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Central Bank Balance Sheet and Policy Implications

  • Pornpinun Chantapacdepong

    (Bank of Thailand)

  • Nuttathum Chutasripanich

    (Bank of Thailand)

  • Bovonvich Jindarak

    (Bank of Thailand)

Recently, weak central bank financial positions, especially of emerging economies, have brought into the public spotlight whether it will constrain or obstruct the policy implementation in the long run or not. The country case studies and statistical performance showed that the central bank capital erosion does not directly relate to the policy effectiveness, but it creates the vulnerabilities to the monetary policy process. The key factor helping achieve the policy objectives, even with the losses or negative capital is “central bank credibility”. The policy choices to reduce such vulnerabilities are also discussed in this paper.

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Paper provided by Economic Research Department, Bank of Thailand in its series Working Papers with number 2012-07.

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Length: 56 pages
Date of creation: Jul 2012
Date of revision:
Handle: RePEc:bth:wpaper:2012-07
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  1. Martin Cincibuch & Tomas Holub & Jaromir Hurnik, 2008. "Central Bank Losses and Economic Convergence," Working Papers 2008/3, Czech National Bank, Research Department.
  2. Camilo Ernesto Tovar Mora & Pedro Castro & Gustavo Adler, 2012. "Does Central Bank Capital Matter for Monetary Policy?," IMF Working Papers 12/60, International Monetary Fund.
  3. Maxwell J. Fry, 1993. "The Fiscal Abuse of Central Banks," IMF Working Papers 93/58, International Monetary Fund.
  4. Ehrmann, Michael & Fratzscher, Marcel, 2007. "Social value of public information: testing the limits to transparency," Working Paper Series 0821, European Central Bank.
  5. Axel Löffler & Gunther Schnabl & Franziska Schobert, 2010. "Inflation Targeting by Debtor Central Banks in Emerging Market Economies," CESifo Working Paper Series 3138, CESifo Group Munich.
  6. Chortareas, Georgios & Stasavage, David & Sterne, Gabriel, 2002. "Monetary Policy Transparency, Inflation and the Sacrifice Ratio," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 7(2), pages 141-55, April.
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