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Current legal issues affecting central banks. Volume 4 /
In recent years, traditional central banks, with decades or even centuries of experience behind them, have been confronted with entirely new worlds. Some of these worlds are the results of innovations that have grown out of the new technology of the computer. Examples of such innovations that are di...
| Clasificación: | Libro Electrónico |
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| Autores Corporativos: | , |
| Otros Autores: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, D.C :
International Monetary Fund,
©1997.
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| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | In recent years, traditional central banks, with decades or even centuries of experience behind them, have been confronted with entirely new worlds. Some of these worlds are the results of innovations that have grown out of the new technology of the computer. Examples of such innovations that are discussed in this volume include derivatives and products of securitization. Derivatives, lacking intrinsic value of their own, derive value from some external source, for example, a moving index of securities. Securitizations, in hypermodern forms, can give rise to such exotics of stripping interest payments over the life of a security from principal payments and issuing two or more series of securities, perhaps with different maturities, the value of which together may represent the original security from which they were drawn. Other worlds are the results of intraregional consolidation, such as recent developments in the European Community and the creation of the North American Free Trade Agreement (NAFTA). While certain chapters in this volume focus on some of these new worlds of finance, others hark bank to some of the traditional considerations associated with central banks. Can the traditional central bank deal with the explosion of worlds before it? In this introduction, attention is first directed to some basic aspects of the central bank. |
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| Descripción Física: | 1 online resource |
| ISBN: | 9781455263820 1455263826 |