Download or read book Central Bank Independence written by Jan Kleineman and published by BRILL. This book was released on 2021-10-18 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: In December 1999, prior to the forming of a Stockholm Centre for Commercial Law, an international symposium entitled Central Bank Independence was held at the Department of Law at Stockholm University in co-operation with the Swedish Central Bank (The Riksbank) and Queen Mary and Westfield College, London University. The participants were principally political, economic and legal specialists in the field, all with considerable international experience. This led to the topic being examined in detail from many different perspectives. This publication includes contributions by the participants and contains many important facts for those readers who wish to study and understand the different consequences of the yielding of control over financial policymaking by the traditional political organisations to a body of experts. For readers in some countries, who realise that the subject will revolutionise traditional Constitutional and Administrative Law, the topic and therefore this publication, cannot be ignored.
Download or read book The Democratic Accountability of Central Banks written by Fabian Amtenbrink and published by . This book was released on 1998 with total page 421 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Democratic Accountability of Central Banks written by Fabian Amtenbrink and published by Hart Publishing. This book was released on 1999-03-19 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: European Monetary Union will lead directly to the transfer of authority over monetary policy from Member States to the European System of Central Banks. This volume explores the implications of such a shift.
Download or read book Central Bank Accountability and Transparency written by Sylvester C. W. Eijffinger and published by . This book was released on 2016 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first part of this paper outlines the concept of democratic accountability of centralDer erste Teil dieses Papiers umreißt das Konzept der demokratischen Rechenschaftslegung.
Download or read book Balance of Power written by Éric Monnet and published by University of Chicago Press. This book was released on 2024-04-23 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks now stand between societies and collapse, but are they still democratic? Two decades of financial crises have dramatically expanded central banks’ powers. In 2008, and then again in 2020, unelected banking officials found themselves suddenly responsible for the public welfare—not just because it was necessary but based on an idea that their independence from political systems would insulate them from the whims of populism. Now, as international crises continue and the scope of monetary interventions grows in response, these bankers have become increasingly powerful. In Balance of Power, economist and historian Éric Monnet charts the rise of central banks as the nominally independent—but unavoidably political—superpowers of modern societies. This trajectory, Monnet argues, is neither inevitable nor unstoppable. By embracing the political natures of today’s central banks, we can construct systems of accountability for how they interact with states and societies. Monnet shows that this effort will do more than guard against unjust power; it will put the banks to work for greater, more democratic ends. With existential challenges looming and the work of the Federal Reserve and European Central Bank more important than ever, Balance of Power offers a trenchant case for what this century’s central banks can—and must—become.
Download or read book Accounting for Economic Institutions written by Cassandra Grafstrom and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic voting literature emphasizes that complex government structures lead voters to weigh the economy less in their voting calculus. While a number of institutional factors have been considered by the literature, these have largely been institutions that voters can directly punish through electoral mechanisms. However, there are numerous institutions that affect political and economic outcomes that voters have no means of punishing for bad results but that are directly dependent upon the choices of elected officials. In this paper, I consider how economic voting is affected by the level of central bank independence. Building from recent work by Duch and Stevenson (2008), I explore how the ability of politicians to change the institutional context through which their actions affect economic outcomes and, in turn, democratic accountability.
Download or read book Unelected Power written by Paul Tucker and published by Princeton University Press. This book was released on 2019-09-10 with total page 662 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tucker presents guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good.
Download or read book Democratic Legitimation of Central Bank Independence in the European Union written by Cornelia Manger-Nestler and published by Springer Nature. This book was released on 2021-05-29 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: This short monograph examines the tense relationship between central bank independence and democratic legitimation, which has changed as the European Central Bank (ECB) has been entrusted with new tasks and faced unprecedented challenges. The financial and sovereign debt crisis, in particular, has affected the ECB's position within the Economic and Monetary Union without substantial changes in the Union's legal framework. However, the evolution of an institution primarily obligated to maintain price stability into an actor involved in sustaining financial stability, performing banking supervision and supporting economic policy raises the question of whether the high level of autonomy granted to the ECB is justified with regard to the principle of democracy that demands adequate accountability and control. This book identifies requirements for the democratic legitimation of central bank action in relation to specific tasks. Further, it analyses other scales of independence encountered in EU law in order to allow readers to gain a better conceptual understanding of central bank independence.
