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 21
... liabilities were also regulated, and making deposits demandable on very short notice appears to have emerged to discipline bankers (Diamond and Rajan, 2001). Of course, given the problem with fluctuating values of coins, governments ...
... liabilities were also regulated, and making deposits demandable on very short notice appears to have emerged to discipline bankers (Diamond and Rajan, 2001). Of course, given the problem with fluctuating values of coins, governments ...
Seite 28
... liabilities), which it did from 1645. By 1651, bank money had become the sole tender for large payments including foreign exchange (although, as is often the case with such provisions, it is not clear that it was enforced). Its origin ...
... liabilities), which it did from 1645. By 1651, bank money had become the sole tender for large payments including foreign exchange (although, as is often the case with such provisions, it is not clear that it was enforced). Its origin ...
Seite 41
... liabilities of the public banks. One is a monopoly on foreign exchange clearing: foreign bills of exchange were required to be settled on the books of the bank. The other is exemption from seizure in judicial proceedings, perhaps ...
... liabilities of the public banks. One is a monopoly on foreign exchange clearing: foreign bills of exchange were required to be settled on the books of the bank. The other is exemption from seizure in judicial proceedings, perhaps ...
Seite 42
... Liabilities Services Privileges Stable Govt. Safe coin 100% Govt. Private Circ. fiscal FX from Profit values reserves debt bet paper Deposits agent Giro clearing seizure Demand Saving Barcelona Taula 1401–1853 pub Y Y N Yx N* N Y Y Y Y ...
... Liabilities Services Privileges Stable Govt. Safe coin 100% Govt. Private Circ. fiscal FX from Profit values reserves debt bet paper Deposits agent Giro clearing seizure Demand Saving Barcelona Taula 1401–1853 pub Y Y N Yx N* N Y Y Y Y ...
Seite 44
... liabilities. Our distinction between first and second generation is in some ways technical, based on the way the payments system is handled, via transfers of circulating notes. At a deeper level we can tentatively identify three basic ...
... liabilities. Our distinction between first and second generation is in some ways technical, based on the way the payments system is handled, via transfers of circulating notes. At a deeper level we can tentatively identify three basic ...
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