Federal Reserve System of USA
Презентация на тему "Federal Reserve System of USA"
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Federal Reserve System the independent federal agency which is specially created on December 23, 1913 for performance of functions of the central bank and implementation of the centralized control over a commercial banking system of the United States of America.
functions of FRS: performance of obligations of the central bank of the USA maintenance of balance between interests of commercial banks and national interests ensuring supervision and regulation of banking institutions protection of the credit rights of consumers management of monetary issue (with quite often clashing purposes: unemployment minimization, maintenance of stability of the prices, providing moderate interest rates) ensuring stability of a financial system, control of system risks in the financial markets providing financial services to depositaries, including U.S. Government and official international institutions participation in functioning of system of the international and internal payments elimination of problems with liquidity at the local level
post of the chairman of the board of governors of FRS Since February, 2006 Ben Bernanke borrows. On December 17, 2009 the Banking committee of the senate of the USA approved the head of the Federal Reserve System (FRS) Ben Bernanke for the second term.
Chronology of the central banks of the USA: 1791 — 1811: First bank of the United States 1811 — 1816: The central bank was absent 1816 — 1836: Second bank of the United States 1837 — 1862: "Era of free banks" 1863 — 1913: National banks 1913 — the present: Federal Reserve System.
Modern history of FRS In July, 1979 the U.S. President Jimmy Carter appointed Paul Volcker the chairman of FRS. Volcker managed to bridle a galloping inflation, having reduced it to 1% by reduction of monetary issue and toughening of monetary policy. On a post of the chairman of FRS Paul Volcker in 1987 Alan Greenspan replaced. In February, 2006 the post of the chairman of FRS was held by Ben Bernanke.
Legal status of FRS The law on the Federal reserve defines that FRS consists of regional federal reserve banks which have the status of the independent legal entity, but control with which is exercised by the board of governors of FRS appointed by the U.S. President.
Structure of FRS 12 regional federal reserve Member banks - National banks - Banks of states Board of governors of FRS Federal committee on operations in the U.S. Fed open market (FOMC) some consulting councils and working committees. - Consumer advisory board (English) русск . - Advisory board of society of depository institutes (English) - Federal consulting council
Capital of federal reserve banks has joint-stock form of ownership and it is created at sale of shares of these banks.
Stocks of federal reserve banks received by banks in exchange for the reserve capital, possess a number of restrictions: they can't be sold or exchanged, on them the fixed dividend — 6% per annum, not depending on profit of FRS is paid
FRS carries out monetary issue which generally directs on purchase of obligations (bonds) of treasury of the USA (in special cases — and other assets). Thus, exchange operations with dollars are based on trust to the U.S. Government and a financial system of the USA in general.
i ndependence Granting wide autonomy of FRS at decision-making is combined with the accountability and checkability of activity which has to pass in legislatively stipulated framework.
Activity of banks of FRS not less once a year passes audit of Audit Chamber of the USA (English Government Accounting Office), or major independent auditor companies of the national level
Directions of a monetary policy Fight against inflation Operations in the open market Discount policy Policy of obligatory reserves
For inflation control it is necessary to establish control over credit and monetary units that is the speed of the address of money expressed by the relation of nominal output to the size of demand of the population for money is an indicator rather stable and predictable
V=Y/M, where V - the speed of the address of money supply; Y - nominal output; M - the size of money supply in the address.
Size of the nominal income it can be expressed as follows: Y=P*y, where Y - growth of the nominal income; P - rates of inflation; y - growth rates of real output.
It was recognized that modern growth rates of real output will come nearer to potential growth rates of the volumes involved in economic activity of resources, and also their productivities.
Operations of the Central Bank in the open market have direct impact on the volume of the free resources which are available for commercial banks that stimulates either reduction, or expansion of volume of credit investments in economy, at the same time influencing liquidity of banks, respectively reducing or increasing it.
The directions of operations in the open market 1. Establishment of a rate on federal funds. 2. Carrying out the temporary short-term operations in the open market including purchase of securities with the subsequent right of their repayment through certain time. 3. Carrying out continuous operations on purchase and sale of long-term securities for the purpose of long-term increase or reduction of the reserves available to a banking system.
In modern conditions the main place in the operational mechanism of a monetary policy of the central banks, including U.S. Fed, operations in the open market for the purpose of rendering direct impact on liquidity of the monetary market through a rate of the interbank credit овернайт occupy (overnight).
Advantage in front of other tools 1. Operations in the open market are carried out at the initiative of FRS which can control their volume. 2. Operations in the open market are flexible and quite exact, they can be made in any volumes. 3. Operations in the open market are easily reversible. 4. Operations in the open market are carried out quickly, they don't depend on administrative delays.
discount rate – it is the percent rate determining the cost of the loans granted to FRS to commercial banks. In practice these operations are performed through federal reserve banks.
Except a crediting rate each FRB can determine the volume of crediting of commercial banks, establishing a so-called discount window (Discount window).
Advantage of discount policy that FRS can use it for performance of the function of the creditor in final instance is.
Main lack of discount policy consists in its weaker influence on the offer of money in comparison with operations in the open market.
required reserve — it is part of the sum of deposits which commercial banks have to store in the form of interest-free deposits in the Central Bank
structure of reserve assets In the USA cash reserve accounts in federal reserve banks (federal funds) The sum of reserve accounts in federal reserve banks and that part of cash which is usually used for reserve requirements, is called as total reserves.
Total reserves share on - obligatory reserves which size is defined by existing rules. - excess reserves which size is equal to excess of the actual reserves over the obligatory.
reserve account in federal reserve banks are interest-free therefore the credit institutes which are holders of these accounts aren't interested in emergence of surplus and furthermore in that this surplus accepted the considerable sizes.
advantage of the mechanism of an obligatory rezevirovaniye at control over the offer of money consists that it equally influences all banks and has powerful impact on the offer of money.
Mechanism shortcomings : - it is difficult to reach little changes of volume of the offer of money, changing standards of reserve requirements. - its increase can lead to emergence of a problem with liquidity at banks which have small volumes of excess reserves.
On U.S. Fed very heavy responsibility connected with need of achievement of certain purposes among them is imposed: carrying out is monetary – credit policy, maintenance of stability of the prices in the country, supervision of activity of banks, counteraction to financial crises and many other things.
For achievement of these purposes U.S. Fed has to cope with rather large number of functions of the central bank. Thanks to features of structure, in FRS there is a possibility of division of functions between Board of governors (the general regulating, rule-making activity) and 12 FRB (carrying out operations of the central bank).
Development and carrying out monetary policy is the main activity of FRS. Influencing by economic methods the monetary and credit sphere, FRS uses changes of norm of obligatory reserves, change of discount rates and carrying out operations in the open market through special structural division of Board of governors – Committee on operations in the open market (KOOR).
Rate on which banks grant each other the loans from the excess reserves which are available for them, is called as a rate on federal funds, the Target rate is established at meetings of KOOR and is the main reference point for all interest rates in the country.
today operations in the open market are the only rather effective instrument of regulation of size of money supply in the country.
Discount policy In the USA combines very simple mechanism of fast refinancing of the banks testing temporary shortage of liquidity, and at the same time strict control over volumes of available crediting that stimulates banks to bear responsibility for the activity.
Stable banking system of the USA it is important for all rest of the world, at the same time ruin at least of one large bank can lead to a crisis chain.
Change of norms of obligatory reservation is inactively used instrument of monetary and credit regulation because of scales of consequences of such actions
The USA and FRS should pay attention on: budget deficit balance of payments decrease of the attractiveness of the American assets the increased state
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