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Nature, Objectives and Functions

In: Central Banking in Developing Countries

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  • Anand Chandavarkar

Abstract

It has been rightly said ‘defining central banking is problematic’ but ‘we recognize it when we see it’ (Capie et al., 1994, p. 5), rather like the phenomenon of fundamental disequilibrium in the balance of payments, which although not defined in the IMF Articles of Agreement is recognized by the Fund in providing adjustment finance. Therefore the more practical approach is to discuss the objectives and functions of typical central banks, which are best regarded as organizations rather than institutions following the illuminating dichotomy of Douglas North, who differentiates them as follows: Institutions are ‘the humanly devised constraints that structure human interaction’ and are made up of formal constraints like rules, laws, constitutions, informal constraints like norms and conventions, self-imposed codes of conduct, and their enforcement characteristics, which together define the incentive structure of economies and societies’ (1994, p. 361).

Suggested Citation

  • Anand Chandavarkar, 1996. "Nature, Objectives and Functions," Palgrave Macmillan Books, in: Central Banking in Developing Countries, chapter 1, pages 1-10, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37150-7_1
    DOI: 10.1057/9780230371507_1
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