Research Handbook on Central Banking

Description

The Research Handbook on Central Banking focuses on global central banks as institutions and not abstractions, providing historical and practical detail about how central banks work and the challenges they face. This Research Handbook offers the most interdisciplinary treatment of global central banks published to date by addressing key questions regarding where they come from, how they have changed, and the challenges they face during uncertain times. Divided into two parts, the Research Handbook firstly takes readers on a global tour, covering central banks in the US, Latin America, Europe, Eastern Europe, Japan, China, Africa, and more. In the second part, authors delve into themes of broad application, including transparency, independence, unconventional monetary policy, payment systems, and crisis response. The interdisciplinary mix of contributors include some of the most prominent names in central banking as well as a new generation of scholars who are shaping the conversation about central banks and their role in global politics, economics, and society at large. Cover Copyright Contents List of figures List of tables List of contributors 1 The central banking century: an introduction to institutional central banking 2 Central banking and institutional change in the United States: punctuated equilibrium in the development of money, finance and banking 3 The development of the Bank of England’s objectives: evolution, instruction or reaction? 4 Central banking in Japan 5 Reserve Bank of India 6. The Bank of Russia: from central planning to inflation targeting 7 Specific challenges to the People’s Bank of China in a new wave of financial reforms 8 An evolutionary theory of central banking and central banking in China 9 New tasks and central bank independence: the Eurosystem experience 10 A central bank in times of crisis: the ECB’s developing role in the EU’s currency union 11. Monetary policy and central banking in sub-Saharan Africa 12 The Reichsbank and the Bundesbank: the legacy of the German tradition of central banking 13 Central banking in Australia and New Zealand: historical foundations and modern legislative frameworks 14 Central banking in Latin America: past, present and challenges ahead 15 The institutional path of central bank independence 16 Central bank accounting 17 International aspects of central banking: diplomacy and coordination 18 Central bank psychology 19 Banking regulation and supervision: a UK perspective 20 Unconventional monetary policies: a re-appraisal 21 Central banks and payment system risks: comparative study 22 Digital currencies, decentralized ledgers and the future of central banking 23 Central banks, systemic risk and financial sector structural reform 24 The role of macro-prudential policy 25 Transparency of central banks’ policies 26 The lender of last resort: regimes for stability and legitimacy 27 Concluding observations Index