The Evolution of Central Banking: Theory and History

1. Front Matter

   Pages i-xiii

   PDF

2. Introduction

   • Stefano Ugolini

   Pages 1-19

3. The Payment System

   • Stefano Ugolini

   Pages 21-100

4. Lending of Last Resort and Supervision

   • Stefano Ugolini

   Pages 101-163

5. Issuing Money

   • Stefano Ugolini

   Pages 165-206

6. Monetary Policy

   • Stefano Ugolini

   Pages 207-262

7. Conclusions

   • Stefano Ugolini

   Pages 263-271

8. Back Matter

   Pages 273-330

   PDF

This book is the first complete survey of the evolution of monetary institutions and practices in Western countries from the Middle Ages to today. It radically rethinks previous attempts at a history of monetary institutions by avoiding institutional approach and shifting the focus away from the Anglo-American experience. Previous histories have been hamstrung by the linear, teleological assessment of the evolution of central banks. Free from such assumptions, Ugolini’s work offers bankers and policymakers valuable and profound insights into their institutions.

Using a functional approach, Ugolini charts an historical trajectory longer and broader than any other attempted on the subject. Moving away from the Anglo-American perspective, the book allows for a richer (and less biased) analysis of long-term trends. The book is ideal for researchers looking to better understand the evolution of the institutions that underlie the global economy.

• Banking
• Central banking
• History of Italy
• History of Economics
• Evolutionary Economics

“I would … recommend this book as a central reference to evolutionary economists (and evolutionary institutionalists, by extension) to make more thoughts on and build analytical models of central banking functions from an evolutionary point of view.” (Burak Erkut, Journal of Evolutionary Economics, July 4, 2020)

“The approach taken is a fresh one and will be useful, especially to scholars who are interested in specific areas where central banks have played an important role in economic development over time.” (Pierre Siklos, EH Net, eh.net, November, 2019)

“The Evolution of Central Banking is an outstanding volume representing both a high-quality research study in history of economics and an incredibly useful, clear and informative book of monetary political economy that can be illuminating for any person interested in how money and its institutions actually work. … The text is well written and widely accessible to both researchers and students.” (Stefano Solari, History of Economic Thought and Policy, Issue 2, 2018)​

• Sciences Po Toulouse and LEREPS, University of Toulouse, Toulouse, France

  Stefano Ugolini

Stefano Ugolini is Assistant Professor of Economics at the University of Toulouse.

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