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As the global organisation of central banks, the Bank for
International Settlements (BIS) has played a significant role in
the momentous changes the international monetary and financial
system has undergone over the past half century. This book offers a
key contribution to understanding these changes. It explores the
rise of the emerging market economies, the resulting shifts in the
governance of the international financial system, and the role of
central bank cooperation in this process. In this truly
multidisciplinary effort, scholars from the fields of economics,
history, political science and law unravel the most poignant
episodes that marked this period, including European monetary
unification, the paradigm shifts in economic and financial
analysis, the origins and influence of macro-financial stability
frameworks, the rise of soft law in international financial
governance, central bank crisis management in the wake of the Great
Financial Crisis, and, finally, the institutional evolution of the
BIS itself.
This book explores the past and future of central bank cooperation.
In today s global economy, the cooperation between central banks is
a key element in maintaining or restoring monetary and financial
stability, thereby ensuring a smooth functioning of the
international financial system. Or is it? In this book, economists,
historians, and political scientists look back at the experience of
central bank cooperation during the past century at its goals,
nature, and processes and at its successes and failures and draw
lessons for the future. Particular attention is devoted to the role
played by central bank cooperation in the formulation of minimum
capital standards for internationally active banks (the Basel
Capital Accord, Basel II), and in the process of European monetary
unification and the introduction of the euro.
This book explores the past and future of central bank cooperation.
In today's global economy, the cooperation between central banks is
a key element in maintaining or restoring monetary and financial
stability, thereby ensuring a smooth functioning of the
international financial system. Or is it? In this book, economists,
historians, and political scientists look back at the experience of
central bank cooperation during the past century - at its goals,
nature, and processes and at its successes and failures - and draw
lessons for the future. Particular attention is devoted to the role
played by central bank cooperation in the formulation of minimum
capital standards for internationally active banks (the Basel
Capital Accord, Basel II), and in the process of European monetary
unification and the introduction of the euro.
This book covers the history of the Bank for International
Settlements (BIS), the first-born among the international economic
institutions, from its founding in Basel in 1930 to the end of the
Bretton Woods system in 1973. The first chapters explore the
foundation of the BIS, its role in the financial crisis of 1931,
the London economic conference of 1933, and in following years when
central bank cooperation was mostly reduced to technical matters.
Considerable attention is devoted to the much criticized activity
of the BIS during World War II. The book then deals with the
intensive central bank cooperation from the recreation of Europe's
multilateral payments in the 1950s and for the support of the
Bretton Woods system in the 1960s. The last chapter is devoted to
the involvement of central banks in the first timid steps towards
European monetary unification and to the eurodollar market.
This book covers the history of the Bank for International
Settlements (BIS), the first-born among the international economic
institutions, from its founding in Basel in 1930 to the end of the
Bretton Woods system in 1973. The first chapters explore the
foundation of the BIS, its role in the financial crisis of 1931,
the London economic conference of 1933, and in following years when
central bank cooperation was mostly reduced to technical matters.
Considerable attention is devoted to the much criticized activity
of the BIS during World War II. The book then deals with the
intensive central bank cooperation from the recreation of Europe's
multilateral payments in the 1950s and for the support of the
Bretton Woods system in the 1960s. The last chapter is devoted to
the involvement of central banks in the first timid steps towards
European monetary unification and to the eurodollar market.
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