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

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Michael D. Bordo
Cambridge University Press, 09.06.2016 - 714 Seiten
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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.
 

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Inhalt

Central Banks and the Stability of the International
8
The Descent of Central Banks 14001815
18
An Historical and Quantitative
62
The Coevolution of Money Markets and Monetary Policy
177
Central Bank Independence in Small Open Economies
195
Economists on the Lender of Last
231
A Century and a Half of Central Banks International
280
Perspectives from Emerging Economies
387
From
424
Historical Perspectives
493
The Evolving
563
Lessons Learnt from
610
A Practitioners
627
Index
673
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Über den Autor (2016)

Michael D. Bordo is Professor of Economics and Director of the Center for Monetary and Financial History at Rutgers University, New Brunswick.

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