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dc.contributor.authorUgolini, Stefano
dc.date.accessioned2018-05-03T10:56:15Z
dc.date.available2018-05-03T10:56:15Z
dc.date.issued2011
dc.identifier.isbn978-82-7553-625-7
dc.identifier.issn1502-8143
dc.identifier.urihttp://hdl.handle.net/11250/2496945
dc.description.abstractThe ongoing financial crisis is shaking central bankers’ certainties about their mission, and a rethinking of such mission can greatly benefit from a non-finalistic reassessment of how central banking has evolved over the centuries. This paper does so by taking a functional, instead of an institutional approach. The survey covers the provision of both microeconomic (financial stability) and macroeconomic (monetary stability) central banking functions in the West since the Middle Ages. The existence of a number of important trends (some unidirectional, some cyclical) is underlined. The findings have implications for the current debate on the institutional design of central banking, both in the U.S. and in the eurozone. Historical evidence suggests that neither changes in the organizational model of central banks nor government deficit monetization should necessarily be seen as evil; what is crucial to the success of any solution, is that the institutional agreement backing the existence of money-issuing organizations must be credible. The appendix provides a case study on Norway.nb_NO
dc.language.isoengnb_NO
dc.publisherNorges Banknb_NO
dc.relation.ispartofseriesWorking Papers;15/2011
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.no*
dc.subjectJEL: E42nb_NO
dc.subjectJEL: E50nb_NO
dc.subjectJEL: G21nb_NO
dc.subjectJEL: N10nb_NO
dc.subjectJEL: N20nb_NO
dc.subjectcentral bankingnb_NO
dc.subjectmonetary policynb_NO
dc.subjectfinancial stabilitynb_NO
dc.subjectinstitutional designnb_NO
dc.titleWhat Do We Really Know About the Long-Term Evolution of Central Banking? Evidence from the Past, Insights for the Presentnb_NO
dc.typeWorking papernb_NO
dc.description.versionpublishedVersionnb_NO
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212nb_NO
dc.source.pagenumber35nb_NO
dc.relation.projectBicentenary Projectnb_NO
dc.relation.projectTohundreårsjubileumnb_NO


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Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
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