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Economies
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Monetary Policy and Central Banking: Challenges in the Current Environment
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Monetary Policy and Central Banking: Challenges in the Current Environment

A special issue of Economies (ISSN 2227-7099). This special issue belongs to the section "Macroeconomics, Monetary Economics, and Financial Markets".

Deadline for manuscript submissions: 1 March 2025 | Viewed by 2866

Special Issue Editor

Prof. Dr. Anthony J. Evans

E-Mail Website
Guest Editor
ESCP Europe Business School, 527 Finchley Road, London NW3 7BG, UK
Interests: monetary economics; transitional economics; neoliberalism

Special Issue Information

Dear Colleagues,

The objectives and functions of central banks have changed significantly over time, and large questions are currently being posed regarding future activities. This Special Issue looks at the extent to which topics such as inequality, green central banking, and central bank digital currencies should be integrated with more traditional concerns for economic performance. Do modern, complex problems require broader consideration for the social impact of policy decisions? Or should central banks be more mission-focused? By surveying a range of contemporary central bank performances, encompassing a broad geographic scope, we can identify, analyse, and assess areas of success and failure.

Prof. Dr. Anthony J. Evans
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Economies is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • central banks
  • central bank digital currencies
  • green central banking
  • inequality
  • inflation targets
  • mission focus
  • monetary policy
  • social impact
  • sustainability

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Published Papers (3 papers)

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Research

32 pages, 4308 KiB  
Article
A Structural Vector Autoregression Exploration of South Africa’s Monetary and Macroprudential Policy Interactions
by Khwazi Magubane and Ntokozo Patrick Nzimande
Economies 2024, 12(10), 278; https://doi.org/10.3390/economies12100278 (registering DOI) - 15 Oct 2024
Viewed by 246
Abstract
Interactions between monetary and macroprudential policy are crucial in safeguarding price and financial stability. This study investigates the macroeconomic and financial impacts of monetary and macroprudential policy interactions in South Africa, a leading African economy in developing macroprudential frameworks. The existing literature largely [...] Read more.
Interactions between monetary and macroprudential policy are crucial in safeguarding price and financial stability. This study investigates the macroeconomic and financial impacts of monetary and macroprudential policy interactions in South Africa, a leading African economy in developing macroprudential frameworks. The existing literature largely focuses on the effectiveness of these policies independently, leaving a gap in understanding how their interaction affects their overall efficacy. Employing a Structural Vector Autoregression (SVAR) model and utilizing data from 1980 to 2023, this study uniquely incorporates the financial cycle to represent financial developments. The results reveal significant effects of both policies on key variables such as output, the financial cycle, and the price level. Specifically, policy contractions reduce output and the financial cycle but increase the price level, illustrating the ‘price puzzle’. This study further identifies an endogenous response between the two policies: monetary policy reacts by rising to reduce price levels following a macroprudential shock, while macroprudential policy rises to stimulate financial activity after a monetary shock. These findings underscore the importance of using both policies in conjunction but in opposite directions to balance their effects and achieve price and financial stability. This study suggests that an optimal combination of monetary and macroprudential policies is critical for maintaining macroeconomic equilibrium. Full article
(This article belongs to the Special Issue Monetary Policy and Central Banking: Challenges in the Current Environment)
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20 pages, 1392 KiB  
Article
Parallel Currencies under Free Floating Exchange Rates: A Model Setting Out the Conditions for Stable Currency Competition
by Juan E. Castañeda, Sebastian Damrich and Pedro Schwartz
Economies 2024, 12(10), 257; https://doi.org/10.3390/economies12100257 - 24 Sep 2024
Viewed by 928
Abstract
We use a theoretical model to set up the conditions for a country to attain monetary stability by allowing for two freely tradable currencies to circulate in parallel. For this parallel system to function properly, confidence in the good behavior of the monetary [...] Read more.
We use a theoretical model to set up the conditions for a country to attain monetary stability by allowing for two freely tradable currencies to circulate in parallel. For this parallel system to function properly, confidence in the good behavior of the monetary authorities in charge of the two currencies is key. Our model shows how a floating exchange rate between the two can keep the issuers of the local currency in check. The results from our model show the conditions under which a parallel currency system disciplines the issuers of the currencies and thus maintains their purchasing power. In non-volatile economies, it also discourages governments (or private issuers) from inflating one of the currencies as a means to raise seigniorage, as this policy results in the displacement of the currency from the market. When foreign payments shortfall—such as in Greece and Cyprus during the ‘euro crisis’ in the mid-2010s, or intractable hyperinflation—leave the country without a medium of exchange, our model shows how currency choice can restore monetary circulation and offer a path to achieving and maintaining monetary stability. Full article
(This article belongs to the Special Issue Monetary Policy and Central Banking: Challenges in the Current Environment)
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11 pages, 222 KiB  
Article
Stock Markets and Stress Test Announcements: Evidence from European Banks
by Christos Floros, Efstathios Karpouzis and Nikolaos Daskalakis
Economies 2024, 12(7), 171; https://doi.org/10.3390/economies12070171 - 4 Jul 2024
Viewed by 996
Abstract
This paper examines the market reaction to the European bank stress test announcement and results release events. Using event study methodology (calculating abnormal returns on a three-day period around the event dates), we find that the market reacts differently between the announcement event [...] Read more.
This paper examines the market reaction to the European bank stress test announcement and results release events. Using event study methodology (calculating abnormal returns on a three-day period around the event dates), we find that the market reacts differently between the announcement event and the results release event. We also show that the market seems to positively overreact one day before each event, and that this positive reaction is either fully or partially reversed one day after the event. We thus conclude that researchers should consider both events when exploring the market reaction to stress-testing exercises. Full article
(This article belongs to the Special Issue Monetary Policy and Central Banking: Challenges in the Current Environment)
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