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Conclusions

In: The Evolution of Central Banking: Theory and History

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  • Stefano Ugolini

    (University of Toulouse)

Abstract

Central banking can be defined as an integrated set of public policies aimed at addressing the sources of market failures in the financial sector, esp.: a) network externalities in the payment infrastructure, b) information asymmetries in financial intermediation, c) search frictions hindering the convergence towards a cashless economy, and d) financial frictions hindering monetary stability. Central banks have always derived their legitimation from their “public utility” character: as financial activities complexify, the demand for intervention should increase accordingly. Because strong economies of scope appear to derive from a joint provision of the four central banking functions, central banks may be expected to play an increasingly important role in the future.

Suggested Citation

  • Stefano Ugolini, 2017. "Conclusions," Palgrave Studies in Economic History, in: The Evolution of Central Banking: Theory and History, chapter 6, pages 263-271, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-1-137-48525-0_6
    DOI: 10.1057/978-1-137-48525-0_6
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