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Research Handbook on Central Banking
Central banks occupy a unique space in their national governments and in the global economy. The study of central banking however, has too often been dominated by an abstract theoretical approach that fails to grasp central banks’ institutional nuances. This comprehensive and insightful Handbook, takes a wider angle on central banks and central banking, focusing on the institutions of central banking. By ''institutions'', Peter Conti-Brown and Rosa Lastra refer to the laws, traditions, norms, and rules used to structure central bank organisations. The Research Handbook on Central Banking’s institutional approach is one of the most interdisciplinary efforts to consider its topic, and includes chapters from leading and rising central bankers, economists, lawyers, legal scholars, political scientists, historians, and others.
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Critical Acclaim
Contributors
Contents
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The Research Handbook on Central Banking focuses on global central banks as institutions and not abstractions, providing historical and practical detail about how central banks work and the challenges they face. This Research Handbook offers the most interdisciplinary treatment of global central banks published to date by addressing key questions regarding where they come from, how they have changed, and the challenges they face during uncertain times.
Divided into two parts, the Research Handbook firstly takes readers on a global tour, covering central banks in the US, Latin America, Europe, Eastern Europe, Japan, China, Africa, and more. In the second part, authors delve into themes of broad application, including transparency, independence, unconventional monetary policy, payment systems, and crisis response. The interdisciplinary mix of contributors include some of the most prominent names in central banking as well as a new generation of scholars who are shaping the conversation about central banks and their role in global politics, economics, and society at large.
Interdisciplinary and innovative, this Research Handbook will prove essential reading for scholars focusing on central banks, financial regulation, global governance, and related areas, as well as for central bankers and employees at central banks.
Divided into two parts, the Research Handbook firstly takes readers on a global tour, covering central banks in the US, Latin America, Europe, Eastern Europe, Japan, China, Africa, and more. In the second part, authors delve into themes of broad application, including transparency, independence, unconventional monetary policy, payment systems, and crisis response. The interdisciplinary mix of contributors include some of the most prominent names in central banking as well as a new generation of scholars who are shaping the conversation about central banks and their role in global politics, economics, and society at large.
Interdisciplinary and innovative, this Research Handbook will prove essential reading for scholars focusing on central banks, financial regulation, global governance, and related areas, as well as for central bankers and employees at central banks.
Critical Acclaim
‘Events during the past century demonstrated the importance of price and financial stability as well as the difficulties of attaining and maintaining them. This book draws together a hugely diverse and rigorous set of analysis to capture what central banks are, have been, and might become. It should prove vital reading for academics, practitioners, and anyone with an interest in central banking.’
– Mark Carney, Governor of the Bank of England
‘The global financial crisis and sluggish recovery has been a defining period for central banks, with the political reaction to the extraordinary steps they took often expanding their responsibilities, while at the same time threatening to constrain their degree of independence in some countries. The broad range of the analysis in this volume – over history, geography, and academic disciplines – is essential reading for anyone who wants to know how central banks got to where they are and provides a solid foundation for thinking about how central banking might evolve going forward.’
– Donald Kohn, former vice chairman of the Board of Governors of the Federal Reserve System and Member of the Financial Policy Committee of the Bank of England
– Mark Carney, Governor of the Bank of England
‘The global financial crisis and sluggish recovery has been a defining period for central banks, with the political reaction to the extraordinary steps they took often expanding their responsibilities, while at the same time threatening to constrain their degree of independence in some countries. The broad range of the analysis in this volume – over history, geography, and academic disciplines – is essential reading for anyone who wants to know how central banks got to where they are and provides a solid foundation for thinking about how central banking might evolve going forward.’
– Donald Kohn, former vice chairman of the Board of Governors of the Federal Reserve System and Member of the Financial Policy Committee of the Bank of England
Contributors
Contributors: C. Adam, K. Alexander, A. Berg, R. Bhala, D. Bholat, C. Borio, F. Capie, P. Conti-Brown, R. Darbyshire, F. Decker, B. Geva, C. Goodhart, A.G. Haldane, L.I. Jácome, H. James, J. Johnson, R.B. Kahn, H. Kanda, C. Kaufmann, R.M. Lastra, X. Liu, S. McCracken, E.E. Meade, S.T. Omarova, R. Portillo, M. Raskin, A.L. Riso, R. Smits, P. Tucker, F. Unsal, R.H. Weber, G. Wood, T. Yamanaka, D. Yermack, A. Zabai, Z. Zhou, C. Zilioli
Contents
Contents:
1. The Central Banking Century: An Introduction to Institutional Central Banking
Peter Conti-Brown
2. Central Banking and Institutional Change in the United States: Punctuated Equilibrium in the Development of Money, Finance, and Banking
