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Monetary Policy and Banking Stability

In: Bankers’ and Public Authorities’ Management of Risks

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  • Markus Lusser

Abstract

A monetary order is a fundamental requirement. It consists of the rules which define the concept and regulate the creation of money both on a national and an international level. What is the situation today? The prevailing monetary framework is very difficult to define. For internal reasons the Swiss National Bank recently made a survey among the central banks of the Group of Ten countries, in order to determine the principal features of their national monetary order. As was to be expected, no clear trend emerged. Either a monetary order is obsolete — based on the gold standard, for example — or it is simply non-existent — as in the case of ‘fiat’ money. On an international level, a fortiori, no monetary order has succeeded in establishing itself since the breakdown of the Bretton Woods System in the early 1970s.

Suggested Citation

  • Markus Lusser, 1990. "Monetary Policy and Banking Stability," Palgrave Macmillan Books, in: Zuhayr Mikdashi (ed.), Bankers’ and Public Authorities’ Management of Risks, chapter 12, pages 180-186, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10980-7_12
    DOI: 10.1007/978-1-349-10980-7_12
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    Cited by:

    1. Dueker, Michael & Fischer, Andreas M., 1996. "Inflation targeting in a small open economy: Empirical results for Switzerland," Journal of Monetary Economics, Elsevier, vol. 37(1), pages 89-103, February.

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