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当前位置:首页 > 医学/心理学 > 医学试题/课件 > 【PPT精品课件】货币金融学7版英文课件--17-大学课件2
Chapter17ToolsofMonetaryPolicy©2005PearsonEducationCanadaInc.©2005PearsonEducationCanadaInc.17-2OverviewSofarwederivedamultiplicativerelationbetweenMandMBM=mMBanddiscussedthreemonetarypolicytoolsthattheBankofCanadacanusetomanipulateiandM.Thesetoolsare•openmarketoperations•BankofCanadaadvances,and•governmentdepositshiftingInrecentyears,however,theBankconductspolicybysettinganoperatingbandfortheovernightinterestrateiorandtargetingioratthemidpointoftheband.Indoingso,theBankpermitsMtodowhatevernecessarytokeepiorontarget.©2005PearsonEducationCanadaInc.17-3TheRoleofMoneyBeforewegoon,wehavetoclearupapotentialconfusion:AlthoughtheBankofCanadacancontrolbothiandM,itwouldbewrongtoviewiandMasdistinctpolicyinstruments.ThereasonisthatagivenipolicyhastobesupportedbyagivenMpolicy.Thatis,theBankinfluencesibyadjustingM.Toputitdifferently,iisthepriceofMandtheBankaffectsthepriceofM(thatis,theinterestrate)bycontrollingthequantityofmoney.Withthisinmind,let’sdiscusstheinstitutionalframeworkwithinwhichtheBankconductsmonetarypolicy.©2005PearsonEducationCanadaInc.17-4TheLargeValueTransferSystem,LVTS•TheLVTS(introducedonFebruary4,1999)isanelectronic,real-timenetsettlementnetwork,designedtoprovideimmediatefinalityandsettlementtotime-criticaltransactions•LVTSparticipantsknowinrealtimetheirlarge-value,wholesaletransactions(over$50,000).Althoughthesetransactionsaccountforlessthan1%ofthetotalnumberoftransactions,theyaccountforabout94%ofthevalueoftransactionsinCanada•TheLVTSusesmultilateralnetting—onlythenetcreditordebitpositionofeachparticipantvis-à-visallotherparticipantsiscalculatedforsettlement©2005PearsonEducationCanadaInc.17-5LVTSParticipantsAsofNovember2002,inadditiontotheBankofCanada,therewere13LVTSparticipants---membersoftheCPAwhoparticipateintheLVTSandmaintainasettlementaccountattheBankofCanada.Theseare:BigSix,AlbertaTreasuryBranches,BankofAmericaCanada,BanqueNationaledeParisCanada,LaCaissecentraleDesjardinsduQuébec,CreditUnionCentralofCanada,HSBCBankCanada,andtheLaurentianBankofCanada.©2005PearsonEducationCanadaInc.17-6SystemicRiskTheLVTShasbeenputinplacetoeliminatesystemicrisk.Infact,participantscanmakeapaymentonlyif•theyhavepositivesettlementbalancesintheiraccountswiththeBankofCanada,•postedcollateral(suchasT-billsandbonds),or•explicitlinesofcreditwithotherLVTSparticipants©2005PearsonEducationCanadaInc.17-7Real-TimeSettlementSystemsinOtherCountriesCountryYearintroducedU.S.(Fedwire)1918Sweden1986GermanyandSwitzerland1987Japan1988Italy1989BelgiumandU.K.1996France,HongKong,andNL1997TheLVTShasbeenputinplaceinordertoeliminatesystemicrisk—therisktotheentirepaymentssystemduetotheinabilityofonebanktofulfillitspaymentobligationsinatimelyfashion.Of,courseitisnotjustCanadathatisconcernedaboutsystemicrisk.©2005PearsonEducationCanadaInc.17-8Non-LVTSTransactions•Thesearenon-LVTS(paper-based)paymentitems,suchascheques•TheseitemsareclearedthroughtheAutomatedClearingSettlementSystem(ACSS),anelectronicpaymentssystemalsooperatedbytheCPA•TheACSSaggregatesinterbankpaymentsandcalculatesthenetamountstobetransferredfromandtoeachparticipant'ssettlementaccountwiththeBankofCanada©2005PearsonEducationCanadaInc.17-9DirectandIndirectClearersDirectClearers:•ThesubsetofLVTSparticipantswhoparticipatedirectlyintheACSSandareknownasdirectclearersIndirectClearers:•Thesearethedeposit-takingfinancialinstitutionsthataremembersoftheCPAbutdonothaveaclearingaccountwiththeBankofCanada.•Indirectclearersholddepositsindirectclearersinexchangeforavarietyofservices,includingchequeclearing,foreignexchangetransactions,andhelpwithsecuritiespurchases©2005PearsonEducationCanadaInc.17-10TheOperatingBandof50BasisPointsfortheOvernightInterestRateTheupperlimitdefinesthebankrate—theratetheBankchargesLVTSparticipantsthatrequireanoverdraftloantocovernegativesettlementbalancesThelowerlimitistheratetheBankpaystoLVTSparticipantswithpositivesettlementbalances©2005PearsonEducationCanadaInc.17-11TheBank’sStandingLiquidityFacilitiesAttheendofeachday,eachLVTSparticipantmustbringitssettlementbalancewiththeBankclosetozero.TheBankthereforestandsready(wecallthisstandingliquidityfacilities)toprovideorabsorbliquiditywithanovernightdurationtoparticipantsfacingunforeseenliquidityshocks.TheinitiativeisonthesideoftheLVTSparticipant.AparticipantmayusetheBank’slendingfacilitytoobtain(againsteligiblecollateral)overnightliquidityincaseofashortage,oritmayusethedepositfacilitytomakedepositsincaseofexcessliquidity.©2005PearsonEducationCanadaInc.17-12Pre-settlementTradingParticipantscanreducethecostsofeitherpositiveornegativepositionsbytradingwitheachotherintheLVTSpre-settlementperiodattheendoftheday(6:00-6:30p.m.).Infact,thetypicalbid-askspreadonovernightfundsintheinterbankmarkethasbeenlessthan1/8%,muchlessthanthe50basispointsonLVTS.Hence,participantscanadjustpositionswitheachotherintheovernightmarketatabetterreturnthancanbeachievedattheBank’sstandingfacilities.©2005PearsonEducationCanadaInc.17-13TheMarketTimetable©2005PearsonEducationCanadaInc.17-14TheBank’sImplementationoftheOperatingBandforiorIfiortowardst
本文标题:【PPT精品课件】货币金融学7版英文课件--17-大学课件2
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