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The European Central Bank and the Federal Reserve System - a General Comparison

Author: Cedric Längin

Publisher: GRIN Verlag

Published: 2011-04

Total Pages: 41

ISBN-13: 3640889797

Seminar paper from the year 2010 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,0, Cologne University of Applied Sciences, course: Effective Environmental Scanning, language: English, abstract: Since the foundation of the European currency union in 1998, the European Central Bank and the Federal Reserve System represent the most influential two central banks in the world. In this comparison their general structure, tasks and objectives and monetary policy instruments are contrasted. The institutions and bodies of the banks are explained in the second chapter, to see the structural differences. While the ECB defined price stability as its primary objective, the Fed has several equal objectives. These objectives and further tasks of the central banks are described in the third chapter. To steer and implement their objectives and tasks, the central banks have monetary policy instruments at disposal, whereas open market operations and the minimum reserve system play a key role. These instruments are explained in chapter 4 in general and their arrangement and implementation at the example of the ECB. Then the Feds corresponding instruments are contrasted with the ECB, because in my opinion the ECB has a role model position, in this context. Then follows an elaboration of the instruments standing facilities and discount policy. These instruments are examined in two separate subchapters, due to the fact that the implementation of these instruments is only made by the ECB or the Fed. In the last part I examined the reactions of the ECB and the Fed to compensate the risks of the current financial crisis. The attention is directed to the evaluation of the quality and effectiveness of the implemented monetary policy instruments. At the end the results are summarized.

Federal Central Banks: A Comparison of the Us Federal Reserve and the European Central Bank

Author: Sam Whimster

Publisher: Forumpress

Published: 2018-05-11

Total Pages: 216

ISBN-13: 9781907144103

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Federal Central Banks is a unique study that critically examines the role and impact of central banks in federal and confederal political systems. It conducts a detailed examination of the history, design and operation of central banking in the United States and in the European Union. The contradiction between the centralizing features of banking and monetary policy and the political and economic expectations of pluralist federal democracy is explored. Regional economic disparities are seen to be amplified by modern 'independent' central banking. The response of the US Treasury and Federal Reserve to the GFC is rated as superior to immature Eurozone institutions. But both underperformed in not providing adequate fiscal-monetary solutions. Quantitative easing rescued the financial sector from collapse, but exacerbated wealth inequalities and failed to provide a sufficiently rapid economic recovery. Federal level banking reforms need to go hand in hand with democratic accountability. The Eurozone governance structures are dysfunctional and undemocratic and should be reformed.

The Monetary Policy of Central Banks before and during the Crisis

Author: Daniel Schuck

Publisher: GRIN Verlag

Published: 2015-07-06

Total Pages: 88

ISBN-13: 3668011516

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Master's Thesis from the year 2014 in the subject Economics - International Economic Relations, grade: 1,2, University of Applied Sciences Saarbrücken (Faculty of Business and Economics), language: English, abstract: The Federal Reserve System and the European Central Bank were both forced to implement unconventional monetary policy measures as a response to the severe impact of the global financial crisis and its aftermath. In the first stage of the global financial crisis, the conventional and unconventional monetary policy measures implemented by the Federal Reserve System and the European Central Bank were fairly similar. Both central banks focused on providing the banking sector with liquidity in order to restore interbank lending as it was a key element of ensuring a functional monetary transmission mechanism. However, when the global financial crisis transformed to a sovereign debt crisis in the euro area in 2010, the European Central Bank faced increasing divergence in sovereign spreads and the potential insolvency of euro area Member States. Therefore, its unconventional monetary policy measures focused on credit easing by purchasing sovereign as well as covered bonds in order to improve banks’ and governments’ funding costs. By contrast, the Federal Reserve System massively purchased government bonds and focused on decreasing interest rates and asset prices through the use of quantitative easing.

