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Full Description
The Elgar Encyclopedia of Central Banking provides definitive and comprehensive encyclopedic coverage on central banking and monetary theory and policy. Containing close to 350 entries from specially commissioned experts in their fields, elements of past and current monetary policies are described and a critical assessment of central bank practices is presented.
Since the global financial crisis of 2008-09, all major central banks have intervened to avert the collapse of the global economy, bringing monetary policy to the forefront. Rochon and Rossi give an up to date, critical understanding of central banking, at both theoretical and policy-oriented levels. This updated second edition Encyclopedia explains the complexity of monetary-policy interventions, their conceptual and institutional frameworks, and their own limits and drawbacks. The reader is provided with the body of knowledge necessary to understand central banks' decisions in the aftermath of the global financial crisis and controversial explanations of the crisis are illuminated from a historical perspective.
Academics and students of economics will find this an indispensable reference tool, offering current and necessary insight into central banking and monetary policy. Practitioners in the financial sector will also benefit from this refreshed insight into such a fundamental topic.
Contents
Contents
List of contributors xv
Introduction xxi
100% money 1
Jonathan Massonnet
African Monetary Union 3
Salewa 'Yinka Olawoye
Amsterdamse Wisselbank 4
Dirk Bezemer
Asset management 5
Neil M. Lancastle
Asset-price inflation 7
David Colander
Asset-based reserve requirements 9
Aleksandr V. Gevorkyan
Bagehot rule 11
Thorvald Grung Moe
Bagehot, Walter 12
Andrea Pacella and Riccardo
Realfonzo
Bancor 14
Pietro Alessandrini
Bank Act of 1844 15
Xavier Bradley
Bank capital and the new
credit multiplier 17
Yannis Panagopoulos and
Aristotelis Spiliotis
Bank deposit insurance 19
Claudia Maya
Bank deposits 20
Oliver Simon Baer
Bank for International Settlements 21
Felix Mallin
Bank money 23
Oliver Simon Baer
Bank of Canada 24
Mario Seccareccia
Bank of England 26
Philip Arestis
Bank of Italy 28
Alessandro Caiani
Bank of Japan 29
Takashi Yagi
Bank run 31
Virginie Monvoisin
Banking and Currency Schools 33
Stefano Figuera
Banking supervision 34
Ruxandra Pavelchievici
Banque de France 36
Claude Gnos
Barings Bank 38
Robert H. Koehn
Basel Agreements 39
Fernando J. Cardim de Carvalho
Bernanke, Ben Shalom 41
Jamie Morgan and Brendan Sheehan
Biddle, Nicholas 42
Nathaniel Cline
BIS macro-prudential approach 44
Ivo Maes
Bitcoin 46
Edoardo Beretta and Roberto Gorini
Black hole 48
Wesley C. Marshall
Bretton Woods regime 49
Omar F. Hamouda
BRICS common currency 51
Sergio Rossi
Bubble 52
Alicia Girón
Bubble Act 53
William E. McColloch
Bullionist debates 54
Lefteris Tsoulfidis
Burns, Arthur Frank 56
James Forder
Capital controls 59
Kevin P. Gallagher
Capital flight 60
Emiliano Libman
Capital requirements 62
Fabio S. Panzera
Carney, Mark 63
Jim Stanford
Carry trade 65
Daniela Gabor
Cash 67
Oliver Simon Baer
Central bank as fiscal agent
of the Treasury 69
Eric Tymoigne
Central bank bills 70
Aleksandr V. Gevorkyan
Central bank credibility 72
Emmanuel Carré
