The Changing Face of Central Banking

by Pierre L. Siklos

• ISBN13: 9780521034494
• ISBN10: 0521034493
• Format: Paperback
• Copyright: 2006-12-14
• Publisher: Cambridge University Press

Summary

Central banks have emerged as the key players in national and international policy making. This book explores their evolution since World War II in 20 industrial countries. The study considers the mix of economic, political, and institutional forces that have affected central bank behavior and its relationship with government. The analysis reconciles vastly different views about the role of central banks in the making of economic policies. One finding is that monetary policy is an evolutionary process. The emphasis on clarity of objectives, transparency of the decision-making process, and a clear understanding of the accountability of the central bank cannot be understood in isolation from the previous 50 years of policy making. The changing face of central banking, born out of the turbulence of the first half of the last century, nurtured by evolution in policies, defines the history of central banking in the second half of the twentieth century.

Table of Contents

Figures	p. xii
Tables	p. xiv
Preface	p. xvii
The Institutional Make-Up and Evolution of Central Bank-government Relations: an Introduction	p. 1
Legislation Alone Does Not a Central Bank Make: Political Structure, Governance, and Reputation in Monetary Policy	p. 26
Central Bank Personalities and Monetary Policy Performance	p. 81
Econometric Analysis of Central Bank Behavior: an Evolutionary Approach	p. 128
Contrasting Quantitative and Qualitative Assessments of Central Bank Behavior and the Evolution of Monetary Policies	p. 193
Accountability, Disclosure, and Conflict Resolution	p. 220
Inflation Targets Versus Other Inflation Control Measures: Two Sides of the Same Coin?	p. 265
The Changing Face of Central Banking: Epilogue	p. 300
Bibliography	p. 309
Index	p. 341
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