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The Central Bank of Cyprus

In: The Banking System of Cyprus

Author

Listed:
  • Kate Phylaktis

    (City University Business School)

Abstract

Many reasons have been put forward why governments establish a central bank. Vera Smith, writing in 1936, argues in her study of the UK and Europe, that in every case central banks were imposed by revenue-or power-hungry governments. Others defend the establishment of a central bank on the basis of the need to exercise discretionary monetary management. As Richard Sayers (1957) wrote: The essence of central banking is discretionary control of the monetary system… A central bank is necessary only when the community decides that a discretionary element is desirable. The central banker is the man who exercises this discretion.1

Suggested Citation

  • Kate Phylaktis, 1995. "The Central Bank of Cyprus," Palgrave Macmillan Books, in: The Banking System of Cyprus, chapter 4, pages 53-75, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12868-6_4
    DOI: 10.1007/978-1-349-12868-6_4
    as

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