Title: Financial resilience of hybrid organizations : the case of OECD central banks
Authors : Fuchs, Sandro
Horni, Pascal
Brüesch, Caroline
Conference details: Congress of the International Institute of Administrative Sciences, Tunis, 25.-29.06.2018
Issue Date: 2018
License (according to publishing contract) : Licence according to publishing contract
Type of review: No review
Language : English
Subject (DDC) : 332.1: Banks
Abstract: There is little doubt that the great financial crisis (GFC) that started in 2007 has substantially changed central banking. Central banks (CBs) were forced to undertake financial interventions that were larger and financially riskier than any previously undertaken. Such interventions have led CBs balance sheets – together with the corresponding underlying risks – expand to record levels. Such interventions have undoubtedly intensified the debate about central bank equity and financial resilience. If the public wants to finds reasons for criticism, then an easy target may be central bank (negative) equity, and more generally, central bank financial resilience. Overall, the financial strength and resilience of CBs have come under closer academic, political and also public scrutiny. Despite closer scrutiny, there exists surprisingly little academic work concerning the role and importance of central bank financial resilience. This paper will complement limited academic research with respect to central bank financial resilience and aims to establish a comprehensive framework to manage and govern financial resilience through combining operational and institutional aspects of CB. Based on the established theoretical resilience framework, we aim to analyze and measure the resilience of all 36 OECD central banks, by scrutinizing CB legislative frameworks and financial statements in order to elaborate different roles, targets and managing aspects of CB financial resilience. First results show a heterogeneous landscape of CB financial resilience and that the consequences of weak financial resilience might be underestimated significantly. The paper reveals the need to establish a recognized practice guideline, to govern and monitor CB financial resilience.
Departement: School of Management and Law
Organisational Unit: Institute of Public Management (IVM)
Publication type: Conference Paper
URI: https://digitalcollection.zhaw.ch/handle/11475/10330
https://app.oxfordabstracts.com/events/243/submissions/33139/question/12359/programme-builder/download
Appears in Collections:Publikationen School of Management and Law

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