The crash of 2008 revealed that the world's central banks had
failed to offset the financial imbalances that led to the crisis,
and lacked the tools to respond effectively. What lessons should
central banks learn from the experience, and how, in a global
financial system, should cooperation between them be enhanced?
"Banking on the Future" provides a fascinating insider's look into
how central banks have evolved and why they are critical to the
functioning of market economies. The book asks whether, in light of
the recent economic fallout, the central banking model needs
Supported by interviews with leading central bankers from around
the world, and informed by the latest academic research, "Banking
on the Future" considers such current issues as the place of asset
prices and credit growth in anti-inflation policy, the appropriate
role for central banks in banking supervision, the ways in which
central banks provide liquidity to markets, the efficiency and
cost-effectiveness of central banks, the culture and individuals
working in these institutions, as well as the particular issues
facing emerging markets and Islamic finance. Howard Davies and
David Green set out detailed policy recommendations, including a
reformulation of monetary policy, better metrics for financial
stability, closer links with regulators, and a stronger emphasis on
Exploring a crucial sector of the global economic system,
"Banking on the Future" offers new ideas for restoring financial
strength to the foundations of central banking.
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