The Experts below are selected from a list of 96 Experts worldwide ranked by ideXlab platform

Robert F Emery - One of the best experts on this subject based on the ideXlab platform.

  • central banks use in east asia of Money Market Instruments in the conduct of monetary policy
    Journal of Asian Economics, 1992
    Co-Authors: Robert F Emery
    Abstract:

    Abstract The paper examines the greater use in the past decade of Money Market Instruments in the conduct of monetary policy by the central banks, or their equivalent, in six of the main East Asian developing economies. Some of these economies have been successful in using various Money Market Instruments to control liquidity, while others have been much less successful. A common theme in the case of the successful economies has been one of employing Money Market Instruments that have yields based on actual Market demand and supply. In those cases where the yields have been unrealistic due to not being based on Market conditions, the open Market operations have generally not been successful. Indonesia's past experience would be an example of this. Based on the experience of these economies, it is suggested that a viable Market in treasury bills issued by the national government-not the central bank-be developed for the central bank's use in its monetary policy operations. The advantages of a well- developed open Market operation over other traditional monetary policy Instruments are cited near the end of the paper. (JEL E5, E52)

  • central banks use in east asia of Money Market Instruments in the conduct of monetary policy
    Research Papers in Economics, 1992
    Co-Authors: Robert F Emery
    Abstract:

    The paper examines the greater use in the past decade of Money Market Instruments in the conduct of monetary policy by the central banks, or their equivalent, in six of the main East Asian developing economies. Some of these economies have been successful in using various Money Market Instruments to control liquidity, while others have been much less successful. A common theme in the case of the successful economies has been one of employing Money Market Instruments that have yields based on actual Market demand and supply. In those cases where the yields have been unrealistic due to not being based on Market conditions, the open Market operations have generally not been successful. Indonesia's past experience would be an example of this. Based on the experience of these economies, it is suggested that a viable Market in treasury bills issued by the national government--not the central bank--be developed for the central bank's use in its monetary policy operations. The advantages of a well-developed open Market operation over other traditional monetary policy Instruments are cited near the end of the paper.

Ugolini Stefano - One of the best experts on this subject based on the ideXlab platform.

  • The Origination and Distribution of Money Market Instruments: Sterling Bills of Exchange during the First Globalization
    'Wiley', 2021
    Co-Authors: Accominotti Olivier, Lucena-piquero Delio, Ugolini Stefano
    Abstract:

    This paper presents a detailed analysis of how liquid Money Market Instruments -- sterling bills of exchange -- were produced during the first globalisation. We rely on a unique data set that reports systematic information on all 23,493 bills re-discounted by the Bank of England in the year 1906. Using descriptive statistics and network analysis, we reconstruct the complete network of linkages between agents involved in the origination and distribution of these bills. Our analysis reveals the truly global dimension of the London bill Market before the First World War and underscores the crucial role played by London intermediaries (acceptors and discounters) in overcoming information asymmetries between borrowers and lenders on this Market. The complex industrial organisation of the London Money Market ensured that risky private debts could be transformed into extremely liquid and safe monetary Instruments traded throughout the global financial system.Comment: The Economic History Review, Wiley, In pres

  • The origination and distribution of Money Market Instruments: sterling bills of exchange during the first globalisation
    2020
    Co-Authors: Accominotti Olivier, Lucena-piquero Delio, Ugolini Stefano
    Abstract:

    This paper presents a detailed analysis of how liquid Money Market Instruments – sterling bills of exchange – were produced during the first globalisation. We rely on a unique data set that reports systematic information on all 23,493 bills re-discounted by the Bank of England in the year 1906. Using descriptive statistics and network analysis, we reconstruct the complete network of linkages between agents involved in the origination and distribution of these bills. Our analysis reveals the truly global dimension of the London bill Market before the First World War and underscores the crucial role played by London intermediaries (acceptors and discounters) in overcoming information asymmetries between borrowers and lenders on this Market. The complex industrial organisation of the London Money Market ensured that risky private debts could be transformed into extremely liquid and safe monetary Instruments traded throughout the global financial system

Stefano Ugolini - One of the best experts on this subject based on the ideXlab platform.

  • The Origination and Distribution of Money Market Instruments: Sterling Bills of Exchange during the First Globalisation
    2019
    Co-Authors: Olivier Accominotti, Delio Lucena, Stefano Ugolini
    Abstract:

    This paper presents a detailed analysis of how liquid Money Market Instruments - sterling bills of exchange - were produced during the first globalisation. We rely on a unique data set that reports systematic information on all 23,493 bills re-discounted by the Bank of England in the year 1906. Using descriptive statistics and network analysis, we reconstruct the complete network of linkages between agents involved in the origination and distribution of London bills. Our analysis reveals the truly global dimension of the London bill Market before the First World War and underscores the crucial role played by London intermediaries (acceptors and discounters) in overcoming information asymmetries between borrowers and lenders on this Market. The complex industrial organisation of the London Money Market ensured that risky private debts could be transformed into extremely liquid and safe monetary Instruments traded throughout the global financial system.