Peter Conti-Brown
3. The Development of the Bank of England’s objectives: evolution, instruction, or reaction?
Forrest Capie and Geoffrey Wood
4. Central Banking in Japan
Hideki Kanda and Toshiaki Yamanaka
5. Reserve Bank of India
Raj Bhala
6. The Bank of Russia: From Central Planning to Inflation Targeting
Juliet Johnson
7. Specific Challenges to the People’s Bank of China in a New Wave of Financial Reforms
Zhongfei Zhou
8. An Evolutionary Theory of Central Banking and Central Banking in China
Xiangmin Liu
9. New tasks and central bank independence: the Eurosystem experience
Chiara Zilioli and Antonio Luca Riso
10. A central bank in times of crisis: the ECB’s developing role in the EU’s currency union
René Smits
11. Monetary Policy and Central Banking in Sub-Saharan Africa
Christopher Adam, Andrew Berg, Rafael Portillo and Filiz Unsal
12. The Reichsbank and the Bundesbank: The Legacy of the German Tradition of Central Banking
Harold James
13. Central Banking in Australia and New Zealand: Historical Foundations and Modern Legislative Frameworks
Frank Decker and Sheelagh McCracken
14. Central Banking in Latin America: Past, Present, and Challenges Ahead
Luis I. Jácome H.
15. The Institutional Path of Central Bank Independence
Rosa María Lastra
16. Central Bank Accounting
David Bholat and Robin Darbyshire
17. International Aspects of Central Banking: Diplomacy and Coordination
Robert B. Kahn and Ellen E. Meade
18. Central Bank Psychology
Andrew G. Haldane
19. Banking Regulation and Supervision: A UK Perspective
Kern Alexander and Rosa María Lastra
20. Unconventional monetary policies: a re-appraisal
Claudio Borio and Anna Zabai
21. Central Banks and Payment System Risks: Comparative Study
Benjamin Geva
22. Digital currencies, decentralized ledgers, and the future of central banking
Max Raskin and David Yermack
23. Central Banks, Systemic Risk, And Financial Sector Structural Reform
Saule T. Omarova
24. The Role of Macro-prudential Policy
Charles Goodhart
25. Transparency of Central Banks’ Policies
Christine Kaufmann and Rolf H. Weber
26. The Lender of Last Resort: Regimes for Stability and Legitimacy
Paul Tucker
Concluding observations
Rosa María Lastra
Index
1. The Central Banking Century: An Introduction to Institutional Central Banking
Peter Conti-Brown
2. Central Banking and Institutional Change in the United States: Punctuated Equilibrium in the Development of Money, Finance, and Banking
Peter Conti-Brown
3. The Development of the Bank of England’s objectives: evolution, instruction, or reaction?
Forrest Capie and Geoffrey Wood
4. Central Banking in Japan
Hideki Kanda and Toshiaki Yamanaka
5. Reserve Bank of India
Raj Bhala
6. The Bank of Russia: From Central Planning to Inflation Targeting
Juliet Johnson
7. Specific Challenges to the People’s Bank of China in a New Wave of Financial Reforms
Zhongfei Zhou
8. An Evolutionary Theory of Central Banking and Central Banking in China
Xiangmin Liu
9. New tasks and central bank independence: the Eurosystem experience
Chiara Zilioli and Antonio Luca Riso
10. A central bank in times of crisis: the ECB’s developing role in the EU’s currency union
René Smits
11. Monetary Policy and Central Banking in Sub-Saharan Africa
Christopher Adam, Andrew Berg, Rafael Portillo and Filiz Unsal
12. The Reichsbank and the Bundesbank: The Legacy of the German Tradition of Central Banking
Harold James
13. Central Banking in Australia and New Zealand: Historical Foundations and Modern Legislative Frameworks
Frank Decker and Sheelagh McCracken
14. Central Banking in Latin America: Past, Present, and Challenges Ahead
Luis I. Jácome H.
15. The Institutional Path of Central Bank Independence
Rosa María Lastra
16. Central Bank Accounting
David Bholat and Robin Darbyshire
17. International Aspects of Central Banking: Diplomacy and Coordination
Robert B. Kahn and Ellen E. Meade
18. Central Bank Psychology
Andrew G. Haldane
19. Banking Regulation and Supervision: A UK Perspective
Kern Alexander and Rosa María Lastra
20. Unconventional monetary policies: a re-appraisal
Claudio Borio and Anna Zabai
21. Central Banks and Payment System Risks: Comparative Study
Benjamin Geva
22. Digital currencies, decentralized ledgers, and the future of central banking
Max Raskin and David Yermack
23. Central Banks, Systemic Risk, And Financial Sector Structural Reform
Saule T. Omarova
24. The Role of Macro-prudential Policy
Charles Goodhart
25. Transparency of Central Banks’ Policies
Christine Kaufmann and Rolf H. Weber
26. The Lender of Last Resort: Regimes for Stability and Legitimacy
Paul Tucker
Concluding observations
Rosa María Lastra
Index
