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Do Central Banks Serve the People? (Paperback)
Loot Price: R313
Discovery Miles 3 130
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Do Central Banks Serve the People? (Paperback)
Series: The Future of Capitalism
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Loot Price R313
Discovery Miles 3 130
Expected to ship within 12 - 17 working days
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Central banks have become the go-to institution of modern
economies. In the wake of the 2007 financial crisis, they injected
trillions of dollars of liquidity - through a process known as
quantitative easing - first to prevent financial meltdown and later
to stimulate the economy. The untold story behind these measures,
and behind the changing roles of central banks generally, is that
they have come at a considerable cost. Central banks argue we had
no choice. This book offers a powerfully original examination of
why this claim is false. Using examples from Europe and the US, the
authors present and analyse three specific concerns about the way
central banks in developed economies operate today. Firstly, they
show how unconventional monetary policies have created significant
unintended negative consequences in terms of inequalities in income
and wealth. They go on to argue that central banks may have become
independent of governments, but have instead become worryingly
dependent on financial markets. They then proceed to analyse how
central bankers, despite being the undisputed experts on monetary
policy, can still err and suffer from multiple forms of bias. This
book is a sobering and urgent wake-up call for policy-makers and
anyone interested in how our monetary and financial system really
works.
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