The Past and Future of Central Bank Cooperation by Claudio Borio, Gianni Toniolo, Piet Clement

By Claudio Borio, Gianni Toniolo, Piet Clement

This ebook explores the prior and way forward for imperative financial institution cooperation. In contemporary international economic climate, the cooperation among crucial banks is a key point in protecting or restoring financial and monetary balance, thereby making sure a gentle functioning of the overseas economy. Or is it? during this publication, economists, historians, and political scientists glance again on the adventure of significant financial institution cooperation prior to now century - at its ambitions, nature, and methods and at its successes and screw ups - and draw classes for the longer term. specific recognition is dedicated to the position performed by means of crucial financial institution cooperation within the formula of minimal capital criteria for across the world lively banks (the Basel Capital Accord, Basel II), and within the means of eu financial unification and the creation of the euro.

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It also advised on, and participated in, lending to Germany. Thus, the new multilateral player was drawn into the game in its own right. Autarky (1933–39) There are four main reasons why, in the 1930s, central bank cooperation at the BIS was reduced to research and exchange of information: strained political and economic international relations; a destructured international monetary system; diminished central bank power and prestige; and political (and intellectual) disagreement on how to reform the system of international payments.

By contrast, as financial liberalization gathered momentum, cooperation was seen as crucial in promoting financial stability. 1: Regimes, targets, and tools of cooperation P1: JyD 9780521877794c01 May 5, 2008 10:1 21 ∗∗ Other than exchanges of information (“low-key” cooperation). Emerging market economies. – Emergency liquidity lending Tools of cooperation∗ – Emergency liquidity lending – Gold Pool – Reestablishing conditions for current account convertibility – Sustaining fixed exchange rates – (Sporadic) foreign exchange intervention – Emergency liquidity lending (to EMEs∗∗ ) – Developing codes and standards (banking, payment, and settlement systems) – Strengthening market information – Price stability seen as a domestic affair (except in Europe) – Financial stability gains ground CUUS250/Borio ∗ – Maintaining gold convertibility Targets of cooperation P1: JyD 9780521877794c01 978 0 521 87779 4 May 5, 2008 10:1 P1: JyD 9780521877794c01 CUUS250/Borio 978 0 521 87779 4 May 5, 2008 10:1 Claudio Borio and Gianni Toniolo countries in distress, the major innovation was the joint development and acceptance of codes and standards aimed at strengthening the global financial infrastructure through so-called “soft laws”, especially in the prudential regulatory field.

International cooperation in prudential regulation and the development of “soft laws” that marked the period from the mid-1970s onward was also characterized by a high degree of technical content, which central banks derived from their intimate knowledge of national banking systems, on which international convergence of prudential standards and rules could be based. An unweighted average of the scores given to the three factors affecting central bank cooperation yields an overall ranking of the seven subperiods according to the intensity of cooperation, which reached its highest points in the years from 1958 onward and its lowest in the 1930s.

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