Download or read book The Bundesbank Myth written by J. Leaman and published by Springer. This book was released on 2000-12-18 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Until recently, central bank independence was confined to just two major capitalist countries: the USA and Germany. As a result of stagflation and the voguish espousal of neo-liberalism in the 1980s, the institution has been adopted in most OECD and in many other countries. This book questions the principle of autonomy, examining the Bundesbank in historical context and exposing the flaws in both the technical and the political case for the wholesale adoption of the Bundesbank model by other states.

Download or read book Bankers Bureaucrats and Central Bank Politics written by Christopher Adolph and published by Cambridge University Press. This book was released on 2013-04-15 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adolph illustrates the policy differences between central banks run by former bankers relative to those run by bureaucrats.

Download or read book The History of the Bundesbank written by Jakob De Haan and published by Routledge. This book was released on 2012-09-10 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: After fifty years the Deutsche Bundesbank - the central bank that dominated European monetary affairs - has stepped down to entrust monetary policy to the European Central Bank (ECB). This is the first research work to thoroughly explore the lessons to be learned from the Bundesbank by the ECB, in areas such as price stability and political interference.

Download or read book Central Bank Independence and the Legacy of the German Past written by Simon Mee and published by Cambridge University Press. This book was released on 2021-05-20 with total page 371 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 financial crisis led to more and more frequent political attacks on central banks. The recent spotlight on central bank independence is reminiscent of the fiery debates amongst Germany's political elites in 1949 on the same issue; debates that were sparked by the establishment of West Germany in that year. Simon Mee shows how, with the establishment of West Germany's central bank - today's Deutsche Bundesbank - the country's monetary history became a political football, as central bankers, politicians, industrialists and trade unionists all vied for influence over the legal provisions that set out the remit of the future monetary authority. The author reveals how a specific version of inter-war history, one that stresses the lessons learned from Germany's periods of inflation, was weaponised and attached to a political, contemporary argument for an independent central bank. The book challenges assumptions around the evolution of central bank independence with continued relevance today.

Download or read book Germany s Gold written by Carl-Ludwig Thiele and published by . This book was released on 2019-01-31 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "How were German's gold reserves created, and what role has gold played as a means of payment over time? ... The Deutsche Bundesbank's project to bring substantial gold holdings to Frankfurt am Main from storage locations in New York and Paris has generated a great deal of public interest over the past few years. This book is the first of its kind to provide a detailed account of how the gold in the Bundesbank's vaults came into being and how it has been used and stored over time. Splendid images of selected gold bars provide a beautiful backdrop to in-depth informtion on the properties of gold and how it is mined and processed"--Back of dust jacket.

Download or read book Going the Distance written by Ron Harris and published by Princeton University Press. This book was released on 2020-02-11 with total page 482 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Long-distance oceanic and overland trade along the Eurasian landmass in the 1400s was largely dominated by Chinese, Indian, and Arabic traders and predominantly conducted over short trajectories by sole traders or organized around small-scale enterprises. Yet, within two centuries of Europeans' arrival in the Indian Ocean in 1498, long-distance trade throughout Eurasia was mainly taken over by them. By 1700, they had formed new, large-scale, and impersonal organizations, primarily a joint-stock business corporation between English East India Company (EIC) and Dutch East India Company (VOC). This allowed them to transform trade from an enterprise dominated by many small traders moving goods over short segments to a vertically integrated firm that was able to control goods from their origin to the end consumers. This rise of the business corporation proved essential for the economic rise of Europe. Why did the corporation arise indigenously only in Europe, and given its effective organization of long-distance trade, why wasn't it mimicked by other Eurasian civilizations for 300 years? Harris closely examines the role played by forms of organization in the transformation of Eurasian trade between 1400 and 1700, comparing the organizational forms that were used in four major civilizations: Chinese, Indian, Middle Eastern, and Western European. Through this comparative perspective, he argues that the organizational design of the EIC and VOC, the first long-lasting joint-stock corporations, enabled large-scale multilateral impersonal cooperation for the first time in human history. He also argues that this new organizational form enabled the English and Dutch to deploy more capital, more ships, more voyages, and more agents than other organizational forms"--

Download or read book Reducing Inflation written by Christina D. Romer and published by University of Chicago Press. This book was released on 2007-12-01 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: While there is ample evidence that high inflation is harmful, little is known about how best to reduce inflation or how far it should be reduced. In this volume, sixteen distinguished economists analyze the appropriateness of low inflation as a goal for monetary policy and discuss possible strategies for reducing inflation. Section I discusses the consequences of inflation. These papers analyze inflation's impact on the tax system, labor market flexibility, equilibrium unemployment, and the public's sense of well-being. Section II considers the obstacles facing central bankers in achieving low inflation. These papers study the precision of estimates of equilibrium unemployment, the sources of the high inflation of the 1970s, and the use of non-traditional indicators in policy formation. The papers in section III consider how institutions can be designed to promote successful monetary policy, and the importance of institutions to the performance of policy in the United States, Germany, and other countries. This timely volume should be read by anyone who studies or conducts monetary policy.

