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What are the conditions that gave rise to the change in central banks? Without recourse to ideological arguments, Chorafas derives lessons from current economic and financial challenges as well as failures in confronting them. Through this approach, The Changing Role of Central Banks brings into perspective financial, political and social reactions to major economic problems of the last ten years, particularly those pertaining to money and initiatives taken by central banks, and the parallel challenge of bank regulation.

This study focuses on the complex relationship between the government and central banks in Britain and France.

Has the economic and financial crisis changed the way we conduct monetary policy? Is quantitative easing consistent with the endogeneity of money? These are but two of the questions this new book explores. The various contributors offer interesting and new perspectives on the conduct of monetary policy during the crisis, and provide sharp criticism of central bank policies in the US and Europe. -- Divided into two parts, this book presents a detailed, multi-faceted analysis of banking and monetary policy. The first part examines the role of central banks within an endogenous money framework. These chapters address post-Keynesian interest rate policy, monetary mercantilism, financial market organization and developing economies. In the second part of the book, the focus switches to the analysis of the financial crisis that began in 2007. The chapters in this section discuss the role of central banks in times of crisis.

"The Japanese economy, once the envy of the world for its dynamism and growth, lost its shine after a financial bubble burst in early 1990s and slumped further during the Global Financial Crisis in 2008. It suffered even more damage in 2011, when a severe earthquake set off the Fukushima Daiichi nuclear disaster. However, the Bank of Japan soldiered on to combat low inflation, low growth, and low interest rates, and in many ways it served as a laboratory for actions taken by central banks in other parts of the world. Masaaki Shirakawa, who led the bank as governor from 2008 to 2013, provides a rare insider's account of the workings of Japanese economic and monetary policy during this period and how it challenged mainstream economic thinking"--Publisher.

There is little doubt that the Bank of Canada and Canadian monetary policy have been subjected to more public criticism since 1954 than at any other time since the Bank began operations in 1935. The force and the persistence of the criticism may in part be explained by a coincidence of events which included a move toward severe monetary restraint, a change of governor at the Bank of Canada, two national elections, and a change in government. Public criticism has for the most part concerned itself with the degree of monetary restraint or monetary ease in the economy generally and in specific sectors, with the timing of changes in policy and with the appropriateness of policy in the light of economic conditions. This paper will let those matters rest. Rather it will try to determine whether in a more fundamental sense the Bank's operations are in some respects open to criticism.There would appear to be four important aspects to the Bank of Canada's approach to central banking: the Bank's interpretation of its role in the allocation of capital; its conception of the mechanism by which monetary policy becomes effective and of the bounds within which monetary management must operate; its method of making quantitative monetary controls more effective; and its emphasis on the use of moral suasion. The third section will include an examination of the new Bank Rate.

