Central Banking in Developing Countries: Objectives, Activities and Independence

Central Banking in Developing Countries: Objectives, Activities and Independence

Central Banking in Developing Countries: Objectives, Activities and Independence

Central Banking in Developing Countries: Objectives, Activities and Independence

Synopsis

This book examines the current state of central banking in 44 developing countries. The authors analyse the banks' achievement in their primary objective of price stability and discuss the reasons behind the general lack of success.

Excerpt

During 1994, our tercentenary year, we organised a Symposium to recall the history and to review the current prospects of central banking. It involved more than 130 governors or former governors from central banks around the world. The two main papers were by S. Fischer on ‘Modern Central Banking’ and by Capie, Goodhart and Schnadt on ‘The Development of Central Banking’. These papers, together with the comments of their distinguished discussants, were published under the title The Future of Central Banking by Cambridge University Press later that year.

It was natural, indeed almost inevitable, that these papers concentrated primarily on the history and circumstances of central banks in the developed countries. This was pointed out in the discussion by Dr Courtney Blackman of Barbados, who said that the papers failed to address the particular problems of central banks in developing countries. We therefore decided to address this lacuna at the next appropriate occasion, which was the meeting in 1995 of governors from central banks drawn mainly from the erstwhile Sterling Area. This group, like so many other financial groupings nowadays, has never had hard and fixed boundaries, and we took the opportunity to invite a rather wider range of colleagues from central banks from many continents who would, we hoped, be interested in discussing central banking in developing countries.

In order to provide a focus for this discussion, we asked Professor Maxwell Fry, the Tokai Professor of International Finance at the University of Birmingham, and Professor Charles Goodhart, the Norman Sosnow Professor of Banking and Finance at the London School of Economics, to prepare a paper. This they did, assisted by Alvaro Almeida, a Ph.D. student at the London School . . .

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