Central Banking - The organisation of the FED and their politics within the last years (esp. in comparison to the ESCB)

Author: Simone Weinert

Publisher: GRIN Verlag

Published: 2004-04-14

Total Pages: 38

ISBN-13: 3638267857

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Seminar paper from the year 2003 in the subject Business economics - Investment and Finance, grade: 1,3 (A), Stralsund University of Applied Sciences (Economics), language: English, abstract: The following essay with the title „Central Banking – The organisation of the Fed and their politics within the last years (esp. in comparison to the ESCB)“ is part of the final examination of the course International and Baltic Finance at the University of Applied Sciences Stralsund. This paper will explain central banking in general and than have a closer look on the U.S. Federal Reserve System. After that it will have a look on the European System of Central Banks, continuing with comparing the two systems, looking for the similarities and differences. During my research I read quiet a lot of books and articles and after some time I really got interested in the topic. I really wanted to know how all this central banking works, and what kind of system (the American or the European) is the better one. But I also recognised that there are of course plenty of books, dealing with this topic, but everybody seems to have a different opinion, of what is better, what suits the society best. So while writing this essay, I tried to give back what I found interesting and what seems to be the opinion of several people. Unfortunately I could not stick to the required 3000 words, because my topic was so complex and wide, that it forced me to write some more words on it.

The Federal Reserve System Purposes and Functions

Author: Board of Governors of the Federal Reserve System

Publisher:

Published: 2002

Total Pages: 0

ISBN-13: 9780894991967

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Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Central Banking Systems Compared

Author: Emmanuel Apel

Publisher: Routledge

Published: 2003-03-20

Total Pages: 314

ISBN-13: 113442017X

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This new study provides a comprehensive survey of the recently established European financial system in comparison to previous European systems and the US Federal Reserve. This well-written contribution to financial economics should be of interest to academics as well as professionals concerned with financial systems around the world.

Central Banks as a Bank Supervisor

Author: Stanyo Dinov

Publisher:

Published: 2017

Total Pages:

ISBN-13: 9783828839939

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The European Central Bank

Author: Hanspeter K. Scheller

Publisher:

Published: 2006

Total Pages: 229

ISBN-13: 9789289900270

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Comprehensive 200-page overview of the ECB from its inception in June 1998 until the present day.

The European System of Central Banks

Author: Barbara Dutzler

Publisher:

Published: 2003

Total Pages: 350

ISBN-13:

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With the communitarisation of monetary policy and the establishment of a European Central Bank (ECB), the idea of insulating a central bank from the political process was realised to a degree yet undreamed of. The result, the asymmetric construction of Economic and Monetary Union (EMU), makes it difficult to democratically legitimise the exercise of power by the autonomous actor ECB. In this regard, EMU can be conceived as a parable for the respective difficulties of the European Union. As a still rare example for a combination of juridical and economic point of view, this volume makes this challenge subject of discussion. By means of comparison with the American central banking system, the book probes the ECB's institutional design, attempts to define the ECB's status in EMU, and looks for ways towards a more democratically legitimated economic and monetary policy.

Connectedness and Contagion

Author: Hal S. Scott

Publisher: MIT Press

Published: 2016-05-13

Total Pages: 439

ISBN-13: 0262034379

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An argument that contagion is the most significant risk facing the financial system and that Dodd¬Frank has reduced the government's ability to respond effectively. The Dodd–Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd–Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis—that is, that financial institutions were overexposed to one another, resulting in a possible chain reaction of failures. In this book, Hal Scott argues that it is not connectedness but contagion that is the most significant element of systemic risk facing the financial system. Contagion is an indiscriminate run by short-term creditors of financial institutions that can render otherwise solvent institutions insolvent. It poses a serious risk because, as Scott explains, our financial system still depends on approximately $7.4 to $8.2 trillion of runnable and uninsured short-term liabilities, 60 percent of which are held by nonbanks. Scott argues that efforts by the Federal Reserve, the FDIC, and the Treasury to stop the contagion that exploded after the bankruptcy of Lehman Brothers lessened the economic damage. And yet Congress, spurred by the public's aversion to bailouts, has dramatically weakened the power of the government to respond to contagion, including limitations on the Fed's powers as a lender of last resort. Offering uniquely detailed forensic analyses of the Lehman Brothers and AIG failures, and suggesting alternative regulatory approaches, Scott makes the case that we need to restore and strengthen our weapons for fighting contagion.