Banking on the future
Subtitle: the fall and rise of central banking
By: Howard Davies, David Green.
Contributors: Green, David, 1946-
Publisher: Princeton University Press
Published: 2010
Place of publication: Princeton
Language: eng
Number of pages: 324
ISBN-13: 9780691138640
Subjects: Banks and banking, Central; Monetary policy
Description: The crash of 2008 revealed that the world's central banks had failed to offset the financial imbalances that led to the crisis, and lacked the tools to respond effectively. What lessons should central banks learn from the experience, and how, in a global financial system, should cooperation between them be enhanced? Banking on the Futureprovides a fascinating insider's look into how central banks have evolved and why they are critical to the functioning of market economies. The book asks whether, in light of the recent economic fallout, the central banking model needs radical reform. Supported by interviews with leading central bankers from around the world, and informed by the latest academic research, Banking on the Futureconsiders such current issues as the place of asset prices and credit growth in anti-inflation policy, the appropriate role for central banks in banking supervision, the ways in which central banks provide liquidity to markets, the efficiency and cost-effectiveness of central banks, the culture and individuals working in these institutions, as well as the particular issues facing emerging markets and Islamic finance. Howard Davies and David Green set out detailed policy recommendations, including a reformulation of monetary policy, better metrics for financial stability, closer links with regulators, and a stronger emphasis on international cooperation. Exploring a crucial sector of the global economic system, Banking on the Future offers new ideas for restoring financial strength to the foundations of central banking.
Notes: Includes bibliographical references and index.
Table of contents: title: What is central banking and why is it important?; title: Monetary stability; title: Financial stability; title: Financial infrastructure; title: Asset prices; title: Structure, status, and accountability; title: Europe : a special case; title: Central banking in emegering market countries; title: Financial resources, costs, and efficiency; title: International cooperation; title: Leadership; title: An agenda for change.