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Central banks at a crossroads : what can we learn from history?

Author: Michael D Bordo
Publisher: New York NY : Cambridge University Press, 2016.
Series: Studies in macroeconomic history.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
BIOGRAPHY: HISTORICAL, POLITICAL & MILITARY. Yolande Duvernay, the star of this tale, was born in poverty in Paris in 1812. Under the control of her stage mother, she became a celebrated ballerina - a star of the Paris Opera - becoming the favourite dancer of Princess Victoria. She was praised for her grace, her beauty and her provocative style on stage, known as the 'fair brimstone' by William Makepeace Thackeray.  Read more...
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Genre/Form: Electronic books
History
Additional Physical Format: Print version:
Central banks at a crossroads.
New York NY : Cambridge University Press, 2016
(DLC) 2016015468
(OCoLC)948878734
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Michael D Bordo
ISBN: 9781316657829 1316657825 9781316657478 1316657477 9781316570401 1316570401 9781316656426 131665642X
OCLC Number: 951625638
Description: 1 online resource.
Contents: Cover --
Half-title --
Series information --
Title page --
Copyright information --
Table of contents --
Editors and contributors --
Preface --
1 Introduction --
2 The Descent of Central Banks (1400-1815) --
3 Central Bank Credibility: An Historical and Quantitative Exploration --
4 The Coevolution of Money Markets and Monetary Policy, 1815-2008 --
5 Central Bank Independence in Small Open Economies --
6 Fighting the Last War: Economists on the Lender of Last Resort --
7 A Century and a Half of Central Banks, International Reserves, and International Currencies --
8 Central Banks and the Stability of the International Monetary Regime --
9 The International Monetary and Financial System: A Capital Account Historical Perspective --
10 Central Banking: Perspectives from Emerging Economies --
11 The Evolution of the Financial Stability Mandate: From Its Origins to the Present Day --
12 Bubbles and Central Banks: Historical Perspectives --
13 Central Banks and Payment Systems: The Evolving Trade-off between Cost and Risk --
15 The Evolution of Central Banks: A Practitioner's Perspective --
14 Central Bank Evolution: Lessons Learnt from the Sub-Prime Crisis --
Index --
Series list --
1 Some Background History --
2 Lessons from the Sub-Prime Crisis --
3 Implications --
References --
3. Central Banks at Present : What Makes a 'Good' Central Bank? --
4 Central Bank Issues for the Future --
5 Conclusion --
References --
5 Concluding Remarks --
References --
1 The Purpose of Central Banks --
2 Central Banking in the Past --
3 Anglo-American contrast --
4 CLS --
1 Analytical Framework --
2 Exchange Banks --
3 Severity of Crises --
4 Policy Responses --
9 Conclusion --
References --
5 Conclusions --
References --
1 Introduction --
2 An Overview of Bubble Episodes. 8 The Internationalization of Bank Regulation --
6 The Great Depression and After: Supervision under Financial Repression --
7 Deregulation and the Globalization of Banking --
1 Introduction --
2 The FSM in Ordinary and Exceptional times --
3 The Protection of Banknotes and the Origins of the FSM --
4 The Challenge of Deposit Banking to Financial Stability --
5 Central Banks and the Shock of the First World War --
1 Introduction --
2 The International Trilemma --
3 Interwar Experience --
4 The Great Financial Crisis --
5 Conclusion --
References --
1 Introduction --
2 Analytical Reference Points --
3 Europe's Lombard Street Moment --
6 Bretton Woods and After --
7 Conclusion --
References --
3 Describing Monetary Policy --
References --
4 Reserve Accumulation and Self-Insurance --
5 Some Conjectures Regarding the Future --
References --
Data Appendix --
1 Introduction --
2 Central Banking under the Classical Gold Standard --
3 Central Banks and the Collapse of the Interwar Gold Standard --
4 Central Bank Cooperation and the End of the Bretton Woods System --
5 The Shift to Floating Exchange Rates and the Rise of Central Banks --
6 Conclusion --
References --
4 Pre-World War I Motives for Accumulating Foreign Exchange Reserves --
5 The Rise and Fall of Genoa --
1 Introduction --
2 The Early History of Central Bank Reserves --
8 Rescue Operations --
9 The Subprime Crisis --
10 Conclusions --
References --
4 Some Examples of Contracts --
5 Conclusions --
Acknowledgements --
Appendix Two: Studies of Small Open Economies --
Appendix Three --
References --
Statistical Sources --
6 The Great Depression and the Absence of a LOLR in the United States --
7 The Impact of the Great Depression on the Doctrine of LOLR --
1 Introduction --
2 The Lender of Last Resort: Definitions and Controversies. 3 The Evolution of the Bank of England as LOLR --
4 Lenders of Last Resort Elsewhere in the Nineteenth and Early Twentieth Century --
5 The Lender of Last Resort: The Idea Takes Shape --
1 Introduction --
2 Why Size Matters: Conventions, Trust, and the Role of Law --
3 What does 'Small and Open' Mean in Practice? --
1 Motivation --
2 The Coevolution of Money Markets and Monetary Policy: A Conceptual Framework --
4 Data and Methodological Considerations --
5 Empirical Evidence --
3 Quantitative Evidence --
4 Conclusions --
References --
Sources --
Balance Sheets --
Uncollateralized and Collateralized Domestic Loans --
