A central bank,reserve bank,or monetary authority is an institution that manages the currency and monetary policy of a state or formal monetary union,and oversees their commercial banking system. In contrast to a commercial bank,a central bank possesses a monopoly on increasing the monetary base. Most central banks also have supervisory and regulatory powers to ensure the stability of member institutions,to prevent bank runs,and to discourage reckless or fraudulent behavior by member banks.
In economics and political science,fiscal policy is the use of government revenue collection and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s,when the previous laissez-faire approach to economic management became unworkable. Fiscal policy is based on the theories of the British economist John Maynard Keynes,whose Keynesian economics theorised that government changes in the levels of taxation and government spending influence aggregate demand and the level of economic activity. Fiscal and monetary policy are the key strategies used by a country's government and central bank to advance its economic objectives. The combination of these policies enables these authorities to target inflation and to increase employment. Additionally,it is designed to try to keep GDP growth at 2%–3% and the unemployment rate near the natural unemployment rate of 4%–5%. This implies that fiscal policy is used to stabilise the economy over the course of the business cycle.
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing or the money supply,often as an attempt to reduce inflation or the interest rate,to ensure price stability and general trust of the value and stability of the nation's currency.
The Taylor rule is one type of targeting monetary policy used by central banks. The rule was proposed by American economist John B. Taylor,economic adviser in the presidential administrations of Gerald Ford and George H. W. Bush,in 1992 as a central bank technique to stabilize economic activity by setting an interest rate.
The Central Bank of the Republic of Turkey,CBRT is the central bank of Turkey. Its responsibilities include conducting monetary and exchange rate policy,managing international reserves of Turkey,as well as printing and issuing banknotes,and establishing,maintaining and regulating payment systems in the country. The CBRT is tasked by law to achieve and maintain price and financial stability in Turkey,and has a mandate to use,by its own discretion,whichever policy instrument at its disposal to reach these objectives. Therefore,it has instrument but not goal independence. Since 2006,the CBRT follows a full-fledged inflation targeting regime.
The Bank of Korea is the central bank of the Republic of Korea and issuer of Korean Republic won. It was established on 12 June 1950 in Seoul,South Korea.
The Monetary Policy Committee (MPC) is a committee of the Bank of England,which meets for three and a half days,eight times a year,to decide the official interest rate in the United Kingdom.
Inflation targeting is a monetary policy where a central bank follows an explicit target for the inflation rate for the medium-term and announces this inflation target to the public. The assumption is that the best that monetary policy can do to support long-term growth of the economy is to maintain price stability,and price stability is achieved by controlling inflation. The central bank uses interest rates as its main short-term monetary instrument.
The Bank of Canada is a Crown corporation and Canada's central bank. Chartered in 1934 under the Bank of Canada Act,it is responsible for formulating Canada's monetary policy,and for the promotion of a safe and sound financial system within Canada. The Bank of Canada is the sole issuing authority of Canadian banknotes,provides banking services and money management for the government,and loans money to Canadian financial institutions. The contract to produce the banknotes has been held by the Canadian Bank Note Company since 1935.
The Central Bank of Iran (CBI),also known as Bank Markazi,officially the Central Bank of the Islamic Republic of Iran is the central bank of Iran.
Romania's national currency is the leu. After Romania joined the European Union (EU) in 2007,the country became required to replace the leu with the euro once it meets all four euro convergence criteria,as stated in article 140 of the Treaty on the Functioning of the European Union. As of 2022,the only currency on the market is the leu and the euro is not yet used in shops. The Romanian leu is not part of the European Exchange Rate Mechanism,although Romanian authorities are working to prepare the changeover to the euro. To achieve the currency changeover,Romania must undergo at least two years of stability within the limits of the convergence criteria. The current Romanian government established a self-imposed criterion to reach a certain level of real convergence as a steering anchor to decide the appropriate target year for ERM II membership and Euro adoption. In March 2018,the National Plan for the Adoption of the Euro scheduled the date for euro adoption in Romania as 2024. Nevertheless,in early 2021,this date was postponed to 2027 or 2028,and once again to 2029 in late 2021.
