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dc.contributor.authorGarcía-Escudero, Enrique Esteban
dc.contributor.authorRomo González, Luna Azahara
dc.date.accessioned2024-03-19T13:42:16Z
dc.date.available2024-03-19T13:42:16Z
dc.date.issued2024-03-20
dc.identifier.issn1695-9086 (en línea)
dc.identifier.issn1130-4987 (en papel)
dc.identifier.urihttps://repositorio.bde.es/handle/123456789/36255
dc.description.abstractRationale Central banks in some developed countries have started to record, or will soon record, losses. These losses are due to the structural changes in their balance sheets after the exceptional measures adopted during the economic crises of recent years, which were necessary to maintain price stability. This article explains why these losses are expected to be temporary and why central banks can continue to perform their functions and deliver on their mandate even when incurring losses. Takeaways •A central bank’s aim is not to maximise profits, but instead to use monetary policy to achieve price stability. •Central banks cannot be insolvent as they issue the currency (base money) with which they continue to cover their operating expenses and meet their present and future payment obligations. •There are numerous examples of central banks that have continued to deliver on their mandates even when incurring losses. In these cases, a robust legal framework that protects central banks’ autonomy is key.
dc.format.extent14 p.
dc.language.isoeng
dc.publisherBanco de España
dc.relation.ispartofEconomic Bulletin / Banco de España, 2024/Q2, 01
dc.relation.hasversionVersión en español 123456789/36273
dc.rightsReconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
dc.rightsIn Copyright - Non Commercial Use Permitted
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
dc.rights.urihttp://rightsstatements.org/vocab/InC-NC/1.0/
dc.subjectCentral banking
dc.subjectProfit and loss
dc.subjectEurosystem
dc.subjectPrice stability
dc.subjectMonetary policy
dc.subjectPolítica monetaria
dc.subjectContabilidad bancaria
dc.subjectEstabilidad de precios
dc.titleWhy a central bank’s bottom line doesn’t matter (that much)
dc.typeArtículo
dc.identifier.bdebib000475389
dc.identifier.bdepubECBU-2024-Q2-01
dc.subject.bdeBancos centrales y otras autoridades monetarias
dc.publisher.bdeMadrid : Banco de España, 2024
dc.subject.jelE52
dc.subject.jelE58
dc.identifier.doihttps://doi.org/10.53479/36255
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