The Past and Future of Central Bank Cooperation
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Part of Studies in Macroeconomic History
- Claudio Borio, Bank for International Settlements. Switzerland
- Gianni Toniolo, Università degli Studi di Roma 'Tor Vergata'
- Piet Clement
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This book explores the past and future of central bank cooperation. In today’s global economy, the cooperation between central banks is a key element in maintaining or restoring monetary and financial stability, thereby ensuring a smooth functioning of the international financial system. Or is it? In this book, economists, historians, and political scientists look back at the experience of central bank cooperation during the past century – at its goals, nature, and processes and at its successes and failures – and draw lessons for the future. Particular attention is devoted to the role played by central bank cooperation in the formulation of minimum capital standards for internationally active banks (the Basel Capital Accord, Basel II), and in the process of European monetary unification and the introduction of the euro.Read more
- A fresh, multi-faceted look at central bank cooperation
- Multi-disciplinary approach (economists, historians, political scientists from both Europe and the US)
- Backward- (history) and forward-looking on future of central bank cooperation
Reviews & endorsements
“Central banks play as central a role in economic welfare and financial stability today as they have ever played. And globalization makes cooperation among monetary and financial authorities even more crucial than before. This volume throws valuable new light on the way cooperation has been conducted in the past and on some of the key issues that will confront central bank collaboration in the future.”
- Sir Andrew Crockett, President, JP Morgan Chase InternationalSee more reviews
“This clear and well researched book on 130 years of central bank cooperation will be a unique tool for historians and economists. It doesn't discuss the desirability of cooperation but it explains how it worked (or, in some cases, did not work).”
- Jacques de Larosière, Former President, European Bank for Reconstruction and Development
“The worldwide financial crisis of 2007-08 makes this book very timely. Surveying more than a century of experience, the authors demonstrate that central bank cooperation can help to avoid financial crises or limit the economic damage resulting from them. Conversely, non-cooperation can have disastrous consequences. The book is required reading for central bankers, economic policymakers, and all concerned with our defenses against financial and economic debacles.”
- Richard Sylla, Stern School of Business, New York University
"These well-written essays on the past century of the central bank cooperation consider its successes and failures and their implications for the future.... The essays address a timely topic and are not overly technical, making the work accessible to a wide audience. Recommended."
"...a nice, short, sensible introduction." - EH.net
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- Date Published: October 2008
- format: Adobe eBook Reader
- isbn: 9780511426902
- availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
Table of Contents
Introduction: past and future of central bank co-operation Piet Clement
1. One hundred and thirty years of central bank cooperation: a BIS perspective Claudio Borio and Gianni Toniolo
2. Almost a century of central bank cooperation Richard N. Cooper
3. Architects of stability? International co-operation among financial supervisors Ethan B. Kapstein
4. Central banks, governments and the European monetary unification process Alexandre Lamfalussy
5. The future of central bank cooperation Beth Simmons
6. Interdependence and co-operation: an endangered pair? Tommaso Padoa-Schioppa.
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