Central bank digital currencies 74
Vadim Grishchenko and
Vasily Tkachev
Central bank independence 76
Arne Heise
Central bank money 78
Andrea Terzi
Central banking and financial stability 80
Sergio Rossi
Central banking and power 81
Guillaume Vallet
Central banking and social
conflict 83
David M. Fields
Central banking, race and gender 85
Clara Zanon Brenck
Central banks and the
zero-carbon transition 87
Robert Guttmann
Chartalism 89
Charles Albert Eric Goodhart
Chicago Plan 92
Jonathan Massonnet
Classical dichotomy 93
David M. Fields
Clearing system 95
Edoardo Beretta
Climate change and financial
instability 96
Giada Valsangiacomo
Collateral 98
Vera Dianova
Commodity money 99
Aris Papageorgiou and
Lefteris Tsoulfidis
Consumer price indices 101
James Forder
Contagion 102
Sebastian Weyih
Contested terrain 104
Gerald Epstein
Convertibility law 106
Juan Matías De Lucchi
Core inflation 107
Vidhura S. Tennekoon
Corridor and floor systems 109
Andrea Terzi
Cost channel of monetary policy 110
Antonino Lofaro
COVID-19 and central bank responses 112
Salewa 'Yinka Olawoye
Credibility and reputation 113
Dany Lang
Credit bubble 114
Steve Keen
Credit creation 116
Richard A. Werner
Credit divisor 118
Greg Hanngsen
Credit easing 120
Richard A. Werner
Credit guidance 122
Richard A. Werner
Credit rationing 124
Arne Heise
Cross-border retail banking 126
Harald Sander
Cryptocurrencies 128
Edoardo Beretta and Roberto Gorini
Currency board 129
Jean-François Ponsot
Currency crisis 131
Brenda Spotton Visano
Currency hierarchy 133
Eric Tymoigne
De-dollarization 135
Sergio Rossi
Debasement 136
Lefteris Tsoulfidis
Debt crisis 137
Brenda Spotton Visano
Debt deflation 138
Steve Keen
Decoupling 140
Zoltán Szalai
Deleveraging 141
Domenica Tropeano
Deutsche Bundesbank 142
Jörg Bibow
Development banks 145
Wesley C. Marshall
Digital dollar 146
Jörg Bibow
Digital euro 148
Giuseppe Mastromatteo
Digital pound 150
Plamen Ivanov and
Richard A. Werner
Digital yuan 153
Hui Yuan
Dollar hegemony 155
David M. Fields
Dollarization 157
Mehdi Ben Guirat and
Louis-Philippe Rochon
Draghi, Mario 158
Stefano Lucarelli
Effective lower bound 161
Fabio S. Panzera
Efficient markets theory 162
Robert W. Dimand
Emergency liquidity assistance 164
Andrea Carrera
Endogenous money 165
Giancarlo Bertocco
Environmental change and the
international lender of last resort 167
Basil Oberholzer
Euro-area crisis 169
Sergio Rossi
European monetary union 170
Claude Gnos
Exchange-rate interventions 172
Alexander Mihailov
Exchange-rate pass-through 174
Carlos Schönerwald
Exchange-rate targeting 176
Luigi Ventimiglia
Fear of floating 178
Juan Barredo Zuriarrain
Federal Open Market Committee 179
Daniel H. Neilson
Federal Reserve System 181
Ruxandra Pavelchievici
Fiat money 183
Edward J. Nell
Finance and economic growth 185
Eckhard Hein
Financial bubble 186
Fabio S. Panzera
Financial crisis 188
Robert Guttmann
Financial deregulation 190
Eugenia Correa
Financial innovation 192
Daniela Tavasci
Financial instability 193
Fabio S. Panzera
Financial instability hypothesis 195
Jan Toporowski
Financial integration 197
Marco Veronese Passarella
Financial literacy 198
Robert H. Scott
Financial repression 200
Juan Matías De Lucchi
Financial supervision 201
Fabio S. Panzera
Financial transactions tax 203
Noemi Levy-Orlik
Financialization 205
.zgür Orhangazi