Quantitative easing (QE) is a monetary policy action whereby a central bank purchases government bonds or other financial assets in order to inject monetary reserves into the economy to stimulate economic activity. Quantitative easing is a novel form of monetary policy that came into wide application after the financial crisis of 2007-2008. It is intended to stabilize an economic contraction when inflation is very low or negative and when standard monetary policy instruments have become ineffective. Quantitative tightening (QT) does the opposite,where for monetary policy reasons,a central bank sells off some portion of its own held or previously purchased government bonds or other financial assets,to a mix of commercial banks and other financial institutions,usually after periods of their own,earlier,quantitative easing purchases.
Mahmoud Ahmadinejad,born Mahmoud Sabbaghian,is an Iranian conservative politician who served as the sixth president of Iran from 2005 to 2013. He is currently member of the Expediency Discernment Council. He was known for his hardline views and nuclearisation of Iran. He was also the main political leader of the Alliance of Builders of Islamic Iran,a coalition of conservative political groups in the country,and served as mayor of Tehran from 2003 to 2005,reversing many of his predecessor's reforms.
JoséDe Gregorio Rebeco is a Chilean economist,academic,researcher,consultant and politician. He has been the Governor of the Central Bank of Chile,Minister of the Economy,Mining and Energy during the administration of Ricardo Lagos and is currently the Dean of the School of Economics and Business of the Universidad de Chile. He is also a nonresident Senior Fellow at the Peterson Institute for International Economics.
Malcolm D. Knight is a Canadian economist,policymaker and banker. He is currently Visiting Professor of Finance at the London School of Economics and Political Science and a Distinguished Fellow at the Center for International Governance Innovation. From 2008 to 2012,Knight was Vice Chairman of Deutsche Bank Group where he was responsible for developing and coordinating the bank's global approach to issues in financial regulation,supervision,and financial stability. He served as general manager of the Bank for International Settlements from 2003 to 2008 and as Senior Deputy Governor of the Bank of Canada (1999-2003),after holding senior positions at the International Monetary Fund (1975-1999).
After the collapse of the Soviet Union in 1991 and collapse of Soviet Russia's controlled economy,a new Russian Federation was created under Boris Yeltsin in 1991. The Russian Federation had multiple economic reforms,including privatization and market and trade liberalization due to the collapse of communism. The economy is much more stable than in the early 1990s,but inflation still remains an issue for Russia. Historically and currently,the Russian economy has differed sharply from major developed economies in terms of a weak legal system,underdevelopment of modern economic activities,technological backwardness,and lower living standards.
The Presidency of Mahmoud Ahmadinejad consists of the 9th and 10th governments of the Islamic Republic of Iran. Ahmadinejad's government began in August 2005 after his election as the 6th president of Iran and continued after his re-election in 2009. Ahmadinejad left office in August 2013 at the end of his second term. His administration was succeeded by the 11th government,led by Hassan Rouhani.
Carlos A. Végh is a Uruguayan academic economist who,since 2013,is the Fred H. Sanderson Professor of International Economics at the Johns Hopkins School of Advanced International Studies (SAIS),and holds a joint appointment with Johns Hopkins' Department of Economics. He is also a Research Associate at the National Bureau of Economic Research since 1998. He was the World Bank Chief Economist for Latin America and the Caribbean from February 1,2017 to June 30,2019,while on leave from Johns Hopkins. He was previously a Professor of Economics and Vice-Chair of Undergraduate Studies at UCLA (1996-2005) and Professor of Economics at the University of Maryland (2005-2013). His research work on monetary and fiscal policy in emerging and developing countries has been highly influential in both academic and policy circles. In particular,his work on fiscal procyclicality in emerging markets has been instrumental in generating a copious literature on the subject,which has influenced the adoption of fiscal rules in many emerging markets.
John Rwangombwa is a Rwandan accountant,politician and banker. He is the governor of the National Bank of Rwanda,the central bank and national banking regulator. He was appointed to that position on 25 February 2013.
Perry Warjiyo is the current Governor of Bank Indonesia,Indonesia's central Bank. His nomination for the post of Governor was approved by the Indonesian parliament on 28 March 2018. He was sworn into office on 24 May 2018,succeeding the previous Governor Agus Martowardojo.
