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Full Description
This timely book answers the question of whether central banks should specifically target the stability of financial systems and if so, what kind of policies should be adopted to prevent or mitigate financial instability.
Providing a critical perspective on both central banking and monetary policy, this book examines policies that are used and should be used to prevent instability in the future. Using examples from global financial markets, chapters investigate real-world events that have triggered instability including pandemics and how they have led to a crisis for inflation. Adapting both Minsky's analysis and the viewpoints of post-Keynesians, the book concludes that central banks should assess their existing approach to targeting inflation as a way of stabilising financial markets.
With a particular focus on financial regulations and supervision, this book will be an essential read for academics in the fields of political economy and post-Keynesian economics as well as central bank policy makers.
Contents
Contents
Financial instability and the role of central banks and monetary policy 1
Louis-Philippe Rochon, Sylvio Antonio Kappes and Guillaume Vallet
1 A monetary-structural reform to guarantee financial stability 5
Sergio Rossi
2 Why are repos so huge in Brazil?: An analysis from 2002 to 2020 18
Flávia Felix Barbosa and Fabio Terra
3 Financial instability and the operations of central banks 35
Malcolm Sawyer
4 Inflation, financial crises and a new Cold War: The next era of financial stability 51
Giuseppe Mastromatteo and Lorenzo Esposito
5 The conduct of monetary policy in a floor system and under an Ample Reserve Regime: The case of the United States in the last decade 81
Domenica Tropeano
6 Central banks as political institutions: Towards a more democratic monetary policy for the 21st century 99
Simone Deos and Fernanda Ultremare
7 The role of central banks in the financial instability hypothesis 117
Barkin Cihanli
8 A tale of two crises: Monetary policy and financial (in)stability implications of climate change and pandemics 137
Lilit Popoyan and Paola D'Orazio
9 Monetary policy and illiquidity 163
Jan Toporowski
10 Stabilizing an unstable financial system: A Minskyian approach to market dysfunctions and the Covid-19 experience in the US 177
Norberto Montani Martins and Gabriel Porto
11 Monetary policy, market concentration and financial instability: The case of the USA 202
Ilhan Dögüs
12 The art of central banking with global shadow banks 221
Elham Saeidinezhad
13 Monetary policy, financialization and functional income distribution in G7 countries 251
Giovanna Ciaffi, Stefano Di Bucchianico and Antonino Lofaro
14 Pension funds, bonds and gilt market stability 269
Jennifer Churchill and Bruno Bonizzi
15 Conceptualizing financialization of monetary policy 284
Marcos Centurion-Vicencio and Mateo Villalba
