Central Banking In The Twentieth Century

Author : John Singleton
Publisher : Cambridge University Press
Page : 351 pages
File Size : 46,9 Mb
Release : 2010-11-25
Category : Business & Economics
ISBN : 9781139495202

Get Book

Central Banking in the Twentieth Century by John Singleton Pdf

Central banks are powerful but poorly understood organisations. In 1900 the Bank of Japan was the only central bank to exist outside Europe but over the past century central banking has proliferated. John Singleton here explains how central banks and the profession of central banking have evolved and spread across the globe during this period. He shows that the central banking world has experienced two revolutions in thinking and practice, the first after the depression of the early 1930s, and the second in response to the high inflation of the 1970s and 1980s. In addition, the central banking profession has changed radically. In 1900 the professional central banker was a specialised type of banker, whereas today he or she must also be a sophisticated economist and a public official. Understanding these changes is essential to explaining the role of central banks during the recent global financial crisis.

Author : Carl-L. Holtfrerich,Jaime Reis
Publisher : Routledge
Page : 243 pages
File Size : 55,5 Mb
Release : 2016-12-05
Category : History
ISBN : 9781351890779

Get Book

The Emergence of Modern Central Banking from 1918 to the Present by Carl-L. Holtfrerich,Jaime Reis Pdf

The twentieth century has seen the rise of modern central banking. At its close, it is also witnessing the first steps in the decline of the role of some of the most famous of these institutions. In this volume, some of the world’s best known specialists examine the process whereby central banks emerged and asserted themselves within the economic and political spheres of their respective countries. Although the theory and the political economy that presided over their creation did not show great divergence across borders, a considerable institutional variety was nevertheless the result. Among the many factors responsible for this diversity, attention is drawn here not only to the idiosyncrasies of domestic financial systems and to the occurrence of political shocks with major monetary repercussions, such as wars, but also to the peculiarities of each economy and of the political and social climate reigning at the time when central banks were created or formalized. The twelve essays cover European, Asian and American experiences and many of them use a comparative approach.

Author : John H. Wood
Publisher : Cambridge University Press
Page : 464 pages
File Size : 48,8 Mb
Release : 2005-06-06
Category : Business & Economics
ISBN : 0521850134

Get Book

A History of Central Banking in Great Britain and the United States by John H. Wood Pdf

This 2005 treatment compares the central banks of Britain and the United States.

Author : Jean-Philippe Touffut
Publisher : Edward Elgar Publishing
Page : 233 pages
File Size : 47,8 Mb
Release : 2008-01-01
Category : Business & Economics
ISBN : 9781848445185

Get Book

Central Banks as Economic Institutions by Jean-Philippe Touffut Pdf

Theories and practices in central banking and monetary policy have changed radically over recent decades with independence and inflation targeting as the new keywords. This book offers interesting perspectives on the drivers of this development and its implication. It addresses contemporary questions on accountability, transparency and objectives for monetary policy as well as current policy problems related to globalization and financial imbalances. The book is topical, insightful and well written a must for everybody with an interest in central banking and monetary policy. Torben M. Andersen, University of Aarhus, Denmark The number of central banks in the world is approaching 180, a tenfold increase since the beginning of the twentieth century. What lies behind the spread of this economic institution? What underlying process has brought central banks to hold such a key role in economic life today? This book examines from a transatlantic perspective how the central bank has become the bank of banks. Thirteen distinguished economists and central bankers have been brought together to evaluate how central banks work, arrive at their policies, choose their instruments and gauge their success in managing economies, both in times of crisis and periods of growth. Central banks have gained greater independence from government control over the last 20 years. This widespread trend throws up new questions regarding the foundations, prerogatives and future of this economic institution. This book provides a better understanding of the current financial crisis through the in-depth study of the central bank. Researchers in the fields of monetary theory, monetary policy and central banking will find this volume of great interest. It will also appeal to students of economics, political economy, banking and finance, as well as economists, academics, and public policy advisers and analysts.

