【PPT精品课件】货币金融学7版英文课件--14-大学课件2

Chapter14StructureofCentralBanksandtheBankofCanada©2005PearsonEducationCanadaInc.©2005PearsonEducationCanadaInc.14-2TheBankofCanada(TheBank)•TheBankwascreatedbytheBankofCanadaActin1934andstartedoperationsonMarch11,1935•InitiallytheBankwasaprivateinstitutionbutwasnationalizedin1938,soisnowanationalinstitutionwithheadquartersinOttawa•TheBankalsohasregionalofficesinToronto,Vancouver,Calgary,Montreal,andHalifaxUnlikeaprivatebankthatoperatesinpursuitofprofit,theBankofCanadaisresponsibleforthecountry’smonetarypolicyandfortheregulationofCanada’sdeposit-basedfinancialinstitutions.©2005PearsonEducationCanadaInc.14-3EstablishmentofSelectedCentralBanksCountryYearcentralbankwasestablishedSweden1656UnitedKingdom1694France1800Belgium1850Germany1875Japan1882Italy1893Switzerland1905UnitedStates1913Canada1935©2005PearsonEducationCanadaInc.14-4ThePoliticalEnvironmentandtheBankofCanadaSincetheinceptionoftheBankofCanadatherehavebeensevengovernors:1935-1954,GrahamTowers1955-1961,JamesCoyne1961-1973,LouisRasminski1973-1987,GeraldBouey1987-1994,JohnCrow1994-2000,GordonThiessen2001-,DavidDodge©2005PearsonEducationCanadaInc.14-5FormalStructureoftheBankofCanadaResponsibilityfortheoperationoftheBankrestswithaBoardofDirectors,whichconsistsoffifteenmembers•thegovernor(currentlyDavidDodge,whoisthechiefexecutiveofficerandchairmanoftheBoardofDirectors)•theseniordeputygovernor,•thedeputyministeroffinance,and•twelveoutsidedirectorsTheBoardappointsthegovernorandseniordeputygovernorwiththegovernment’sapproval,forarenewabletermof7years.Theoutsidedirectorsareappointedbytheministeroffinance,withcabinetapproval,fora3-yearterm.©2005PearsonEducationCanadaInc.14-6TheFunctionsoftheBankThefunctionsoftheBankofCanadaare•banknoteissue•governmentdebtandassetmanagementservices•centralbankingservices,and•monetarypolicymanagement.©2005PearsonEducationCanadaInc.14-7BankNoteIssueBeforethecreationoftheBank,thefederalgovernmentandtheearlybanksissuednotesdesignedtocirculateascurrency.By1945,however,thebankhadamonopolyovernoteissueinthecountry.TheBankalsoconductsongoingresearch,workingcloselywithprivatesectorpartnershipsandnote-issuingauthoritiesinothercountries,inordertoimprovecost-effectiveness,increasethedurabilityofbanknotes,andreducecounterfeiting.©2005PearsonEducationCanadaInc.14-8GovernmentDebtandAssetManagementServicesAsthefederalgovernment’sfiscalagent,theBank•providesdebt-managementservicesforthefederalgovernmentsuchasadvisingonborrowings,managingnewdebtofferings,andservicingoutstandingdebt•managesthegovernment’sforeignexchangereservesheldbytheExchangeFundAccountoftheDepartmentofFinance•engagesininternationalfinancialtransactions,onbehalfofthegovernment,inordertoinfluenceexchangerates©2005PearsonEducationCanadaInc.14-9CentralBankingServicesAsCanada’scentralbank,theBankofCanada•servesasthelenderoflastresortifabankfacesaliquiditycrisis,therebypreventingbankrunsandpanics.Thislendingiscloselycoordinatedwiththetwofederalregulatoryagenciesthataresetupspecificallytoregulatefinancialinstitutions---OSFIandCDIC•hasexplicitresponsibilityfortheregulatoryoversightofthenationalpaymentssystem,operatedbytheCPA•actsastheholderofdepositaccountsofthefederalgovernment,thedirectlyclearingmembersoftheCPA,internationalorganizationssuchastheIMF,andothercentralbanks.©2005PearsonEducationCanadaInc.14-10MonetaryPolicyAlthoughinCanadatheultimateresponsibilityformonetarypolicyrestswiththegovernment,theBankemployssuchtoolsas•openmarketoperationsand,toalesserextent,the•shiftingofgovernmentbalancesbetweenitandthedirectlyclearingmembersoftheCPAtoimplementchangesintheM.TheBank’sultimateobjectiveistokeeplow.Lowiscloselyrelatedtothegoalofsteadyeconomicgrowth,becausebusinessesaremorelikelytoinvesttoincreaseproductivityandeconomicgrowthwhenislow.Lowisalsodesirablebecauseitprotectsthepurchasingpowerofpensionersandthoseonfixedincomes.©2005PearsonEducationCanadaInc.14-11BankofCanadaIndependenceFactorsmakingBankofCanadaindependent1.Bankhas‘operational’(or‘instrument’)independence2.Bankhasmovedtowardsgreater‘transparency’initsoperations.TheBank’sGoverningCouncilpublishestheMonetaryPolicyReport(everyMayandNovember),since1999theUpdatetotheMonetaryPolicyReport(everyJanuaryandJuly),theBankofCanadaReview,andtheBankofCanadaBankingandFinancialStatistics.3.Bankincreasedthenumberofpressconferences,pressreleases,andspeeches,andalsoreorganizeditsregionaloffices,withtheobjectiveofimprovingcommunicationanditsassessmentofeconomicconditionsacrossCanada.©2005PearsonEducationCanadaInc.14-12BankofCanadaIndependenceFactorsmakingBankofCanadadependent1.Jointresponsibilitysystem(since1967whentheBankofCanadaActwasamended)2.MinisterofFinancecanissueadirectivetotheBankindicatingthespecificpolicychangesthattheBankmustfollow.Thedirective,however,mustbepublishedindicatingnotonlythenewpolicythattheBankissupposedtoundertakebutalsotheperiodduringwhichitistoapply.Overall:BankofCanadaisquiteindependentbutnotonpaper©2005PearsonEducationCanadaInc.14-13FormalStructureoftheFed©2005PearsonEducationCanadaInc.14-14FederalReserveDis