  • the international monetary system 1844 1870 arbitrage efficiency liquidity
    35, 2010
    Co-Authors: Stefano Ugolini
    Abstract:

    This paper analyses the architecture of the international monetary system which preceded the international gold standard (1844-1870). It builds on a newly-created database made up of more than 100,000 weekly observations on exchange rates, interest rates, and bullion prices in the world’s six most important financial centers of the time. Market integration, substitutability of Money Market Instruments, choice of the correct monetary standard reference, and currency liquidity are tested; moreover, an historical analysis is run, with special reference to financial crises. Contrary to received wisdom, the results point to a trend towards increasing multipolarism in the international monetary system before 1870.

David L. Mengle - One of the best experts on this subject based on the ideXlab platform.

  • behind the Money Market clearing and settling Money Market Instruments
    Research Papers in Economics, 1998
    Co-Authors: David L. Mengle
    Abstract:

    Whenever a Money Market instrument is traded, some means must exist for transferring the instrument and for making payment. In other words, there is a necessity for clearing and settling the trade, tasks that are usually referred to as operational, or back-office, functions. Clearing refers to processing a trade and establishing what the parties to the trade owe each other. Settlement refers to the transfer of value between the parties so the trade is completed (Group of Thirty 1989, p. 35). The first step in the clearing and settlement process involves conveying the details of the trade from traders to the back office. Second, the details must be compared and matched between the buyer and seller to ensure that both buyer and seller agree on what is to be traded and on what terms. Failure to do so might lead to delivery problems. This chapter will focus on what happens next: determination of the obligations between the parties and settlement of the trade. Clearing and settlement systems link the participants in the Money Market. This chapter uses examples to describe how clearing and settlement take place for various types of Money Market Instruments.1 In addition, it discusses risks inherent in clearing and settlement, and the steps being considered to reduce such risks.

  • Behind the Money Market: clearing and settling Money Market Instruments
    Econometric Reviews, 1992
    Co-Authors: David L. Mengle
    Abstract:

    When a Money Market instrument is traded, the clearing and settlement process establishes the change in ownership. Because the process involves both costs and risks, Money Market participants have developed means of making clearing and settlement more efficient and less risky.

Accominotti Olivier - One of the best experts on this subject based on the ideXlab platform.

  • The Origination and Distribution of Money Market Instruments: Sterling Bills of Exchange during the First Globalization
    'Wiley', 2021
    Co-Authors: Accominotti Olivier, Lucena-piquero Delio, Ugolini Stefano
    Abstract:

    This paper presents a detailed analysis of how liquid Money Market Instruments -- sterling bills of exchange -- were produced during the first globalisation. We rely on a unique data set that reports systematic information on all 23,493 bills re-discounted by the Bank of England in the year 1906. Using descriptive statistics and network analysis, we reconstruct the complete network of linkages between agents involved in the origination and distribution of these bills. Our analysis reveals the truly global dimension of the London bill Market before the First World War and underscores the crucial role played by London intermediaries (acceptors and discounters) in overcoming information asymmetries between borrowers and lenders on this Market. The complex industrial organisation of the London Money Market ensured that risky private debts could be transformed into extremely liquid and safe monetary Instruments traded throughout the global financial system.Comment: The Economic History Review, Wiley, In pres

  • The origination and distribution of Money Market Instruments: sterling bills of exchange during the first globalisation
    2020
    Co-Authors: Accominotti Olivier, Lucena-piquero Delio, Ugolini Stefano
    Abstract:

    This paper presents a detailed analysis of how liquid Money Market Instruments – sterling bills of exchange – were produced during the first globalisation. We rely on a unique data set that reports systematic information on all 23,493 bills re-discounted by the Bank of England in the year 1906. Using descriptive statistics and network analysis, we reconstruct the complete network of linkages between agents involved in the origination and distribution of these bills. Our analysis reveals the truly global dimension of the London bill Market before the First World War and underscores the crucial role played by London intermediaries (acceptors and discounters) in overcoming information asymmetries between borrowers and lenders on this Market. The complex industrial organisation of the London Money Market ensured that risky private debts could be transformed into extremely liquid and safe monetary Instruments traded throughout the global financial system