Download Building Credible Central Banks: Policy Lessons For Emerging by N. Tshiani PDF

By N. Tshiani

A reputable imperative financial institution can successfully lead the method of monetary region reform in a constructing nation. This booklet discusses valuable banking concerns and provides a transparent route to development credible significant banks in rising economies.

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Extra resources for Building Credible Central Banks: Policy Lessons For Emerging Economies

Sample text

The purpose of sustained low inflation is to minimize price level shocks that upset business planning and that redistribute income and wealth arbitrarily. For the same reason, the central bank should strive to avoid surprises in its own policy procedures. One of the most difficult and hotly debated issues is whether monetary policy should be confined to an inflation objective or should also have an employment or growth objective. It does not make economic sense for the central bank to have objectives stated in terms of the level of employment or the rate of growth of real GDP.

Nevertheless, the urge to exert political pressure – to support the objectives of the administration as well as those of the Parliament, to take the Congolese case, and at other times to support the re-election of the president or of parliamentarian or senatorial incumbents – sometimes becomes irresistible. At such times, the tradition of independence at the Central Bank of the Congo, the leadership of its governor, the influence of long terms for members of the board, and the presence of Central Bank Independence and Accountability: a Trade-off 13 representatives of all the country’s financial districts on the National Open Market Committee (NOMC) or in the Monetary Policy Committee (MPC) could become especially important.

On 24 December 2007, the Financial Times selected Mr Trichet as its man of the year for his handling of the banking liquidity crisis in the eurozone following the speculative attacks on the euro and American dollars as the result of the subprime mortgage3 defaults in the United States and Europe. In particular, Mr Trichet was 24 Building Credible Central Banks lauded for his rapid reaction in handling the crisis while asserting the independence of the European Central Bank vis-à-vis the European governments and also the US Federal Reserve System.

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