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Central banks: between internationalisation and domestic political control

Author

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  • Harold James

Abstract

The paper examines the exercise, the efficiency, and the legitimacy of the monetary policy-making process. The goal of central bank autonomy in recent times is the outcome of a demand for price stability. The realisation of autonomy is also a consequence of the fragmentation of national decision making, in federal systems but also in regional and international monetary arrangements. Economic and financial crisis changes the political economy, and produces a transition from seeing the central bank as producing a general or universalisable good (price stability) to interpreting monetary policy as fundamentally a tool for redistributive or factional policies. The latter will only work in the framework of national policy.

Suggested Citation

  • Harold James, 2010. "Central banks: between internationalisation and domestic political control," BIS Working Papers 327, Bank for International Settlements.
    • Handle: RePEc:bis:biswps:327
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    Citations

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    Cited by:

    1. Deborah Mabbett & Waltraud Schelkle, 2015. "What difference does Euro membership make to stabilization? The political economy of international monetary systems revisited," Review of International Political Economy, Taylor & Francis Journals, vol. 22(3), pages 508-534, June.
    2. Fang‐Shuo Chang & Shiu‐Sheng Chen & Po‐Yuan Wang, 2020. "Politics and the UK's monetary policy," Scottish Journal of Political Economy, Scottish Economic Society, vol. 67(5), pages 486-522, November.
    3. Riccardo Fiorentini & Guido Montani, 2012. "The New Global Political Economy," Books, Edward Elgar Publishing, number 14443.
    4. Aijaz Ahmad Bhat & Javaid Iqbal Khan & Sajad Ahmad Bhat & Javed Ahmad Bhat, 2023. "Central Bank Independence and Inflation in India: The Role of Financial Development," Studies in Economics and Econometrics, Taylor & Francis Journals, vol. 47(4), pages 392-407, October.
    5. Claudio Borio, 2019. "Central banking in challenging times," BIS Working Papers 829, Bank for International Settlements.
    6. Louise Parsons, 2013. "Developments in central banking after the GFC: central banks, the state, globalisation and the GFC," Chapters, in: John Farrar & David G. Mayes (ed.), Globalisation, the Global Financial Crisis and the State, chapter 10, pages 218-242, Edward Elgar Publishing.

    More about this item

    Keywords

    central bank independence; central bank governance; monetary policy financial crisis;
    All these keywords.

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