Research Handbook on Central Banking

Edited by Peter Conti-Brown, Assistant Professor, The Wharton School, University of Pennsylvania, US and Rosa Maria Lastra, Sir John Lubbock Chair in Banking Law, Queen Mary University of London, UK

'Events during the past century demonstrated the importance of price and financial stability as well as the difficulties of attaining and maintaining them. This book draws together a hugely diverse and rigorous set of analysis to capture what central banks are, have been, and might become. It should prove vital reading for academics, practitioners, and anyone with an interest in central banking.'--Mark Carney, Governor of the Bank of England'The global financial crisis and sluggish recovery has been a defining period for central banks, with the political reaction to the extraordinary steps they took often expanding their responsibilities, while at the same time threatening to constrain their degree of independence in some countries. The broad range of the analysis in this volume - over history, geography, and academic disciplines - is essential reading for anyone who wants to know how central banks got to where they are and provides a solid foundation for thinking about how central banking might evolve going forward.'--Donald Kohn, former vice chairman of the Board of Governors of the Federal Reserve System and Member of the Financial Policy Committee of the Bank of England

• Contents:1. The Central Banking Century: An Introduction to Institutional Central BankingPeter Conti-Brown2. Central Banking and Institutional Change in the United States: Punctuated Equilibrium in the Development of Money, Finance, and BankingPeter Conti-Brown3. The Development of the Bank of England’s objectives: evolution, instruction, or reaction?Forrest Capie and Geoffrey Wood4. Central Banking in JapanHideki Kanda and Toshiaki Yamanaka5. Reserve Bank of IndiaRaj Bhala6. The Bank of Russia: From Central Planning to Inflation TargetingJuliet Johnson7. Specific Challenges to the People’s Bank of China in a New Wave of Financial ReformsZhongfei Zhou8. An Evolutionary Theory of Central Banking and Central Banking in ChinaXiangmin Liu9. New tasks and central bank independence: the Eurosystem experienceChiara Zilioli and Antonio Luca Riso10. A central bank in times of crisis: the ECB’s developing role in the EU’s currency unionRené Smits11. Monetary Policy and Central Banking in Sub-Saharan AfricaChristopher Adam, Andrew Berg, Rafael Portillo and Filiz Unsal12. The Reichsbank and the Bundesbank: The Legacy of the German Tradition of Central BankingHarold James 13. Central Banking in Australia and New Zealand: Historical Foundations and Modern Legislative FrameworksFrank Decker and Sheelagh McCracken14. Central Banking in Latin America: Past, Present, and Challenges AheadLuis I. Jácome H.15. The Institutional Path of Central Bank IndependenceRosa María Lastra16. Central Bank AccountingDavid Bholat and Robin Darbyshire17. International Aspects of Central Banking: Diplomacy and CoordinationRobert B. Kahn and Ellen E. Meade18. Central Bank PsychologyAndrew G. Haldane19. Banking Regulation and Supervision: A UK PerspectiveKern Alexander and Rosa María Lastra20. Unconventional monetary policies: a re-appraisalClaudio Borio and Anna Zabai21. Central Banks and Payment System Risks: Comparative StudyBenjamin Geva22. Digital currencies, decentralized ledgers, and the future of central bankingMax Raskin and David Yermack23. Central Banks, Systemic Risk, And Financial Sector Structural ReformSaule T. Omarova24. The Role of Macro-prudential PolicyCharles Goodhart25. Transparency of Central Banks’ PoliciesChristine Kaufmann and Rolf H. Weber26. The Lender of Last Resort: Regimes for Stability and LegitimacyPaul TuckerConcluding observationsRosa María LastraIndex