Macro Musings with David Beckworth Claudio Borio on the Future of Central Bank Operating Systems
Jan 8, 2024
Claudio Borio, Head of the Monetary and Economic Department at BIS, discusses the challenge of large balance sheets at central banks. They explore the shift from the pre-2008 scarce reserve system to the abundant reserve system. They also discuss the political pressure on central bank balance sheets and the implications for fiscal policy.
Chapters
Transcript
Episode notes
1 2 3 4 5 6
Introduction
00:00 • 3min
Central Bank Reserves: Abundant vs Scarce
02:56 • 7min
Exploring Interbank Lending and Central Bank Balance Sheets
09:52 • 4min
Shift from Scarce to Abundant Reserve System
14:19 • 28min
The Political Economy of Central Bank Balance Sheets
42:01 • 4min
Implications of Central Bank Balance Sheets for Fiscal Policy
46:01 • 5min