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Central Bank Finances
Report

Central Bank Finances

BIS Papers No 71

David Archer and Paul Moser-Boehm
BIS, 2013
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Editorial Rating

7

Qualities

  • Comprehensive
  • Analytical
  • Innovative

Recommendation

The Bank for International Settlements (BIS) takes an important look at the roles of central banks in the volatile aftermath of the financial crisis of 2008. BIS economists David Archer and Paul Moser-Boehm assess various criteria to determine how central banks’ financial strength helps them to achieve their economic and political objectives. They also investigate the tools available to central bankers and policy makers. Their comprehensive report delves into the changes that pushed central banks into unexplored policy domains and that now constitute the new normal in international financial markets. The authors don’t offer absolute answers to such multifaceted issues as capital retention, “distribution asymmetries” and risk exposures. However, they do propose a sound framework that central banks and associated entities can use to evaluate their financial strength and monetary strategies. getAbstract considers this a significant report about the changing, increasingly complex work of central banks. It will help industry participants and finance professionals unravel erroneous public assumptions about a complicated but critically important subject.

Take-Aways

  • A central bank’s role is to drive policy for economic stability, not to achieve positive fiscal outcomes.
  • “Unprecedented policy actions” in the aftermath of the crisis have forced central banks to assume more complex and inherently riskier positions and responsibilities.
  • The financial strength of a central bank is not necessarily an indicator of its success.

About the Authors

David Archer is head of central banking studies at the Bank for International Settlements, where Paul Moser-Boehm is a senior economist.

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