Description
Book SynopsisHelps you understand the theories and interpret the actions of modern central banks. This title looks at the topic of central banking, and provides readers with an understanding and insights into the roles and functions of modern central banks in advanced and emerging economies, theories behind their thinking, and actual operations practices.
Table of ContentsPreface ix
Acknowledgments xi
About the Author xiii
Part One An Introduction to Central Banking
Chapter 1
A Brief Look at Central Banking History 3
Chapter 2
A Brief Overview of the International Monetary System 17
Chapter 3
Modern Central Banking Roles and Functions: What Exactly Is a Central Bank? 37
Chapter 4
A Brief Review of Modern Central Banking Mandates: What Are the Goals That Modern Central Banks Try to Achieve? 59
Part Two Monetary Stability
Chapter 5
Theoretical Foundations of the Practice of Modern Monetary Policy 77
Chapter 6
Monetary Policy Regimes: What Monetary Policy Rules a Central Bank Can Use to Achieve Monetary Stability 93
Chapter 7
Monetary Policy Implementation: Financial Market Operations 117
Chapter 8
The Monetary Policy Transmission Mechanism: How Changes in Interest Rates Affect Households, Firms, Financial Institutions, Economic Activity, and Inflation 143
Chapter 9
The Exchange Rate and Central Banking 161
Part Three Financial Stability
Chapter 10
Financial Stability: Definition, Analytical Framework, and Theoretical Foundation 189
Chapter 11
Financial Stability: Monitoring and Identifying Risks 209
Chapter 12
Financial Stability: Intervention Tools 229
Part Four Sustaining Monetary and Financial Stability for the Next Era
Chapter 13
Future Challenges for Central Banking 255
Chapter 14
Future Central Banking Strategy and Its Execution 275
Notes 287
Index 307
