Do Central Banks Serve the People?

Do Central Banks Serve the People?

Author: Peter Dietsch

Publisher: John Wiley & Sons

Published: 2018-08-16

Total Pages: 140

ISBN-13: 1509525807

DOWNLOAD EBOOK

Central banks have become the go-to institution of modern economies. In the wake of the 2007 financial crisis, they injected trillions of dollars of liquidity – through a process known as quantitative easing – first to prevent financial meltdown and later to stimulate the economy. The untold story behind these measures, and behind the changing roles of central banks generally, is that they have come at a considerable cost. Central banks argue we had no choice. This book offers a powerfully original examination of why this claim is false. Using examples from Europe and the US, the authors present and analyse three specific concerns about the way central banks in developed economies operate today. Firstly, they show how unconventional monetary policies have created significant unintended negative consequences in terms of inequalities in income and wealth. They go on to argue that central banks may have become independent of governments, but have instead become worryingly dependent on financial markets. They then proceed to analyse how central bankers, despite being the undisputed experts on monetary policy, can still err and suffer from multiple forms of bias. This book is a sobering and urgent wake-up call for policy-makers and anyone interested in how our monetary and financial system really works.


Book Synopsis Do Central Banks Serve the People? by : Peter Dietsch

Download or read book Do Central Banks Serve the People? written by Peter Dietsch and published by John Wiley & Sons. This book was released on 2018-08-16 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks have become the go-to institution of modern economies. In the wake of the 2007 financial crisis, they injected trillions of dollars of liquidity – through a process known as quantitative easing – first to prevent financial meltdown and later to stimulate the economy. The untold story behind these measures, and behind the changing roles of central banks generally, is that they have come at a considerable cost. Central banks argue we had no choice. This book offers a powerfully original examination of why this claim is false. Using examples from Europe and the US, the authors present and analyse three specific concerns about the way central banks in developed economies operate today. Firstly, they show how unconventional monetary policies have created significant unintended negative consequences in terms of inequalities in income and wealth. They go on to argue that central banks may have become independent of governments, but have instead become worryingly dependent on financial markets. They then proceed to analyse how central bankers, despite being the undisputed experts on monetary policy, can still err and suffer from multiple forms of bias. This book is a sobering and urgent wake-up call for policy-makers and anyone interested in how our monetary and financial system really works.

The Federal Reserve System Purposes and Functions

The Federal Reserve System Purposes and Functions

Author: Board of Governors of the Federal Reserve System

Publisher:

Published: 2002

Total Pages: 0

ISBN-13: 9780894991967

DOWNLOAD EBOOK

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.


Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System

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.

Unelected Power

Unelected Power

Author: Paul Tucker

Publisher: Princeton University Press

Published: 2019-09-10

Total Pages: 662

ISBN-13: 0691196303

DOWNLOAD EBOOK

Tucker presents guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good.


Book Synopsis Unelected Power by : Paul Tucker

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.

Financial Citizenship

Financial Citizenship

Author: Annelise Riles

Publisher: Cornell University Press

Published: 2018-07-15

Total Pages: 99

ISBN-13: 1501732730

DOWNLOAD EBOOK

Government bailouts; negative interest rates and markets that do not behave as economic models tell us they should; new populist and nationalist movements that target central banks and central bankers as a source of popular malaise; new regional organizations and geopolitical alignments laying claim to authority over the global economy; households, consumers, and workers facing increasingly intolerable levels of inequality: These dramatic conditions seem to cry out for new ways of understanding the purposes, roles, and challenges of central banks and financial governance more generally. Financial Citizenship reveals that the conflicts about who gets to decide how central banks do all these things, and about whether central banks are acting in everyone’s interest when they do them, are in large part the product of a culture clash between experts and the various global publics that have a stake in what central banks do. Experts—central bankers, regulators, market insiders, and their academic supporters—are a special community, a cultural group apart from many of the communities that make up the public at large. When the gulf between the culture of those who govern and the cultures of the governed becomes unmanageable, the result is a legitimacy crisis. This book is a call to action for all of us—experts and publics alike—to address this legitimacy crisis head on, for our economies and our democracies.


Book Synopsis Financial Citizenship by : Annelise Riles

Download or read book Financial Citizenship written by Annelise Riles and published by Cornell University Press. This book was released on 2018-07-15 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: Government bailouts; negative interest rates and markets that do not behave as economic models tell us they should; new populist and nationalist movements that target central banks and central bankers as a source of popular malaise; new regional organizations and geopolitical alignments laying claim to authority over the global economy; households, consumers, and workers facing increasingly intolerable levels of inequality: These dramatic conditions seem to cry out for new ways of understanding the purposes, roles, and challenges of central banks and financial governance more generally. Financial Citizenship reveals that the conflicts about who gets to decide how central banks do all these things, and about whether central banks are acting in everyone’s interest when they do them, are in large part the product of a culture clash between experts and the various global publics that have a stake in what central banks do. Experts—central bankers, regulators, market insiders, and their academic supporters—are a special community, a cultural group apart from many of the communities that make up the public at large. When the gulf between the culture of those who govern and the cultures of the governed becomes unmanageable, the result is a legitimacy crisis. This book is a call to action for all of us—experts and publics alike—to address this legitimacy crisis head on, for our economies and our democracies.

