Central banking in the Commonwealth
| Autor: | D. ROWAN |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2014 |
| Předmět: | |
| Zdroj: | PSL Quarterly Review, Vol 6, Iss 25 (2014) |
| Druh dokumentu: | article |
| ISSN: | 2037-3643 2037-3635 |
| DOI: | 10.13133/2037-3643/12738 |
| Popis: | The article reviews two recent books: Banking in the British Commonwealth, edited by R. S. Sayers, and Central Banking in Underdeveloped Money Markets, by S. N. Sen. Of the several themes implicit in the two works, the author devotes his main attention to the problem of central banking control in economically dependent and/or financially undeveloped territories. In particular, the experiences of Ceylon and Pakistan are examined. The author questions the prevailing tendency to model the central banks of other countries in the British Commonwealth on the pattern of the Bank of England. He remarks that in economies which are both highly dependent and underdeveloped the traditional instruments of monetary control are of very limited effect; and the hope that the Central Bank can make an effective contribution to income stabilisation has shown itself to be an illusion. Moreover, this approach has obscured what ought to be considered the real functions of a Central Bank in such countries, functions which are above all in the field of banking and financial development. A special paragraph is devoted to the effects of the war on central banking developments, with special reference to Australian experience. JEL: E52, E58, E63 |
| Databáze: | Directory of Open Access Journals |
| Externí odkaz: |
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