Author : Ulrich Bindseil
Publisher : Oxford University Press
Page : 337 pages
File Size : 50,9 Mb
Release : 2019-12-19
Category : Business & Economics
ISBN : 9780192589934

Get Book

Central Banking before 1800 by Ulrich Bindseil Pdf

Although central banking is today often presented as having emerged in the nineteenth or even twentieth century, it has a long and colourful history before 1800, from which important lessons for today's debates can be drawn. While the core of central banking is the issuance of money of the highest possible quality, central banks have also varied considerably in terms of what form of money they issued (deposits or banknotes), what asset mix they held (precious metals, financial claims to the government, loans to private debtors), who owned them (the public, or private shareholders), and who benefitted from their power to provide emergency loans. Central Banking Before 1800: A Rehabilitation reviews 25 central banks that operated before 1800 to provide new insights into the financial system in early modern times. Central Banking Before 1800 rehabilitates pre-1800 central banking, including the role of numerous other institutions, on the European continent. It argues that issuing central bank money is a natural monopoly, and therefore central banks were always based on public charters regulating them and giving them a unique role in a sovereign territorial entity. Many early central banks were not only based on a public charter but were also publicly owned and managed, and had well defined policy objectives. Central Banking Before 1800 reviews these objectives and the financial operations to show that many of today's controversies around central banking date back to the period 1400-1800.

Author : Harold James
Publisher : Cambridge University Press
Page : 569 pages
File Size : 51,6 Mb
Release : 2020-09-17
Category : Business & Economics
ISBN : 9781108835015

Get Book

Making a Modern Central Bank by Harold James Pdf

This authoritative guide to the transformation of the Bank of England into a modern inflation-targeting independent central bank examines a revolution in monetary and economic policy and the modernization of British institutions in the late twentieth century.

Author : Forrest Capie,Banco Mundial
Publisher : World Bank Publications
Page : 24 pages
File Size : 54,5 Mb
Release : 1995
Category : Electronic
ISBN : 9786101915535

Get Book

The evolution of general banking by Forrest Capie,Banco Mundial Pdf

Author : Forrest Capie
Publisher : Cambridge University Press
Page : 396 pages
File Size : 40,9 Mb
Release : 1994
Category : Business & Economics
ISBN : 0521496349

Get Book

The Future of Central Banking by Forrest Capie Pdf

This volume contains two major papers prepared for the Bank of England's Tercentenary Symposium in June 1994. The first, by Forrest Capie, Charles Goodhart and Norbert Schnadt, provides an authoritative account of the evolution of central banking. It traces the development of both the monetary and financial stability concerns of central banks, and includes individual sections on the evolution and constitutional positions of 31 central banks from around the world. The second paper, by Stanley Fischer, explores the major policy dilemmas now facing central bankers: the extent to which there is a short-term trade-off between inflation and growth; the choice of inflation targets; and the choice of operating procedures. Important contributions by leading central bankers from around the world, and the related Per Jacobsen lecture by Alexander Lamfalussy, are also included in the volume.

Author : Ulrich Bindseil
Publisher : Oxford University Press, USA
Page : 337 pages
File Size : 55,9 Mb
Release : 2019-12-05
Category : Business & Economics
ISBN : 9780198849995

Get Book

Central Banking Before 1800 by Ulrich Bindseil Pdf

Although central banking is today often presented as having emerged in the nineteenth or even twentieth century, it has a long and colourful history before 1800, from which important lessons for today's debates can be drawn. While the core of central banking is the issuance of money of the highest possible quality, central banks have also varied considerably in terms of what form of money they issued (deposits or banknotes), what asset mix they held (precious metals, financial claims to the government, loans to private debtors), who owned them (the public, or private shareholders), and who benefitted from their power to provide emergency loans. Central Banking Before 1800: A Rehabilitation reviews 25 central banks that operated before 1800 to provide new insights into the financial system in early modern times. Central Banking Before 1800 rehabilitates pre-1800 central banking, including the role of numerous other institutions, on the European continent. It argues that issuing central bank money is a natural monopoly, and therefore central banks were always based on public charters regulating them and giving them a unique role in a sovereign territorial entity. Many early central banks were not only based on a public charter but were also publicly owned and managed, and had well defined policy objectives. Central Banking Before 1800 reviews these objectives and the financial operations to show that many of today's controversies around central banking date back to the period 1400-1800.

