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Central Banks and the Public Sector Balance Sheet

In: Public Net Worth

Author

Listed:
  • Ian Ball
  • Willem Buiter
  • John Crompton
  • Dag Detter
  • Jacob Soll

Abstract

There are several reasons why central banks are important to our discussion of the Public Sector Balance Sheet They are beneficially owned by the state. Their monopoly of the issuance of legal tender central bank money makes them the natural lender of last resort and market maker of last resort. Since the Global Financial Crisis and the Covid-19 crisis the size of their balance sheets has increased significantly. Excessive recourse to central bank financing always is a tempting alternative for fiscally weak governments.

Suggested Citation

  • Ian Ball & Willem Buiter & John Crompton & Dag Detter & Jacob Soll, 2024. "Central Banks and the Public Sector Balance Sheet," Springer Books, in: Public Net Worth, chapter 7, pages 89-96, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-44343-5_7
    DOI: 10.1007/978-3-031-44343-5_7
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