Banking on the Future

Banking on the Future

Author: Howard Davies

Publisher: Princeton University Press

Published: 2010-04-12

Total Pages: 337

ISBN-13: 1400834635

DOWNLOAD EBOOK

An inside look at the role and future of central banking in the global economy The crash of 2008 revealed that the world's central banks had failed to offset the financial imbalances that led to the crisis, and lacked the tools to respond effectively. What lessons should central banks learn from the experience, and how, in a global financial system, should cooperation between them be enhanced? Banking on the Future provides a fascinating insider's look into how central banks have evolved and why they are critical to the functioning of market economies. The book asks whether, in light of the recent economic fallout, the central banking model needs radical reform. Supported by interviews with leading central bankers from around the world, and informed by the latest academic research, Banking on the Future considers such current issues as the place of asset prices and credit growth in anti-inflation policy, the appropriate role for central banks in banking supervision, the ways in which central banks provide liquidity to markets, the efficiency and cost-effectiveness of central banks, the culture and individuals working in these institutions, as well as the particular issues facing emerging markets and Islamic finance. Howard Davies and David Green set out detailed policy recommendations, including a reformulation of monetary policy, better metrics for financial stability, closer links with regulators, and a stronger emphasis on international cooperation. Exploring a crucial sector of the global economic system, Banking on the Future offers new ideas for restoring financial strength to the foundations of central banking.


Book Synopsis Banking on the Future by : Howard Davies

Download or read book Banking on the Future written by Howard Davies and published by Princeton University Press. This book was released on 2010-04-12 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: An inside look at the role and future of central banking in the global economy The crash of 2008 revealed that the world's central banks had failed to offset the financial imbalances that led to the crisis, and lacked the tools to respond effectively. What lessons should central banks learn from the experience, and how, in a global financial system, should cooperation between them be enhanced? Banking on the Future provides a fascinating insider's look into how central banks have evolved and why they are critical to the functioning of market economies. The book asks whether, in light of the recent economic fallout, the central banking model needs radical reform. Supported by interviews with leading central bankers from around the world, and informed by the latest academic research, Banking on the Future considers such current issues as the place of asset prices and credit growth in anti-inflation policy, the appropriate role for central banks in banking supervision, the ways in which central banks provide liquidity to markets, the efficiency and cost-effectiveness of central banks, the culture and individuals working in these institutions, as well as the particular issues facing emerging markets and Islamic finance. Howard Davies and David Green set out detailed policy recommendations, including a reformulation of monetary policy, better metrics for financial stability, closer links with regulators, and a stronger emphasis on international cooperation. Exploring a crucial sector of the global economic system, Banking on the Future offers new ideas for restoring financial strength to the foundations of central banking.

Where Does Money Come From?

Where Does Money Come From?

Author: Josh Ryan-Collins

Publisher:

Published: 2014-01-31

Total Pages: 186

ISBN-13: 9781908506542

DOWNLOAD EBOOK

Based on detailed research and consultation with experts, including the Bank of England, this book reviews theoretical and historical debates on the nature of money and banking and explains the role of the central bank, the Government and the European Union. Following a sell out first edition and reprint, this second edition includes new sections on Libor and quantitative easing in the UK and the sovereign debt crisis in Europe.


Book Synopsis Where Does Money Come From? by : Josh Ryan-Collins

Download or read book Where Does Money Come From? written by Josh Ryan-Collins and published by . This book was released on 2014-01-31 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on detailed research and consultation with experts, including the Bank of England, this book reviews theoretical and historical debates on the nature of money and banking and explains the role of the central bank, the Government and the European Union. Following a sell out first edition and reprint, this second edition includes new sections on Libor and quantitative easing in the UK and the sovereign debt crisis in Europe.

Central Banking at a Crossroads

Central Banking at a Crossroads

Author: Charles Goodhart

Publisher: Anthem Press

Published: 2014-12-01

Total Pages: 292

ISBN-13: 1783083042

DOWNLOAD EBOOK

This book reflects on the innovations that central banks have introduced since the 2008 collapse of Lehman Brothers to improve their modes of intervention, regulation and resolution of financial markets and financial institutions. Authors from both academia and policy circles explore these innovations through four approaches: ‘Bank Capital Regulation’ examines the Basel III agreement; ‘Bank Resolution’ focuses on effective regimes for regulating and resolving ailing banks; ‘Central Banking with Collateral-Based Finance’ develops thought on the challenges that market-based finance pose for the conduct of central banking; and ‘Where Next for Central Banking’ examines the trajectory of central banking and its new, central role in sustaining capitalism.