Contents: Introduction / Gerald Epstein -- Part I. Finance, macroeconomic policy and central banking: from Volcker to Trump -- 1. 'Domestic stagflation and monetary policy: The Federal Reserve and the hidden election' / in Thomas Ferguson and Joel Rogers (eds), the hidden election: Politics and economics in the 1980 presidential campaign, New York, NY, USA: Pantheon Books, 1981, 141-95 -- 2. 'Federal Reserve behavior and the limits of monetary policy in the current economic crisis' / in Robert Cherry, Christine d'Onofrio, Cigdem Kurdas, Thomas R. Michl, Fred Moseley and Michele I. Naples (eds), The imperiled economy: Book I: Macroeconomics from a left perspective, chapter 23, New York, NY, USA: The union for radical political economics, 1987, 247-55, references -- 3. 'Trumponomics: Should we just say "no"?', challenge, 60 (2) 2017, 104-21 -- Part II. Capitalists, workers and Wall Street: The fight for the Federal Reserve -- 4. 'Federal Reserve politics and monetary instability' / in Alan Stone and Edward J. Harpham (eds), The political economy of public policy, chapter 9, Beverly Hills, CA, USA: Sage Publications, 1982, 211-40 -- 5. 'The Federal Reserve-treasury accord and the construction of the postwar monetary regime in the United States' / with Juliet B. Schor, social concept, 7 (1), July, 1995, 7-48 -- 6. 'monetary policy, loan liquidation, and industrial conflict: The Federal Reserve and the open market operations of 1932' / with Thomas Ferguson, Journal of economic history, xliv (4), December, 1984, 957-83 -- 7. 'Corporate profitability as a determinant of restrictive monetary policy: Estimates for the postwar United States' / with Juliet B. Schor, in Thomas Mayer (ed.), The political economy of American monetary policy, chapter 4, New York, NY, USA: Cambridge University Press, 1990, 51-63 -- Part III. The political economy of central banking: Analytical and empirical perspectives -- 8. 'Contested terrain' / in Louis-Philippe Rochon and Sergio Rossi (eds), the Encyclopedia of central banking, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing Ltd, 2015, 105-7 -- 9. 'Macropolicy in the rise and fall of the golden age' / with Juliet B. Schor, in Stephen A. Marglin and Juliet B. Schor (eds), The golden age of capitalism: Reinterpreting the postwar experience, chapter 3, Oxford, UK: Clarendon Press, 1990, 126-52, references -- 10. 'Political economy and comparative central banking', review of radical political economics, 24 (1), March, 1992, 1-30 -- 11 'A political economy model of comparative central banking' / in Gary Dymski and Robert Pollin (eds), New perspectives in monetary macroeconomics: Explorations in the tradition of Hyman P. Minsky, chapter 9, Ann Arbor, MI, USA: The University of Michigan Press, 1994, 231-77 -- 12. 'Profit squeeze, rentier squeeze and macroeconomic policy under fixed and flexible exchange rates', economies et sociétés, 25 (3), November/December, 1991, 219-57 -- 13. 'The rise of rentier incomes in OECD countries: Financialization, central bank policy and labor solidarity' / with Arjun Jayadev, in Gerald A. Epstein (ed.), Financialization and the world economy, chapter 3, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing Ltd, 2005, 46-74 -- Part IV. Inflation targeting vs. Developmental central banking -- 14. 'Financialization, rentier interests and central bank policy', 2002, 1-43 -- 15. 'Central banks as agents of economic development', / Ha-Joon Chang (ed.), Institutional change and economic development, chapter 6, New York, NY, USA: United Nations University Press and London, UK: Anthem Press, 2007, 95-113 -- 16 'Developmental central banking: Winning the future by updating a page from the past', review of Keynesian economics, 1 (3), Autumn, 2013, 273-87 -- 17. 'Achieving coherence between macroeconomic and development objectives' / in Joseph E. Stiglitz and Martin Guzman (eds), contemporary issues in macroeconomics: Lessons from the crisis and beyond, IEA conference volume 155-ii, chapter 11, Basingstoke, UK and New York, NY, USA, Palgrave Macmillan, 2016, 148-59 -- Part V. The Federal Reserve and the great financial crisis of 2007-2008 -- 18. 'Have large scale asset purchases increased bank profits?' / with Juan Antonio Montecino, Institute for New Economic Thinking (INET) working paper no. 5, December, 2014, 1-25 -- 19. 'The political economy of QE and the Fed: Who gained, who lost and why did it end?' / with Juan Antonio Montecino, Political Economy Research Institute (PERI) working paper number 408, November, 2015, 1-25 -- 20. 'The impact of quantitative easing on income inequality in the United States', November, 2018 -- Part VI. Reforming the Federal Reserve -- 21. 'Statement on monetary policy' / testimony prepared for the House Committee on Banking, Finance, and Urban Affairs, July 19th, 1983, 1-11 -- 22. 'A debate with Robert Pollin: Should Congress control the Federal Reserve?' / with Robert Pollin, Dollars & sense, 136, May, 1988, 12-17, 22 -- 23. 'Reforming the Federal Reserve for the 21st century', 2018 -- Index.

"This interdisciplinary and wide-ranging study unravels the social processes of decision-making at the interface of central banks and financial market participants and thereby raises important questions about responsible central bank governance and its obligations to other stakeholders in society. The book challenges common-held assumptions on how central banking works and critically assesses unconventional monetary policy and its underlying theoretical tenets. Drawing from rich, multi-sited fieldwork and data collection, this research monograph offers an in-depth look into the financial market practices around the quantitative easing programs of the European Central Bank and focuses on the uneasy role of modern central banks as active market participants. The author introduces concepts from social network theory and develops a novel method to study organisational networks in the context of financial markets. An analysis of the European Central Bank's social, organisational and financial networks is sketched over the course of multiple chapters. The concluding chapters dive into documentary analysis and the extensive material from qualitative interviews with senior investment professionals about the strategies and adaptive processes around the lived experience of quantitative easing. The book will be a vital resource for social scientists researching organisations in financial markets, providing theory, concepts and empirical data to work with. It will be of interest to academics and graduate students in economics, sociology and management/organisation studies, as well as practitioners at central banks and in asset management"--

This book examines monetary policy and central banking in the Middle East and North Africa (MENA) region. Individual chapters focus on the monetary frameworks of particular countries. Other chapters adopt a thematic approach, addressing important subjects such as exchange rate regimes, price stability and central banking.