Os Bancos Centrais e sua ambivalência público-privada [Central Banks and their public-private nature]
The paper analyzes the historic origin of Central Banks, from three basic processes: the evolution and convergence of the free banking system to a hierarchical and centralized system in the Central Bank; the transformation of Clearing Houses in Central Banks, and finally, the processes by which governmental banks were assuming Central Bank’s functions and transforming themselves in Central Banks. The assumes the hypothesis by which the Central Banks were not created arbitrarily by Government, but from the evolution of private banking system suffering periodic crises, which needed public intervention. Finally, the paper concludes that this historic origin grounds the ambivalent public-private nature in Central Banks.
Volume (Year): 11 (2001)
Issue (Month): 1 (July)
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References listed on IDEAS
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- Rolnick, Arthur J & Weber, Warren E, 1983. "New Evidence on the Free Banking Era," American Economic Review, American Economic Association, vol. 73(5), pages 1080-91, December.
- Gorton, Gary, 1985. "Clearinghouses and the Origin of Central Banking in the United States," The Journal of Economic History, Cambridge University Press, vol. 45(02), pages 277-283, June.
- Goodhart, C A E, 1987. "Why Do Banks Need a Central Bank?," Oxford Economic Papers, Oxford University Press, vol. 39(1), pages 75-89, March.
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