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240607 ||| eng |
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|a 9798400244643
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|a Belhocine, Nazim
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|a Raising Rates with a Large Balance Sheet: The Eurosystem’s Net Income and its Fiscal Implications
|c Nazim Belhocine, Ashok Bhatia, Jan Frie
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2023
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| 300 |
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|a 43 pages
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| 653 |
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|a Interest rates
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| 653 |
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|a Payment Systems
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| 653 |
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|a Public Administration
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| 653 |
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|a Income
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| 653 |
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|a Public debt
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| 653 |
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|a Public finance & taxation
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| 653 |
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|a Regimes
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| 653 |
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|a Financial statements
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| 653 |
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|a Financial services
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| 653 |
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|a Debts, Public
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| 653 |
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|a National accounts
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| 653 |
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|a Unconventional monetary policies
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| 653 |
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|a Economics of specific sectors
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| 653 |
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|a Standards
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| 653 |
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|a Currency crises
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| 653 |
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|a Accounting
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| 653 |
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|a Public Sector Accounting and Audits
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Banking
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| 653 |
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|a Public financial management (PFM)
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| 653 |
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|a Financial reporting, financial statements
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| 653 |
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|a Economic & financial crises & disasters
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| 653 |
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|a Government and the Monetary System
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| 653 |
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|a Monetary economics
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| 653 |
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|a Economics: General
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| 653 |
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|a Debt Management
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| 653 |
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|a Debt
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| 653 |
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|a Informal sector; Economics
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| 653 |
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|a Aggregate Factor Income Distribution
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| 653 |
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|a Sovereign Debt
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| 653 |
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|a Money and Interest Rates: Forecasting and Simulation
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Finance, Public; Accounting
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| 653 |
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|a Monetary Systems
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| 653 |
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|a Forecasts of Budgets, Deficits, and Debt
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| 653 |
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|a Monetary policy
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Central Banks and Their Policies
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| 653 |
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|a Monetary Policy
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| 653 |
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|a Public Finance
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Central bank policy rate
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|a Bhatia, Ashok
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|a Frie, Jan
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|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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|a IMF Working Papers
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|a 10.5089/9798400244643.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2023/145/001.2023.issue-145-en.xml?cid=535549-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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|a The Eurosystem, having purposefully expanded its footprint in recent years, confronts a period of loss-making as rising policy rates lift the remuneration of bank reserves while assets churn more slowly. This paper projects the net income of the Eurosystem and its “top-five” national central banks over a ten-year horizon, finding that losses, while large, will be temporary and recoupable. The policy conclusions are fourfold. First, the temporary and recoupable nature of the loss-making obviates any need for capital contributions or indemnities from the state, instead allowing losses to be offset against future net income. Second, it must nonetheless be communicated that fiscal impacts will be material, with annual taxes and transfers of 0.1−0.2 percent of GDP giving way to potentially long interruptions in some cases. Third, more-conservative profit distribution policies in the future steady state could help mitigate the on-off pattern of dividends. Finally and most vitally, loss-making must remain orthogonal to monetary policy decision-making, as indeed it is at the ECB. Ultimately, credibility will rest on performance in delivering on the price stability mandate
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