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Is It Possible that an Independent Central Bank Is Impossible? The Case of the Australian Notes Issue Board, 1920-1924

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  • Coleman, William

Abstract

The history of the Australian Notes Issue Board over the period 1920-24 is presented. It is shown that the Board was created as a genuinely independent monetary authority, but was soon abolished, as its policies antagonised interests upon which the government depended. The episode illustrates the thesis that the possibility of a genuinely independent monetary authority is problematic.

Suggested Citation

  • Coleman, William, 2001. "Is It Possible that an Independent Central Bank Is Impossible? The Case of the Australian Notes Issue Board, 1920-1924," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(3), pages 729-748, August.
    • Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:3:p:729-48
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    Cited by:

    1. repec:cii:cepiei:2010-4ta is not listed on IDEAS
    2. Geoffrey Brooke & Anthony Endres & Alan Rogers, 2018. "The Economists and Monetary Thought in Interwar New Zealand: The Gradual Emergence of Monetary Policy Activism," Working Papers 2018-09, Auckland University of Technology, Department of Economics.

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