 The Central Banks: Don’t Fight the Fed, Don’t Upset the ECB and Don’t Mess with the PBoCMichael J. Howell
Chapter Chapter 7 in Capital Wars, 2020, pp 101-140 from Springer Abstract: Abstract The US Federal Reserve; the People’s Bank of China (PBoC) and, to a lesser extent, the European Central Bank (ECB), are the dominant global players. The US Federal Reserve and the ECB have recently seen monetary control badly shaken, whereas the PBoC’s liquidity multiplier has remained remarkably stable. The Federal Reserve operated through three channels following the 2007–2008 Global Financial Crisis (GFC)—liquidity provision, maturity transformation and credit enhancement. The policies of other Central Banks are less definitive. The PBoC still focuses on quantitative policies to provide liquidity, with their domestic monetary operations becoming far more important since the disruption to foreign exchange reserve accumulation in 2015. The ECB has struggled to maintain liquidity provision since the GFC and has lately been forced to focus increasingly more on credit enhancement policies. Keywords: Global Liquidity; Central Banks; Liquidity multiplier; Federal Reserve; People’s Bank of China; ECB; Shadow monetary base (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-39288-8_7 Ordering information: This item can be ordered from DOI: 10.1007/978-3-030-39288-8_7 Access Statistics for this chapter More chapters in Springer Books from Springer |
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