Overview

Part of The Elgar Series on Central Banking and Monetary Policy, this book explores challenges surrounding central banking today. It goes beyond the immediate concerns with monetary policy and focuses instead on the concept of central banking more generally. Chapter authors explore emerging fields of central bank’s actions, discussing, for instance, how monetary policy can affect income distribution, how it has differentiated impacts according to gender, how it can help to deal with climate change, and how it can promote financial stability and structural change. Policy makers, academics and the financial press will all benefit from the insight in The Future of Central Banking.

Full Product Details

Author:   Sylvio Kappes ,  Louis-Philippe Rochon ,  Guillaume Vallet
Publisher:   Edward Elgar Publishing Ltd
Imprint:   Edward Elgar Publishing Ltd
Dimensions:   Width: 15.60cm , Height: 1.50cm , Length: 23.40cm
Weight:   0.666kg
ISBN:  

9781839100925

ISBN 10:   1839100923
Pages:   416
Publication Date:   19 August 2022
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Contents: Introduction to The Future of Central Banking 1 Sylvio Kappes, Louis-Philippe Rochon and Guillaume Vallet 1 The general ineffectiveness of monetary policy or the weaponization of inflation 20 Louis-Philippe Rochon PART I CENTRAL BANKING AND INCOME DISTRIBUTION 2 Monetary policy and personal income distribution: a survey of the empirical literature 38 Sylvio Kappes 3 Inflation targeting regime and income distribution in emerging market economies 62 Lilian Rolim and Nathalie Marins 4 Monetary policy in the United States and its impact on the functional distribution of income: 1970–2015 84 Ivan Dario Velasquez PART II CENTRAL BANKING AND GENDER 5 Feminist macroeconomics and monetary policy 107 Elissa Braunstein 6 The necessary winds of change: empowering women in central banking 128 Guillaume Vallet PART III CENTRAL BANKING AND ECOLOGICAL CONCERNS 7 Contending views on the role of central banks in the age of climate change: a review of the literature 151 William Oman, Mathilde Salin and Romain Svartzman 8 Climate change, central banking and financial supervision: beyond the risk exposure approach 175 Yannis Dafermos 9 Central banking for a social-ecological transformation 195 Louison Cahen-Fourot PART IV CENTRAL BANKING, MACROPRUDENTIAL POLICIES AND FINANCIAL STABILITY 10 The relationship between central banks and financial regulation: a critique of the mainstream consensus and elements for a post-Keynesian approach 220 Esteban Pérez Caldentey 11 Macroprudential policy of central banks 249 Fábio Henrique Bittes Terra and Gustavo Chagas Goudard PART V CENTRAL BANKING AND STRUCTURAL CHANGE 12 Can monetary policy promote structural change? Analyzing the Brazilian experience from a new-developmental perspective 263 Cristina Helena Pinto de Mello and Paulo Robilloti 13 Currency hierarchy, inflation targeting and structural change: the Brazilian experience 290 Daniela Magalhães Prates, Carolina Troncoso Baltar and Rosângela Ballini 14 Central banks and democracy under long-term changes 316 Jocelyn Pixley PART VI CENTRAL BANKING INDEPENDENCE 15 Monetary policy committees at the Central Bank of West African States (BCEAO) and the Bank of the Central African States (BEAC) 337 Régis Bokino and Edwin Le Heron 16 Central bank independence from banks rather than governments 360 Sergio Rossi Index

Reviews

'Central banking is about the provision of the means of payment, and payment is, whether we like it or not, at the core of the organisation of modern society. Therefore it should not come as a surprise that central banking will have to evolve with society and has to take up its ever changing challenges. The authors of this unique book are thought leaders in the various fields in which central banking has to react or can lead change of the economy and society. For central bankers the book is a rich source of inspiration for the coming years.' -- Ulrich Bindseil, European Central Bank 'Over the last half century, the art of central banking underwent a significant transformation: from a de facto broadly-defined social role that was bestowed on these publicly-mandated institutions of the early postwar era to conduct monetary policy, via the balancing of numerous social and economic concerns, into what became a single-minded dogma of inflation fighting. Through force majeure, the Great Financial Crisis of 2007-2008 and the COVID-19 crisis have shaken this dogma to its core, thereby slowly leading to a redefining of the role of central banks for the twenty-first century. This book is unique in offering readers a rigorous analysis of some of the most important new and exciting directions in the art of central banking, from a concern with gender and the functional and personal distribution of income and wealth to dealing with the climate/ecological crisis.' -- Mario Seccareccia, University of Ottawa, Canada and International Journal of Political Economy 'Both well-established and bright young authors have contributed to The Future of Central Banking. The book covers topics about central banking that are usually left out of the literature but that are attracting a growing amount of attention, such as central banking and income distribution, central banking and gender, and central banking and ecological problems. Other chapters also provide an innovative approach to previously-discussed issues such as macroprudential policies or central bank independence and democracy.' -- Marc Lavoie, University of Ottawa, Canada and University of Sorbonne Paris Nord (CEPN), France

Author Information

Edited by Sylvio Kappes, Assistant Professor, Federal University of Alagoas, Brazil, Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Editor-in-Chief, Review of Political Economy and Founding Editor Emeritus, Review of Keynesian Economics and Guillaume Vallet, Full Professor, Université Grenoble Alpes and Research Fellow, Centre de Recherche en Economie de Grenoble (CREG), France

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