Comparative Central Banking
Module overview Explore and discover why central banks have different mandates, objectives, governance and operating procedures and you will gain an understanding of the scope of possible policy choices across the broad range of central bank activities. You will learn to draw comparisons between the US, Europe, Japan and EMEs (including fixed exchange rate regimes), and explore case studies on how central bank operations – to support both monetary and financial stability – evolved during the Great Financial Crisis. The Module also includes material on how central banks have responded during the Covid-19 pandemic. The module will touch on all of a central bank’s typical roles including monetary policy; financial stability; balance sheet and reserves management; market operations; banknotes; lender of last resort, supervision and regulation; and other regulatory issues such as market conduct, payments, resolution and digital currencies. Who would benefit from this module? This module would benefit those working in or with central banks who are looking to gain an fundamental understanding of the processes and how they relate to their department and the wider economy.
Key benefits ■ Gain a fundamental and holistic view of the central banking sector ■ Immediately apply the latest tools and best practice to your role ■ Immediate insight into why central banks around the world differ in their policies to the economy and to financial regulation ■ Gain a Postgraduate Award upon successful completion. Faculty On this module you will benefit from the insights of a diverse and global pool of speakers. This module is led by Paul Fisher (Former Executive Director, Bank of England) and Diarmuid Murphy (Head of Function – Banking Authorisations, Central Bank of Ireland) and features insights from a range of speakers including Sir Andrew Large, Jean- Francois Rigaudy, David Archer (BIS), Grant Spencer (former Governor of Reserve Bank of New Zealand - and one of the inventors of Inflation Targeting), Brian Wynter (Governor of Bank of Jamaica), Rudy Wytenburg, Martin Johansoon, Ruth Crowell (LBMA), Professor Bob Aliber, Tracey McDermott, Fernando Restoy, Mike Silva, Patrick Honihan (Former Governor of Central Bank of Ireland), Hirishi Nakaso (former Assistant Governor at Bank of Japan).
Module structure ■ The module lasts for 17 weeks and culminates in an assessment ■ Module materials are organised into 10 lessons – each lasting one week ■ You can expect to spend around 11 hours studying per lesson ■ Lessons include reading materials, video interviews, discussion points, reflection activities ■ There are four wbsLive online sessions with your tutor.
Key info
■ The module will run between October 2021 and February 2022 ■ This module features a two-week induction period prior to starting.
Key topics covered During this module, you will cover the following.
Topics
Different policy regimes
Balance sheet issues
Role of central banks
Hot topics
Should banking supervision be part of a central bank?
Central banking independence, conduct regulation
Liabilities ■ Banknotes ■ Commercial bank reserves ■ Central Bank Capital Assets ■ Outright asset holdings: financial risk, political economy considerations ■ Lending/Draining: scale, term, price, frequency, etc ■ Collateral considerations: haircuts, financial stability implications
Different targets: exchange rate regimes, inflation target regimes, monetary control regimes corresponding to different nominal anchors Different instruments: interest rates, monetary control, exchange rate intervention
Foreign exchange and reserves management: Who? Why? How?
Payment systems, developments in digital currencies, financial market, infrastructure issues
Class profile*
4 Nationalities represented
38 Average age of participants
25/75 % male/ female split
14 Average years’ work experience
Challenges from the Covid-19 pandemic, disintermediation of the banking system, fintech developments
Financial Stability Operations
Operating decisions
Policy co-ordination: monetary policy vs macroprudential vs microprudential
Please note that this is not an exhaustive list and we recommend you contact us for a more detailed discussion.
*October 2020 Postgraduate Award intake.
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wbs.ac.uk/go/banking
wbs.ac.uk/go/banking
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