Download or read book Central Banking in the Twentieth Century written by John Singleton and published by Cambridge University Press. This book was released on 2010-11-25 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The Euro Trap written by Hans-Werner Sinn and published by OUP Oxford. This book was released on 2014-07-31 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a critical assessment of the history of the euro, its crisis, and the rescue measures taken by the European Central Bank and the community of states. The euro induced huge capital flows from the northern to the southern countries of the Eurozone that triggered an inflationary credit bubble in the latter, deprived them of their competitiveness, and made them vulnerable to the financial crisis that spilled over from the US in 2007 and 2008. As private capital shied away from the southern countries, the ECB helped out by providing credit from the local money-printing presses. The ECB became heavily exposed to investment risks in the process, and subsequently had to be bailed out by intergovernmental rescue operations that provided replacement credit for the ECB credit, which itself had replaced the dwindling private credit. The interventions stretched the legal structures stipulated by the Maastricht Treaty which, in the absence of a European federal state, had granted the ECB a very limited mandate. These interventions created a path dependency that effectively made parliaments vicarious agents of the ECB's Governing Council. This book describes what the author considers to be a dangerous political process that undermines both the market economy and democracy, without solving southern Europe's competitiveness problem. It argues that the Eurozone has to rethink its rules of conduct by limiting the role of the ECB, exiting the regime of soft budget constraints and writing off public and bank debt to help the crisis countries breathe again. At the same time, the Eurosystem should become more flexible by offering its members the option of exiting and re-entering the euro - something between the dollar and the Bretton Woods system - until it eventually turns into a federation with a strong political power centre and a uniform currency like the dollar.

Download or read book International Financial History in the Twentieth Century written by Marc Flandreau and published by Cambridge University Press. This book was released on 2003 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays, written by leading experts, examine the history of the international financial system in terms of the debate about globalization and its limits. In the nineteenth century, international markets existed without international institutions. A response to the problems of capital flows came in the form of attempts to regulate national capital markets (for instance through the establishment of central banks). In the inter-war years, there were (largely unsuccessful) attempts at designing a genuine international trade and monetary system; and at the same time (coincidentally) the system collapsed. In the post-1945 era, the intended design effort was infinitely more successful. The development of large international capital markets since the 1960s, however, increasingly frustrated attempts at international control. The emphasis has shifted in consequence to debates about increasing the transparency and effectiveness of markets; but these are exactly the issues that already dominated the nineteenth-century discussions.

Download or read book Central Bank Independence and the Legacy of the German Past written by Simon Mee and published by Cambridge University Press. This book was released on 2019-09-12 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of the power struggle between Germany's central bank and the West German government to control monetary policy in the post-war era.

Download or read book The Government of Money written by Peter A. Johnson and published by Cornell University Press. This book was released on 2019-05-15 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years governments have increasingly given their central banks the freedom to pursue policies of price stability. In particular, the German Bundesbank and the U.S. Federal Reserve have been widely considered models of autonomous policymaking. This book traces the origins of their success to the political struggle to adopt monetarism in Germany and the United States. The Government of Money contends that the political involvement of monetarist economists was central to this endeavor. The book examines the initiatives undertaken by monetarists from 1970 to 1985 and the policies that resulted once their ideas were enacted. Taking a historical approach to major issues of political economy, Peter A. Johnson describes both the political efforts of the monetarist economists to convert central banks to their preferred policies and the resistance offered by traditionalist central bankers, politicians, and financial and labor interests. Johnson concludes that monetarist ideas succeeded in part because their supporters convincingly claimed that price stability would promote political stability. He thereby challenges important assumptions about politics and policymaking in both countries and reveals the often hidden influence of monetary policy on the health of capitalist democracies.

Download or read book Monetary Policy Frameworks in a Global Context written by Lavan Mahadeva and published by Routledge. This book was released on 2012-11-12 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: This broad-ranging collection assesses the links between targets and central bank independence, accountability and the transparency of monetary policy. Renowned experts contribute to this original and comprehensive text which will be of great value to professional economists and students of economics and banking alike. Monetary Policy Frameworks in a Global Context was named Book of the Year, 2000 by Central Banking journal

Download or read book How Do Central Banks Talk written by Alan S. Blinder and published by Centre for Economic Policy Research. This book was released on 2001 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Not long ago, secrecy was the byword in central banking circles, but now the unmistakable trend is towards greater openness and transparency. This, the third Geneva Report on the World Economy, describes and evaluates some of the changes in how central banks talk to the markets, to the press, and to the public. The report first assesses the case for transparency ? defined as providing sufficient information for the public to understand the policy regime ? and concludes that it is very strong, based on both policy effectiveness and democratic accountability. It then examines what should be the content of communication and argues that central banks ought to spell out their long-run objectives and methods. It then investigates the link between the decision-making process and central bank communication, drawing a distinction between individualistic and collegial committees. The report concludes with a review of the communications strategies of some of the main central banks.

