Central Banks as Agents of Economic Development

Gerald Epstein

No RP2006-54, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: In the last two decades, there has been a global sea change in the theory and practice of central banking. The currently dominant 'best practice' approach to central banking consists of the following: (1) central bank independence (2) a focus on inflation fighting (including adopting formal 'inflation targeting') and (3) the use of indirect methods of monetary policy (that is, short-term interest rates as opposed to direct methods such as credit ceilings).

Keywords: Central banking; Economic development; Finance; History of financial institutions (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (17)

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