Description

TITLE The Age of Central Banks / Curzio Giannini.
PUBLISHER/YEAR Northampton
Edward Elgar
2011
PHYSICAL DESCRIPTION - XXXI, 298 p. : ill.
BIBLIOGRAPHY Includes bibliographical references and index
ISBN 9780857932136
UDC NUMBER 336.711

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Location Address Count Shelf Status
Bibliotēka 01.2 1 On a shelf Available to order

Annotation


'Curzio had one of the most fertile and original minds ever to be deployed on questions relating, first, to the interactions between Central Banks, private sector financial intermediaries and the government, and second to the working of the international monetary system in general, and to the role of the IMF specifically within that. His approach has been to apply a theory of historyA", which provides a beautifully written and illuminating book, much easier and nicer to read and more rounded than the limited mathematical models that have so monopolised academia in recent decades.' - From the foreword by Charles A.E. Goodhart

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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