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.