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Criteria for central bank assets: lessons from pre-ECB Germany


  • William R. Nelson


The Deutsche Bundesbank was formed in July 1957, when the two-tier central bank system set up following World War II was consolidated. That previous system had been established by the Allies in imitation of the Federal Reserve System and consisted of independent regional banks (the Land Central Banks) and a governing body. Under the new system, the Land Central Banks became offices of the Bundesbank. As was true under the previous system, the Bundesbank was made independent of the federal cabinet by law and was particularly proscribed from lending to the public sector except for short terms. Acquisitions of public debt occurred exclusively in the open market.

Suggested Citation

  • William R. Nelson, 2002. "Criteria for central bank assets: lessons from pre-ECB Germany," New England Economic Review, Federal Reserve Bank of Boston, issue Q 2, pages 29-32.
  • Handle: RePEc:fip:fedbne:y:2002:i:q2:p:29-32

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    References listed on IDEAS

    1. Bank for International Settlements, 1999. "Implications of repo markets for central banks," CGFS Papers, Bank for International Settlements, number 10.
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