net_left Phương Thức Thanh Toán

Factbox-What is central bank independence?

06 Tháng Tám 2022
Factbox-What is central bank independence? © Reuters. FILE PHOTO: A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022. REUTERS/Maja Smiejkowska

(Reuters) - Talk of changes to the Bank of England's powers has revived a debate on whether central banks should be independent of governments and in what way.

Central bankers are tasked with preserving the value a currency by keeping inflation in check. For this purpose many of them are shielded from political pressure from governments.

Once a sacred cow in the Western World, this independence has been called into question more often in recent years as central banks stepped in to prop up governments when they were hit by the global financial crisis and then by the coronavirus pandemic.

Here are some questions and answers about a topic that is quickly spilling over from academia into the political domain and could have a profound impact on inflation in the next decades.

WHAT HAPPENED?

The front-runner to become Britain's next prime minister, Liz Truss, has promised to review the Bank of England's remit -- potentially including its ability to set interest rates free from government interference.

This came after the UK's central bank raised rates by the most since 1995 on Thursday while also forecasting a long recession and double-digit inflation -- a double whammy to household finances.

The BoE's governor Andrew Bailey is not alone. Central bankers across the world are under fire from politicians for failing to predict and prevent the current bout of high inflation.

WHAT IS CENTRAL BANK INDEPENDENCE AND WHY DOES IT MATTER?

A central bank is independent if it can make policy, such as setting interest rates or printing money, without interference from elected officials or the private sector.

The idea is that governments would lean on the central bank to engineer a boom when they need re-election and stop rate hikes that would be too painful for their voters.

This would cause the economy to overheat and inflation to run too high until an inevitable bust.

Instead, central bankers should squarely focus on inflation, sometime married with another goal such as full employment, and let politicians deal with questions of redistribution and fairness.

DOES IT WORK?

Data shows that central banks that were more independent, such as those of Germany, Austria and Switzerland, achieved lower inflation between 1970 and 1999 than those with closer ties to their governments, for example in Norway, New Zealand and Spain.

But this relationship became weaker in the new millennium as new forces came into play, such as greater globalisation and the introduction of the euro.

The alternative, however, is hard to stomach.

In Argentina, where the central bank is firmly under the president's control, inflation is nearing triple digit, the peso has lost half its value in less than 1-1/2 years and citizens face restrictions if they want to buy foreign currency or sell goods abroad.

ARE MOST CENTRAL BANKS INDEPENDENT?

Most central banks in the developed world and many in emerging economies are formally independent, albeit to varying degrees.

In practice, the line between central banks and governments can get blurry and is in some cases little more than a polite fiction.

Turkey's central bank is formally independent but that hasn't stopped the country's president, Tayyip Erdogan, from sacking governor after governor if they didn't grant his wishes.

Even in the United States and Europe, central bankers are routinely accused of bankrolling states with massive purchases of government debt, which have become common since the global financial crisis.

While these 'quantitative easing' programmes are always justified with the need to boost inflation when it's too low, they place central bankers working shoulder to shoulder, rather than at arm's length, with their governments.

This was nowhere more visible than in Japan, where the central bank owns half of the government's debt.

HAS CENTRAL BANK INDEPENDENCE ALWAYS BEEN THE NORM?

No, central banks were until recently an arm of the government.

The idea of having a fully independent central bank was discussed by economist Milton Friedman in 1962, who dismissed it on the ground that it wouldn't survive the first "real conflict" with government.

The Federal Reserve has enjoyed operational independence since 1951 but presidential interference lasted at least into the 1970s.

The then Fed chair Arthur Burns came under pressure to keep policy easy in order to help U.S. President Richard Nixon win re-election.

The ensuing, decade-long bout of high inflation, triggered by an oil shock that Burns' Fed sought to accommodate, boosted the idea of central bank independence.

This gained currency in the 1980s and took off in the 1990s, when many central banks, including the Bank of England, were reformed and more were created in what used to be the Eastern Bloc.

