The Central Bank and the Financial System

Although the current day-to-day operations of Central Banks are subject to continuous comment and frequent criticism, their structural role within the economic system as a whole is generally accepted without much question and despite several attempts to challenge the value of the institution made by economists in recent decades. Professor C.A.E. Goodhart is ideally positioned to assess the role of the Central Bank being equally familiar with the theoretical arguments and with the actual working of central banks. Part 1 analyses the general purposes and functions of the Central Bank within the financial system and their evolution over time, Part 2 concentrates on the current objectives and operations of Central Banks, the maintenance of price stability in particular, and Part 3 analyses the broader issues of financial regulation. This book, providing a thorough and clear discussion of the questions connected with the role of the Central Bank in a modern financial system, will prove indispensable for students, academics and practitioners.

Autorentext

CHARLES A.E. GOODHART

Inhalt
Introduction - PART 1: FINANCIAL SYSTEMS - Who do Banks need a Central Bank? - Can we improve the Structure of Financial Systems? - The Implication of shifting Frontiers in Financial Markets for Monetary Control - Central Bank Independence - Alternative Monetary Standards - The Conduct of Monetary Policy - Banks and the Control of Corporations - The Political Economy of Monetary Union - PART 2: CENTRAL BANKING - What do Central Banks do? - The Objectives for, and the Conduct of, Monetary Policy in the 1990s - Advising the Bank of England - The Operational Role of the Bank of England - Monetary Base Control - Price Stability and Financial Fragility - A European Central Bank - PART 3: FINANCIAL REGULATION - Institutional Separation between Supervisory and Monetary Agencies - Bank Insolvency and Deposit Insurance: a Proposal - The Regulatory Debate in London - The Costs of Regulation - Investor Protection and Unprincipled Intervention - Financial Regulation and Supervision - Bibliography - Index