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The Financial System, Financial Regulation and Central Bank Policy
This is a short, inexpensive textbook that teaches students the fundamentals of money and banking in a clear, narrative form.
Central Bank Policy
Central Bank Policy: Theory and Practice analyses various policies, theories and practices adopted by central banks, as well as the institutional arrangements underlying the principles of good governance in policy-making. It is the first book to comprehensively discuss the latest theories and practices of central bank policy.
Competition Policy for Modern Banks
Traditional bank competition policy seeks to balance efficiency with incentives to take risk. The main tools are rules guiding entry/exit and consolidation of banks. This paper seeks to refine this view in light of recent changes to financial services provision. Modern banking is largely market-based and contestable. Consequently, banks in advanced economies today have structurally low charter values and high incentives to take risk. In such an environment, traditional policies that seek to affect the degree of competition by focusing on market structure (i.e. concentration) may have limited effect. We argue that bank competition policy should be reoriented to deal with the too-big-to-fail (TBTF) problem. It should also focus on the permissible scope of activities rather than on market structure of banks. And following a crisis, competition policy should facilitate resolution by temporarily allowing higher concentration and government control of banks.
Asset Prices and Central Bank Policy
Concludes the role of asset prices in monetary policy is one of the most important, and difficult, questions confronting central banks.
Monetary Policy in Times of Crisis
The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
The Bank of England and Public Policy, 1941-1958
The official history of the Bank of England, already available up to the Second World War, is here continued into the late wartime and early postwar periods. The author is a central banker by trade and a former Executive Director of the Bank. His account examines mainly how the Bank moved on after the hurried nationalization of 1946 and led a vigorous though often frustrated life in the postwar years, when sterling was subject to recurrent external weakness and when domestic monetary policy was beset by difficulties of content and conduct. The Bank's relationship with the Treasury is central to the story, but Mr. Fforde also examines its evolving relationship with the financial community and with central banks overseas. The Bank's contribution to public policy, in a frequently controversial field, is explained and assessed.
Foundations of European Central Bank Policy
European central bank policy is already taking place today in an informal way. It comprises, in short, European exchange rate management and interest rate policy decisions within and without the European Monetary System (EMS). A focal point of such policy actions are the money market operating targets of European Central Banks. Those central bank policies appear to be dominated, however, by the Deutsche Bundesbank. This has caused recurring critical discussion of European asymmetries and German leadership in monetary stabilization pOlicies, before and after the EMS turbulences of September 1992. However, it should be pointed out that German dominance has increasingly evolved in a cooperative...
One Money, Many Countries
This second major report in the Monitoring European Central Bank series provides a detailed analysis of the European Central Bank's actions and alerts the public to the main issues raised by the policies pursued by the ECB during its first year.