Author : Edwin Green,John Lampe
Publisher : Routledge
Page : 304 pages
File Size : 42,6 Mb
Release : 2017-03-02
Category : History
ISBN : 9781351947473

Get Book

Crisis and Renewal in Twentieth Century Banking by Edwin Green,John Lampe Pdf

Crisis and Renewal in Twentieth Century Banking explores the behaviour of banks at times of war, revolution, civil war, social turmoil, and reconstruction. Analysing the history and archives of banks, it discovers examples of how banking is affected by political and social upheavals; how banks may influence the outcome of such events; how banking has recovered from periods of intense political and social stress; and how the archives of banks provide remarkable testimony to events in the wider world. By examining the setting of different banking markets in the last century, up to and including the transformation of Eastern and South Eastern Europe in the 1990s, this book marks a new direction for international discussion and research. Contributors include senior historians and archivists from Europe and the United States. Contributions include papers on Russia and foreign banks, 1917-30; depression and crisis in Central Europe in the 1930s; Civil War in Spain; post-war reconstruction in banking in Germany and the Far East; and crisis and renewal in South East Europe. The papers published in this collection were first presented at the twelfth Annual Conference of the European Association for Banking History, held in Ljubljana, Slovenia, in May 2001, and hosted by the Bank of Slovenia and the Nova Ljubljanska Banka.

Author : Curzio Giannini
Publisher : Edward Elgar Publishing
Page : 329 pages
File Size : 49,5 Mb
Release : 2011
Category : Business & Economics
ISBN : 9780857932143

Get Book

The Age of Central Banks by Curzio Giannini Pdf

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.

Author : Howard Davies,David Green
Publisher : Princeton University Press
Page : 337 pages
File Size : 43,7 Mb
Release : 2010-04-12
Category : Business & Economics
ISBN : 9781400834631

Get Book

Banking on the Future by Howard Davies,David Green Pdf

An inside look at the role and future of central banking in the global economy The crash of 2008 revealed that the world's central banks had failed to offset the financial imbalances that led to the crisis, and lacked the tools to respond effectively. What lessons should central banks learn from the experience, and how, in a global financial system, should cooperation between them be enhanced? Banking on the Future provides a fascinating insider's look into how central banks have evolved and why they are critical to the functioning of market economies. The book asks whether, in light of the recent economic fallout, the central banking model needs radical reform. Supported by interviews with leading central bankers from around the world, and informed by the latest academic research, Banking on the Future considers such current issues as the place of asset prices and credit growth in anti-inflation policy, the appropriate role for central banks in banking supervision, the ways in which central banks provide liquidity to markets, the efficiency and cost-effectiveness of central banks, the culture and individuals working in these institutions, as well as the particular issues facing emerging markets and Islamic finance. Howard Davies and David Green set out detailed policy recommendations, including a reformulation of monetary policy, better metrics for financial stability, closer links with regulators, and a stronger emphasis on international cooperation. Exploring a crucial sector of the global economic system, Banking on the Future offers new ideas for restoring financial strength to the foundations of central banking.

Author : Simon James Bytheway,Mark Metzler
Publisher : Cornell University Press
Page : 261 pages
File Size : 49,8 Mb
Release : 2016-12-01
Category : History
ISBN : 9781501706509

Get Book

Central Banks and Gold by Simon James Bytheway,Mark Metzler Pdf

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 took shape a century ago, when Tokyo 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.

Author : Alice Teichova,Terence Richard Gourvish,Ágnes Pogány
Publisher : Edward Elgar Publishing
Page : 336 pages
File Size : 55,8 Mb
Release : 1994
Category : Business & Economics
ISBN : STANFORD:36105009799490

Get Book

Universal Banking in the Twentieth Century by Alice Teichova,Terence Richard Gourvish,Ágnes Pogány Pdf

This volume addresses aspects of banking in 20th-century European market economies. It examines the historical role of banks in using domestic and foreign financial resources, showing how from the 1880s onwards, banks became an integral part of the capital market in continental Europe. The study analyzes the relationship between banks and industry, and the impacts on inflation and the crisis-prone interwar period.

Author : Michael D. Bordo,Øyvind Eitrheim,Marc Flandreau,Jan F. Qvigstad
Publisher : Cambridge University Press
Page : 719 pages
File Size : 46,7 Mb
Release : 2016-06-09
Category : Business & Economics
ISBN : 9781107149663

Get Book

Central Banks at a Crossroads by Michael D. Bordo,Øyvind Eitrheim,Marc Flandreau,Jan F. Qvigstad Pdf

This book discusses the role of central banks and draws lessons from examining their evolution over the past two centuries.