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dc.contributor.authorEpstein, Geralden_US
dc.date.accessioned2012-09-21T09:46:33Z-
dc.date.available2012-09-21T09:46:33Z-
dc.date.issued2006en_US
dc.identifier.isbn9291908223en_US
dc.identifier.urihttp://hdl.handle.net/10419/63574-
dc.description.abstractIn the last two decades, there has been a global sea change in the theory and practice of central banking. The currently dominant ‘best practice’ approach to central banking consists of the following: (1) central bank independence (2) a focus on inflation fighting (including adopting formal ‘inflation targeting’) and (3) the use of indirect methods of monetary policy (that is, short-term interest rates as opposed to direct methods such as credit ceilings). This paper argues that this neo-liberal approach to central banking is highly idiosyncratic in that, as a package, it is dramatically different from the historically dominant theory and practice of central banking, not only in the developing world, but, notably, in the now developed countries themselves. Throughout the early and recent history of central banking in the US, England, Europe, and elsewhere, financing governments, managing exchange rates, and supporting economic sectors by using ‘direct methods’ of intervention have been among the most important tasks of central banking and, indeed, in many cases, were among the reasons for their existence. The neo-liberal central bank policy package, then, is drastically out of step with the history and dominant practice of central banking throughout most of its history. – financing ; institutions ; central banks ; history ; developmenten_US
dc.language.isoengen_US
dc.publisherUNU-WIDER Helsinkien_US
dc.relation.ispartofseriesResearch Paper, UNU-WIDER, United Nations University (UNU) 2006/54en_US
dc.subject.jelE5en_US
dc.subject.jelN2en_US
dc.subject.jelO2en_US
dc.subject.ddc330en_US
dc.subject.stwZentralbanken_US
dc.subject.stwGeldpolitiken_US
dc.titleCentral banks as agents of economic developmenten_US
dc.typeWorking Paperen_US
dc.identifier.ppn513074155en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:WIDER Research Papers, United Nations University (UNU)

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