Intro -- Central Banking: Theory and Practice in Sustaining Monetary and Financial Stability -- Copyright -- Contents ….1 Evolution of the International Monetary System: Before the End of World War II -- The Gold Standard -- The Gold Exchange …

credibility). We then use panel VARs based on both factor models and observed data to ascertain the impact of global shocks …, financial shocks, trade shocks and credibility shocks on the EMEs versus the AEs.We find that although some EMEs did maintain … resilience to shocks and in the quality of their governance. Moreover it appears that CB credibility in EMEs was more fragile …

credibility). We then use panel VARs based on both factor models and observed data to ascertain the impact of global shocks …, financial shocks, trade shocks and credibility shocks on the EMEs versus the AEs … credibility in EMEs was more fragile than was the case for the AEs in the face of the global shocks (from the US) than was the …

and de facto independence of selected central banks around the world in the past few years. It finds that although the … central banks of some of the largest economies in the world may have weakened. The paper presents counterarguments to the key …