The Age of Central Banks

The Age of Central Banks

According to Curzio Giannini s neo-institutionalist methodological approach, social institutions are, in fact, essential in the coordination of individual decisions as they minimize transaction costs, overcome information asymmetries and ...

Author: Curzio Giannini

Publisher: Edward Elgar Publishing

ISBN: 9780857932143

Category: Business & Economics

Page: 298

View: 710

Curzio had one of the most fertile and original minds ever to be deployed on questions relating, first, to the interactions between Central Banks, private sector financial intermediaries and the government, and second to the working of the international monetary system in general, and to the role of the IMF specifically within that. His approach has been to apply a theory of history , which provides a beautifully written and illuminating book, much easier and nicer to read and more rounded than the limited mathematical models that have so monopolised academia in recent decades. From the foreword by Charles A.E. Goodhart Curzio Giannini s history of the evolution of central banks illustrates how the most relevant institutional developments have taken place at times of widespread confidence crises and in response to deflationary pressures. The eminent and highly-renowned author provides an analytical perspective to study the evolution of central banking as an endogenous response to crisis and to the ever increasing needs of economic growth. The key argument of the analysis is that crucial innovations in the payment technology (from the invention of coinage to the development of electronic money) could not have taken place without an institution i.e. the central bank - that could preserve confidence in the instruments used as money. According to Curzio Giannini s neo-institutionalist methodological approach, social institutions are, in fact, essential in the coordination of individual decisions as they minimize transaction costs, overcome information asymmetries and deal with incomplete contracts. This enlightening and revealing historical theory perspective on central banking will prove a thought-provoking read for academic and institutional economists, economic historians, and economic policymakers involved in the task of crafting a new institutional arrangement for central banking in the globalized economy.
Categories: Business & Economics

Central Banks in the Age of the Euro

Central Banks in the Age of the Euro

The chapters by Epstein and Johnson and by Greskovits explore
Europeanization in relation to Baltic and east central European central banks.
Their effects appear as variegated. In this case, as well as the 'semipermanent'
outsiders, the age ...

Author: Kenneth Dyson

Publisher: Oxford University Press

ISBN: 9780199218233

Category: Business & Economics

Page: 451

View: 817

The age of the euro has cast central banks in a newly prominent role in European integration and in macro-economic policy making in Europe. This text examines the effects of the euro as the new European single currency on the central banks of the member states of the European Union.
Categories: Business & Economics

Norges Bank 1816 2016

Norges Bank 1816 2016

This is a book on the 200-year history of Norges Bank, a central bank in a
relatively small and remote country. It is—to some extent, but only to some extent
—a contribution to the relatively broad literature on the history of national central
banks.

Author: Einar Lie

Publisher: Oxford University Press, USA

ISBN: 9780198860013

Category: Business & Economics

Page: 336

View: 197

Norges Bank has been an integrated part of Norwegian economic development from the complicated birth of the new nation-state after the Napoleonic wars to the present nouveau-richness of the Norwegian oil economy. This book traces its 200-year history, focusing on its relations with political institutions that have shaped and reshaped the bank's role since its establishment in 1816. In the first fragile years of the new nation, Norges Bank took centre stage in the discussion on how to reconstruct a collapsed monetary system, and how trust and resources should support the core financial function of the State apparatus. The financial and political role of the bank came to the fore from the late 1800s and peaked during the turbulent interwar years of the 1920s, after which the bank became the foremost defender of the monetary order and the gold standard, in bitter conflict with the emerging Labour Party. The blow that the Second World War delivered to central bank independence left the bank firmly subordinated to the Ministry of Finance. Not until 1986 was larger autonomy in monetary policy granted, and since then the bank's weight and responsibilities have continued to expand with its position as manager of the Norwegian oil fund. The bank's role has been largely defined by perceptions of what kind of financial services Norway needed, how economic policy was coordinated, and how discretionary power was distributed between the elected bodies, the executive branch, and underlying institutions with a defined mandate. The central aim of this book is to trace and explain these changes over the past two centuries.
Categories: Business & Economics

Activities by Various Central Banks to Promote Economic and Social Welfare Programs

Activities by Various Central Banks to Promote Economic and Social Welfare Programs

( 2 ) To fix the rate charged by the Bank on discounts and loans . ji era ( 3 ) To
decide on the eligibility of various kinds of paper for central 33 ) It bank
discounting and collateral . issue ( 4 ) To determine what securities to use in
open market ...

