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Issuing central bank securities

Garreth Rule ()

in Handbooks from Centre for Central Banking Studies, Bank of England

Abstract: Many central banks around the world are faced with the challenge of implementing their policy goals in the presence of surplus liquidity in domestic banking systems. Surplus liquidity can impair the central bank's ability to control its operational target and impact on its profitability, potentially affecting its ability to operate in an independent manner. Within the range of instruments available, the issuance of central bank securities is one policy option that has been used effectively by a number of central banks. In this handbook we look at the characteristics of central bank securities and how the fit into the broader monetary operations framework of a central bank. We then look at alternative instruments available to a central bank, before considering the advantages and disadvantages of these different options. It concludes by considering means of co-ordinating central bank securities with the issuance of central government securities and briefly looks at methods of auction employed to issue such securities.

Keywords: Issuing; central; bank; securities (search for similar items in EconPapers)
JEL-codes: E42 E43 (search for similar items in EconPapers)
Date: 2011
ISBN: 1756-7270 (online)
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