Monthly Interest Rates --
1 Introduction --
2 Credibility and Reputation Through the Ages --
3 Quantifying Credibility --
6 Conclusion --
References --
6 Conclusions --
References --
Narratives --
4 Taxonomy --
5 Understanding the Evolution --
1. Introduction --
2 The Primordial Soup: Medieval and Early Modern Money --
3 Life Histories --
5 The Chapters --
1 Trust and the Central Bank --
2 Central Banks at a Crossroads: ''Where Next?'' --
3 I Told you So: Learning from History --
4 Lessons Waiting to be Learned --
4.1 The Central Bank as an Institution --
4.2 The Central Bank as Part of the International Monetary System --
4.3 The Central Bank and the Other National Institutions --
Delineations and Limitations --
5.1 The Central Bank as an Institution --
The historical Perspective --
5.2 The Central bank as Part of the International Monetary System --
5.3 The Central bank and Other National Institutions --
Delineation and Limitation --
3.1 The First Generation of Public Banks --
5.1 A quantitative overview --
5.2 Origins --
5.3 Evolution --
3.2 Second-Generation Banks --
1 Sweden: The Riksbank --
2 United Kingdom: Bank of England --
3 France: Banque de France --
4 Norway: Norges Bank. 5 Germany: Reichsbank/Bundesbank --
6 Italy: Banca d'Italia --
7 Switzerland: The Swiss National Bank --
8 Australia: The Commonwealth Bank of Australia/The Reserve Bank of Australia --
9 United States: Federal Reserve --
10 Canada: Bank of Canada --
11 New Zealand: The Reserve Bank of New Zealand --
Narratives' References --
4 The Central Bank from a Practitioner's Perspective --
3.1 The Taylor Rule, Credibility, and Policy Regimes --
3.2 Challenges in Measuring Credibility Over a Long Time Span --
3.1 The Location of Interaction: The Central Bank Balance Sheet --
3.2 The Form of Interaction: Uncollateralized vs. Collateralized Lending --
3.3 The Substance of Interaction: Market vs. Bank Interest Rates --
3.4 Quantitative Evidence: Sum-Up --
5.1 Panel Estimates --
5.2 Select Individual Country Evidence --
2.1 From Money Markets to Central Banks --
2.2 From Central Banks to Money Markets --
2.3 Conceptual Issues: Sum-Up --
3.1 Measuring Openness --
3.2 The Data and the Methods --
3.3 The Figures --
2.1 What Instructions? --
2.2 High Trust Societies --
5.1 From Adam Smith to Henry Thornton --
5.2 Bagehot's Lombard Street --
7.1 R.G. Hawtrey: The Art of Central Banking --
7.2 Friedman and Schwartz: A Monetary History of the United States --
7.3 Ben Bernanke and the Cost of Financial Intermediation --
2.1 Reserves Equal Bullion --
2.2 The Mystery of Bullion --
2.3 The Belgian Exception --
5.1 The Mlynarski Dilemma --
5.2 The Leverage Cycle --
5.3 Market Liquidity as a Two-Edged Sword --
5.4 Fiscal Implications --
5.5 The Sterling Area --
4.1 Self-Insurance --
4.2 Interest-Rate Smoothing --
4.3 Carry Trades --
Data for Section 2: --
3.5 Inflation Targeting and Prerequisites --
3.4 Macroprudential Issues and Inflation Targeting --
3.1 Monetary Autonomy, to What End?. 3.2 Inflation Targeting --
or Not --
After the Crisis --
3.3 Some Macro Factors not Addressed by Inflation Targeting --
3.1 The Rise of Official Reserves before World War I --
3.2 The Politics of Key Currencies --
The excess financial elasticity hypothesis --
Measuring capital flows: which boundary? --
2.1 The Historical Context --
2.2 The Choices --
2.3 The Emerging Market Economies Stand Apart --
5.1 The United Kingdom --
5.2 France --
5.3 Italy --
5.4 The United States --
5.5 Canada --
5.6 Colombia --
4.1 The United Kingdom --
4.2 France --
4.3 Italy --
4.4 The United States --
4.4 Canada --
3.1 England --
3.2 France --
3.3 Italy --
3.4 The United States --
3.5 Canada --
3.6 Colombia --
7.1 The United Kingdom --
7.2 France --
7.3 Italy --
7.4 The United States --
7.5 Canada --
7.6 Colombia --
6.1 The United Kingdom --
6.2 France --
6.3 Italy --
6.4 United States --
Canada --
6.5 Colombia --
8.1 The Basel Committee on Bank Supervision (BCSC) --
8.2 From the Concordat to Basel I --
8.3 Basel II --
8.4 The European Banking Union --
2.1 Selection of Bubble Episodes --
2.2 Characteristics of Bubbles --
2.3 Economic Environment --
4.1 Hypothesis 1: ''Pure Cleaning'' Is Costly --
4.3 Hypothesis 3: Leaning Interest Rate Policy May Be Ineffective if It Is Too Weak or Comes Too Late --
4.4 Hypothesis 4: Leaning Interest Rate Policy May Be Harmful if It Is Too Strong --
4.5 Hypothesis 5: Macroprudential Instruments May Mitigate Crises --
4.6 Hypothesis 6: Central Banks Cannot Simply ''Talk Down'' Bubbles --
2.1 Coins and Bills of Exchange --
2.2 Enter the Public Bank: The Case of Amsterdam --
2.3 From Public Bank to Central Bank --
1.1 State Money --
1.2 Anchor --
1.3 System Risk --
1.4 The Role of Information --
1.5 Preview --
4.1 CLS, a Private Sector Innovation --
4.2 How CLS Operates: Examples.
Series Title: Studies in macroeconomic history.
Responsibility: edited by Michael D. Bordo, Rutgers University, New Jersey, Øyvind Eitrheim, Norges Bank, Marc Flandreau, Graduate Institute of International and Development Studies, Geneva, Jan F. Qvigstad, Norges Bank.

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The role of the central bank has become a subject of intense debate in the wake of the recent global financial crisis. In this volume, experts and policy makers discuss what lessons we can draw by  Read more...

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