This article focuses on central banks in a single economy, but there are two issues that need to be specifically addressed. 1. European Central Bank (Europeran Central Bank|Eurosystem (ECB) is the monetary authority of the euro area, which was jointly established in 1998 by the central banks of the euro area member states, and has legal personality. However, the European Central Bank currently coexists with the central banks of the eurozone economies.
Among them, the European Central Bank dominates the unified monetary policy tools and currency issuance rights in the euro area, and the central banks of the euro area economies, as a part of the European central banking system, are similar to branches, but they have autonomy in personnel appointments and institutional settings, and the central banks of each economy are not allowed to directly or indirectly intervene in the operation of the European Central Bank (such as not buying and selling government bonds in the open market). Therefore, the following data comparison separates the ECB from the central banks of the eurozone economies.
2. In addition to the European Central Bank, the monetary authorities of three other economies, namely the Monetary Authority of Singapore, Hong Kong and Macao, China, assume the role of monetary authority and comprehensive financial regulator at the same time, with a wide scope of supervision and a typical unified financial supervision model. (2) Total ranking: The total volume of the world's top 100 central banks exceeds 42 trillion US dollars, and the United States, Japan and China rank among the top three1, according to SWFI statistics, the total assets of the world's top 100 monetary authorities exceed 42 trillion US dollars, but the concentration is relatively high, and the total assets of the top five, top ten and top 20 central banks have reached 23 trillion US dollars, 30 trillion US dollars and 36 trillion US dollars respectively.
Among them, the central banks of United States, Japan, China, Germany, France, Norway, Italy, United Kingdom, Spain and Switzerland are among the top 10, and the central banks ranked 11th to 20th are affiliated with the economies of Brazil, India, the Eurozone, Russia, Taiwan, Hong Kong, Singapore, Netherlands, Saudi Arabia and Korea. 2. It can be seen that in the European central banking system, Germany, France, Italy, Spain and other economies have the highest status, and their corresponding central banks have a volume of more than one trillion dollars (Germany and France reach 2.78 trillion US dollars and 2.01 trillion US dollars respectively), while the European Central Bank's own volume is actually only 744.4 billion US dollars.
Price selection: the choice of the policy interest rate of the world's major central banks 1, in addition to the total amount, structural characteristics, the central bank mainly through the interest rate policy to transmit its intentions, the key is to choose what interest rate as its policy interest rate, the current situation is that most economies will take the repo rate as the policy interest rate, some economic repo interest rates are the interest rates between the central bank and depository financial institutions, and some are the repo rates between depository financial institutions. In short, it is hoped that it will be transmitted to the money market and other markets through the policy rate.
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