The 20th century consensus regarding the role of a central bank – to maintain price stability was upset by the global financial crisis of 2007-2009. Central banks changed their mode of behavior and new regulatory structures were introduced around the world. In this essay, I examine one of the...

Throughout much of the twentieth century, economists paid little heed to the role of financial intermediaries in procuring a beneficial allocation of capital. But by the end of the century some financial historians had begun to turn the tide, and the phrase 'finance-growth nexus' became part of...