Author:

Publisher:

ISBN: SRLF:A0000093930

Category: Banks and banking, Central

Page: 332

View: 921

Categories: Banks and banking, Central

Central Banks and Gold

Central Banks and Gold

Bytheway and Metzler tell the story of how the first age of central-bank power and pride ended in the disaster of the Great Depression, when a rush for gold brought the system crashing down.

Author: Simon James Bytheway

Publisher: Cornell University Press

ISBN: 9781501706509

Category: History

Page: 260

View: 487

In recent decades, Tokyo, London, and New York have been the sites of credit bubbles of historically unprecedented magnitude. Central bankers have enjoyed almost unparalleled power and autonomy. They have cooperated to construct and preserve towering structures of debt, reshaping relations of power and ownership around the world. In Central Banks and Gold, Simon James Bytheway and Mark Metzler explore how this financialized form of globalism first took shape a century ago, when Tokyo first joined London and New York as a major financial center. As revealed here for the first time, close cooperation between central banks began along an unexpected axis, between London and Tokyo, around the year 1900, with the Bank of England’s secret use of large Bank of Japan funds to intervene in the London markets. Central-bank cooperation became multilateral during World War I—the moment when Japan first emerged as a creditor country. In 1919 and 1920, as Japan, Great Britain, and the United States adopted deflation policies, the results of cooperation were realized in the world’s first globally coordinated program of monetary policy. It was also in 1920 that Wall Street bankers moved to establish closer ties with Tokyo. Bytheway and Metzler tell the story of how the first age of central-bank power and pride ended in the disaster of the Great Depression, when a rush for gold brought the system crashing down. In all of this, we see also the quiet but surprisingly central place of Japan. We see it again today, in the way that Japan has unwillingly led the world into a new age of post-bubble economics.
Categories: History

Economic Policy

Economic Policy

Theory and Practice Agnès Bénassy-Quéré, Jean Pisani-Ferry. help reflate the
economy. But they also contribute to building up financial vulnerabilities that
need to be monitored and possibly counteracted. Whether central banks should
lean ...

Author: Agnès Bénassy-Quéré

Publisher: Oxford University Press, USA

ISBN: 9780190912109

Category: Business & Economics

Page: 704

View: 798

Concepts -- Issues -- Interdependence -- Fiscal policy -- Monetary policy -- Financial stability -- International financial integration and foreign-exchange policy -- Tax policy -- Growth policies
Categories: Business & Economics

Memorandum on Currency and Central Banks

Memorandum on Currency and Central Banks

CONDITION OF THE CENTRAL BANKS . In the introduction to the Memorandum
on ( a ) Relative importance of Central Banks ' Gold Central Banks published last
year , a description Reserves . was given of the principles upon which the The ...

Author: League of Nations. Secretariat

Publisher:

ISBN: UOM:39015055410412

Category: Banks and banking

Page:

View: 985

Categories: Banks and banking

Central Banking in Theory and Practice

Central Banking in Theory and Practice

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.

Author: Alan S. Blinder

Publisher: MIT Press

ISBN: 0262522608

Category: Business & Economics

Page: 92

View: 590

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.
Categories: Business & Economics

Notes on Central Banks

Notes on Central Banks

It is sometimes assumed that the period of the gold standard was an idyllic age in
which central banks faithfully supplemented the automatic equilibrating forces
inherent in the monetary system . In practice , however , central banks often ...

Author: Federal Reserve Bank of Richmond

Publisher:

ISBN: STANFORD:20501193115

Category: Banks and banking, Central

Page: 33

View: 486

Categories: Banks and banking, Central

The Implement Age

The Implement Age

by the central bank of the standing of its funds and in this way every bank is
advised of the status of all other banks , and of the A RAIFFEISEN CENTRAL CO
- OPERATIVE BANK system as a whole . The local banks pay onestailed ...

