1. Introduction
The variation in circumstances surrounding the origins of central banks means that their roles and functions have not all evolved in the same way (Box 1). Some started life as special purpose government banks constructed to bring some order to the issuance of banknotes. Some were established to act as funding conduits for the government. Some were large commercial banks, whose dominance was subsequently boosted by the granting of monopoly rights to issue banknotes. The majority were, however, created in the 20th century (Box 1, Figure 1) specifically as central banks – public policy agencies for central banking functions.
The bundle of functions that constitutes a central bank is not fully defined beyond the basic point that a central bank is the agency that conducts monetary policy and provides the means of settlement. Nor can the definition always be inferred from the functions allocated to central banks established in the 20th century, since the bundle of functions often differed substantially from country to country.
This chapter explores the global diversity of functions assigned and objectives specified, noting implications for the array of governance practices observed. Some common themes are worth noting at the outset. First, in the past few decades, a more focused concept of the role and responsibilities of the central bank seems to have emerged. Objectives have become better identified and used more actively as a means to shape the performance of the central bank. However, objectives for some functions
1. IntroductionThe variation in circumstances surrounding the origins of central banks means that their roles and functions have not all evolved in the same way (Box 1). Some started life as special purpose government banks constructed to bring some order to the issuance of banknotes. Some were established to act as funding conduits for the government. Some were large commercial banks, whose dominance was subsequently boosted by the granting of monopoly rights to issue banknotes. The majority were, however, created in the 20th century (Box 1, Figure 1) specifically as central banks – public policy agencies for central banking functions.The bundle of functions that constitutes a central bank is not fully defined beyond the basic point that a central bank is the agency that conducts monetary policy and provides the means of settlement. Nor can the definition always be inferred from the functions allocated to central banks established in the 20th century, since the bundle of functions often differed substantially from country to country.This chapter explores the global diversity of functions assigned and objectives specified, noting implications for the array of governance practices observed. Some common themes are worth noting at the outset. First, in the past few decades, a more focused concept of the role and responsibilities of the central bank seems to have emerged. Objectives have become better identified and used more actively as a means to shape the performance of the central bank. However, objectives for some functions
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