Central Banks : past, present, future

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dc.audiencePolicymakerseng
dc.audienceResearcherseng
dc.audienceStudentseng
dc.audienceTeacherseng
dc.coverage.sucursalBogotáeng
dc.creatorRedish, Angelaeng
dc.date.accessioned2012-07-01T08:30:10Zeng
dc.date.available2012-07-01T08:30:10Zeng
dc.date.created2012-07-01eng
dc.date.issued2012-07eng
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.eng
dc.format.extent22 páginas : ilustracioneseng
dc.format.mimetypePDFeng
dc.identifier.handlehttps://hdl.handle.net/20.500.12134/6448spa
dc.identifier.urihttps://repositorio.banrep.gov.co/handle/20.500.12134/6448
dc.language.isoengeng
dc.publisherBanco de la Repúblicaeng
dc.relation.doihttps://doi.org/10.32468/Espe.6701spa
dc.relation.dotechttps://ideas.repec.org/a/col/000107/010156.htmlspa
dc.relation.ispartofArtículos de revistaeng
dc.relation.ispartofseriesRevista Ensayos Sobre Política Económicaeng
dc.relation.issn0120-4483eng
dc.relation.isversionofRevista Ensayos Sobre Política Económica; Vol. 30. No. 67. Julio, 2012. Pág.: 14-35.eng
dc.relation.repechttps://ideas.repec.org/a/bdr/ensayo/v30y2012i67p14-35.htmlspa
dc.rights.accessRightsOpen Accesseng
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0eng
dc.rights.spaAcceso abiertospa
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/eng
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, 1983eng
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.eng
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.eng
dc.source.handleRepecRepEc:bdr:ensayo:v:30:y:2012:i:67:p:14-35spa
dc.subjectBancos centralesspa
dc.subjectSoporte fiscalspa
dc.subjectApoyo a la estabilidad financieraspa
dc.subjectSoporte monetariospa
dc.subjectSoporte macroeconómicospa
dc.subject.jelE58 - Central Banks and Their Policieseng
dc.subject.jelN20 - Financial Markets and Institutions: General, International, or Comparativeeng
dc.subject.jelspaE58 - Bancos centrales y sus políticaseng
dc.subject.jelspaN20 - Mercados e instituciones financieras: General, internacional o comparadoeng
dc.subject.keywordCentral bankseng
dc.subject.keywordFiscal supporteng
dc.subject.keywordFinancial stability supporteng
dc.subject.keywordMonetary supporteng
dc.subject.keywordMacroeconomic supporteng
dc.subject.lembBancos centraleseng
dc.subject.lembBancos centrales -- Historiaeng
dc.titleCentral Banks : past, present, futureeng
dc.typeArticleeng
dc.type.hasversionPublished Versioneng
dc.type.spaArtículospa

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Año: 2012 - Vol. 30 - No. 67