Central banks have evolved over many years, and sometimes
centuries, as policy-making, not profit-making, institutions, and
yet they are structured legally and financially like 'for-profit'
companies of the twenty-first century. The question is what is an
appropriate level of equity, or capital, for a central bank to have
so that it can function for policy effectiveness over
profit-maximisation, without hindrance to the achievement and
maintenance of policy goals?
This collection takes the reader through historical, theoretical
and factual discussions on why central banks exist and the role -
actual and intended - they have in assisting their home nation in
achieving monetary and financial stability. The contributions
analyse the different ways central banks are funded and how funding
arrangements may impact on their independence. The objective is to
explore these themes first from the academic and practitioner's
views - those of the economist, accountant and lawyer's - and then
to introduce practical experiences from a range of different
central banks, in terms of their economic and socio-political
environments. It will be the first time that the theorist and
practitioner, the accountant, the economist and the lawyer come
together in one volume. The reader will be able to access the full
breadth of views on this important subject.
The main observations are that there is no single, quantifiable
formula that central banks can use to calculate capital levels.
Factors to consider are the historical context of central banks and
whether capital was ever appropriate to needs at their foundation;
the cultural, social and political contexts; and, in terms of the
presentation of financial statements, profit and loss sharing
arrangements and what accounting conventions are being used. If
these are considered alongside the, often idiosyncratic, mandates
individual central banks have, a qualitative understanding of what
is an appropriate level of capital is achieved. This collection
will be of interest to postgraduates and researchers focusing on
the role of central banks in monetary economics; as well as a
professional audience of central bankers, the BIS, the IMF, World
Bank, EBRD and government departments.
General
Imprint: |
Routledge
|
Country of origin: |
United Kingdom |
Series: |
Routledge International Studies in Money and Banking |
Release date: |
October 2010 |
First published: |
March 2010 |
Editors: |
Sue Milton
• Peter Sinclair
|
Dimensions: |
234 x 156 x 17mm (L x W x T) |
Format: |
Hardcover
|
Pages: |
224 |
ISBN-13: |
978-0-415-55328-5 |
Categories: |
Books >
Business & Economics >
Economics >
Macroeconomics >
General
|
LSN: |
0-415-55328-8 |
Barcode: |
9780415553285 |
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