Download or read book On the Legitimacy and Democratic Accountability of the European Central Bank written by Fabian Amtenbrink and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Various authors have questioned the legal framework of the European System of Central Banks and of the European Central Bank (ECB), which undoubtedly concentrates on ensuring the independence of the system, rather than introducing a democratically accountable monetary policy authority. Rather than to revisit all facets of the well-known case for the democratic accountability of the ECB, this contribution highlight the ways in which the democratic accountability of the ECB has developed in the first years of its coming into operation as the single monetary policy authority in the Euro-zone. Three main elements are identified in this context, including the approach to monetary policy objectives of the ECB, its communication strategy vis-¿-vis the financial markets and the public at large and its regular contacts with the European Parliament. All of these elements refer to the transparency of the ECB. Indeed, information may be considered as the key to the evaluation of the performance of a central bank and thus, to democratic accountability. Information requires transparency because where a central bank does not conduct monetary policy in an open manner, information on the performance of the bank is difficult to acquire. What results from this analysis is that while the current legal arrangements relating to the democratic accountability of the ECB can certainly be criticised for their shortcomings, it also has to be acknowledged that despite the limited obligations under the EC Treaty the ECB has undergone considerable efforts to become a transparent central bank, thereby enhancing democratic accountability. Yet, the fact remains that it is up to the ECB to decide on the means and extent to which it provides this transparency. As a result, the ECB appears to be very transparent on paper, whereas the financial markets, but indeed also the MEPs seem to have considerable difficulties with understanding the monetary policy strategy of the ECB. All things considered, the ECB also has to be given credit for the constructive way in which it has interpreted its obligation under the EC Treaty to appear before the EP. By appearing four times a year, the ECB once more does more than would be legally required. It can already be concluded that that the EP takes the role, which it has been assigned to under the Maastricht Treaty very serious. Indeed, it may understand this role as a welcome opportunity to show once more that it is a fully, grown parliament which is willing to take on more substantial responsibilities in the constitutional structure of the European Union.
Download or read book Central Banking Monetary Policy and Social Responsibility written by Vallet, Guillaume and published by Edward Elgar Publishing. This book was released on 2022-08-18 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: Part of The Elgar Series on Central Banking and Monetary Policy, this book explores the relationship between central banking, monetary policy and the economy at large. It focuses on the specific relationship between central banking, monetary policy and social responsibility as central banks wake up to new realities
Download or read book Independent and Accountable Central Banks and the European Central Bank written by Pedro A. B. De Sousa and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Central Bank Independence Accountability and Transparency written by B. Laurens and published by Springer. This book was released on 2016-04-30 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores three key areas of central banking and governance - autonomy, accountability and transparency. It looks at links between the areas, as well as assessing the impact of central bank autonomy on macroeconomic performance. The issues are approached from theoretical and empirical perspectives.
Download or read book Central Bank Governance and Oversight Reform written by John Cochrane and published by Hoover Press. This book was released on 2016-05-01 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: A central bank needs authority and a sphere of independent action. But a central bank cannot become an unelected czar with sweeping, unaccountable discretionary power. How can we balance the central bank's authority and independence with needed accountability and constraints? Drawn from a 2015 Hoover Institution conference, this book features distinguished scholars and policy makers' discussing this and other key questions about the Fed. Going beyond the widely talked about decision of whether to raise interest rates, they focus on a deeper set of questions, including, among others, How should the Fed make decisions? How should the Fed govern its internal decision-making processes? What is the trade-off between greater Fed power and less Fed independence? And how should Congress, from which the Fed ultimately receives its authority, oversee the Fed? The contributors discuss whether central banks can both follow rule-based policy in normal times but then implement a discretionary do-what-it-takes approach to stopping financial crises. They evaluate legislation, recently proposed in the US House and Senate, that would require the Fed to describe its monetary policy rule and, if and when it changed or deviated from its rule, explain the reasons. And they discuss to best ways to structure a committee—like the Federal Open Market Committee, which sets interest rates—to make good decisions, as well as offer historical reflections on the governance of the Fed and much more.
Download or read book The European Parliament as an Accountability Forum written by Adina Akbik and published by Cambridge University Press. This book was released on 2022-02-03 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of executive actors' accountability for EU economic decisions in the aftermath of the euro crisis.
Download or read book The Political Economy of Central Banking written by Gerald Epstein and published by Edward Elgar Publishing. This book was released on 2019 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Political Economy of Central bank Independence written by Sylvester C. W. Eijffinger and published by International Finance Section Department of Econ Ton Univers. This book was released on 1996 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The European Central Bank written by D. Howarth and published by Springer. This book was released on 2003-05-14 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: David Howarth and Peter Loedel provide a theoretically inspired account of the creation, design and operation of the European Central Bank. Issues explored include the theoretical approaches to the ECB, the antecedents of European monetary authority, the different national perspectives on central bank independence, the complex organisation of the bank, the issues of accountability and the difficult first years of the ECB in operation.
