Central Banks at a Crossroads: What Can We Learn from History?Michael D. Bordo, Øyvind Eitrheim, Marc Flandreau, Jan F. Qvigstad Cambridge University Press, 09.06.2016 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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Seite 20
... coin were rarely straightforward. After economic exchanges had evolved out of barter, prices were expressed and ... coin regarded as highly desirable tended to disappear from circulation, often to reappear as “ghost money,” that is, a ...
... coin were rarely straightforward. After economic exchanges had evolved out of barter, prices were expressed and ... coin regarded as highly desirable tended to disappear from circulation, often to reappear as “ghost money,” that is, a ...
Seite 21
... coin) evolved into the depositum irregulare (a claim on fungible coin). The latter allowed fractional reserve banking, payments occurring as book-entry transfers of deposit claims. Over time a payment by book-entry transfer became ...
... coin) evolved into the depositum irregulare (a claim on fungible coin). The latter allowed fractional reserve banking, payments occurring as book-entry transfers of deposit claims. Over time a payment by book-entry transfer became ...
Seite 22
... coins. These regulations were often ineffective, either in curtailing bank failures, or in maintaining a predictable exchange rate between moneta in obligatione (the money owed) and moneta in solutione (the money repaid) ...
... coins. These regulations were often ineffective, either in curtailing bank failures, or in maintaining a predictable exchange rate between moneta in obligatione (the money owed) and moneta in solutione (the money repaid) ...
Seite 23
... coin currently circulated at its legal value changed with debasements, imports of foreign coins and wear. Barcelona and Catalonia To Barcelona is usually given the honor of the first public bank in Europe (Usher, 1934; Sánchez Sarto ...
... coin currently circulated at its legal value changed with debasements, imports of foreign coins and wear. Barcelona and Catalonia To Barcelona is usually given the honor of the first public bank in Europe (Usher, 1934; Sánchez Sarto ...
Seite 24
... coins. In 1453, following a debasement of the currency of Aragon, deposits were revalued but to a lesser extent than the currency's debasement (Usher, 1943, 376). In the early seventeenth-century, monetary disorders prompted the ...
... coins. In 1453, following a debasement of the currency of Aragon, deposits were revalued but to a lesser extent than the currency's debasement (Usher, 1943, 376). In the early seventeenth-century, monetary disorders prompted the ...
Inhalt
8 | |
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 |
Andere Ausgaben - Alle anzeigen
Central Banks at a Crossroads: What Can We Learn from History? Michael D. Bordo,Øyvind Eitrheim,Marc Flandreau,Jan F. Qvigstad Eingeschränkte Leseprobe - 2016 |
Central Banks at a Crossroads: What Can We Learn from History? Michael D. Bordo,Øyvind Eitrheim,Marc Flandreau,Jan F. Qvigstad Keine Leseprobe verfügbar - 2020 |
Häufige Begriffe und Wortgruppen
asset price Bagehot balance sheet Banco Bank of Amsterdam Bank of England bank’s bankers banking system Banque de France Bernanke bills boom Bordo Borio Bretton Woods Bretton Woods system bubble Capie capital central bank credibility central bank independence coin collateral countries crises currency deflation deposits developed discount rate dollar Economic History Eichengreen emerging market European example failure Federal Reserve Bank financial crisis financial markets financial stability financial system fiscal Flandreau foreign exchange foreign exchange markets Friedman and Schwartz funds global gold standard government debt inflation rates inflation targeting interest rates international monetary Journal last resort lender of last lending liabilities liquidity loans LOLR London low inflation market rates monetary policy money market nineteenth century Norges Bank open market operations panic paper payment system percent period price stability public banks Reichsbank risk role sector shocks Siklos small open economies standing facility sterling Treasury World