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Promoting Global Monetary and Financial Stability

Promoting Global Monetary and Financial Stability
The Bank for International Settlements after Bretton Woods, 1973–2020

$130.00 (C)

Part of Studies in Macroeconomic History

Agustín Carstens, Claudio Borio, Stijn Claessens, Piet Clement, Robert N. McCauley, Hyun Song Shin, Harold James, Catherine R. Schenk, Chris Brummer, Andrew Baker, Barry Eichengreen, William C. Dudley
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  • Date Published: June 2020
  • availability: Available
  • format: Hardback
  • isbn: 9781108495981

$ 130.00 (C)
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About the Authors
  • 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.

    • Central bank cooperation is traditionally approached from a historical and/or economic angle; by including a political science and legal view, this book provides a richer, multi-faceted approach
    • Places the crisis and the action of central banks and their cooperation in a much broader, long-term context
    • Can be read either as a chronological overview of the Bank for International Settlements, or as separate essays
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    Reviews & endorsements

    ‘The Bank for International Settlements, the most ‘secretive' of international financial institutions, is where the central bankers of the world have their most open and confidential discussions. A distinctive trait of the BIS, throughout its history, has been its attention to financial stability. Taking a BIS perspective, this book offers unique insights into the history of the post Bretton Woods international monetary and financial system. A must-read.' Ivo Maes, National Bank of Belgium and University of Louvain

    ‘Written by a group of distinguished scholars, this volume is an excellent sequel to Gianni Toniolo's account of the BIS from 1930 to 1973. With great skill and precision, the six contributions navigate through the turbulent times since the end of Bretton Woods, with the BIS at the center of action. A must-read for anyone interested in global financial and monetary history.' Tobias Straumann, University of Zurich

    ‘The rise of new nationalisms and shrinking consensus for global free trade have distracted us from how closely integrated the world economy remains and the importance of a coordinated global policy to ensure financial stability. This timeliest of volumes carefully lays out the history and rationale behind the Bank for International Settlements' struggle to coordinate national policies, from the breakdown of Bretton Woods to the present. It is essential briefing for every policy maker and every new graduate student in macroeconomics or finance.' Eugene N. White, Rutgers University and National Bureau of Economic Research

    'This book provides an excellent and authoritative account of BIS' evolving role in the international coordination of monetary and financial stability policies, and as the birthplace of new ideas like macro-prudential policies.' Markus Brunnermeier, Princeton University

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    Product details

    • Date Published: June 2020
    • format: Hardback
    • isbn: 9781108495981
    • length: 302 pages
    • dimensions: 234 x 156 x 17 mm
    • weight: 0.57kg
    • availability: Available
  • Table of Contents

    List of graphs and tables
    List of contributors
    Foreword Agustín Carstens
    Acknowledgements
    List of acronyms
    Introduction Claudio Borio, Stijn Claessens, Piet Clement, Robert N. McCauley and Hyun Song Shin
    1. The BIS and the European monetary experiment Harold James
    2. The governance of the Bank for International Settlements, 1973–2020 Catherine R. Schenk
    The BIS in pictures, 1973–2020
    3. A theory of everything: a historically grounded understanding of soft law – and the BIS Chris Brummer
    4. Tower of contrarian thinking: how the BIS helped reframe understandings of financial stability Andrew Baker
    5. Exchange rates, capital flows and the financial cycle: on the origins of the BIS view Barry Eichengreen
    6. The Bank for International Settlements: if it didn't exist, it would have to be invented (an insider's view) William C. Dudley
    Annex 1. BIS chronology
    Annex 2. BIS-based committees: membership, chairs and secretaries, 1962–2020
    Annex 3. BIS balance sheet, 1980–2019
    Annex 4. Current and former functionaries of the BIS board of directors and BIS management, 1973–2020
    Annex 5. Shareholding members of the BIS as on 1 July 2020
    Note on sources
    Bibliography
    Index.

  • Editors

    Claudio Borio, Bank for International Settlements
    Claudio Borio is Head of the Monetary and Economic Department at the Bank for International Settlements.

    Stijn Claessens, Bank for International Settlements
    Stijn Claessens is Head of Financial Stability Policy and Deputy Head of the Monetary and Economic Department at the Bank for International Settlements.

    Piet Clement, Bank for International Settlements
    Piet Clement is historian at the Bank for International Settlements. He is a member of the Academic Council of the European Association for Banking and Financial History.

    Robert N. McCauley, Bank for International Settlements
    Robert N. McCauley was a senior economist and adviser at the Bank for International Settlements from 1994 until his retirement in 2019.

    Hyun Song Shin, Bank for International Settlements
    Hyun Song Shin is Economic Adviser and Head of Research at the Bank for International Settlements.

    Contributors

    Agustín Carstens, Claudio Borio, Stijn Claessens, Piet Clement, Robert N. McCauley, Hyun Song Shin, Harold James, Catherine R. Schenk, Chris Brummer, Andrew Baker, Barry Eichengreen, William C. Dudley

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