Book Synopsis Central Banking at a Crossroads by : Charles Goodhart

Download or read book Central Banking at a Crossroads written by Charles Goodhart and published by Anthem Press. This book was released on 2014-12-01 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reflects on the innovations that central banks have introduced since the 2008 collapse of Lehman Brothers to improve their modes of intervention, regulation and resolution of financial markets and financial institutions. Authors from both academia and policy circles explore these innovations through four approaches: ‘Bank Capital Regulation’ examines the Basel III agreement; ‘Bank Resolution’ focuses on effective regimes for regulating and resolving ailing banks; ‘Central Banking with Collateral-Based Finance’ develops thought on the challenges that market-based finance pose for the conduct of central banking; and ‘Where Next for Central Banking’ examines the trajectory of central banking and its new, central role in sustaining capitalism.

Central Banking in the Twentieth Century

Central Banking in the Twentieth Century

Author: John Singleton

Publisher: Cambridge University Press

Published: 2010-11-25

Total Pages: 351

ISBN-13: 1139495208

DOWNLOAD EBOOK

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.


Book Synopsis Central Banking in the Twentieth Century by : John Singleton

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.

Economy of Words

Economy of Words

Author: Douglas R. Holmes

Publisher: University of Chicago Press

Published: 2013-12-09

Total Pages: 278

ISBN-13: 022608776X

DOWNLOAD EBOOK

Markets are artifacts of language—so Douglas R. Holmes argues in this deeply researched look at central banks and the people who run them. Working at the intersection of anthropology, linguistics, and economics, he shows how central bankers have been engaging in communicative experiments that predate the financial crisis and continue to be refined amid its unfolding turmoil—experiments that do not merely describe the economy, but actually create its distinctive features. Holmes examines the New York District Branch of the Federal Reserve, the European Central Bank, Deutsche Bundesbank, and the Bank of England, among others, and shows how officials there have created a new monetary regime that relies on collaboration with the public to achieve the ends of monetary policy. Central bankers, Holmes argues, have shifted the conceptual anchor of monetary affairs away from standards such as gold or fixed exchange rates and toward an evolving relationship with the public, one rooted in sentiments and expectations. Going behind closed doors to reveal the intellectual world of central banks,Economy of Words offers provocative new insights into the way our economic circumstances are conceptualized and ultimately managed.


Book Synopsis Economy of Words by : Douglas R. Holmes

Download or read book Economy of Words written by Douglas R. Holmes and published by University of Chicago Press. This book was released on 2013-12-09 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Markets are artifacts of language—so Douglas R. Holmes argues in this deeply researched look at central banks and the people who run them. Working at the intersection of anthropology, linguistics, and economics, he shows how central bankers have been engaging in communicative experiments that predate the financial crisis and continue to be refined amid its unfolding turmoil—experiments that do not merely describe the economy, but actually create its distinctive features. Holmes examines the New York District Branch of the Federal Reserve, the European Central Bank, Deutsche Bundesbank, and the Bank of England, among others, and shows how officials there have created a new monetary regime that relies on collaboration with the public to achieve the ends of monetary policy. Central bankers, Holmes argues, have shifted the conceptual anchor of monetary affairs away from standards such as gold or fixed exchange rates and toward an evolving relationship with the public, one rooted in sentiments and expectations. Going behind closed doors to reveal the intellectual world of central banks,Economy of Words offers provocative new insights into the way our economic circumstances are conceptualized and ultimately managed.

Bankers, Bureaucrats, and Central Bank Politics

Bankers, Bureaucrats, and Central Bank Politics

Author: Christopher Adolph

Publisher: Cambridge University Press

Published: 2013-04-15

Total Pages: 389

ISBN-13: 1139620533

DOWNLOAD EBOOK

Most studies of the political economy of money focus on the laws protecting central banks from government interference; this book turns to the overlooked people who actually make monetary policy decisions. Using formal theory and statistical evidence from dozens of central banks across the developed and developing worlds, this book shows that monetary policy agents are not all the same. Molded by specific professional and sectoral backgrounds and driven by career concerns, central bankers with different career trajectories choose predictably different monetary policies. These differences undermine the widespread belief that central bank independence is a neutral solution for macroeconomic management. Instead, through careful selection and retention of central bankers, partisan governments can and do influence monetary policy - preserving a political trade-off between inflation and real economic performance even in an age of legally independent central banks.


Book Synopsis Bankers, Bureaucrats, and Central Bank Politics by : Christopher Adolph

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: Most studies of the political economy of money focus on the laws protecting central banks from government interference; this book turns to the overlooked people who actually make monetary policy decisions. Using formal theory and statistical evidence from dozens of central banks across the developed and developing worlds, this book shows that monetary policy agents are not all the same. Molded by specific professional and sectoral backgrounds and driven by career concerns, central bankers with different career trajectories choose predictably different monetary policies. These differences undermine the widespread belief that central bank independence is a neutral solution for macroeconomic management. Instead, through careful selection and retention of central bankers, partisan governments can and do influence monetary policy - preserving a political trade-off between inflation and real economic performance even in an age of legally independent central banks.