Las finanzas del banco central. © BIS |
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INSTITUTO DE INVESTIGACIONES ECONÓMICAS, UNAM
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David Archer and Paul Moser-Boehm Central bank finances. Basel, Switzerland, © Bank for International Settlements, Monetary and Economic Department, April 29, 2013, 91 p., ISSN 1682-7651 (online)
This paper looks at the relevance of a central bank's own finances for its policy work. Some central banks are exposed to significant financial risks, partly due to the environment in which they operate, and partly due to the nature of policy actions. While financial exposures and losses do not hamper central banks' operational capabilities, they may weaken the effectiveness of central bank policy transmission. Against this backdrop, the paper analyses the determinants of a central bank's financial position and the possible implications of insufficient financial resources for policymaking. It also provides a conceptual framework for considering the question of whether central banks have sufficient financial resources.
Palabras Clave: finanzas, bancos centrales, trabajo político, riesgos financieros, recursos financieros, recursos económicos, recapitalización, políticas contables Clasificación JEL: E58, E61, G01, M41, Y10
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