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Research and Advisory Role

In: Central Banking in Developing Countries

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  • Anand Chandavarkar

Abstract

It is too little known that Montague Norman’s classic statement on the advisory role of a central bank was a studied response, to a lead question by the Royal Commission on Indian Currency and Finance 1926 (Minutes of Evidence, vol. V, non-Parliamentary Question, 14597). Its timing is significant for this was an age when the advisory role of a central bank hardly figured in public consciousness, which no doubt explains its omission from the statutes of central banks of the older industrial countries and those established in Europe under the aegis of the League of Nations in the 1920s and the early 1930s as well as those set up in Latin America around the same time (Kisch and Elkin, 1932). In contrast, the statutes of

Suggested Citation

  • Anand Chandavarkar, 1996. "Research and Advisory Role," Palgrave Macmillan Books, in: Central Banking in Developing Countries, chapter 8, pages 140-147, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37150-7_8
    DOI: 10.1057/9780230371507_8
    as

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