Author:

Publisher:

ISBN: NYPL:33433007775970

Category: Agricultural machinery

Page:

View: 540

Categories: Agricultural machinery

The Alchemists

The Alchemists

The book begins in, of all places, Stockholm, Sweden, in the seventeenth century, where central banking had its rocky birth, and then progresses through a brisk but dazzling tutorial on how the central banker came to exert such vast ...

Author: Neil Irwin

Publisher: Penguin

ISBN: 9781101605806

Category: Business & Economics

Page: 448

View: 652

When the first fissures became visible to the naked eye in August 2007, suddenly the most powerful men in the world were three men who were never elected to public office. They were the leaders of the world’s three most important central banks: Ben Bernanke of the U.S. Federal Reserve, Mervyn King of the Bank of England, and Jean-Claude Trichet of the European Central Bank. Over the next five years, they and their fellow central bankers deployed trillions of dollars, pounds and euros to contain the waves of panic that threatened to bring down the global financial system, moving on a scale and with a speed that had no precedent. Neil Irwin’s The Alchemists is a gripping account of the most intense exercise in economic crisis management we’ve ever seen, a poker game in which the stakes have run into the trillions of dollars. The book begins in, of all places, Stockholm, Sweden, in the seventeenth century, where central banking had its rocky birth, and then progresses through a brisk but dazzling tutorial on how the central banker came to exert such vast influence over our world, from its troubled beginnings to the Age of Greenspan, bringing the reader into the present with a marvelous handle on how these figures and institutions became what they are – the possessors of extraordinary power over our collective fate. What they chose to do with those powers is the heart of the story Irwin tells. Irwin covered the Fed and other central banks from the earliest days of the crisis for the Washington Post, enjoying privileged access to leading central bankers and people close to them. His account, based on reporting that took place in 27 cities in 11 countries, is the holistic, truly global story of the central bankers’ role in the world economy we have been missing. It is a landmark reckoning with central bankers and their power, with the great financial crisis of our time, and with the history of the relationship between capitalism and the state. Definitive, revelatory, and riveting, The Alchemists shows us where money comes from—and where it may well be going.
Categories: Business & Economics

The Politics of Central Banks

The Politics of Central Banks

This book is a study of power.

Author: Robert Elgie

Publisher: Routledge

ISBN: 9780203217528

Category: Political Science

Page: 200

View: 536

This book is a study of power. In particular, it is a study of governmental power in Britain and France. Its focus is the changing relationship between the government and the central bank in the two countries, and it examines the politics of this relationship since the time when the Bank of England and the Bank of France were first created. The book begins by considering the issue of governmental control generally. It then focuses on monetary policy making, and asks what has been the role of governments in this area and what freedom have central banks enjoyed? After a detailed historical analysis of this issue in Britain and France, the authors conclude by considering the likely role of the European Central Bank.
Categories: Political Science

The Political Economy of Central Banking

The Political Economy of Central Banking

This volume explores the economic and political contours of the struggle for influence over the policies of central banks such as the Federal Reserve, and the implications of this struggle for economic performance and the distribution of ...

Author: Gerald Epstein

Publisher: Edward Elgar Publishing

ISBN: 9781788978415

Category: Business & Economics

Page: 576

View: 629

Central banks are among the most powerful government economic institutions in the world. This volume explores the economic and political contours of the struggle for influence over the policies of central banks such as the Federal Reserve, and the implications of this struggle for economic performance and the distribution of wealth and power in society.
Categories: Business & Economics

Legal Autonomy of Central Banks

Legal Autonomy of Central Banks

... the age of seventy years ; d ) Separation with the approval of the Government ,
due to permanent incapacity to fulfil the duties of office , serious malfeasance , or
prosecution for crimes . GUATEMALA UATEMALA The Bank of Guatemala was ...