First and Second Banks of
the United States 207
Jane Knodell
Fisher effect 208
Angel Asensio
Flow of funds 210
Eugenio Caverzasi and Antoine Godin
Forward guidance 211
Vera Dianova
Fractional reserve banking 213
Giancarlo Bertocco
Free banking 214
Stefano Figuera
Friedman rule 216
Alexander Mihailov
Gibson's paradox 219
Alejandro Fiorito
Glass-Steagall Act 220
Aldo Barba
Goodhart, Charles 222
Daniyal Khan
Goodhart's law 224
Charles Albert Eric Goodhart
Greedflation 225
Sergio Rossi
Green currency 226
Wesley C. Marshall
Green finance 227
Basil Oberholzer
Greenbacks 229
Robert W. Parenteau
Greenspan, Alan 231
Jamie Morgan and Brendan Sheehan
Gresham's law 232
Mario Seccareccia
Hayek, Friedrich Augustus von 235
Maria Alejandra Caporale Madi
High-powered money 236
Maria Alejandra Caporale Madi
Housing bubble 238
Theodore Koutsobinas
Hume, David 240
Nathan Tankus
Hyperinflation 241
Esteban Pérez Caldentey
Immaculate disinflation 244
Nathaniel Cline and Nathan Perry
Impossible trinity 245
Ricardo Summa
Inconvertibility 247
Nikolay Nenovsky
Ineffectiveness of monetary policy 249
Louis-Philippe Rochon
Inflation 250
Alvaro Cencini
Inflation - conflict 252
Ettore Gallo
Inflation-first policy 253
Guillermo Matamoros
Inflation measurement 255
Sergio Rossi
Inflation targeting 257
Sergio Rossi
Inflation targeting and
income distribution 258
Sylvio Antonio Kappes
Ingot Plan 260
Germán D. Feldman
Inside and outside money 261
James Andrew Felkerson
Interdependence of money
demand and supply 263
Duccio Cavalieri
Interest rate pass-through 264
Natalia Andries
Interest rate rules - parking-it
approach 266
Louis-Philippe Rochon
Interest rate rules - post-Keynesian 267
Mark Setterfield
Interest rates setting 269
Angel Asensio
Interest rates term structure 271
James Andrew Felkerson
International gold standard 272
Ramaa Vasudevan
International Monetary Fund 274
Eugenio Caverzasi
International reserves 276
Jean-François Ponsot
International settlement institution 277
Sergio Rossi
Investment banking 279
Jamie Morgan and Brendan Sheehan
Kansas City rule 281
Eric Tymoigne
Kemmerer, Edwin Walter 282
Rebeca Gomez Betancourt
Keynes as monetary adviser 284
Anna Carabelli
Keynes as monetary theorist 286
Luca Fantacci and Maria
Cristina Marcuzzo
Keynes Plan 287
Mario Cedrini
King, Mervyn 289
Olivier Giovannoni
Lagarde, Christine 292
Andrea Carrera
Lamfalussy, Alexandre 293
Ivo Maes
Lavoie, Marc 294
Louis-Philippe Rochon
Law, John 296
Nikolay Nenovsky
Lender of last resort 297
Domenica Tropeano
Liability management 299
Maria Alejandra Caporale Madi
LIBOR 301
Alexis Stenfors
Liquidity trap 302
Sheila C. Dow
Local complementary currencies 304
Guillaume Vallet
Long-term refinancing operations 306
Benjamin Schmidt and Peter Spahn
Macroeconomic regulations 308
Jonathan Massonnet
Macro-prudential policies 309
Fabio S. Panzera
Macro-prudential tools 311
Helene Schuberth
Market neutrality 313
Zoltán Szalai
Marx, Karl 315
William E. McColloch
Merchant banks 316
Marcelo Milan
Metallism 318
Devin T. Rafferty
Minsky moment 319
Helene Schuberth
Minsky, Hyman Philip 321
Marco Veronese Passarella
Modern Money Theory 323
Eugenio Caverzasi and Antoine Godin
Modigliani-Miller theorem 325
Tracy Mott
Monetarism 326
Alvaro Cencini
Monetary aggregates 328
Jonathan Massonnet
Monetary approach to the
balance of payments 330
