Evolution Of Central Banking

Author : Stefano Ugolini
Publisher : Springer
Page : 330 pages
File Size : 53,7 Mb
Release : 2017-11-20
Category : Business & Economics
ISBN : 9781137485250

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The Evolution of Central Banking: Theory and History by Stefano Ugolini Pdf

This book is the first complete survey of the evolution of monetary institutions and practices in Western countries from the Middle Ages to today. It radically rethinks previous attempts at a history of monetary institutions by avoiding institutional approach and shifting the focus away from the Anglo-American experience. Previous histories have been hamstrung by the linear, teleological assessment of the evolution of central banks. Free from such assumptions, Ugolini’s work offers bankers and policymakers valuable and profound insights into their institutions. Using a functional approach, Ugolini charts an historical trajectory longer and broader than any other attempted on the subject. Moving away from the Anglo-American perspective, the book allows for a richer (and less biased) analysis of long-term trends. The book is ideal for researchers looking to better understand the evolution of the institutions that underlie the global economy.

Author : Charles Goodhart
Publisher : MIT Press
Page : 219 pages
File Size : 49,7 Mb
Release : 1988-09-16
Category : Business & Economics
ISBN : 9780262570732

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The Evolution of Central Banks by Charles Goodhart Pdf

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 : John H. Wood
Publisher : Cambridge University Press
Page : 464 pages
File Size : 53,5 Mb
Release : 2005-06-06
Category : Business & Economics
ISBN : 0521850134

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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 : David E. Altig,Bruce D. Smith
Publisher : Cambridge University Press
Page : 342 pages
File Size : 41,7 Mb
Release : 2003-09-11
Category : Business & Economics
ISBN : 1139440063

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Evolution and Procedures in Central Banking by David E. Altig,Bruce D. Smith Pdf

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 : Rodney Edvinsson,Tor Jacobson,Daniel Waldenström
Publisher : Unknown
Page : 527 pages
File Size : 50,8 Mb
Release : 2018-05-24
Category : Business & Economics
ISBN : 9781107193109

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Sveriges Riksbank and the History of Central Banking by Rodney Edvinsson,Tor Jacobson,Daniel Waldenström Pdf

Offers a comprehensive analysis of the historical experiences of monetary policymaking of the world's largest central banks. Written in celebration of the 350th anniversary of the central bank of Sweden, Sveriges Riksbank. Includes chapters on other banks around the world written by leading economic scholars.

Author : Pierre L. Siklos
Publisher : Cambridge University Press
Page : 372 pages
File Size : 48,7 Mb
Release : 2002-11-21
Category : Business & Economics
ISBN : 9781139433464

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The Changing Face of Central Banking by Pierre L. Siklos Pdf

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 : Ulrich Bindseil
Publisher : Oxford University Press
Page : 337 pages
File Size : 40,5 Mb
Release : 2019-12-19
Category : Business & Economics
ISBN : 9780192589934

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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 : Forrest Capie,Banco Mundial
Publisher : World Bank Publications
Page : 24 pages
File Size : 49,5 Mb
Release : 1995
Category : Electronic
ISBN : 9786101915535

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

Author : Forrest Capie
Publisher : Cambridge University Press
Page : 396 pages
File Size : 47,8 Mb
Release : 1994
Category : Business & Economics
ISBN : 0521496349

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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 : Otmar Issing
Publisher : MIT Press
Page : 103 pages
File Size : 53,7 Mb
Release : 2019-09-24
Category : Business & Economics
ISBN : 9780262537858

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The Long Journey of Central Bank Communication by Otmar Issing Pdf

A leading economist and former central banker discusses the evolution of central bank communication from secretiveness to transparency and accountability. Central bank communication has evolved from secretiveness to transparency and accountability—from a reluctance to give out any information at all to the belief in communication as a panacea for effective policy. In this book, Otmar Issing, himself a former central banker, discusses the journey toward transparency in central bank communication. Issing traces the development of transparency, examining the Bank of England as an example of extreme reticence and European Central Bank's President Mario Draghi as a practitioner of effective communication. He argues that the ultimate goal of central bank communication is to make monetary policy more effective, and describes the practice and theory of communication as an evolutionary process. For a long time, the Federal Reserve never made its monetary policy decisions public; the European Central Bank, on the other hand, had to adopt a modern communication strategy from the outset. Issing discusses the importance of guiding expectations in central bank communication, and points to financial markets as the most important recipients of this communication. He discusses the obligations of accountability and transparency, although he notes that total transparency is a “mirage.” Issing argues that the central message to the public must always be that the stability of a nation's currency is the bank's priority.

Author : Curzio Giannini
Publisher : Edward Elgar Publishing
Page : 329 pages
File Size : 54,8 Mb
Release : 2011
Category : Business & Economics
ISBN : 9780857932143

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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 : Michael D. Bordo,Øyvind Eitrheim,Marc Flandreau,Jan F. Qvigstad
Publisher : Cambridge University Press
Page : 719 pages
File Size : 52,6 Mb
Release : 2016-06-09
Category : Business & Economics
ISBN : 9781107149663

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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.

Author : Roland Uittenbogaard
Publisher : Springer
Page : 181 pages
File Size : 45,9 Mb
Release : 2014-12-29
Category : Business & Economics
ISBN : 9783319106175

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Evolution of Central Banking? by Roland Uittenbogaard Pdf

The book analyses the establishment of De Nederlandsche Bank and its early development as a case study to test competing theories on the historical development of central banking. It is shown that the establishment of DNB can be explained by both the fiscal theory and the financial stability theory. Later development makes clear that the financial stability role of DNB prevailed. DNB ́s bank notes were not forced onto the public and competition was fierce. A prudent and independent stance was necessary to be able to play its intended role. This meant that DNB played a modest role in the Amsterdam money market until 1852. By 1852 it had established itself to become the central bank. By then its bank notes had become generally accepted and it could start to operate as a reserve bank. Also the market context had changed dramatically, its competitors had been driven out of the market and several credit institutions had become customers of DNB. "On the occasion of the Nederlandsche Bank's 200th Anniversary, it is good to have a new, and an extremely good, history of its founding and first fifty years of operation. The only previous account of this period of the DNB's history was legalistic and did not sufficiently place the Bank ́s development in its wider context. Uittenbogaard's book provides a much broader, and better, story of the personnel, economics, and finance of the DNB at this juncture." - Charles Goodhart, LSE.

Author : Michael D. Bordo,Athanasios Orphanides
Publisher : University of Chicago Press
Page : 545 pages
File Size : 46,9 Mb
Release : 2013-06-28
Category : Business & Economics
ISBN : 9780226066950

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The Great Inflation by Michael D. Bordo,Athanasios Orphanides Pdf

Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.

Author : Harold James
Publisher : Cambridge University Press
Page : 569 pages
File Size : 52,9 Mb
Release : 2020-09-17
Category : Business & Economics
ISBN : 9781108835015

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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.