Author: Miguel Reyes Sánchez

Publisher:

ISBN: UTEXAS:059173007524740

Category: Banking law

Page: 126

View: 450

Categories: Banking law

Public Banks in the Age of Financialization

Public Banks in the Age of Financialization

This book asks the important question of whether public banks are a better alternative to profit-seeking private banks. Do public banks provide finance for development? Do they serve as stability anchors in financial markets?

Author: Christoph Scherrer

Publisher: Edward Elgar Publishing

ISBN: 9781786430663

Category:

Page: 288

View: 488

This book asks the important question of whether public banks are a better alternative to profit-seeking private banks. Do public banks provide finance for development? Do they serve as stability anchors in financial markets? What kind of governance keeps public banks accountable to the public? Theoretically the book draws on the works of Minsky for the question on stability and on interpretative policy analysis for the issue of governance. It compares empirically three countries with significant public banks: Brazil, Germany, and India.
Categories:

Central Banks Agricultural Credit and Rural Development

Central Banks  Agricultural Credit and Rural Development

The Central Bank , in association with the State , took on new functions . First
among the se was the funotion of issuing currency . The Central Bank as the
Bank of Issue represents an age - old development . Another stage was for the
Central ...

Author: Food and Agriculture Organization of the United Nations

Publisher:

ISBN: WISC:89062092135

Category:

Page: 142

View: 648

Categories:

Central Banks Governments and the European Monetary Unification Process

Central Banks  Governments and the European Monetary Unification Process

The policy mix During my EMI years , not only institution - building , but also
macropolicy decisions were characterised by the absence of major , disruptive
conflicts between the central banks and the governments involved . This applied
 ...

Author: Alexandre Lamfalussy

Publisher:

ISBN: IND:30000109196463

Category: Banks and banking, Central

Page: 13

View: 251

This paper explores the evolving relationship between central banks and governments in the European monetary unification process. In particular, it focuses on the institution-building phase (setting up of the ECB) and the monetary and macro-economic policy mix within EMU. I attribute the undeniable success of the institution-building phase to an exceptional convergence of favourable facts and influences. Most importantly: the strong political commitment of the governments concerned; the trust placed in central bank experts in preparing the Maastricht Treaty; the incremental momentum resulting from the tight timetable; and, last but not least, the prevailing macro-economic conditions. As for the monetary and macro-economic policy mix, it is argued that in the run-up to achieving EMU the convergence criteria spelled out by the Maastricht Treaty proved a very effective tool in aligning national policies and in consolidating central bank independence (which became, in fact, the "sixth" convergence criterion, conditioning access to EMU). However, since the late 1990s, this delicate balance seems to have become rather less secure for mainly three reasons: the weakening restraint of politicians with regards to monetary policymaking; the worsening performance of the economy in the euro area; and the fact that economic union continues to lag monetary union, particularly with respect to micro or supply side reforms.
Categories: Banks and banking, Central

The Age of Aging

The Age of Aging

aging. societies. without a carefully planned series of fiscal and financial reforms .
Today , with central banks focused strongly on the maintenance of low inflation , it
seems unlikely that inflation will rise significantly and over an extended time .

Author: George Magnus

Publisher: John Wiley & Sons Incorporated

ISBN: UOM:39015080855805

Category: Business & Economics

Page: 321

View: 152

Examines the economic effects of aging, the main proposals for addressing the implications, and how aging societies will affect family and social structures, and the type of environment in which the baby-boomers' children will grow up.
Categories: Business & Economics

The Age of the Economist

The Age of the Economist

The loans were made in dollars , partly because oil was priced in dollars by
OPEC and partly because control of credit expansion by the European central
banks limited the amounts of loans their banks could make in domestic
currencies .

Author: Daniel Roland Fusfeld

Publisher: Glenview, Ill. : Scott, Foresman

ISBN: UVA:X001044390

Category: Economics

Page: 210

View: 903

Categories: Economics

Economic Age

Economic Age

their official buying prices and the I . M . F . announces its declining scale of
buying prices from central banks , it should announce also a steadily declining
series of selling prices , appreciably below its buying prices , and coming down
faster ...

Author:

Publisher:

ISBN: UOM:39015039695955

Category: Economic policy

Page:

View: 826

Categories: Economic policy