Australia's Money Mandarins: The Reserve Bank and the Politics of Money

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The Reserve Bank of Australia (RBA) led a fairly conservative existence until the early 1980s when the economy experienced waves of financial market deregulation and general economic liberalization. This book tells the story of monetary policy and the political role of the Reserve Bank over the past two decades. It reveals how the bank has been used as a "political football", describes conflicts with the government and the Department of Treasury, and how the bank finally adjusted to political turmoil and managed to assert a level of independence in the 1990s.

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Editorial Reviews

From the Publisher
'This is a scholarly and meticulously researched book that offers fascinating insights into the economics and politics of monetary policy by letting the key players speak for themselves. It will be an invaluable source of reference for historians, economists and political analysts.' Fred Argy, former policy adviser, author of various books on social and economic policy and Visiting Fellow at the ANU

'Stephen Bell's Australia's Money Mandarins is essential reading for anyone who needs to understand the mysteries of Australia's central bank.' John Edwards, Chief Economist for Australia and New Zealand, HSBC Bank

'… a thoroughly researched work on institutional economics - a neglected field in Australia where universities tend to classify 'economics', 'organisational behaviour' and 'politics' into separate disciplines. In transcending these artificial boundaries Bell provides insights into the decision-making process and relationships within the Bank … thanks to his extensive research, drawing both on published material and interviews with former and present senior officials, Bell has written a short history of economic policy in Australia over the last sixty years … it is an excellent summary of the problems faced by the world governments … when the Bretton Woods postwar order collapsed … It is an excellent work for any student of monetary policy.' Public Administration Today

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Product Details

  • ISBN-13: 9780521839907
  • Publisher: Cambridge University Press
  • Publication date: 11/28/2012
  • Pages: 238
  • Product dimensions: 5.98 (w) x 8.98 (h) x 0.63 (d)

Meet the Author

Stephen Bell is a Senior Lecturer in the School of Government, University of Queensland.

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Table of Contents

1. Slowly building the Reserve Bank; 2. Into the monetary policy wilderness; 3. Snapping the stick of inflation; 4. A measure of peace? Monetary policy in the 1990s; 5. Towards RBA independence; 6. RBA independence - why?; 7. Should the RBA be independent?; 8. Internal governance and the board; 9. New challenges in a world of asset inflation.

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