Download or read book Out of the Darkness written by Frank Trentmann and published by Knopf. This book was released on 2024-02-20 with total page 848 pages. Available in PDF, EPUB and Kindle. Book excerpt: #1 Most Important Political Book of 2023, Sueddeutsche Zeitung (Germany) A Best Book of 2023, The Telegraph (Great Britain) A gripping and nuanced history of the German people from World War II to the war in Ukraine, including revealing new primary source material on Germany's transformation In 1945, Germany lay in ruins, morally and materially. Its citizens stood condemned by history, responsible for a horrifying genocide and war of extermination. But by the end of Angela Merkel’s tenure as chancellor in 2021, Germany looked like the moral voice of Europe, welcoming more than one million refugees, holding together the tenuous threads of the European Union, and making military restraint the center of its foreign policy. At the same time, Germany's rigid fiscal discipline and energy deals with Vladimir Putin have cast a shadow over the present. Innumerable scholars have asked how Germany could have degenerated from a nation of scientists, poets, and philosophers into one responsible for genocide. This book raises another vital question: How did a nation whose past has been marked by mass murder, a people who cheered Adolf Hitler, reinvent themselves, and how much? Trentmann tells this dramatic story of the German people from the middle of World War II through the Cold War and the division into East and West to the fall of the Berlin Wall and the struggle to find a place in the world today. This journey is marked by a series of extraordinary moral conflicts: admissions of guilt and shame vying with immediate economic concerns; restitution for some but not others; tolerance versus racism; compassion versus complicity. Through a range of voices—German soldiers and German Jews; displaced persons in limbo; East German women and shopkeepers angry about energy shortages; opponents and supporters of nuclear power; volunteers helping migrants and refugees, and right-wing populists attacking them—Trentmann paints a remarkable and surprising portrait spanning eighty years of the conflicted people at the center of Europe, showing how the Germans became who they are today.

Download or read book The European Crisis and the Transformation of Transnational Governance written by Christian Joerges and published by Bloomsbury Publishing. This book was released on 2014-11-13 with total page 573 pages. Available in PDF, EPUB and Kindle. Book excerpt: The debate on law, governance and constitutionalism beyond the state is confronted with new challenges. In the EU, confidence in democratic transnational governance has been shaken by the authoritarian and unsocial practices of crisis management. The ambition of this book, which builds upon many years of close co-operation between its contributors, is to promote a viable interdisciplinary alternative to these developments. “Conflicts-law constitutionalism” is a concept of transnational governance which derives democratic legitimacy from the supranational control of the external impact of national decision-making, on the one hand, and the co-operative responses to problem interdependencies on the other. The first section of the book contrasts Europe's new modes of economic governance and crisis management with the conditionality of international investments, and reflects upon the communalities and differences between emergency Europe and global exceptionalism. Subsequent sections substantiate the problématique of executive and technocratic rule, explore conflict constellations of prime importance in the fields of environmental and labour law, and discuss the impact and limits of liberalisation strategies. Throughout the book, European and transnational developments are compared and evaluated.

Download or read book Central Banking Governance in the European Union written by Lucia Quaglia and published by Routledge. This book was released on 2007-12-11 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book fills a gap in academic literature on the politics and public policy aspects of central banking in Europe, by conducting a theoretically-informed and empirically-grounded analysis of central banking governance before and after the establishment of the Economic and Monetary Union (EMU). The main framework for analysis is a ‘multi-level institutionalist approach’, articulated on three interconnected levels: the ‘systemic-level’, which encompasses the European, transnational and international arenas; the ‘national-level’, which considers the configuration of the domestic socio-economic and political environment in which each central bank operates; and the ‘micro-institutional level’, which deals with the specific features of each central bank. Methodologically, the research engages in a structure-focused comparison, using qualitative methods. In order to do so, it conceptually develops and empirically applies the notion of ‘mode’ of central banking governance, operationalised through four main components: the legal framework central bank ‘autonomy’ (or de facto independence) from the political authorities central bank ‘policy capacity’ in three policy areas that are crucial for central banking governance, namely monetary and exchange rate policies, financial regulation and supervision central bank legitimacy. Empirically, this monograph focuses on the Bank of England, the Bundesbank, the Banca d'Italia and the ECB over the period 1979 to present, with particular attention paid to the last decade. It is grounded in in-depth and extensive primary research, enriched by interviews with policy-makers. Central Banking Governance in the European Union will be of interest to students and researchers of Politics, Economics and Political Economy.