资本市场和金融机构(7)

BankofCanada(BasedonCh6,Mishkinetal.)6.1Centralbanksandtheirimportance6.2FunctionsofBankofCanada6.3IndependenceofBankofCanada6.4StructureoftheBankofCanada6.5OtherCentralbanks6.6Conclusions6.1CentralBanksGovernmentauthoritiesinchargeofthemonetarypolicy(Managementofinterestratesandmoneysupply)ImportanceofCentralBanksAmountofcreditMoneysupplyInterestratesLenderoflastresort[Animportantreasonforhavingacentralbankistheneedforalenderoflastresorttopreventsystemicfinancialcrises.Banksaremorepronetocrisesthanotherbusinessesbecausetheirassetsarelargelylong-term,whereastheirliabilities(deposits)canbewithdrawnondemand.]Effectinexpectedinflationrate,onforeignexchangerate,expectedeconomicgrowthrate;ingeneral,intheoveralleconomy.Example:TheBankofCanadadecreasedthetargetfortheovernightinterestratefrom2.75%to2.5%(20Jan2004),thento2.25%(March2,2004),and2%onApr13,2004.Itincreasedto2.5%onMay13,2005,3.5%onJan24,2006.Currentlyis0.25%(May7,2009).ShouldbankofCanadaleaveinterestratesalone?[Doweneedcentralbanks?]ReasonwhyBofCsetsatargetovernightinterestrate“InchoosingaTargetfortheOvernightRate,theBankofCanadapicksalevelthatitfeelswillkeepfutureinflationlow,stableandpredictable.Keepinginflationlowandstablehelpsprovideagoodclimateforsustainableeconomicgrowth,investmentandjobcreation”[Source:www.bankofcanada.ca]6.2FunctionsoftheBankofCanada1.BankNoteIssuerOnlyproviderofpapermoney2.GovernmentDebtandAssetManagementServiceAdministrationofgovernmentdebt,suchasthepaymentofinterestandprincipal.AdministrationofforeigncurrencyreservesInterventionintheFXmarkets3.CentralBankingServicesLenderoflastresorttopreventbankrunsandpanicsSupervisesCanada’snationalpaymentsystemtopreventproblemsintheclearingandsettlementsystemamongFIs.HolderofdepositaccountsofFed.Govt.,CPA,internationalorganizations,othercentralbanks4.MonetaryPolicyManagingofinterestratesandmoneysupplyMainobjective:Pricestability(lowinflation)Notaneasytask:Itinvolvestoanalyzeincompleteandconflictinginformationofeconomicandfinancialindicatorsandmakeforecastsaboutuncertainfuture.Forexample:Canadiandollarfollowscommoditypriceindexwhichhassteadilyincreasedinlastmonths.ThiswilleventuallyincreaseinflationsothattoavertittheBankofCanadashouldincreasetheinterestrate.Butwait,thecurrentlevelofinterestratesisappreciatingtheCanadiandollar(againsttheUS$)anditisdecreasingtheCanadianexportswhicheventuallywillhaveanegativeimpactineconomicgrowth,employment,etc…soBofCneedstodecreasetheinterestrate…Butwaitagain,theinterestrateof2.0%istoolowthatinthelongruninflationpressureswilleventuallyappear…6.3IndependenceoftheBankofCanadaJointresponsibilitybetweenthebankandthegovernment(ministeroffinance)[BankActof1967]Bankautonomyofactualday-to-daymonetarypolicyHowever,governmentisresponsibleofthepolicy(Ifrequiredthegovernmentcanmakechangestomonetarypolicy)6.4StructureoftheBankofCanadaBoardofDirectors:overallresponsibilityofoperationsofBankofCanadaGovernor(CEOandchairmanoftheboard),seniordeputygovernor(appointedfora7-yeartermbytheBoard),deputyministeroffinance,and12outsidedirectors(appointedfora3-yeartermbytheMinisterofFinance).GoverningCouncil:responsiblefortheBank'snewsemi-annualMonetaryPolicyReport(MayandNovember)anditsUpdate(JanuaryandJuly).Members:Governor(chair),seniordeputygovernorand4deputygovernorsDefactresponsibleofthedecisionmakingofmonetarypolicyMainobjective:Todeterminemonetarypolicyaimedatachievingandmaintainingpricestability.Decisionsareinfluencedbymarket(andnonmarket)participants6.5OtherCentralBanksEuropeanCentralBankU.S.FederalReserveSystemSetsthereferenceintheworldregardingmonetarypolicySwissNationalBankBankofEnglandBankofJapanTrendGreaterindependenceofCentralBanksbettermonetarypolicygreatereconomicwell-beingItissupportedbyempiricalevidenceCentralBankIndependenceandMacroeconomicPerformancein17Countries6.6ConclusionsTheroleofBankofCanadais“topromoteeconomicandfinancialwell-beingofCanada”ThisismostlydonethroughmonetarypolicyBofCisfairlyindependent*GreaterindependenceofCentralBanksbettermonetarypolicygreatereconomicwell-being