Market Operations 117 CHAPTER 8 The Monetary Policy Transmission Mechanism: How Changes in Interest Rates Affect Households, Firms, Financial Institutions, Economic Activity, and Inflation 143 CHAPTER 9 The Exchange Rate and Central Banking 161 PART THREE Financial Stability CHAPTER 10 Financial Stability: Definition, Analytical Framework, and Theoretical Foundation 189 CHAPTER 11 Financial Stability: Monitoring and Identifying Risks 209 CHAPTER 12 Financial Stability: Intervention Tools 229 PART FOUR Sustaining Monetary and Financial Stability for the Next Era CHAPTER 13 Future Challenges for Central Banking 255 CHAPTER 14 Future Central Banking Strategy and Its Execution 275 Notes 287 Index 307

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Author Information

THAMMARAK MOENJAK has been deeply involved with variousaspects of central banking since he started working at the Bank ofThailand (BOT) in 2000. His work experience includes modeling andforecasting, monetary policy strategy, reserves management, financial stability assessment, and corporate strategy. Aside frombeing the assistant chief representative of the Bank of Thailand atits New York Representative Office in 2008-2009, Thammarakwas sent by the BOT and contracted as an IMF expert to help theReserve Bank of Fiji develop a macroeconometric model for its usein the conduct of monetary policy. Thammarak recently completed amaster degree in public management at the Lee Kuan Yew School ofPublic Policy, National University of Singapore, where he was onthe Dean's List for Meritorous Performance, and was a LeeKuan Yew Fellow at the John F. Kennedy School of Government, Harvard University. Thammarak has a Bachelor of Science degree inEconomics from the London School of Economics and a PhD inEconomics from the University of Melbourne.

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