The Future of Central Banking: The Tercentenary Symposium of the Bank of England

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This volume contains two major papers prepared for the Bank of England's Tercentenary Symposium in June 1994. The first, by Forrest Capie, Charles Goodhart and Norbert Schnadt, provides an authoritative account of the evolution of central banking. It traces the development of both the monetary and financial stability concerns of central banks, and includes individual sections on the evolution and constitutional positions of 31 central banks from around the world. The second paper, by Stanley Fischer, explores the major policy dilemmas now facing central bankers: the extent to which there is a short-term trade-off between inflation and growth; the choice of inflation targets; and the choice of operating procedures. Important contributions by leading central bankers from around the world, and the related Per Jacobsen lecture by Alexander Lamfalussy, are also included in the volume.
 

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Contents

Foreword by Eddie George Governor of the Bank of England
1
Tables xi
26
United Kingdom
126
Finland
135
Austria
143
Portugal
151
Belgium
159
Japan
166
Turkey
198
New Zealand
201
Canada
205
Argentina
209
India
212
Venezuela
216
Ireland
219
Australia
222

Italy
169
Switzerland
172
United States
175
South Africa
179
Colombia
182
Chile
186
Mexico
189
Greece
192
Bolivia
195
Brazil
226
Uruguay
229
CHARLES GOODHART
232
Modern central banking
262
Discussion
309
Central banking in transition
330
The philosophy of central banking
342
Remarks by Prime Minister John Major on the opening
360
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