Show simple item record

dc.creatorRedish, Angela
dc.description.abstractThis paper looks at the question of central bank mandate and design in a larger historical context with the goal of understanding the rationale for the design of the European Central Bank (ECB), and also of developing a better understanding of how central banks will evolve over the next few decades. Over the centuries, central banks have played four broad roles in the economy: fiscal support, financial stability support, monetary support and macroeconomic support. In different periods, different motives have taken pride of place. For example, in western economies the macroeconomic motive dominated after World War II; during the last two decades of the 20th century the monetary stability goal dominated; then in the early 21st century the financial stability role dominated. The mandates of central banks have evolved in response to three factors: the existence of alternative sources of funds for the sovereign, the prevailing economic theory or broader set of philosophical beliefs, and the technology of money and of financial instruments more broadly. All three factors remain in play, and it is likely that central banks will continue to change their colours as their environments change.
dc.format.extent22 páginas : ilustraciones
dc.publisherBanco de la República
dc.relation.ispartofArtículos de revista
dc.relation.ispartofseriesRevista Ensayos Sobre Política Económica
dc.relation.isversionofRevista Ensayos Sobre Política Económica; Vol. 30. No. 67. Julio, 2012. Pág.: 14-35.
dc.rights.accessRightsOpen Access
dc.subjectBancos centrales
dc.subjectSoporte fiscal
dc.subjectApoyo a la estabilidad financiera
dc.subjectSoporte monetario
dc.subjectSoporte macroeconómico
dc.titleCentral Banks : past, present, future
dc.subject.jelE58 - Central Banks and Their Policies
dc.subject.jelN20 - Financial Markets and Institutions: General, International, or Comparative
dc.subject.keywordCentral banks
dc.subject.keywordFiscal support
dc.subject.keywordFinancial stability support
dc.subject.keywordMonetary support
dc.subject.keywordMacroeconomic support
dc.subject.lembBancos centrales
dc.subject.lembBancos centrales -- Historia
dc.rights.spaAcceso abierto
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0
dc.subject.jelspaE58 - Bancos centrales y sus políticas
dc.subject.jelspaN20 - Mercados e instituciones financieras: General, internacional o comparado
dc.type.hasversionPublished Version
dc.source.bibliographicCitationAlesina, A.; Summers, L. “Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence”, Journal of Money, Credit and Banking, vol. 25, num. 2, pp. 151- 162, 1983
dc.source.bibliographicCitationBarro, R.; Gordon, D. “A Positive Theory of Monetary Policy in a Natural Rate Model”, Journal of Political Economy, vol. 91, num. 4, pp. 589-610, 1983.
dc.source.bibliographicCitationBetts, C.; Bordo, M.; Redish, A. “A Small Open Economy in Depression: Lessons from Canada in the 1930s”, Canadian Journal of Economics, vol. 29, pp. 1-36, 1996.

Files in this item


This item appears in the following Collection(s)

Show simple item record

This work is licensed under a Creative Commons Reconocimiento-NoComercial 4.0.This document has been deposited by the author (s) under the following certificate of deposit