Central Banking

In Christian Borch & Robert Wosnitzer (eds.), Routledge Handbook of critical finance studies. New York: Routledge. pp. 154-172 (2021)
  Copy   BIBTEX

Abstract

Before the 2007–2008 global financial crisis, the vast majority of social scientists were not paying much attention to the politics of central banking, despite the fact that, since their creation, central banks have been pivotal institutions between private financial institutions and public authorities (Singleton, 2010). During the past decades, central banks acquired considerable independence from public officials under the Central Bank Independence (CBI) template (McNamara, 2002). Governments justified their decisions to delegate monetary competences by relying on a narrow conception of monetary policy, in which central bankers should only seek to control inflation and ignore the implications of their policies on other economic issues such as financial stability or wealth inequalities (Issing et al., 2001; Marcussen, 2009). Heterodox economists and critical political economists opposed this view by declaring that monetary policy is fundamentally political as it deals with complicated policy trade-offs, which generates winners and losers (Epstein & Gintis, 1995; Forder, 2005). However, until 2007, their concerns were very marginal and remained at the fringes of the political debate. The vast majority of policy-makers, economists, and central bankers themselves agreed on the fact that the CBI template was the optimal institutional arrangement between fiscal and monetary authorities.

Links

PhilArchive

External links

  • This entry has no external links. Add one.
Setup an account with your affiliations in order to access resources via your University's proxy server

Through your library

Similar books and articles

The rationalization of Central Banks.George Selgin - 1993 - Critical Review: A Journal of Politics and Society 7 (2-3):335-354.
Are Central Banks necessary?Anna J. Schwartz - 1993 - Critical Review: A Journal of Politics and Society 7 (2-3):355-370.
The free banking challenge to central banks.Charles A. E. Goodhart - 1994 - Critical Review: A Journal of Politics and Society 8 (3):411-425.
CSR of Banks in Poland.Łukasz Sułkowski & Justyna Fijałkowska - 2019 - In Aneta Długopolska-Mikonowicz, Sylwia Przytuła & Christopher Stehr (eds.), Corporate Social Responsibility in Poland: Strategies, Opportunities and Challenges. Springer Verlag. pp. 73-90.
To Democratize Finance, Democratize Central Banking.David M. Woodruff - 2019 - Politics and Society 47 (4):593-610.
Money creation, debt, and justice.Peter Dietsch - 2021 - Politics, Philosophy and Economics 20 (2):151-179.

Analytics

Added to PP
2021-09-05

Downloads
300 (#70,132)

6 months
93 (#52,975)

Historical graph of downloads
How can I increase my downloads?

Author Profiles

Citations of this work

No citations found.

Add more citations