The Changing Face of Central Banking: Evolutionary Trends since World War II

Pierre L. Siklos

doi:10.1017/CBO9780511606427

Central banks have emerged as the key players in national and international policy making. This book explores their evolution since World War II in 20 industrial countries. The study considers the mix of economic, political and institutional forces that have affected central bank behaviour and its relationship with government. The analysis reconciles vastly different views about the role of central banks in the making of economic policies. One finding is that monetary policy is an evolutionary process.

'This book is suitable as a part of an advanced undergraduate option on monetary economics or a semester-long course on economic policy. The author's very helpful website contains data and further readings to guide more interested readers. The lack of any great technical hurdles means that the book can be read quite easily by non-specialists and therefore should also appeal to the many commentators in Whitehall, the City and the media who will want to understand some of the issues being the continuing and growing prominence of the central bank.'

Source: Economica

'… a coherent overview of the developments in Central Banking in the second half of the twentieth century … [the author] deserves compliments for creating an interesting, comprehensive (but of an academic standard) and useful book suited for a broad audience interested in Central Banking; from researchers and policy makers at Central Banks to students and academics at universities.'

Source: De Economist

'Siklos displays expert knowledge about the practice of central Banking, for instance by highlighting a huge amount of comparative examples, which makes the book very lively to read. He deserves complements for creating an interesting, comprehensive (but of an academic standard) and useful book suited for a broad audience interested in central banking; from researchers and policy makers at central Banks to students and academics at universities.'

Source: De Economist

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The Changing Face of Central Banking

Evolutionary Trends since World War II

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Contents

Frontmatter
pp i-viii

Contents
pp ix-xi

List of Figures
pp xii-xiii

List of Tables
pp xiv-xvi

Preface
pp xvii-xx

1 - The Institutional Make-Up and Evolution of Central Bank–Government Relations: An Introduction
pp 1-25

2 - Legislation Alone Does Not a Central Bank Make: Political Structure, Governance, and Reputation in Monetary Policy
pp 26-80

3 - Central Bank Personalities and Monetary Policy Performance
pp 81-127

4 - Econometric Analysis of Central Bank Behavior: An Evolutionary Approach
pp 128-192

5 - Contrasting Quantitative and Qualitative Assessments of Central Bank Behavior and the Evolution of Monetary Policies
pp 193-219

6 - Accountability, Disclosure, and Conflict Resolution
pp 220-264

7 - Inflation Targets versus Other Inflation Control Measures: Two Sides of the Same Coin?
pp 265-299

8 - The Changing Face of Central Banking: Epilogue
pp 300-308

Bibliography
pp 309-340

Index
pp 341-347

Titles in the series
pp 348-348

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The Changing Face of Central Banking

Evolutionary Trends since World War II

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