By C. Tognato
By carrying out an ethnography of the social textual content of German, eu and united states financial affairs, this e-book introduces a brand new analytical framework that may let practitioners and lecturers, quite inside of sociology, economics, political financial system, and political technology, to realize a transparent realizing of the function of tradition in vital banking.
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Additional resources for Central Bank Independence: Cultural Codes and Symbolic Performance
The ECB in that case would not be in a position to appeal to the general public for support with the very same confidence that the Bundesbank could (Forder 2005, 432–433). Studies about culture in monetary affairs are very rare. 26 Preferences over price stability, he observed, are an ingredient of the economic culture of a society, which consists of the set of values and attitudes its members hold on all aspects of the economic system. Stability cultures, as a result, boil down to a special case of inflation cultures in which public values and attitudes support low inflation.
On the other hand, the smaller the size of the governing majorities and the greater the number of political parties, the higher the political cost of doing away with central bank independence. 3 Analysts have traditionally referred to such conventional sources of central bank independence to explain the independence of the most celebrated central bank in history, the Deutsche Bundesbank, as well as that of the European Central Bank, which many have saluted as its worthy successor. I will therefore devote the rest of this section to a brief overview of the 28 Central Bank Independence conventional sources of independence in the case of these two central banks, respectively.
As Kennedy points out, this was the case in 1979–82 and in 1985–87 when the Bundesbank ultimately rejected the policy entanglements the government got into when it signed different international economic policy coordination agreements (Kennedy 1991, 56–78). On other occasions, however, the federal government framed its foreign economic policy initiatives in more political terms, so as to claim they fell under its own prerogatives. The Stabilit y Cultures and Central Banking 33 Bundesbank, as a result, would be ill-advised to tread into the terrain of high politics.