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Are Modern Central Banks too Powerful for their Own Good? A Political Economy Approach to the Desirability and Limits of All-Powerful Central Banks

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  • Henrique Estides Delgado

Abstract

The aim of this article is to examine the level of power enjoyed nowadays by central banks. In a first section I go through the different sources of this power, analyzing their evolution during the first decade following the 2008 global financial crisis. A second section assesses the pros and cons of this new status. Finally, I conclude by offering a political economic account of the overall desirability underpinning the choice of having extremely powerful central banks, a pattern that has been reaffirmed in the 2020 global COVID crisis.

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  • Henrique Estides Delgado, 2022. "Are Modern Central Banks too Powerful for their Own Good? A Political Economy Approach to the Desirability and Limits of All-Powerful Central Banks," Journal of Economic Issues, Taylor & Francis Journals, vol. 56(4), pages 1103-1117, October.
    • Handle: RePEc:mes:jeciss:v:56:y:2022:i:4:p:1103-1117
    DOI: 10.1080/00213624.2022.2118496
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