The Past and Future of Central Bank Cooperation

The Past and Future of Central Bank Cooperation

by Claudio Borio
     
 

This book explores the past and future of central bank cooperation. In today's global economy, the cooperation among 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… See more details below

Overview

This book explores the past and future of central bank cooperation. In today's global economy, the cooperation among 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.

Editorial Reviews

From the Publisher
“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 International

“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."
- Choice

"...a nice, short, sensible introduction." - EH.net

Product Details

ISBN-13:
9780521187572
Publisher:
Cambridge University Press
Publication date:
02/17/2011
Series:
Studies in Macroeconomic History Series
Pages:
260
Product dimensions:
5.90(w) x 8.90(h) x 0.80(d)

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