Central Banking in Turbulent Times
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47 376 Ft
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Product details:
- Publisher OUP Oxford
- Date of Publication 15 March 2018
- ISBN 9780198806196
- Binding Hardback
- No. of pages348 pages
- Size 237x163x25 mm
- Weight 688 g
- Language English 0
Categories
Short description:
An examination of the post-recession responsibilities of central banks, this book proposes adaptations to the central banking model that preserve the advantages in terms of inflation control brought by their independence, while taking into account the long-term consequences of the Great Recession.
MoreLong description:
Central banks came out of the Great Recession with increased power and responsibilities. Indeed, central banks are often now seen as 'the only game in town', and a place to put innumerable problems vastly exceeding their traditional remit. These new powers do not fit well, however, with the independence of central banks, remote from the democratic control of government.
Central Banking in Turbulent Times examines fundamental questions about the central banking system, asking whether the model of an independent central bank devoted to price stability is the final resting point of a complex development that started centuries ago. It dissects the hypothesis that the Great Recession has prompted a reassessment of that model; a renewed emphasis on financial stability has emerged, possibly vying for first rank in the hierarchy of objectives of central banks. This raises the risk of dilemmas, since the Great Recession brought into question implicit assumptions that the pursuit of price stability would also lead to financial stability. In addition, the border between monetary and fiscal policy was blurred both in the US and in Europe. Central Banking in Turbulent Times asks whether the model prevailing before the Great Recession has been irrevocably altered. Are we entering, as Charles Goodhart has hypothesized, into the 'fourth epoch' of central banking? Are changes to central banks part of a move away from the global liberal order that seemed to have prevailed at the turn of the century? Central Banking in Turbulent Times seeks to answer these questions as it examines how changes can allow for the maintenance of price stability, while adapting to the long-term consequences of the Great Recession.
The global financial crisis started a transformation of central banking by showing that the nexus between price stability and financial stability is more complex than was previously understood. In this book, Francesco Papadia and Tuomas V?lim?ki, not only offer a superb survey of the central banking experience through the crisis, but also identify the most important future challenges to monetary policy. An essential and provocative read to a broad range of audience from policy-makers to market analysts, from scholars to students of economics, to all those who want to deepen their understanding of central banks in the great financial crisis and their challenges thereafter.
Table of Contents:
Introduction
1. Central banking before the Great Recession
Changing nature and objectives of central banks
Dominant central bank model before the crisis
The unsettled issue of financial stability
Planting the seeds of the Great Recession: macroeconomic, regulatory, supervisory, and intellectual aspects
2. Central banking during the Great Recession
Monetary Policy
Financial Stability
3. Central banking after the Great Recession
Hits to the pre-crisis central bank model
Was the pre Great Recession central banking model jeopardized?
Strategic and operational issues
Central banks in a new regulatory and supervisory landscape
How wide will the scope of responsibilities of central banks be?
Possible adaptations to the central banks model