Alexander Mihailov
Monetary circuit 332
Louis-Philippe Rochon
Monetary circuit - French 334
Maurizio Solari
Monetary circuit - Italian 336
Riccardo Realfonzo
Monetary circuit - quantum 338
Sergio Rossi
Monetary History of the
United States, 1867-1960 340
Ruxandra Pavelchievici
Monetary policy and
digital currencies 341
Giuseppe Mastromatteo
Monetary policy and ecological
concerns 344
Basil Oberholzer
Monetary policy and exchange rates 345
Fernanda Ultremare and Alex Wilhans
Antonio Palludeto
Monetary policy and functional
distribution of income 347
Guillermo Matamoros
Monetary policy and
income distribution 349
Pierre Monnin
Monetary policy in a small
open economy 351
Etelberto Ortiz
Monetary policy indicators 352
Theodore Koutsobinas
Monetary policy and
inherent biases 354
Louis-Philippe Rochon
Monetary policy and secular
stagnation 355
Maurizio Solari
Monetary policy and social
responsibility 357
Louis-Philippe Rochon and
Guillaume Vallet
Monetary policy and structural
change 359
Antonino Lofaro
Monetary policy and wealth
distribution 361
Omar F. Hamouda
Monetary policy and zombie
corporations 363
Wesley C. Marshall
Monetary policy dominance 364
Louis-Philippe Rochon
Monetary policy implementation 366
Sylvio Antonio Kappes
Monetary policy implementation
in Argentina 367
Ariel Dvoskin and Emiliano Libman
Monetary policy implementation
in Australia 369
Peter Docherty
Monetary policy implementation
in Brazil 371
Sylvio Antonio Kappes
Monetary policy implementation
in Canada 372
Guillermo Matamoros
Monetary policy implementation
in China 374
Hui Yuan
Monetary policy implementation
in India 375
Sunanda Sen
Monetary policy implementation
in Japan 377
Richard A. Werner
Monetary policy implementation
in Nigeria 379
Salewa 'Yinka Olawoye
Monetary policy implementation
in Poland 380
Zbigniew Polański
Monetary policy implementation
in Russia 382
Vadim Grishchenko, Vasily Tkachev,
and Grigory Zhirnov
Monetary policy implementation
in Switzerland 384
Sergio Rossi
Monetary policy implementation
in the euro area 386
Eladio Febrero and Jorge Uxó
Monetary policy implementation
in the USA 387
Roy J. Rotheim
Monetary policy in the era
of digital innovation 389
Valerii Borisov and Vasily Tkachev
Monetary policy instruments 392
Maria Alejandra Caporale Madi
Monetary policy objectives 393
Nathan Perry
Monetary policy transmission
channels - neoclassical 395
Emmanuel Carré
Monetary policy transmission
channels - post-Keynesian 397
Eladio Febrero and Jorge Uxó
Monetary sovereignty 399
Daniyal Khan
Monetary targeting 401
Helene Schuberth
Monetary theory of distribution 402
Massimo Pivetti
Money and credit 404
Antoine Godin
Money creation 406
Bernard Vallageas
Money creation and economic
growth 407
Mathias Binswanger
Money doctors 409
Eric Helleiner
Money illusion 410
Giuseppe Mastromatteo and
Adelmo Tedeschi
Money multiplier 412
John Smithin
Money neutrality 414
Angel Asensio
Money supply 415
Jo Michell and Engelbert
Stockhammer
Moore, Basil John 417
Louis-Philippe Rochon
Narrow banking 419
William Miles
National Banking Acts 420
Nathaniel Cline
Natural rate of interest 422
Jonathan Massonnet
Negative rate of interest 423
Fabio S. Panzera
Norges Bank 425
Thorvald Grung Moe
Norman, Montagu 426
Robert W. Parenteau
Open-market operations 429
Nathan Perry
Open-mouth operations 430
