Using a central bank legislation database, this paper documents and analyzes worldwide institutional arrangements for central bank lending to the government and identifies international practices.
Noen sentralbanker har lovverk som forbyr de å finansiere statsfinanser. Noen har ikke slike regler.
Hva sier forfatterne om Norge?
Title: The Norges Bank Act, September 9, 1985
Last Amendment: Act No. 11 of March 16, 2007
Chapter IV. Role in the credit market Section 18. Extension of credit to the government
The Bank may not extend credit directly to the government. Amended by Act No. 44 of 20 June 2003 (in force as from January 1, 2005 pursuant to decision No. 1600 of December 19, 2003.)
Enkelt og greit.
Hva med USA? (Utdrag)
The President may direct the Secretary of the Treasury to make an agreement with the Federal reserve banks and the Board of Governors of the Federal Reserve System when the President decides that the foreign commerce of the United States is affected adversely because (1) the value of coins and currency of a foreign country compared to the present standard value of gold is depreciating; (2) action is necessary to regulate and maintain the parity of United States coins and currency; (3) an economic emergency requires an expansion of credit; or (4) an expansion of credit is necessary so that the United States Government and the governments of other countries can stabilize the value of coins and currencies of a country.
(b)(2) buy directly and hold an additional $3,000,000,000 of obligations of the Government for each agreed period, unless the Secretary consents to the sale of the obligations before the end of the period.
Her er det mye artig lesing. Spesielt Tyskland og ESB.