The Spread of the Modern Central Bank and Global Cooperation
1919–1939
Part of Studies in Macroeconomic History
- Editors:
- Barry Eichengreen, University of California, Berkeley
- Andreas Kakridis, Bank of Greece and Panteion University, Athens
- Date Published: November 2023
- availability: Not yet published - available from October 2024
- format: Paperback
- isbn: 9781009367554
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Central banks were not always as ubiquitous as they are today. Their functions were circumscribed, their mandates ambiguous, and their allegiances once divided. The inter-war period saw the establishment of twenty-eight new central banks – most in what are now called emerging markets and developing economies. The Emergence of the Modern Central Bank and Global Cooperation provides a new account of their experience, explaining how these new institutions were established and how doctrinal knowledge was transferred. Combining synthetic analysis with national case studies, this book shows how institutional design and monetary practice were shaped by international organizations and leading central banks, which attached conditions to stabilization loans and dispatched 'money doctors.' It highlights how many of these arrangements fell through when central bank independence and the gold standard collapsed.
Read more- Provides an encompassing treatment of the spread of central banking beyond the West European and North American economic core
- Combines qualitative and quantitative analysis, drawing on archival and secondary sources
- Sheds light on the historical experience of under-studied nations and regions
Reviews & endorsements
'Central banks are vital to modern economies. They set monetary policy, supervise banks, and foster financial stability. Financial markets hang upon their every word. This volume presents the fascinating stories of central banks that were born amidst the economic turbulence of the inter-war period. These institutions, mostly in emerging and developing economies, have received far less attention than their older brethren. This book fills that gaping hole in the literature admirably.' Richard Grossman, Andrews Professor of Economics, Wesleyan University
See more reviews'As we enter a new era for central banking it is crucial we understand how these institutions emerged and coped with previous ruptures in the global economy. The great depression of the interwar years was a formative time for central banks in many countries, especially due to experiments in central bank cooperation. This volume offers fresh insights into how central banks coped with crisis by focusing on less well understood examples in Eastern and Southern Europe, India and Australasia. The result is a fascinating volume that emphasises the variety of central banking practice in these crucial years.' Catherine R. Schenk, Professor of Economic and Social History, St. Hilda's College, University of Oxford
'Central banks in the 21st century have their work cut out for them as they cope with the classic exogenous shocks of disease, war, and famine within the global economy. The historians gathered by Barry Eichengreen and Andreas Kakridis in this volume make us hope that central bankers can learn from history, especially their own history, to cope with their challenges today.' Larry Neal, Emeritus Professor of Economics, University of Illinois
'… the chapters in this volume go a long way to correcting the neglect in the historical literature of central banking in emerging and developing economies … Recommended.' M. H. Lesser, CHOICE
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×Product details
- Date Published: November 2023
- format: Paperback
- isbn: 9781009367554
- length: 350 pages
- dimensions: 230 x 150 x 25 mm
- weight: 0.674kg
- availability: Not yet published - available from October 2024
Table of Contents
Part I. General:
1. Interwar central banks: a tour d' horizon Barry Eichengreen and Andreas Kakridis
2. The ideology of central banking in the interwar years and beyond Harold James
3. Habit not heredity: central banks and global order Patricia Clavin
4. Institutionalizing central bank cooperation: the Norman Schacht vision and early experience of the bank for international settlements, 1929–33 Piet Clement
Part II. Specific:
5. Central bank policy under foreign control: the Austrian national bank in the 1920s Hans Kernbauer
6. Sneaking nationalization: Hungary and the liberal monetary order, 1924–1931 György Péteri
7. The bank of Poland and monetary policy in the interwar years Cecylia Leszczyńska
8. From banking office to national bank: the establishment of the national bank of Czechoslovakia, 1919–1926 Jakub Kunert
9. 'Nobody's child': the bank of Greece in the interwar years Andreas Kakridis
10. The Bulgarian national bank, 1926–1935: revamping the institution, addressing the depression Roumen Avramov
11. Macroeconomic policies and the new central bank in Turkey, 1929–1939 Şevket Pamuk
12. Latin American experiments in central banking at the onset of the great depression Juan Flores Zendejas and Gianandrea Nodari
13. Central banks in the British dominions in the interwar period John Singleton
14. Central banking and colonial control: India, 1914–1939 G. Balachandran.
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