Central Banks at a Crossroads: What Can We Learn from History?

Central Banks at a Crossroads

What Can We Learn from History?
 
Kiadó: Cambridge University Press
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A termék adatai:

ISBN13:9781107149663
ISBN10:1107149665
Kötéstípus:Keménykötés
Terjedelem:714 oldal
Méret:235x163x43 mm
Súly:1140 g
Nyelv:angol
Illusztrációk: 60 b/w illus. 30 tables
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Rövid leírás:

This book discusses the role of central banks and draws lessons from examining their evolution over the past two centuries.

Hosszú leírás:
Throughout their long history, the primary concern of central banks has oscillated between price stability in normal times and financial stability in extraordinary times. In the wake of the recent global financial crisis, central banks have been given additional responsibilities to ensure financial stability, which has sparked intense debate over the nature of their role. Bankers and policy makers face an enormous challenge finding the right balance of power between the central bank and the state. This volume is the result of an international conference held at Norges Bank (the central bank of Norway). International experts and policy makers present research and historical analysis on the evolution of the central bank. They specifically focus on four key aspects: its role as an institution, the part it plays within the international monetary system, how to delineate and limit its functions, and how to apply the lessons of the past two centuries.

'Economic policy makers - just as generals - tend to fight the last battle rather than the one at hand. Instead they should learn from history and try to find fundamental underlying principles that can guide policy. For those with an interest in monetary policy and the task of a central bank Central Banks at a Crossroads is a good start.' Lars Heikensten, former Governor of Sveriges Riksbank, Executive Director of The Nobel Foundation
Tartalomjegyzék:
Preface Michael D. Bordo, &&&216;yvind Eitrheim, Marc Flandreau and Jan F. Qvigstad; 1. Introduction Michael D. Bordo, &&&216;yvind Eitrheim, Marc Flandreau and Jan F. Qvigstad; 2. The descent of central banks (1400
-1815) William Roberds and Fran&&&231;ois R. Velde; 3. Central bank credibility
- an historical and quantitative exploration Michael D. Bordo and Pierre L. Siklos; 4. The coevolution of money markets and monetary policy, 1815
-2008 Clemens Jobst and Stefano Ugolini; 5. Central bank independence in small open economies Forrest Capie, Geoffrey Wood and Juan Casta&&&241;eda; 6. Fighting the last war
- economists on the lender of last resort Richard S. Grossman and Hugh Rockoff; 7. A century and a half of central banks, international reserves and international currencies Barry Eichengreen and Marc Flandreau; 8. Central banks and the stability of the international monetary regime Catherine Schenk and Tobias Straumann; 9. The international monetary and financial system
- a capital account historical perspective Claudio Borio, Harold James and Hyun Song Shin; 10. Central banking
- perspectives from emerging economies Menzie D. Chinn; 11. The evolution of the financial stability mandate from its origins to the present day Gianni Toniolo and Eugene N. White; 12. Bubbles and central banks
- historical perspectives Markus K. Brunnermeier and Isabel Schnabel; 13. Central banks and payment systems
- the evolving trade
-off between cost and risk Charles Kahn, Stephen Quinn and Will Roberds; 14. Central bank evolution
- lessons learnt from the sub
-prime crisis C. A. E. Goodhart; 15. The evolution of central banks
- a practitioner's perspective Andrew G. Haldane and Jan F. Qvigstad; Index.