This Occasional Paper analyses how significant expansions in central banks’ mandates, roles and instruments can result in challenges to the independence of monetary policy. The paper reviews, in particular, some of the key challenges to central bank independence brought about by the global...

This paper attempts to reconcile the apparent contradiction between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private...

This Occasional Paper analyses how significant expansions in central banks' mandates, roles and instruments can result in challenges to the independence of monetary policy. The paper reviews, in particular, some of the key challenges to central bank independence brought about by the global...

Die Entschuldung von über schuldeten Staaten über eine lockere Geldpolitik bzw. über finanzielle Repression sichert den Wohlstand in den Industrieländern nicht, argumentieren die Autoren. Der mit der ultra-lockeren Geldpolitik einhergehende graduelle Fall der Produktivitätsgewinne und die...

Az amerikai tőzsde működését és ezredfordulói zavarait Shiller [2000] és Soros [2008] munkái részletesen ismertették. Mivel a jelenlegi elhúzódó és általános depresszió a gazdaság működésére, valamint elméleteire és szabályozására mély hatással lesz, időszerű...

A pénzforgalom és a hitel elsősorban a termelést és a fogyasztást szolgálja. A tisztán pénzügyi műveletek - az egyik fajta pénznek egy másik fajta pénzre való cseréi - azonban másképpen működnek. E tevékenység leírására és értelmezésére, esetleg szükségessé...

What can history tell us about the relationship between the banking system, financial crises, the global economy, and economic performance? Evidence shows that in the advanced economies we live in a world that is more financialized than ever before as measured by importance of credit in the...

Is political unity a necessary condition for a successful monetary union? The early United States seems a leading example of this principle. But the view is misleadingly simple. I review the historical record and uncover signs that the United States did not achieve a stable monetary union, at...

The mandate of the Federal Reserve has evolved considerably over its hundred-year history. From an initial focus in 1913 on financial stability, to fiscal financing in World War II and its aftermath, to a strong anti-inflation focus from the late 1970s, and then back to greater emphasis on...

There is a substantial literature arguing that financial development contributes to economic growth. In this paper, we contribute to this literature by examining the effect of state-level banking regulation on financial development and economic growth in the United States from 1900 to 1940....