【PPT精品課件】貨幣金融學7版英文課件-14-大學課件2

1、Chapter 14Structure of Central Banks and the Bank of Canada 2005 Pearson Education Canada Inc.The Bank of Canada (The Bank) The Bank was created by the Bank of Canada Act in 1934 and started operations on March 11, 1935Initially the Bank was a private institution but was nationalized in 1938, so is

2、now a national institution with headquarters in OttawaThe Bank also has regional offices in Toronto, Vancouver, Calgary, Montreal, and Halifax Unlike a private bank that operates in pursuit of profit, the Bank of Canada is responsible for the countrys monetary policy and for the regulation of Canada

3、s deposit-based financial institutions.2 2005 Pearson Education Canada Inc.Pearson Education Canada Inc.Establishment of Selected Central BanksCountryYear central bank was establishedSweden 1656United Kingdom1694France1800Belgium1850Germany1875Japan1882Italy1893Switzerland1905United States1913Canada

4、 19353 2005 Pearson Education Canada Inc.Pearson Education Canada Inc.The Political Environment and the Bank of CanadaSince the inception of the Bank of Canada there have been seven governors:1935-1954, Graham Towers1955-1961, James Coyne1961-1973, Louis Rasminski1973-1987, Gerald Bouey1987-1994, Jo

5、hn Crow1994-2000, Gordon Thiessen2001-, David Dodge4 2005 Pearson Education Canada Inc.Pearson Education Canada Inc.Formal Structure of the Bank of CanadaResponsibility for the operation of the Bank rests with a Board of Directors, which consists of fifteen membersthe governor (currently David Dodge

6、, who is the chief executive officer and chairman of the Board of Directors) the senior deputy governor, the deputy minister of finance, and twelve outside directors The Board appoints the governor and senior deputy governor with the governments approval, for a renewable term of 7 years. The outside

7、 directors are appointed by the minister of finance, with cabinet approval, for a 3-year term.5 2005 Pearson Education Canada Inc.Pearson Education Canada Inc.The Functions of the BankThe functions of the Bank of Canada arebank note issuegovernment debt and asset management servicescentral banking s

8、ervices, and monetary policy management.6 2005 Pearson Education Canada Inc.Pearson Education Canada Inc.Bank Note IssueBefore the creation of the Bank, the federal government and the early banks issued notes designed to circulate as currency.By 1945, however, the bank had a monopoly over note issue

9、 in the country.The Bank also conducts ongoing research, working closely with private sector partnerships and note-issuing authorities in other countries, in order to improve cost-effectiveness, increase the durability of bank notes, and reduce counterfeiting. 7 2005 Pearson Education Canada Inc.Pea

10、rson Education Canada Inc.Government Debt and Asset Management ServicesAs the federal governments fiscal agent, the Bank provides debt-management services for the federal government such as advising on borrowings, managing new debt offerings, and servicing outstanding debt manages the governments fo

11、reign exchange reserves held by the Exchange Fund Account of the Department of Financeengages in international financial transactions, on behalf of the government, in order to influence exchange rates 8 2005 Pearson Education Canada Inc.Pearson Education Canada Inc.Central Banking ServicesAs Canadas

12、 central bank, the Bank of Canada serves as the lender of last resort if a bank faces a liquidity crisis, thereby preventing bank runs and panics. This lending is closely coordinated with the two federal regulatory agencies that are set up specifically to regulate financial institutions - OSFI and C

13、DIC has explicit responsibility for the regulatory oversight of the national payments system, operated by the CPA acts as the holder of deposit accounts of the federal government, the directly clearing members of the CPA, international organizations such as the IMF, and other central banks. 9 2005 P

14、earson Education Canada Inc.Pearson Education Canada Inc.Monetary PolicyAlthough in Canada the ultimate responsibility for monetary policy rests with the government, the Bank employs such tools as open market operations and, to a lesser extent, theshifting of government balances between it and the d

15、irectly clearing members of the CPA to implement changes in the M. The Banks ultimate objective is to keep low. Low is closely related to the goal of steady economic growth, because businesses are more likely to invest to increase productivity and economic growth when is low. Low is also desirable b

16、ecause it protects the purchasing power of pensioners and those on fixed incomes.10 2005 Pearson Education Canada Inc.Pearson Education Canada Inc.Bank of Canada IndependenceFactors making Bank of Canada independent1.Bank has operational (or instrument) independenceBank has moved towards greater tra

17、nsparency in its operations. The Banks Governing Council publishes the Monetary Policy Report (every May and November), since 1999 the Update to the Monetary Policy Report (every January and July), the Bank of Canada Review, and the Bank of Canada Banking and Financial Statistics. Bank increased the

18、 number of press conferences, press releases, and speeches, and also reorganized its regional offices, with the objective of improving communication and its assessment of economic conditions across Canada.11 2005 Pearson Education Canada Inc.Pearson Education Canada Inc.Bank of Canada IndependenceFa

19、ctors making Bank of Canada dependent1.Joint responsibility system (since 1967 when the Bank of Canada Act was amended)2.Minister of Finance can issue a directive to the Bank indicating the specific policy changes that the Bank must follow. The directive, however, must be published indicating not on

20、ly the new policy that the Bank is supposed to undertake but also the period during which it is to apply.Overall: Bank of Canada is quite independent but not on paper12 2005 Pearson Education Canada Inc.Pearson Education Canada Inc.Formal Structure of the Fed13 2005 Pearson Education Canada Inc.Pear

21、son Education Canada Inc.Federal Reserve Districts14 2005 Pearson Education Canada Inc.Pearson Education Canada Inc.Informal Structure of the Fed15 2005 Pearson Education Canada Inc.Pearson Education Canada Inc.Fed IndependenceFactors making Fed independent1.Members of Board have long terms2.Fed is

22、financially independent: This is most importantFactors making Fed dependent1.Congress can amend Fed legislation2.President appoints Chairmen and Board members and can influence legislationOverall: Fed is quite independentOther Central Banks1.Bank of England least independent: Govt. makes policy decisions2.European Central Bank: most independentprice stability primary goal3.Bank of Canada and Japan: fair degree of independence, but not all on paper4.Trend to greater independence: New Zealand, European nations16 2005 Pearson Education Ca