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The Age of Central Banks


  • Curzio Giannini


Curzio Giannini’s history of the evolution of central banks illustrates how the most relevant institutional developments have taken place at times of widespread confidence crises and in response to deflationary pressures. The eminent and highly-renowned author provides an analytical perspective to study the evolution of central banking as an endogenous response to crisis and to the ever increasing needs of economic growth. The key argument of the analysis is that crucial innovations in the payment technology (from the invention of coinage to the development of electronic money) could not have taken place without an institution – i.e. the central bank - that could preserve confidence in the instruments used as money. According to Curzio Giannini’s ‘neo-institutionalist’ methodological approach, social institutions are, in fact, essential in the coordination of individual decisions as they minimize transaction costs, overcome information asymmetries and deal with incomplete contracts.

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Suggested Citation

  • Curzio Giannini, 2011. "The Age of Central Banks," Books, Edward Elgar Publishing, number 14371.
  • Handle: RePEc:elg:eebook:14371

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    Cited by:

    1. Raphael Auer & Rainer Boehme, 2021. "Central bank digital currency: the quest for minimally invasive technology," BIS Working Papers 948, Bank for International Settlements.
    2. Auer, Raphael & Cornelli, Giulio & Frost, Jon, 2020. "Rise of the central bank digital currencies: drivers, approaches and technologies," CEPR Discussion Papers 15363, C.E.P.R. Discussion Papers.
    3. Iwańczuk-Kaliska Anna, 2017. "Challenges for central banks in a changing payments landscape," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 13(2), pages 75-86, December.
    4. Jon Frost & Hyun Song Shin & Peter Wierts, 2020. "An early stablecoin? The Bank of Amsterdam and the governance of money," DNB Working Papers 696, Netherlands Central Bank, Research Department.
    5. Sigitas Siaudinis, 2019. "Digital Currencies and Central Banking: A Sense of Déjà Vu," Bank of Lithuania Occasional Paper Series 26, Bank of Lithuania.
    6. Schelkle, Waltraud, 2017. "Hamilton’s Paradox Revisited: Alternative lessons from US history," CEPS Papers 12963, Centre for European Policy Studies.
    7. Raphael Auer, 2019. "Beyond the Doomsday Economics of “Proof-of-Work” in Cryptocurrencies," Globalization Institute Working Papers 355, Federal Reserve Bank of Dallas.
    8. Laurent Le Maux, 2021. "Bagehot for Central Bankers," Working Papers hal-03201509, HAL.
    9. Nicholas A. Curott & Tyler Watts & Benjamin R. Thrasher, 2020. "Government-Cheerleading Bias in Money and Banking Textbooks," Econ Journal Watch, Econ Journal Watch, vol. 17(1), pages 1-98–151, March.
    10. Flores Zendejas, Juan & Gaillard, Norbert, 2021. "The International Lender of Last Resort Between Scylla and Charybdis," Working Papers unige:152743, University of Geneva, Paul Bairoch Institute of Economic History.
    11. Braun, Benjamin, 2016. "Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing," MPIfG Discussion Paper 16/12, Max Planck Institute for the Study of Societies.
    12. Seghezza, Elena & Morelli, Pierluigi, 2018. "Rule of law and balance of power sustain US dollar preeminence," Journal of Policy Modeling, Elsevier, vol. 40(1), pages 16-36.
    13. Anders Vredin, 2015. "Inflation targeting and financial stability: providing policymakers with relevant information," BIS Working Papers 503, Bank for International Settlements.
    14. Stefano Ugolini, 2018. "The Historical Evolution of Central Banking," Post-Print hal-01887004, HAL.
    15. Krug, Sebastian, 2015. "The interaction between monetary and macroprudential policy: Should central banks "lean against the wind" to foster macrofinancial stability?," Economics Working Papers 2015-08, Christian-Albrechts-University of Kiel, Department of Economics.
    16. Claudio Borio, 2019. "On money, debt, trust and central banking," BIS Working Papers 763, Bank for International Settlements.
    17. France, Virginia G. & Kahn, Charles M., 2016. "Law as a constraint on bailouts: Emergency support for central counterparties," Journal of Financial Intermediation, Elsevier, vol. 28(C), pages 22-31.
    18. Claudio Borio, 2019. "Central banking in challenging times," BIS Working Papers 829, Bank for International Settlements.
    19. Raphael Auer & Jon Frost & Leonardo Gambacorta & Cyril Monnet & Tara Rice & Hyun Song Shin, 2021. "Central bank digital currencies: motives, economic implications and the research frontier," BIS Working Papers 976, Bank for International Settlements.

    Book Chapters

    The following chapters of this book are listed in IDEAS

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    Economics and Finance;

    JEL classification:

    • F5 - International Economics - - International Relations, National Security, and International Political Economy


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