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Central Banks Are Reserve Institutions, Not Firefighters

In: The Changing Role of Central Banks

Author

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  • Dimitris N. Chorafas

Abstract

No two central banks (reserve banks, monetary institutions) are alike in terms of their charter. The goals they are expected to fulfill, the authority they exercise, and their ability to take action independent of the government (section 3) varies from one jurisdiction to the next. But while each central bank has its own specific objectives, they also share a number of common obligations. If a general statement has to be made on what a reserve bank is supposed to do in terms of its primary functions, then these will be: 1. Monetary policy and monetary stability, 2. Issuing money,1 3. Bank regulation and supervision,2 4. Acting as a lender of last resort within its jurisdiction, and 5. Operating as the public administration’s commercial bank.

Suggested Citation

  • Dimitris N. Chorafas, 2013. "Central Banks Are Reserve Institutions, Not Firefighters," Palgrave Macmillan Books, in: The Changing Role of Central Banks, chapter 6, pages 129-150, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33228-8_7
    DOI: 10.1057/9781137332288_7
    as

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