The Political Economy Of Central Bank Independence
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| Author | : Gerald Epstein |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 576 |
| Release | : 2019 |
| Genre | : Business & Economics |
| ISBN | : 1788978412 |
Central banks are among the most powerful government economic institutions in the world. This volume explores the economic and political contours of the struggle for influence over the policies of central banks such as the Federal Reserve, and the implications of this struggle for economic performance and the distribution of wealth and power in society.
| Author | : Sylvester C. W. Eijffinger |
| Publisher | : International Finance Section Department of Econ Ton Univers |
| Total Pages | : 100 |
| Release | : 1996 |
| Genre | : Business & Economics |
| ISBN | : |
| Author | : Sylvia Maxfield |
| Publisher | : Princeton University Press |
| Total Pages | : 198 |
| Release | : 1998-07-13 |
| Genre | : Business & Economics |
| ISBN | : 1400822289 |
Central banks can shape economic growth, affect income distribution, influence a country's foreign relations, and determine the extent of its democracy. While there is considerable literature on the political economy of central banking in OECD countries, this is the first book-length study focused on central banking in emerging market countries. Surveying the dramatic worldwide trend toward increased central bank independence in the 1990s, the book argues that global forces must be at work. These forces, the book contends, center on the character of international financial intermediation. Going beyond an explanation of central bank independence, Sylvia Maxfield posits a general framework for analyzing the impact of different types of international capital flows on the politics of economic policymaking in developing countries. The book suggests that central bank independence in emerging market countries does not spring from law but rather from politics. As long as politicians value them, central banks will enjoy independence. Central banks are most likely to be independent in developing countries when politicians desire international creditworthiness. Historical analyses of central banks in Brazil, Mexico, South Korea, and Thailand, and quantitative analyses of a larger sample of developing countries corroborate this investor signaling explanation of broad trends in central bank status.
| Author | : Sylvia Maxfield |
| Publisher | : Princeton University Press |
| Total Pages | : 198 |
| Release | : 1998-07-13 |
| Genre | : Business & Economics |
| ISBN | : 1400822289 |
Central banks can shape economic growth, affect income distribution, influence a country's foreign relations, and determine the extent of its democracy. While there is considerable literature on the political economy of central banking in OECD countries, this is the first book-length study focused on central banking in emerging market countries. Surveying the dramatic worldwide trend toward increased central bank independence in the 1990s, the book argues that global forces must be at work. These forces, the book contends, center on the character of international financial intermediation. Going beyond an explanation of central bank independence, Sylvia Maxfield posits a general framework for analyzing the impact of different types of international capital flows on the politics of economic policymaking in developing countries. The book suggests that central bank independence in emerging market countries does not spring from law but rather from politics. As long as politicians value them, central banks will enjoy independence. Central banks are most likely to be independent in developing countries when politicians desire international creditworthiness. Historical analyses of central banks in Brazil, Mexico, South Korea, and Thailand, and quantitative analyses of a larger sample of developing countries corroborate this investor signaling explanation of broad trends in central bank status.
