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50 records from EconBiz based on author Name
1. Green central banking : reorienting finance through a recalibration of monetary policy
Vestergaard, Jakob;2024
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link Link
2. How can central banks help mitigate climate change? : a money view perspective on green central banking
abstractCentral banks can potentially influence the investment decisions of private financial institutions, which in turn will create incentives towards green technology adoption and development of lower emission business models. This paper examines how central bankers are engaging with the green transition agenda. To guide the efforts, the paper mobilizes the Money View literature. This enables a comparative assessment of different monetary policy options. The main finding is that a promising way forward for Green Central Banking is to adopt a dual strategy of expanding collateral eligibility through positive screening and widening haircut spreads to change relative incentives in favor of green over brown assets.
Vestergaard, Jakob;2021
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link 3. Monetary Policy for the Climate? A Money View Perspective on Green Central Banking
abstractCentral banks can potentially influence the investment decisions of private financial institutions, which in turn will create incentives towards green technology adoption and development of lower emission business models. This paper examines how monetary policies can be deployed to promote a greening of finance. To guide the efforts, the paper mobilizes the Money View literature. This enables a comparative assessment of different monetary policy options. The main finding is that a promising way forward for green monetary policy is to adopt a strategy of expanding collateral eligibility through positive screening and widening haircut spreads to change relative incentives in favor of green over brown assets
Vestergaard, Jakob;2022
Availability: Link
4. How can central banks help mitigate climate change? A money view perspective on green central banking
Vestergaard, Jakob;2022
Type: Working Paper;
Availability:
5. The ECB's half-baked supervision mandate or, how to get serious about shadow banking again
Vestergaard, Jakob; Quorning, Stine;2022
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link Link Link
6. Should central bank liquidity be a vehicle for fiscal disciplining?
Vestergaard, Jakob; Gabor, Daniela;2022
Type: Aufsatz in Zeitschrift; Article in journal;
Availability:
Link 7. Central Banks Caught Between Market Liquidity and Fiscal Disciplining : A Money View Perspective on Collateral Policy
abstractDespite much attention to unconventional monetary policies after the financial crisis, the collateral policies of central banks are rarely discussed. And when they are, the haircuts applied to assets pledged to access central bank liquidity tend not to be analyzed. An exception to these trends is the recent work by Nyborg (2017), who argues that the collateral policies adopted by the European Central Bank (ECB) aggravated the sovereign debt crisis and put the survival of the euro at risk. Taking our point of departure in the money view literature (Mehrling 2011), we argue however that Nyborg’s critique of the ECB’s crisis response is misguided and that his proposal to deepen and reinforce the ECBs role in the fiscal disciplining of member states would be procyclical and destabilizing. Through our analysis of Nyborg’s work and the ECBs crisis response, we identify core principles for countercyclical collateral policies suitable for market-based financial systems
Vestergaard, Jakob; Gabor, Daniela;2021
Availability: Link
8. US trade policy under Trump : assessing the unilaterist turn
abstractThis DIIS report examines US trade policy during the first ten months of Donald Trump's presidency, up to early November 2017. It identifies the main points of Trump's trade policy and compares them to mainstream US trade policy since the 1970s. It then documents the extent to which they have been implemented to date, and the consequences that have followed. The report finds that Trump has already implemented his campaign pledges on trade to a large extent, but that many of the expectations accompanying them have so far not been fulfilled. This is less a matter of time, or the result of internal opposition, than it is of resistance from the US's major trade partners. One possible outcome of this deadlock is an international trade war.
Gibbon, Peter; Vestergaard, Jakob;2017
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
9. Out of the woods : Gridlock in the IMF, and the World Bank puts multilateralism at risk
abstractThe western hegemony of the past two hundred years is ending as power shifts towards the east and as western states lose the authority to uphold a rules-based multilateral order. In the wake of the Great Crash of 2008 the G20 leaders took steps to bolster the multilateral order, including reform of the governance of the IMF and the World Bank so as to reflect the increasing economic weight of developing countries. The executive boards of both organizations affirmed that the primary criterion for allocating voting shares should be shares of world GDP. We show that the reforms at the IMF and the World Bank have substantially failed to meet their ostensible objectives. First, in both organizations the developed countries gained voting share relative to GDP share between 2009 and 2014. Secondly, countries continue to vary widely in their share of votes relative to share of world GDP; in both organizations some countries have six times or more the votes relative to GDP of others. Politicians and analysts should pay greater attention to achieving more equitable governance in these important multilateral organizations. At the end we show how this could be done.
Vestergaard, Jakob; Wade, Robert;2014
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
10. Central banking at a crossroads : Europe and beyond
abstractThis book reflects on the innovations that central banks have introduced since the 2008 collapse of Lehman Brothers to improve their modes of intervention, regulation and resolution of financial markets and financial institutions. Authors from both academia and policy circles explore these innovations through four approaches: "Bank Capital Regulation" examines the Basel III agreement; "Bank Resolution" focuses on effective regimes for regulating and resolving ailing banks; "Central Banking with Collateral-Based Finance" develops thought on the challenges that market-based finance pose for the conduct of central banking; and "Where Next for Central Banking" examines the trajectory of central banking and its new, central role in sustaining capitalism.
Goodhart, Charles A. E.; Gabor, Daniela; Vestergaard, Jakob; Ertürk, Ismail;2014
Type: Sammelwerk; Collection of articles of several authors;
Availability: Link