Almost a century of central bank cooperation
AbstractThis paper reviews 80 years of cooperation among central banks. Diverse modes of collaboration are identified, ranging from simple exchange of relevant information to mutual financial support and coordination of monetary actions. Central bank cooperation got off to a rocky start in the 1930s, following the creation of the Bank for International Settlements in 1930, but it improved in the 1950s and especially in the 1960s. Most early cooperation was among European central banks, although need for a trans-Atlantic dimension was soon evident. By the end of the 20th century both the problems addressed and the participants were drawn from around the world. The alleged dangers of central bank cooperation are found to have been exaggerated.
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Bibliographic InfoPaper provided by Bank for International Settlements in its series BIS Working Papers with number 198.
Length: 32 pages
Date of creation: Feb 2006
Date of revision:
central banking; international economic cooperation; exchange rates; Federal Reserve; monetary policy;
Find related papers by JEL classification:
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
- F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
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- Ritschl, Albrecht, 1996. "Sustainability of High Public Debt: What the Historical Record Shows," CEPR Discussion Papers 1357, C.E.P.R. Discussion Papers.
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