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Includes bibliographies. ; [v. 1] Statutes and related materials selected and annotated by Hans Aufricht. Pref. by Per Jacobsson. -- v. 2. Europe; statutes and related materials selected and annotated by Hans Aufricht with the assistance of Jane B. Evensen. Pref. by Pierre-Paul Schweitzer. ; Mode of access: Internet. ; conv lwr.

The paper develops a communication game that is applied to the question of central bank policy and independence. The game is about the preferred degree of conservatism of monetary policy and the game setting consists of a principal (politics), an agent (central bank) and an observer (financial market participants). The extent of the welfare losses depends on the degree of knowledge, the endogenized signaling of financial market participants and the probability whether the degree of conservatism in monetary policy is adequate to nature. Consequently, a mechanism to minimize welfare losses of the principal has to be implemented. It is shown how the introduction of an institutional control mechanism with a countervailing goal function will improve the utilities for the principal.

The number of central banks in the world is approaching 180, a tenfold increase since the beginning of the twentieth century. What lies behind the spread of this economic institution? What underlying process has brought central banks to hold such a key role in economic life today? This book examines from a transatlantic perspective how the central bank has become the bank of banks. Thirteen distinguished economists and central bankers have been brought together to evaluate how central banks work, arrive at their policies, choose their instruments and gauge their success in managing economies, both in times of crisis and periods of growth

An examination of the post-recession responsibilities of central banks, this book proposes adaptations to the central banking model that preserve the advantages in terms of inflation control brought by their independence, while taking into account the long-term consequences of the Great Recession.

Central banking has a long and colourful history from which important lessons can be drawn. This text reviews the policy objectives and financial operations of 25 central banks established before 1800 to show that many of today's central banking controversies date as far back as this time.

We analyze the effect of central bank transparency on cross-border bank activities. Based on a panel gravity model for cross-border bank claims for 21 home and 47 destination countries from 1998 to 2010, we find strong empirical evidence that a rise in central bank transparency in the destination country, on average, increases cross-border claims. Using interaction models, we find that the positive effect of central bank transparency on cross-border claims is only significant if the central bank is politically independent. Central bank transparency and credibility are thus considered complements by banks investing abroad.

Since the global financial crisis the unprecedented role independent central banks have come to play in our societies has been increasingly disputed. This, in turn, has drawn greater attention to the link between their legitimacy, public support and their independence. Over the past thirty years, academics and central bankers have tried to systematically pin down the sources of central bank independence. One of them, however, culture, has continuously eluded their grip. By engaging in an ethnography of the social text of German, European and US monetary affairs, this book introduces a new analytical framework that will enable practitioners and academics, particularly within sociology, economics, political economy, and political science, to gain a clear understanding of the role of culture in central banking. Also, it will show why for an independent central bank meeting its own monetary goals may not be enough to secure public support for itself and its currency..

This edited volume comprises some of the papers (those on the themes of reserves management and sovereign wealth fund management) which were presented at the November 2008 conference on Strategic Asset Allocation for Central Banks and Sovereign Wealth Managers, held jointly by the Bank for International Settlements, the European Central Bank and the World Bank. € The contributions€herein present state-of-the-art techniques for the implementation of strategic asset allocation approaches in public organizations.€ They are, €however, €not only limited to the traditional central banking world but have a much greater coverage and reach, exemplified by the contributions from leading institutions in the financial sector.€ Collectively, these papers present a first attempt to formulate an industry standard for methods and techniques relevant for public investors working in the areas of reserves management and asset modelling.€ Concrete and directly useful, this book belongs on the shelf of every financial analyst and modeller working in the public wealth-management arena.