Download or read book The Rationale of Central Banking and the Free Banking Alternative written by Vera Constance Smith and published by Liberty Fund. This book was released on 1990 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Rationale of Central Banking was first published in England in 1936. Vera Smith spent her professional career in a variety of research positions. She wrote articles and books on money, banking, economic development, and the labor market and translated into English books by Wilhelm Röpke, Oskar Morgenstern, and Fritz Machlup. This book provides a scholarly review and judicious assessments of the experience and theory that bear on the issues of free banking and central banking. Its wide-ranging discussion identifies both the fallacies in the arguments for central banks and the influential fallacies in the arguments against free banking. Vera Smith's work should play a prominent role in any reappraisal of our monetary institutions.
Download or read book The Rationale of Central Banking and the Free Banking Alternative written by Vera C. Smith and published by . This book was released on 1990 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Rationale of Central Banking written by Vera Constance Smith and published by . This book was released on 1981 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Central Banking in the Modern World written by Marc Lavoie and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'The book provides a good variety of articles capable of satisfying different readers regarding central banking.' - Eric Tymoigne, Journal of Economic Issues According to the New Consensus in monetary economics, monetarism is dead and central bankers target low inflation rates by acting upon short-term real rates of interest. Yet, this synthesis hinges on variants of the long-run vertical Phillips curve originally proposed by Milton Friedman, the father of old-line monetarism. Contributors to this volume question this New Consensus. While they agree that the money supply should be conceived as endogenous, they carefully examine the procedures pursued by central banks, the monetary policy transmission mechanisms suggested by central bankers themselves, and the assumptions imbedded in the New Consensus. They propose alternative analyses that clearly demonstrate the limits of modern central banking and point to the possible instability of monetary economies.
Download or read book Alternatives to the Central Bank in the Developing World written by Mr.Charles Collyns and published by International Monetary Fund. This book was released on 1983-03-15 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the operations of a wide range of central banking institutions in developing countries. The considerable diversity of economic, financial, and political conditions within the Third World has brought forth a wide variety of central banking institutions. Four polar types have been identified as providing coherent alternatives to the central bank. Historical experience certainly indicates that legislation on its own may not be enough to guarantee prudent behavior. Although many countries' central banking institutions have not yet come close to violating foreign exchange cover requirements or restrictions on government lending, in other cases the rules have simply been sidestepped by technical adjustments, altered expediently, or merely ignored. The organizational structure established by legislation probably plays a more positive part in determining a central banking institution's characteristic behavior. Operating procedures, channels of communication, and lines of command all exert some influence on where and how decisions are made in practice. The balance of power between government and monetary authority does not only depend on personality and outside support but will also be influenced by the institutional framework in which their interaction is established.
Download or read book Central Banking in Developing Countries written by Álvaro Almeida and published by Routledge. This book was released on 1996-05-30 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the current state of central banking in 44 developing countries. The authors analyse the banks' achievement in their primary objective of price stability and discuss the reasons behind the general lack of success. The book covers: * government financing * foreign exchange systems * domestic banking systems. Rich in data, the book
Download or read book The Future of Central Banking written by Forrest Capie and published by Cambridge University Press. This book was released on 1994 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Download or read book Central Banking in a Democracy written by John H. Wood and published by Routledge. This book was released on 2014-10-17 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Federal Reserve System, which has been Congress’s agent for the control of money since 1913, has a mixed reputation. Its errors have been huge. It was the principal cause of the Great Depression of the 1930s and the inflation of the 1970s, and participated in the massive bailouts of financial institutions at taxpayers' expense during the recent Great Recession. This book is a study of the causes of the Fed’s errors, with lessons for an improved monetary authority, beginning with an examination of the history of central banks, in which it is found that their performance depended on their incentives, as is to be expected of economic agents. An implication of these findings is that the Fed’s failings must be traced to its institutional independence, particularly of the public welfare. Consequently, its policies have been dictated by special interests: financial institutions who desire public support without meaningful regulation, as well as presidents and those portions of Congress desiring growing government financed by inflation. Monetary stability (which used to be thought the primary purpose of central banks) requires responsibility, meaning punishment for failure, instead of a remote and irresponsible (to the public) agency such as the Fed. It requires either private money motivated by profit or Congress disciplined by the electoral system as before 1913. Change involving the least disturbance to the system suggests the latter.
Download or read book Free Banking Theory History and a Laissez Faire Model written by Larry J. Sechrest and published by Ludwig von Mises Institute. This book was released on 2008 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Evolution of Central Banks written by Charles Goodhart and published by MIT Press. This book was released on 1988-09-16 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Evolution and Procedures in Central Banking written by David E. Altig and published by Cambridge University Press. This book was released on 2003-09-11 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Theory of Free Banking written by George A. Selgin and published by Rowman & Littlefield Publishers. This book was released on 1988 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: To find more information about Rowman and Littlefield titles, please visit www.rowmanlittlefield.com.
Download or read book The New Art of Central Banking written by M L Burstein and published by Springer. This book was released on 1991-02-04 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banking is being turned upside down by innovations such as securitization, complex options dealings and Euro-asset transactions that are denationalizing money and making it impossible for central banks to regulate costs of capital. Nor can central banks modulate business cycles in open economies; study of banking policy and business fluctuations suggests that the 'real' importance of bank-credit changes has long been exaggerated. The new art of central banking may culminate in masterly inactivity.
Download or read book Central Bank Balances and Reserve Requirements written by Mr.Simon Gray and published by International Monetary Fund. This book was released on 2011-02-01 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most central banks oblige depository institutions to hold minimum reserves against their liabilities, predominantly in the form of balances at the central bank. The role of these reserve requirements has evolved significantly over time. The overlay of changing purposes and practices has the result that it is not always fully clear what the current purpose of reserve requirements is, and this necessarily complicates thinking about how a reserve regime should be structured. This paper describes three main purposes for reserve requirements - prudential, monetary control and liquidity management - and suggests best practice for the structure of a reserves regime. Finally, the paper illustrates current practices using a 2010 IMF survey of 121 central banks.
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 The Evolving Role of Central Banks written by Mr.Patrick Downes and published by International Monetary Fund. This book was released on 1991-06-15 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central Banks should enjoy a fair degree of autonomy in pursuing price stability to promote long-run growth and prosperity. This volume, edited by Patrick Downes and Reza Vaez-Zadeh, contains the papers presented at the fifth IMF seminar on central banking issues in November 1990. The theme was the interdependence of central bank functions and the role of central bank autonomy.
