This paper presents the first comprehensive Target database of the Eurozone and interprets
it from an economic perspective. We show that the Target accounts measure the intra …

ABSTRACT The European Monetary Union is stuck in a severe balance-of-payments
imbalance of a nature similar to the one that destroyed the Bretton Woods System. Greece …

Central bank collateral frameworks are an often overlooked feature of monetary policy that
play a key role in the monetary and financial system. Readers will discover how central …

Central banks target CPI inflation; independent central banks are concerned about their
balance sheet and the level of their capital. The first fact makes it difficult for a central bank to …

This paper seeks to inform about a feature of monetary policy that is largely overlooked, yet
occupies a central role in modern monetary and financial systems, namely central bank …

This paper explores the role of central bank capital in ensuring that central banks focus on
price stability in monetary policy decisions. The paper goes beyond the existing literature on …

The financial health of central banks and its relation to policy outcomes has recently been
recognized as an important policy issue. While case study evidence clearly indicates that …

This paper provides a simple, quantitative, net-worth-based approach to assessing the need
for central bank capital. It derives a concept of “core capital”(a function of the central bank's …

This paper explores the persistence of financial dollarization in a group of 79 economies
with different levels of development. Our main hypothesis is that a high level of domestic …

In recent years, there has been a significant revival of interest in arrangements that limit a
country's freedom to determine its own exchange rate. Writers such as Beddoes (1999) and …