Author: John H. Wood
Publisher: Edward Elgar Publishing
ISBN: 1803926600
Category : Business & Economics
Languages : en
Pages : 313
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Book Description
It is widely believed that central banks have grown (the Bank of England) or were established (the Federal Reserve) to pursue the twin objectives of monetary and price stability. But why should they? Central bankers are people, too, whose behavior is presumably determined, like the rest of us, by their incentives and the information available to them. The author explores this question.
Author: John H. Wood
Publisher: Cambridge University Press
ISBN: 9780521741316
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
Central banks in Great Britain and the United States arose early in the financial revolution. The Bank of England was created in 1694 while the first Banks of the United States appeared in 1791-1811 and 1816-36, and were followed by the Idependent Treasury, 1846-1914. These institutions, together with the Suffolk Bank and the New York Clearing House, exercised important central banking function before the creation of the Federal Reserve System in 1913. Significant monetary changes in the lives of these British and American institutions are examined within a framework that deals with the knowledge and behavior of central bankers and their interactions with economists and politicians. Central Bankers' behavior has shown considerable continuity in the influence of incentives and their interest in the stability of the financial markets. For example, the Federal Reserve's behavior during the Great Depression, the low inflation of the 1990s, and its resurgence the next decade follow from its structure and from government pressures rather than accidents of personnel.
Author: Pierre L. Siklos
Publisher: Cambridge University Press
ISBN: 1139433466
Category : Business & Economics
Languages : en
Pages : 372
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Book Description
Central banks have emerged as the key players in national and international policy making. This book explores their evolution since World War II in 20 industrial countries. The study considers the mix of economic, political and institutional forces that have affected central bank behaviour and its relationship with government. The analysis reconciles vastly different views about the role of central banks in the making of economic policies. One finding is that monetary policy is an evolutionary process.
Author: David E. Altig
Publisher: Cambridge University Press
ISBN: 9781139440066
Category : Business & Economics
Languages : en
Pages : 342
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Book Description
This volume collects the proceedings from a conference on the evolution and practice of central banking sponsored by the Central Bank Institute of the Federal Reserve Bank of Cleveland. The articles and discussants' comments in this volume largely focus on two questions: the need for central banks, and how to maintain price stability once they are established. The questions addressed include whether large banks (or coalitions of small banks) can substitute for government regulation and due central bank liquidity provision; whether the future will have fewer central banks or more; the possibility of private means to deliver a uniform currency; if competition across sovereign currencies can ensure global price stability; the role of learning (and unlearning) the lessons of the past inflationary episodes in understanding central bank behavior; and an analysis of the European Central Bank.
Author: Board of Governors of the Federal Reserve System
Publisher:
ISBN: 9780894991967
Category : Banks and Banking
Languages : en
Pages : 0
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Book Description
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author: Charles Goodhart
Publisher: MIT Press
ISBN: 0262570734
Category : Business & Economics
Languages : en
Pages : 219
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Book Description
The Evolution of Central Banks employs a wide range of historical evidence and reassesses current monetary analysis to argue that the development of non-profit-maximizing and noncompetitive central banks to supervise and regulate the commercial banking system fulfils a necessary and natural function. Goodhart surveys the case for free banking, examines the key role of the clearing house in the evolution of the central bank, and investigates bank expansion and fluctuation in the context of the clearing house mechanism. He concludes that it is the noncompetitive aspect of the central bank that is crucial to the performance of its role. Goodhart addresses the questions of deposit insurance and takes up the "club theory" approach to the central bank. Included in the historical study of their origins are 8 European central banks, the Bank of Japan, the Bank of England, and the Federal Reserve Board of the United States.
Author: Miao Han
Publisher: Palgrave Macmillan
ISBN: 9781349555482
Category : Performing Arts
Languages : en
Pages : 319
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Book Description
The respective legal frameworks that control central banks are shaped by whether they are market oriented or government controlled. However such stark distinction between these two categories has been challenged in view of the varying styles of crisis management demonstrated by different central banks during the crisis. This book uses comparative analysis to investigate how the global financial crisis challenged the role played by central banks in maintaining financial stability. Focusing on four central banks including the US Federal Reserve System, the Bank of England, the Bank of Japan and the People's Bank of China, it illustrates the similarities between the banks prior to the crisis, and their similar policy responses in the wake of the crisis. It demonstrates how each operated with varying levels of independence while performing very differently and facing different tasks. The book identifies some central explanatory variables for this behavior, addressing the mismatch of similar risk management solutions and varying outcomes. Central Bank Regulation and The Financial Crisis: A Comparative Analysis explores the legal challenges within central bank regulation presented by the global financial crisis. It emphasizes the importance of, and the limitations involved in, legal order and argue that in spite of integration and globalization, significant differences exist in central banks' approaches to risk management and financial stability.
Author: David G. Mayes
Publisher: Oxford Handbooks
ISBN: 0190626194
Category : Business & Economics
Languages : en
Pages : 809
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Book Description
"The Handbook reflects the state of the art in the theory and practice of central banking. It covers all the essential areas that have come under scrutiny since the global financial crisis of 2007-9"--
Author: Charles W. Calomiris
Publisher: Princeton University Press
ISBN: 0691168350
Category : Business & Economics
Languages : en
Pages : 584
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Book Description
Why stable banking systems are so rare Why are banking systems unstable in so many countries—but not in others? The United States has had twelve systemic banking crises since 1840, while Canada has had none. The banking systems of Mexico and Brazil have not only been crisis prone but have provided miniscule amounts of credit to business enterprises and households. Analyzing the political and banking history of the United Kingdom, the United States, Canada, Mexico, and Brazil through several centuries, Fragile by Design demonstrates that chronic banking crises and scarce credit are not accidents. Calomiris and Haber combine political history and economics to examine how coalitions of politicians, bankers, and other interest groups form, why they endure, and how they generate policies that determine who gets to be a banker, who has access to credit, and who pays for bank bailouts and rescues. Fragile by Design is a revealing exploration of the ways that politics inevitably intrudes into bank regulation.
Author: Alan S. Blinder
Publisher: MIT Press
ISBN: 9780262522601
Category : Business & Economics
Languages : en
Pages : 116
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Book Description
Alan S. Blinder offers the dual perspective of a leading academic macroeconomist who served a stint as Vice-Chairman of the Federal Reserve Board—one who practiced what he had long preached and then returned to academia to write about it. He tells central bankers how they might better incorporate academic knowledge and thinking into the conduct of monetary policy, and he tells scholars how they might reorient their research to be more attuned to reality and thus more useful to central bankers. Based on the 1996 Lionel Robbins Lectures, this readable book deals succinctly, in a nontechnical manner, with a wide variety of issues in monetary policy. The book also includes the author's suggested solution to an age-old problem in monetary theory: what it means for monetary policy to be "neutral."
