This volume contains two major papers prepared for the Bank of England's Tercentenary Symposium in June 1994. The first, by Forrest Capie, Charles Goodhart and Norbert Schnadt, provides an authoritative account of the evolution of central banking. It traces the development of both the monetary and financial stability concerns of central banks, and includes individual sections on the evolution and constitutional positions of 31 central banks from around the world. The second paper, by Stanley Fischer, explores the major policy dilemmas now facing central bankers: the extent to which there is a short-term trade-off between inflation and growth; the choice of inflation targets; and the choice of operating procedures. Important contributions by leading central bankers from around the world, and the related Per Jacobsen lecture by Alexander Lamfalussy, are also included in the volume.
• Authors are recognized as the leading authorities in the profession on central banking • Includes for the first time in one place a summary of the major institutional characteristics of 130 central banks • Contains comments by Paul Volcker and Karl-Otto Pohl, the world's two leading central bankers in the 1980s
Foreword Eddie George; 1. The Development of Central Banking; 2. Modern Central Banking; 3. Central banking in transition; 4. The Philosophy of Central Banking.