How much fiscal backing must the ECB have? The euro area is not (yet) the Philippines (notice n° 594035)
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| fixed length control field | 02786cam a2200337 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250121150733.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Belke, Ansgar |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | How much fiscal backing must the ECB have? The euro area is not (yet) the Philippines |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2011.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 57 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | RésuméCet article propose une explication détaillée des raisons pour lesquelles une banque centrale sans capacité fiscale (« fiscal backing ») peut perdre le contrôle de l’inflation. Nous mettons en évidence que ce risque n’est apparu que récemment, du fait du développement des activités quasi-budgétaires de la BCE. Nous montrons en outre qu’il n’est pas toujours souhaitable de doter la BCE d’un « fiscal backing ». Ce dernier semble être une stratégie viable uniquement dans le cas où les pertes comptables de la banque centrale ne sont pas liées à l’état des finances publiques. Si, toutefois, la détérioration des finances publiques engendre directement des pertes de portefeuille au niveau de la banque centrale, la préservation de ses fonds propres peut conduire à une politique inflationniste.Classification JEL : G32 ; E42 ; E51 ; E58 ; E63. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | This paper gives a detailed explanation of why a central bank without fiscal backing can lose control of inflation. Moreover, it argues that such danger emerged only recently for the ECB due to its increasing quasi-fiscal activities. Finally we argue that it might not generally be a good idea to provide fiscal backing for the ECB. That said, the backing of the central bank’s equity capital by fiscal policy (“fiscal backing”) appears to be a viable strategy if and when the central bank’s accounting losses are not related to the state of public finances. If, however, central bank portfolio losses are a direct outcome of deteriorating public finances, preserving the central bank’s equity capital may lead to a policy of high inflation, possibly above the ECB’s target level. JEL Classification: G32; E42; E51; E58; E63. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | collatéral |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | risque de contrepartie |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | indépendance de la banque centrale |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | capital de la banque centrale |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | capacité fiscale |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Collateral |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Counterparty Risk |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Liquidity |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Haircuts |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Fiscal Backing |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Central Bank Independence |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Repurchase Agreements |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Central Bank Capital |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Polleit, Thorsten |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Économie internationale | 124 | 4 | 2011-10-12 | p. 5-30 | 1240-8093 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/revue-economie-internationale-2010-4-page-5?lang=fr&redirect-ssocas=7080">https://shs.cairn.info/revue-economie-internationale-2010-4-page-5?lang=fr&redirect-ssocas=7080</a> |
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