Curzio Giannini s history of the evolution of central banks
illustrates how the most relevant institutional developments have
taken place at times of widespread confidence crises and in
response to deflationary pressures. The eminent and highly-renowned
author provides an analytical perspective to study the evolution of
central banking as an endogenous response to crisis and to the ever
increasing needs of economic growth. The key argument of the
analysis is that crucial innovations in the payment technology
(from the invention of coinage to the development of electronic
money) could not have taken place without an institution i.e. the
central bank that could preserve confidence in the instruments used
as money. According to Curzio Giannini s 'neo-institutionalist'
methodological approach, social institutions are, in fact,
essential in the coordination of individual decisions as they
minimize transaction costs, overcome information asymmetries and
deal with incomplete contracts. This enlightening and revealing
historical theory perspective on central banking will prove a
thought-provoking read for academic and institutional economists,
economic historians, and economic policymakers involved in the task
of crafting a new institutional arrangement for central banking in
the globalized economy.
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