| Author | : Philip Arestis |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 264 |
| Release | : 1998 |
| Genre | : Business & Economics |
| ISBN | : |
Thirteen contributions examine the control which central banks have over financial markets, focusing on the implications of the current trend towards the granting of "independence" to central banks and challenging economic conservatives' arguments for increased central bank independence. Other topics include the meaning of, and possibilities for, monetary policy in an endogenous money framework; central banking in G7 and other countries; the instabilities of the Exchange Rate Mechanism in recent years; and cautionary words concerning the proposed European Central Bank. Annotation copyrighted by Book News, Inc., Portland, OR
| Author | : David G. Mayes |
| Publisher | : Oxford Handbooks |
| Total Pages | : 809 |
| Release | : 2019-03-15 |
| Genre | : Business & Economics |
| ISBN | : 0190626194 |
"The Handbook reflects the state of the art in the theory and practice of central banking. It covers all the essential areas that have come under scrutiny since the global financial crisis of 2007-9"--
| Author | : Mustafa Yağcı |
| Publisher | : Routledge |
| Total Pages | : 222 |
| Release | : 2020-09-03 |
| Genre | : Business & Economics |
| ISBN | : 1000164772 |
Since the start of the Global Financial Crisis in 2008, research on central banking has gained momentum due to unusual levels of central bank activism and unconventional monetary policy measures in many countries. While these policies drew significant attention to advanced economy central banks, there has been much less academic focus on central banking in emerging economies. This book extends the research on the political economy of central banking by focusing on the emerging economies in Asia, Africa, Latin America, and the European periphery. Central banks are at the heart of economic policymaking, and their decisions have a significant impact on the social and economic well-being of citizens. Adopting an interdisciplinary political economy perspective, the contributions in this book explore the reciprocal relations between politics, economics, and central banks, and how the global and domestic political economy contexts influence central bank practices. The chapters employ diverse theoretical perspectives such as institutional and organizational theory, developmental state resource dependency, and gender studies, drawing on disciplines ranging from politics, international relations, public policy, management, finance, and sociology. This book will appeal to academics and students of central banking, political economy, and emerging economies, as well as professionals and policymakers engaged with central banks, monetary policy, and economic development.
| Author | : Francesco Lippi |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 180 |
| Release | : 1999-01-27 |
| Genre | : Business & Economics |
| ISBN | : 9781782542971 |
This book integrates new political and economic elements into the analysis of monetary policy credibility and central bank independence. The author considers imperfect monetary control, rational voters, distributional issues and uncertainty about future policy objectives in his welfare analysis of central banking. The role played by the different institutional elements that contribute to the making of an independent central bank is also assessed. A distinction is made between central bank independence and targets offering new insights into how a more inflation averse monetary policy may actually be achieved. Finally, explanations for the variation of central bank independence and conservatism across different countries are provided. This book will appeal to researchers, academics and policy makers in the fields of monetary policy, financial economics, money and banking and political economy.
| Author | : William T. Bernhard |
| Publisher | : University of Michigan Press |
| Total Pages | : 252 |
| Release | : 2009-12-22 |
| Genre | : Political Science |
| ISBN | : 0472023136 |
Banking on Reform examines the political determinants of recent reforms to monetary policy institutions in the industrial democracies. With these reforms, political parties have sought to draw on the political credibility of an independent central bank to cope with electoral consequences of economic internalization and deindustrialization. New Zealand and Italy made the initial efforts to grant their central banks independence. More recently, France, Spain, Britain, and Sweden have reformed their central banks' independence. Additionally, members of the European Union have implemented a single currency, with an independent European central bank to administer monetary policy. Banking on Reform stresses the politics surrounding the choice of these institutions, specifically the motivations of political parties. Where intraparty conflicts have threatened the party's ability to hold office, politicians have adopted an independent central bank. Where political parties have been secluded from the political consequences of economic change, reform has been thwarted or delayed. The drive toward a single currency also reflects these political concerns. By delegating monetary policy to the European level, politicians in the member states removed a potentially divisive issue from the domestic political agenda, allowing parties to rebuild their support constructed on the basis of other issues. William T. Bernhard provides a variety of evidence to support his argument, such as in-depth case accounts of recent central bank reforms in Italy and Britain, the role of the German Bundesbank in the policy process, and the adoption of the single currency in Europe. Additionally, he utilizes quantitative and statistical tests to enhance his argument. This book will appeal to political scientists, economists, and other social scientists interested in the political and institutional consequences of economic globalization. William T. Bernhard is Assistant Professor of Political Science, University of Illinois, Urbana-Champaign.
| Author | : Christopher Adolph |
| Publisher | : Cambridge University Press |
| Total Pages | : 389 |
| Release | : 2013-04-15 |
| Genre | : Business & Economics |
| ISBN | : 110703261X |
Adolph illustrates the policy differences between central banks run by former bankers relative to those run by bureaucrats.