Để lại bình luận
Hot Auto Trade Bot Phương Thức Thanh Toán
BROKERS ĐƯỢC CẤP PHÉP
net_home_top Ai VIF
09-08-2022 11:00:48 (UTC+7)

EUR/USD

1.0196

+0.0001 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (3)

EUR/USD

1.0196

+0.0001 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (3)

GBP/USD

1.2083

+0.0008 (+0.06%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (4)

USD/JPY

134.91

-0.09 (-0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

AUD/USD

0.6989

+0.0001 (+0.01%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (7)

USD/CAD

1.2852

-0.0003 (-0.02%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (1)

EUR/JPY

137.56

-0.07 (-0.05%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (1)

EUR/CHF

0.9739

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (2)

Gold Futures

1,801.90

-3.30 (-0.18%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (8)

Silver Futures

20.683

+0.069 (+0.33%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (8)

Copper Futures

3.5883

+0.0013 (+0.04%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Crude Oil WTI Futures

90.62

-0.14 (-0.15%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Brent Oil Futures

96.52

-0.13 (-0.13%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (1)

Natural Gas Futures

7.669

+0.017 (+0.22%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (6)

US Coffee C Futures

211.38

+1.93 (+0.92%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (6)

Euro Stoxx 50

3,757.22

+31.83 (+0.85%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (4)

Sell (5)

S&P 500

4,140.06

-5.13 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (7)

DAX

13,687.69

+113.76 (+0.84%)

Summary

Neutral

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (5)

Sell (2)

FTSE 100

7,482.37

+42.63 (+0.57%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

Hang Seng

20,257.00

+211.23 (+1.05%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (0)

US Small Cap 2000

1,941.21

+19.38 (+1.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (2)

IBEX 35

8,272.50

+104.50 (+1.28%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (4)

Sell (6)

BASF SE NA O.N.

44.800

+0.780 (+1.77%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (4)

Bayer AG NA

52.95

-0.33 (-0.62%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (3)

Allianz SE VNA O.N.

177.84

+1.20 (+0.68%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (4)

Adidas AG

175.10

+3.54 (+2.06%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (7)

Sell (2)

Deutsche Lufthansa AG

6.751

+0.025 (+0.37%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (5)

Sell (4)

Siemens AG Class N

109.40

+0.76 (+0.70%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (1)

Deutsche Bank AG

8.799

+0.044 (+0.50%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (9)

 EUR/USD1.0196↑ Buy
 GBP/USD1.2083Neutral
 USD/JPY134.91↑ Buy
 AUD/USD0.6989↑ Sell
 USD/CAD1.2852Buy
 EUR/JPY137.56↑ Buy
 EUR/CHF0.9739↑ Buy
 Gold1,801.90↑ Sell
 Silver20.683↑ Sell
 Copper3.5883↑ Buy
 Crude Oil WTI90.62↑ Buy
 Brent Oil96.52↑ Buy
 Natural Gas7.669↑ Sell
 US Coffee C211.38↑ Sell
 Euro Stoxx 503,757.22↑ Sell
 S&P 5004,140.06↑ Sell
 DAX13,687.69Neutral
 FTSE 1007,482.37↑ Sell
 Hang Seng20,257.00↑ Buy
 Small Cap 20001,941.21↑ Buy
 IBEX 358,272.50↑ Sell
 BASF44.800Neutral
 Bayer52.95↑ Buy
 Allianz177.84Neutral
 Adidas175.10↑ Buy
 Lufthansa6.751Buy
 Siemens AG109.40↑ Buy
 Deutsche Bank AG8.799↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,630/ 6,730
(0/ 0) # 1,667
SJC HCM6,630/ 6,730
(0/ 0) # 1,668
SJC Hanoi6,630/ 6,732
(0/ 0) # 1,670
SJC Danang6,630/ 6,732
(0/ 0) # 1,670
SJC Nhatrang6,630/ 6,732
(0/ 0) # 1,670
SJC Cantho6,630/ 6,732
(0/ 0) # 1,670
Cập nhật 09-08-2022 11:00:50
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,788.02+23.711.34%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V26.28026.800
RON 95-III25.60026.110
E5 RON 92-II24.62025.110
DO 0.05S23.90024.370
DO 0,001S-V25.88026.390
Dầu hỏa 2-K24.53025.020
ↂ Giá dầu thô thế giới
WTI$90.01-0.23-0.26%
Brent$95.84-0.07-0.08%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.220,0023.530,00
EUR23.217,6924.517,91
GBP27.515,7528.689,21
JPY168,67178,56
KRW15,5018,89
Cập nhật lúc 10:58:09 09/08/2022
Xem bảng tỷ giá hối đoái
Phương Thức Thanh Toán