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Introduction

In: The Evolution of Central Banking: Theory and History

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  • Stefano Ugolini

    (University of Toulouse)

Abstract

Today, central banks are independent agencies which make part of the public sector. This particular institutional arrangement is recent, and potentially fragile: other equilibria are arguably possible, ranging from complete “internalization” by the government to complete “externalization” to the private sector. In order to understand the determinants of changes in such institutional equilibria, it is appropriate to adopt a functional approach. This means focusing not on the evolution of central banks as organizations, but on the evolution of the provision of central banking functions. Central banking functions arguably consist of two microeconomic functions aimed at fostering financial stability (viz., the management of the payment system and banking regulation), as well as two macroeconomic functions aimed at fostering monetary stability (viz., money creation and monetary policy).

Suggested Citation

  • Stefano Ugolini, 2017. "Introduction," Palgrave Studies in Economic History, in: The Evolution of Central Banking: Theory and History, chapter 1, pages 1-19, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-1-137-48525-0_1
    DOI: 10.1057/978-1-137-48525-0_1
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