The Money Masters: The Progress and Power of Central Banks

by Onno de Beaufort Wijnholds

Overview

Central banks are major players in today’s economic and financial policy-making. While respected for their technical acumen and their pivotal role in defusing the global financial crisis, they are at the same time mistrusted by others and considered to be too powerful. In order to contribute to a better understanding of the why, what and how of central banking, this book traces the progress of central banks from modest beginnings, including financing wars, to the powerful institutions they have become. It describes the evolution of the Bank of England to a fully-fledged central bank, the very different route taken by the Federal Reserve and, much later, by the European Central Bank. The gold standard, floating exchange rates, and the battle against inflation are covered in depth, alongside a review of modern monetary policy and central banks’ role in maintaining financial stability. Throughout the book, the ups and downs of central banks’ relationship vis-a-vis their governments are arecurring theme, even surmising that reigning in the independence of central banks risks inflicting serious damage to economic and financial stability. Uncovering the challenges that the money masters may face in an uncertain future, this book will be of interest to academics, researchers, and practitioners in central banking, finance, and economics at large.

Product Details

ISBN-13:	9783030400408
Publisher:	Springer International Publishing
Publication date:	07/25/2020
Edition description:	1st ed. 2020
Pages:	305
Product dimensions:	5.83(w) x 8.27(h) x (d)

About the Author

Onno de Beaufort Wijnholds is a former Executive Director of the International Monetary Fund and former Representative of the European Central Bank in the United States. During his 40 year career, which began at the Netherlands Central Bank, he was closely involved in dealing with monetary issues and international financial crises. Previously, Onno was a Professor of Money and Banking and has published widely in this area.

Table of Contents

Chapter 1. Introduction.- Chapter 2. From War Financier to Bankers’ Bank.- Chapter 3. Central Banks under the Gold Standard.- Chapter 4. The Federal Reserve: A Unique Institution.- Chapter 5. From War to War: 1914-1939.- Chapter 6. Post-war Progress: 1946-1960.- Chapter 7. The 1960s: Growth and Stability.- Chapter 8. Overcoming the Great Inflation.- Chapter 9. Central Banks and the Great Moderation.- Chapter 10: A New Power: The European Central Bank.- Chapter 11. The Global Financial Crisis and Recession.- Chapter 12. Modern Monetary Policy.- Chapter 13. Maintaining Financial Stability.- Chapter 14. An Uncertain Future.

What People are Saying About This

From the Publisher

“The Money Masters is fundamental to understanding the co-evolution of theories, institutions, practices, and problems within monetary economies. It provides a remarkably clear and thorough account of the shifting relationship between central banks and the government over the years, as well as a brilliant overview of the challenges that monetary institutions face today.”

Stefano Solari, Associate Professor, University of Padua, Italy

Editorial Reviews

This book has been written to provide a better understanding of how central banks have progressed over time to become powerful players in the world economy.” (Donglin He, Financial Markets and Portfolio Management, Vol. 35, 2021)

From the Publisher