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Books > Business & Economics > Economics > Macroeconomics
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Central Banking in Turbulent Times (Hardcover)
Loot Price: R2,647
Discovery Miles 26 470
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Central Banking in Turbulent Times (Hardcover)
Expected to ship within 12 - 17 working days
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Central banks came out of the Great Recession with increased power
and responsibilities. Indeed, central banks are often now seen as
'the only game in town', and a place to put innumerable problems
vastly exceeding their traditional remit. These new powers do not
fit well, however, with the independence of central banks, remote
from the democratic control of government. Central Banking in
Turbulent Times examines fundamental questions about the central
banking system, asking whether the model of an independent central
bank devoted to price stability is the final resting point of a
complex development that started centuries ago. It dissects the
hypothesis that the Great Recession has prompted a reassessment of
that model; a renewed emphasis on financial stability has emerged,
possibly vying for first rank in the hierarchy of objectives of
central banks. This raises the risk of dilemmas, since the Great
Recession brought into question implicit assumptions that the
pursuit of price stability would also lead to financial stability.
In addition, the border between monetary and fiscal policy was
blurred both in the US and in Europe. Central Banking in Turbulent
Times asks whether the model prevailing before the Great Recession
has been irrevocably altered. Are we entering, as Charles Goodhart
has hypothesized, into the 'fourth epoch' of central banking? Are
changes to central banks part of a move away from the global
liberal order that seemed to have prevailed at the turn of the
century? Central Banking in Turbulent Times seeks to answer these
questions as it examines how changes can allow for the maintenance
of price stability, while adapting to the long-term consequences of
the Great Recession.
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