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Post-war Experiences with Developmental Central Banks: The Good, the Bad and the Hopeful

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  • Gerald Epstein

Abstract

The current economic crisis, more than previous ones this past decade, has called into question the whole neo-liberal approach to financial management, including the approach the neo-liberal approach to central banking. Central banks focused on commodity inflation miss asset bubbles and credit crises, and with liberalized financial markets, they often lack the necessary tools to deal with these crises. Thus, academics and policy makers must seriously search for alternatives to the current neo-liberal models of financial management. This paper argues that one place to look for models is the history of developmental central banks and financial policies in both the developed and developing countries. Of course, there is not simple return to the past. But there are plenty of models and institutional structures to learn from. The cross-sectional data presented in this paper suggest that central bank developmental efforts to promote real investment does contribute to economic growth, but do not indicate other broad conclusions of success or failure. Much is to be learned from country case studies and the implementation of developmental tools in concrete circumstances.

Suggested Citation

  • Gerald Epstein, 2009. "Post-war Experiences with Developmental Central Banks: The Good, the Bad and the Hopeful," G-24 Discussion Papers 54, United Nations Conference on Trade and Development.
  • Handle: RePEc:unc:g24pap:54
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    File URL: https://unctad.org/system/files/official-document/gdsmdpg2420091_en.pdf
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    Cited by:

    1. Ulrich Volz, 2015. "On the Future of Inflation Targeting in East Asia," Review of Development Economics, Wiley Blackwell, vol. 19(3), pages 638-652, August.
    2. Ben Fine & Seeraj Mohamed, 2022. "Locating Industrial Policy in Developmental Transformation: Lessons from the Past, Prospects for the Future," Working Papers 247, Department of Economics, SOAS University of London, UK.

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