Overview
- Authors:
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Onno de Beaufort Wijnholds
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Washington, DC, USA
- Showcases how central banks became powerful and how their relationship with the government has changed throughout the years
- Uncovers the inner workings of central banking, exploring topics such as floating exchange rates, inflation, and the gold standard
- Presents an insightful and innovative view of central banking in the future
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Table of contents (14 chapters)
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- Onno de Beaufort Wijnholds
Pages 1-8
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- Onno de Beaufort Wijnholds
Pages 9-22
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- Onno de Beaufort Wijnholds
Pages 23-31
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- Onno de Beaufort Wijnholds
Pages 33-42
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- Onno de Beaufort Wijnholds
Pages 43-69
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- Onno de Beaufort Wijnholds
Pages 71-84
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- Onno de Beaufort Wijnholds
Pages 85-97
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- Onno de Beaufort Wijnholds
Pages 99-116
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- Onno de Beaufort Wijnholds
Pages 117-143
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- Onno de Beaufort Wijnholds
Pages 145-166
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- Onno de Beaufort Wijnholds
Pages 167-185
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- Onno de Beaufort Wijnholds
Pages 187-231
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- Onno de Beaufort Wijnholds
Pages 233-257
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- Onno de Beaufort Wijnholds
Pages 259-291
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Back Matter
Pages 293-305
About this book
Central banks are major players in today’s economic and financial policy-making. While respected for their technical acumen and their pivotal role in defusing the global financial crisis, they are at the same time mistrusted by others and considered to be too powerful. In order to contribute to a better understanding of the why, what and how of central banking, this book traces the progress of central banks from modest beginnings, including financing wars, to the powerful institutions they have become. It describes the evolution of the Bank of England to a fully-fledged central bank, the very different route taken by the Federal Reserve and, much later, by the European Central Bank. The gold standard, floating exchange rates, and the battle against inflation are covered in depth, alongside a review of modern monetary policy and central banks’ role in maintaining financial stability. Throughout the book, the ups and downs of central banks’ relationship vis-a-vis their governments are arecurring theme, even surmising that reigning in the independence of central banks risks inflicting serious damage to economic and financial stability. Uncovering the challenges that the money masters may face in an uncertain future, this book will be of interest to academics, researchers, and practitioners in central banking, finance, and economics at large.
Reviews
“This book has been written to provide a better understanding of how central banks have progressed over time to become powerful players in the world economy.” (Donglin He, Financial Markets and Portfolio Management, Vol. 35, 2021) “
The Money Masters is fundamental to understanding the co-evolution of theories, institutions, practices, and problems within monetary economies. It provides a remarkably clear and thorough account of the shifting relationship between central banks and the government over the years, as well as a brilliant overview of the challenges that monetary institutions face today.”
Stefano Solari, Associate Professor, University of Padua, Italy
About the author
Onno de Beaufort Wijnholds is a former Executive Director of the International Monetary Fund and former Representative of the European Central Bank in the United States. During his 40 year career, which began at the Netherlands Central Bank, he was closely involved in dealing with monetary issues and international financial crises. Previously, Onno was a Professor of Money and Banking and has published widely in this area.
