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 5
... percent (Bignon, Flandreau, and Ugolini, 2011). The subprime crisis produced a revolution in central banking in that balance-sheet increases have been of an order of magnitude larger. New facilities were introduced that extended ...
... percent (Bignon, Flandreau, and Ugolini, 2011). The subprime crisis produced a revolution in central banking in that balance-sheet increases have been of an order of magnitude larger. New facilities were introduced that extended ...
Seite 23
... percent reserves. It provided short-term financing to the city and served as fiscal agent, and sometimes as fiscal enforcer, for example in the 1412 reform of municipal finances that tasked the Bank with applying new budgetary rules ...
... percent reserves. It provided short-term financing to the city and served as fiscal agent, and sometimes as fiscal enforcer, for example in the 1412 reform of municipal finances that tasked the Bank with applying new budgetary rules ...
Seite 27
... percent discount to cash, banking supervisors were created and bankers were required to pay deposits in cash without delay when demanded. Yet by 1584 the last private bank in Venice went bankrupt, and the Senate resolved, not without ...
... percent discount to cash, banking supervisors were created and bankers were required to pay deposits in cash without delay when demanded. Yet by 1584 the last private bank in Venice went bankrupt, and the Senate resolved, not without ...
Seite 28
... percent, and the bank gained full discretion in the choice of which coins to pay out. Another suspension took place from 1714 to 1739; during that time the bank offered demand depositors the option to convert their balances to interest ...
... percent, and the bank gained full discretion in the choice of which coins to pay out. Another suspension took place from 1714 to 1739; during that time the bank offered demand depositors the option to convert their balances to interest ...
Seite 29
... percent charges on deposit withdrawals, which were generally restricted to full-weight Dutch domestic coins (Van Dillen, 1934, 1964b). Over its lifetime the Bank enjoyed considerable success (see Figure 2.1) and initiated a number of ...
... percent charges on deposit withdrawals, which were generally restricted to full-weight Dutch domestic coins (Van Dillen, 1934, 1964b). Over its lifetime the Bank enjoyed considerable success (see Figure 2.1) and initiated a number of ...
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 |
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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