1,721,080 research outputs found
Capie (Forrest) & Collins (Michael). The Inter-War British Economy: a Statistical Abstract.
No full textVanthemsche Guy. Capie (Forrest) & Collins (Michael). The Inter-War British Economy: a Statistical Abstract. . In: Revue belge de philologie et d'histoire, tome 65, fasc. 4, 1987. Histoire - Geschiedenis. pp. 928-929
Capie (Forrest) & Collins (Michael). The Inter-War British Economy: a Statistical Abstract.
No full textVanthemsche Guy. Capie (Forrest) & Collins (Michael). The Inter-War British Economy: a Statistical Abstract. . In: Revue belge de philologie et d'histoire, tome 65, fasc. 4, 1987. Histoire - Geschiedenis. pp. 928-929
The evolution of central banking
Full text linkInstitutions known as central banks emerged or were established as commercial banks or government banks. Their evolution into central banks came with their monopoly issuing notes and their role as lender of last resort, among other functions. Carrying out commercial business on a large scale created a conflict of interest, so this practice was abandoned. Establishing the right degree of dependence was difficult, and changed in times of crisis. Independence is important: it helps to establish reputation, which is everything in banking. The Great Depression, widely attributed to inept Central Bank behavior, interrupted central bank independence, but poor price behavior brought about its return. In the 19th century, laissez faire and the gold standard encouraged and sometimes allowed for considerable independence. Greater changes came in the new dirigiste environment following the Great Depression and the rise of the managed economy. Economies in transition confront high inflation and the problem of maintaining monetary stability just as newly independent developing countries did in the 1960s. How can inflation be controlled? Under fiat regimes, the money supply is controlled by the domestic monetary authority. But can they control monetary growth? Prior and current records are not encouraging. Will authorities have the credibility they need? Options include maintaining a fixed exchange rate or reviving currency boards. Currency boards function like an independent central bank, holding reserves and tying domestic currency to strong foreign currency. There are drawbacks to currency boards, especially for countries in transition. They require a considerable sacrifice of sovereignty, and are unlikely to appeal to countries that are only beginning to recover lost sovereignty.Financial Intermediation,Payment Systems&Infrastructure,Banks&Banking Reform,Economic Theory&Research,Financial Crisis Management&Restructuring,Banks&Banking Reform,Economic Stabilization,Financial Intermediation,Economic Theory&Research,Financial Crisis Management&Restructuring
O FUTURO DO BANCAR CENTRAL
Full text linkCAPIE, Forrest, GOODHART, Charles, FISCHER, Stanley & SCHNADT, Norbert. The Future of Central Banking. The Tercentenary Symposium of the Bank of England. Cambridge, Cambridge University Press, 1994
The Quantity Theory of Money is Valid. The New Keynesians are Wrong!
Full text linkWe test the quantity theory of money (QTM) using a novel approach and a large new sample. We do not follow the usual approach of first differentiating the logarithm of the Cambridge equation to obtain an equation relating the growth rate of real GDP, the growth rate of money and inflation. These variables must then again be ‘integrated’ by averaging in order to obtain stable relationships. Instead we suggest a much simpler procedure for testing directly the stability of the coefficient of the Cambridge equation. For 125 countries and post-war data we find the coefficient to be surprisingly stable. We do not select for high inflation episodes as was done in most empirical studies; inflation rates do not even appear in our data set.
Much work supporting the QTM has been done by economic historians and at the University of Chicago by Milton Friedman and his associates. The QTM was a foundation stone of the monetarist revolution. Subsequently belief in it waned. The currently dominant New Keynesian School, implicitly or explicitly denies the validity of the QTM. We survey this history and argue that the QTM is valid and New Keynesians are wrong
- …
