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The Central Banks Hardcover – February 1, 1995


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Product Details

  • Hardcover: 386 pages
  • Publisher: Viking Adult; 1st edition (February 1, 1995)
  • Language: English
  • ISBN-10: 0670848239
  • ISBN-13: 978-0670848232
  • Product Dimensions: 20 x 20 x 20 inches
  • Shipping Weight: 1.5 pounds
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
  • Amazon Best Sellers Rank: #2,574,559 in Books (See Top 100 in Books)

Editorial Reviews

From Publishers Weekly

A knowledgeable assessment of a secretive, sometimes arrogant fraternity, this report lifts the veil of obfuscation surrounding central banks (e.g., the U.S. Federal Reserve, Germany's Bundesbank, Bank of England), which regulate a nation's money supply, issue currency and monitor banks and other financial institutions. Deane, the Economist's former deputy business editor, and Pringle, former editor-in-chief of Banker, contend that central banks' power and influence have risen during the past decade. This increasing freedom from governmental interference, they add, has brought risks such as currency competition and a greater potential for fraud and corruption, but also a growing involvement in policy issues such as the reconstruction of emerging democracies in Central and Eastern Europe and the formation of the European Union. Covering central banking from China and Japan to South Africa to the Third World, this survey draws lessons for citizens who want to make central banks more accountable to the public in achieving price stability.
Copyright 1994 Reed Business Information, Inc.

From Library Journal

"Far too little is understood generally about the role and responsibilities, let alone the capabilities, of contemporary central banks," say Dean, an economic consultant, and Pringle, director of an economic research and consulting firm. The authors seek to correct this by thoroughly covering the current state of the 20th-century phenomenon of central banks in terms of the European Central Bank (Maastricht Treaty), the collapse of the European exchange rate mechanism, and the growing independence of many Asian central banks. The authors cover such increasingly vital central bank operations as exchange rates, interest rates, money supply, inflation control, and price and currency stability from a world perspective induced by global competition and technological advances such as telephone banking and electronic means of payment. Despite the apparent abstruseness of the topic, the authors make the concepts accessible and try to show how this globalized, deregulated system holds together and where it is headed. Business collections will want this.
Alex Wenner, Indiana Univ. Libs., Bloomington
Copyright 1995 Reed Business Information, Inc.

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1 of 1 people found the following review helpful By Desi Erasmus on August 14, 2011
Format: Hardcover Verified Purchase
This is a very illuminating, and entertaining, discussion of the history, recent trajectory (as of mid 1990's), and prospects (as seen at that time) of the "national central bank" movement. I bought the used copy to confirm a "too good to be true" quotation attributed to Paul Volker, who wrote this in the Forward to the volume:

'It is a sobering fact that the prominence of central banks in this century has coincided with a general tendency towards more inflation, not less. If the overriding objective is price stability, we did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with `free banking.' The truly unique power of a central bank, after all, is the power to create money, and ultimately the power to create is the power to destroy." '

So why are academic libraries dumping this book from their shelves (my first used copy came from the Harvard University library system, the second from the University of Colorado), when there is not even a new edition to replace it? Perhaps the notion of "down the memory hole" is more than a mere paranoid vision plagiarized from Orwell's "1984".
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