Central Banking, Crises, and Global Economy

Central Banking, Crises, and Global Economy

Central Banking, Crises, and Global Economy

Central Banking, Crises, and Global Economy

Synopsis

Bridging a gap between economic theory and observed reality, this book examines the most visible central banks, the move to monetary union in Europe, the IMF's new role, the rise of managed market economies, and the elevated importance of central banks. In central banking, attention has often turned to the management of liquidity crises and the attainment of economic stability. In the global economy, the respective market economies are more interconnected, and information regarding crises in one part of the industrialized world is rapidly communicated to other nations, giving the crises themselves a more immediate impact. The information emanating from central banks at a policy level is crucial. This book aims to depict an ideal central bank for a globally connected country.

Excerpt

Looking backward, selected assignments and contacts in my career appear as being crucial to this work, Central Banking, Crises, and Global Economy. These include some early assignments at the Federal Reserve Bank of New York--first, reporting on the capital markets, and then at the London desk. My book (with William Yohe), The Analytics and Institutions of Money and Banking (1966), was an outgrowth of these assignments and my 1959-60 faculty fellowship in mathematics at Harvard.

After two decades the interest in London resurfaced as Margaret Thatcher gained political visibility of global proportions. in this period my contacts with Roger Alford at the London School of Economics (LSE) were quite supportive of my research efforts, as were those with C. T. Taylor at the Bank of England in the early 1990s. During this London period I also had the support of the Americans Charles Wellborn and Eugene Crook at Florida's London Study Center. Extended stays in London made possible contacts with the Bundesbank representative at the German Embassy, as well as study and observations of London's highly developed foreign exchange markets, which had grown dramatically in the period following Richard Nixon's decision to close the U.S. gold window, to devalue the dollar in two steps, and then to allow it to float.

Overall, during my tenure at the University of Florida, I had a number of students with interests in Latin America as well as others from Latin America. the University's Latin American Studies program attracted many of these, plus, perhaps surprisingly, there is a Milton Friedman connection there via Chile also.

Next, following upon early interest in Asia and coinciding with the 1997-98 Asian debt and liquidity crises, was the opportunity to participate in the Milken Institute's Global Economic Conference (Los Angeles, March 11-13, 1998). As influenced by Michael Milken, the Institute's chairman, the conference's theme was the increasingly interconnected nations of the world. in combination with my central banking and monetary interests, Milken's theme became the theme of . . .

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