There is growing presumption that central banks have a significant role to play in addressing environmental challenges, especially climate change. This article explains, on the basis of both theoretical and empirical evidence, that attempting to use existing central bank powers to tackle climate...

Private entities have recently attempted to invade the realm of central banking activities. This Article identifies this activity as “Shadow Central Banking,” and draws analogies with the previous emergence of “shadow banking” more generally. The “shadow banking” system emerged as a...

These four lectures on central banking topics were presented in London between September and December 2013. The lectures were delivered as part of Arthur Grimes' NZ-UK Link Foundation Visiting Professorship, based at the University of London's School of Advanced Study. They followed his stepping...

This legal contribution reflects on the changing role of central banks in the global economy by observing three interconnected developments: globalization, regionalization and the global financial crisis. The hypothesis at the outset is that these developments which are to a considerable extent...

This paper discusses operational issues for countries that want to reform their monetary policy frameworks. It argues that stabilizing short-term interest rates on a day-to-day basis has significant advantages, and thus that short-term interest rates, not reserve money, in most cases should be...

Taking a normative approach this paper identifies and develops basic principles for the good governance of central banks, namely independence, democratic accountability and transparency. In doing so the paper focuses on the arrangements surrounding the primary task of a central bank, i.e. the...

This article introduces a special issue of the Journal of Banking Regulation dedicated to data. The special issue is based on papers from a seminar held at the Bank of England in January 2013. In this article I examine the shift to increasingly micro-level data sets in the analysis done by...

This paper explores the interface between central banks and cryptocurrencies. Focusing on the European Central Bank (ECB), it identifies the potential threats that the rise of cryptocurrencies would pose to the basic and ancillary tasks of the ECB, in particular, its monetary policy operations...

This article explores legal and constitutional dimensions of central banks’ powers to create money, ‘central bank reserves’, through monetary policy operations. Despite the prominence of monetary authority since the Financial Crisis, the law supporting the creation of central bank reserves...

The relationship between corruption, particularly when systemic, and the rule of law is a circular one. On the one hand, corruption undermines the rule of law; on the other hand, a weak rule of law facilitates corruption. In a sort of parasitic relationship, corruption quickly attaches to the...