Heavy foreign exchange intervention by central banks of emerging markets have lead to sizeable expansions of their balance sheets in recent years?accumulating foreign assets and non-money domestic liabilities (the latter due to sterilization operations). With domestic liabilities being mostly of...

The accumulation of large foreign asset positions by many central banks through sustained foreign exchange (FX) intervention has raised questions about its associated fiscal costs. This paper clarifies conceptual issues regarding how to measure these costs both from an ex-post and an ex-ante...

Contrary to popular belief, the history of central banking begins much earlier than 1800. Many current issues of central bank policy can be traced back to the public giro banks of the 15th century, and have been discussed in numerous essays at least since the 17th century. Are the same debates...

Am 20. Januar 2021 veranstalteten das Institut für bankhistorische Forschung und das Center for Financial Studies eine vielbeachtete Video-Konferenz zum Thema 'Die Rolle von Zentralbanken in Krisenzeiten - Lehren aus der Zeit vor 1800'. Anlass war das Erscheinen des Buches von Ulrich Bindseil...