The Changing Face of Central Banking Evolutionary Trends since World War II [Paperback]

This book explores how central banks have emerged as the key players in national and international policy making.Central banks have emerged as the key player 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.Central banks have emerged as the key player 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.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.List of figures; List of tables; Preface; 1. The institutional make-up and evolution of central bank-government relations: an introduction; 2. Legislation alone does not a central bank make: political structure, governance and reputation in monetary policy; 3. Central bank personalities and monetary policy performance; 4. Econometric analysis of central l3%