CENTRAL BANK INDEPENDENCE: THE PAST OR THE FUTURE?

January 15, 2020, 11:30 – 13:30, Building 5, Floor 5, Assembly Hall

Central banks of the leading countries have become a key tool for economies stabilization during the 2008–2009 crisis. Accordingly, over the past ten years, the monetary authorities' policy tools have expanded significantly to include various programs such as “quantitative easing,” macroprudential supervision, and ensuring financial stability. Over this period, the Central Bank of the Russian Federation made the transition to a new monetary policy regime – inflation targeting, and assumed the role of a mega-regulator of the financial market in Russia. All these measures have made it possible to stop the main manifestations of the crisis in the financial market and in the banking sector, and to avoid sharp fluctuations in the global currency market.

However, to date, important problems related to the monetary authorities’ immediate area of responsibility, including maintaining inflation below the target values, driving key rates to around zero or even negative values, managing the risk of bubbles forming in capital markets, a boom in the corporate bond market remain unresolved.

But the main problem is that the world’s leading economies have not returned to sustainable economic growth, and this is forcing us to resume the discussion about the central bank’s independence in the modern world, its role in ensuring of macroeconomic stability and the country’s economic development.

Issues for Discussion

  • The role of central banks of the leading countries in countering the 2008–2009 crisis.
  • The problem of zero lower limit on interest rates in the world and in Russia.
  • How stable is the financial sector now (risks of bubbles in the stock markets and a boom in corporate bond markets)?
  • To what extent do central banks remain independent in the modern environment?
  • New technological challenges (fintech, digital currencies) and their impact on central bank policies.
  • Will the central banks manage to remain independent by the end of the 2020s?

Moderator

  • Nikolay Korzhenevsky
    Nikolay Korzhenevsky

    Author and Presenter, “Economy. Daily rate” Analytical newscast on Russia 24 Channel

Participants

  • Charles Calomiris
    Charles Calomiris

    Professor, Columbia Business School

  • Jacob Frenkel
    Jacob Frenkel

    Chairman, JP Morgan Chase International; Chairman, Board of Trustees, Group of Thirty; Governor, Bank of Israel (1991–2000)

  • Kenneth Rogoff
    Kenneth Rogoff

    Professor of Economics, Harvard University

  • Oleg Vyugin
    Oleg Vyugin

    Chairman, Moscow Exchange Supervisory Board

  • Kseniya Yudaeva
    Kseniya Yudaeva

    Deputy Governor of the Bank of Russia

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Central banks of the leading countries have become a key tool for economies stabilization during the 2008–2009 crisis. Accordingly, over the past ten years, the monetary authorities' policy tools have expanded significantly to include various programs such as “quantitative easing,” macroprudential supervision, and ensuring financial stability. Over this period, the Central Bank of the Russian Federation made the transition to a new monetary policy regime – inflation targeting, and assumed the role of a mega-regulator of the financial market in Russia. All these measures have made it possible to stop the main manifestations of the crisis in the financial market and in the banking sector, and to avoid sharp fluctuations in the global currency market.

However, to date, important problems related to the monetary authorities’ immediate area of responsibility, including maintaining inflation below the target values, driving key rates to around zero or even negative values, managing the risk of bubbles forming in capital markets, a boom in the corporate bond market remain unresolved.

But the main problem is that the world’s leading economies have not returned to sustainable economic growth, and this is forcing us to resume the discussion about the central bank’s independence in the modern world, its role in ensuring of macroeconomic stability and the country’s economic development.

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Central banks of the leading countries have become a key tool for economies stabilization during the 2008–2009 crisis. Accordingly, over the past ten years, the monetary authorities' policy tools have expanded significantly to include various programs such as “quantitative easing,” macroprudential supervision, and ensuring financial stability. Over this period, the Central Bank of the Russian Federation made the transition to a new monetary policy regime – inflation targeting, and assumed the role of a mega-regulator of the financial market in Russia. All these measures have made it possible to stop the main manifestations of the crisis in the financial market and in the banking sector, and to avoid sharp fluctuations in the global currency market.

However, to date, important problems related to the monetary authorities’ immediate area of responsibility, including maintaining inflation below the target values, driving key rates to around zero or even negative values, managing the risk of bubbles forming in capital markets, a boom in the corporate bond market remain unresolved.

But the main problem is that the world’s leading economies have not returned to sustainable economic growth, and this is forcing us to resume the discussion about the central bank’s independence in the modern world, its role in ensuring of macroeconomic stability and the country’s economic development.

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  • The problem of zero lower limit on interest rates in the world and in Russia.
  • How stable is the financial sector now (risks of bubbles in the stock markets and a boom in corporate bond markets)?
  • To what extent do central banks remain independent in the modern environment?
  • New technological challenges (fintech, digital currencies) and their impact on central bank policies.
  • Will the central banks manage to remain independent by the end of the 2020s?
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[FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [VALUE_ENUM_ID] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Информационное событие [~DEFAULT_VALUE] => ) [CHANGE] => Array ( [ID] => 133 [TIMESTAMP_X] => 2017-12-20 14:20:36 [IBLOCK_ID] => 18 [NAME] => Изменение [ACTIVE] => Y [SORT] => 160 [CODE] => CHANGE [DEFAULT_VALUE] => [PROPERTY_TYPE] => L [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => C [MULTIPLE] => N [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [VALUE_ENUM_ID] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Изменение [~DEFAULT_VALUE] => ) [LANGUAGES] => 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  • The role of central banks of the leading countries in countering the 2008–2009 crisis.
  • The problem of zero lower limit on interest rates in the world and in Russia.
  • How stable is the financial sector now (risks of bubbles in the stock markets and a boom in corporate bond markets)?
  • To what extent do central banks remain independent in the modern environment?
  • New technological challenges (fintech, digital currencies) and their impact on central bank policies.
  • Will the central banks manage to remain independent by the end of the 2020s?
[TYPE] => HTML ) [~DESCRIPTION] => [~NAME] => Вопросы для обсуждения [~DEFAULT_VALUE] => Array ( [TYPE] => HTML [TEXT] => ) [DISPLAY_VALUE] =>
  • The role of central banks of the leading countries in countering the 2008–2009 crisis.
  • The problem of zero lower limit on interest rates in the world and in Russia.
  • How stable is the financial sector now (risks of bubbles in the stock markets and a boom in corporate bond markets)?
  • To what extent do central banks remain independent in the modern environment?
  • New technological challenges (fintech, digital currencies) and their impact on central bank policies.
  • Will the central banks manage to remain independent by the end of the 2020s?
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Central banks of the leading countries have become a key tool for economies stabilization during the 2008–2009 crisis. Accordingly, over the past ten years, the monetary authorities' policy tools have expanded significantly to include various programs such as “quantitative easing,” macroprudential supervision, and ensuring financial stability. Over this period, the Central Bank of the Russian Federation made the transition to a new monetary policy regime – inflation targeting, and assumed the role of a mega-regulator of the financial market in Russia. All these measures have made it possible to stop the main manifestations of the crisis in the financial market and in the banking sector, and to avoid sharp fluctuations in the global currency market.

However, to date, important problems related to the monetary authorities’ immediate area of responsibility, including maintaining inflation below the target values, driving key rates to around zero or even negative values, managing the risk of bubbles forming in capital markets, a boom in the corporate bond market remain unresolved.

But the main problem is that the world’s leading economies have not returned to sustainable economic growth, and this is forcing us to resume the discussion about the central bank’s independence in the modern world, its role in ensuring of macroeconomic stability and the country’s economic development.

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