Vijayaraghavan Ramanan
Operation Twist 432
Tracy Mott
Optimal international currency
reserves 433
Mehdi Ben Guirat
Optimum currency area 435
Annina Kaltenbrunner and
Engelbert Stockhammer
Original sin 436
Jean-François Ponsot
Output gap 438
Gilberto Libanio and Marco
Flávio Resende
Outright monetary transactions 439
Vincent Grossmann-Wirth
Padoa-Schioppa, Tommaso 442
Fabio Masini
Pandemic Emergency Purchase
Programme (PEPP) 443
Riccardo Zolea
Pasinetti index 445
Sylvio Antonio Kappes
Pasinetti rule 446
Sylvio Antonio Kappes
Patinkin, Don 447
Esteban Pérez Caldentey
People's Bank of China 449
Gilberto Libanio
Phillips curve 451
Malcolm Sawyer
Policy rates of interest 452
Vera Dianova
Powell, P. Jerome 454
Jörg Bibow
Prebisch, Raúl 456
Esteban Pérez Caldentey
Price-level targeting 458
Emmanuel Carré
Profit inflation 459
Maurizio Solari
Public liquidity backstop 462
Andrea Carrera
Purpose of central banks 463
Jane Knodell
Quantitative easing 466
Brian K. MacLean
Quantitative easing in Japan 467
Richard A. Werner
Quantitative easing variations
and applications 470
Richard A. Werner
Quantity theory of credit 472
Richard A. Werner
Quantity theory of money 474
Giuseppe Mastromatteo and
Adelmo Tedeschi
Quantum macroeconomics 477
Alvaro Cencini
Quesnay, Pierre 478
Muriel Dal-Pont Legrand and
Dominique Torre
Random walk 481
Neil M. Lancastle
Real-balance effect 482
Jonathan Massonnet
Real bills doctrine 483
Philip Pilkington
Reflux mechanism 485
Vijayaraghavan Ramanan and
Louis-Philippe Rochon
Reichsbank 487
Richard A. Werner
Repurchase agreement 489
Philip Pilkington
Reserve Bank of India 491
Suranjana Nabar-Bhaduri
Reserve currency 493
Salewa 'Yinka Olawoye
Reserve requirements 494
James Andrew Felkerson
Ricardo, David 496
John E. King
Rist, Charles 498
Dominique Torre
Robinson, Joan 499
Louis-Philippe Rochon
Rules versus discretion 501
Dany Lang
Schacht, Hjalmar Horace Greeley 504
Edoardo Beretta
Schmitt, Bernard 505
Alvaro Cencini
Sellers' inflation 507
Ettore Gallo
Settlement balances 508
Vidhura S. Tennekoon
Settlement system 510
Vidhura S. Tennekoon
Shadow banking 511
Wesley C. Marshall
Smithin rule 513
John Smithin
Sovereign lending 515
Aldo Barba
Stable coins 517
Edoardo Beretta and Roberto
Gorini
State Bank of Pakistan 518
Daniyal Khan
State money 520
Jonathan Massonnet
Sterilization 522
Daniela Gabor
Strong, Benjamin 523
Slim Thabet
Sudden stops 525
Daniela Tavasci and Luigi
Ventimiglia
Sveriges Riksbank 526
Elias Bengtsson
Swap 527
Benoît Nguyen
Swiss National Bank 529
Sergio Rossi
Systemically important financial
institutions 530
Oliver Simon Baer
TARGET2 system 533
Sergio Rossi
Taylor rule 534
Peter Kriesler
Thornton, Henry 536
Aldo Barba
Time inconsistency 538
Angel Asensio
Tobin tax 540
Slim Thabet
Triffin dilemma 541
Jörg Bibow
Triffin, Robert 543
Esteban Pérez Caldentey
Twin crises 545
William Miles
Usury laws 547
Mohamed Aslam and
Marie-Aimee Tourres
Volcker experiment 549
Giuseppe Mastromatteo and
Giovanni Battista Pittaluga
Vulture fund 550
David Pringle
Wage-price spiral 553
Alexandre Le Bloc'h
White, Harry Dexter 554
Juan Barredo Zuriarrain
Wicksell, Knut 556
Jonathan Massonnet
WIR 557
Guillaume Vallet
Yield curve 560
Edward J. Nell
Yield curve control 562
Kristóf Lehmann
Zero-interest-rate policy 564
Philip Pilkington
Zero lower bound 565
Vera Dianova
