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Almost a century of central bank cooperation

Author

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  • Richard N Cooper

    (Harvard University - Department of Economics)

Abstract

This 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.

Suggested Citation

  • Richard N Cooper, 2006. "Almost a century of central bank cooperation," BIS Working Papers 198, Bank for International Settlements.
    • Handle: RePEc:bis:biswps:198
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    References listed on IDEAS

    as
    1. Berger, Helge, 1997. "Konjunkturpolitik im Wirtschaftswunder," Beiträge zur Finanzwissenschaft, Mohr Siebeck, Tübingen, edition 1, volume 2, number urn:isbn:9783161467950, September.
    2. Reinhart, Carmen & Calvo, Guillermo, 2000. "When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options," MPRA Paper 6982, University Library of Munich, Germany.
    3. Ritschl, Albrecht, 1996. "Sustainability of High Public Debt: What the Historical Record Shows," CEPR Discussion Papers 1357, C.E.P.R. Discussion Papers.
    4. Giersch,Herbert & Paqué,Karl-Heinz & Schmieding,Holger, 1994. "The Fading Miracle," Cambridge Books, Cambridge University Press, number 9780521358699.
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    Cited by:

    1. Barry Eichengreen, 2013. "International Policy Coordination: The Long View," NBER Chapters, in: Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century, pages 43-82, National Bureau of Economic Research, Inc.
    2. C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.

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    More about this item

    Keywords

    central banking; international economic cooperation; exchange rates; Federal Reserve; monetary policy;
    All these keywords.

    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 and Integration

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