Are Central Banks Still Conservative?
Edward Elgar Publishing Ltd (Verlag)
978-1-0353-3756-9 (ISBN)
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Highlighting the importance of independence for resisting political interference and maintaining credibility, the book questions the viability of strict conservatism and analyses emerging challenges such as gender biases, gold reserves and political influence on financial institutions. Chapters use historical and theoretical investigations, quantitative empirical research and case studies to assess how central banks communicate policies, manage inflation expectations and adapt to turbulent new realities. Ultimately the book argues that amid evolving global dynamics, the principles of conservatism and price stability remain fundamental to effective monetary policy.
Are Central Banks Still Conservative? is a fundamental resource for scholars and students of macroeconomics, economic history, economic regulation and governance and finance. It is also an interesting read for policy- and law-makers analysing the legal bases for institutions.
Edited by Etienne Farvaque, Professor of Economics, Université de Lille, France and Piotr Stanek, Associate Professor, Krakow University of Economics, Poland
Contents
Foreword x
Reflections on 40 years of conservativeness: an introduction to the book 1
Etienne Farvaque and Piotr Stanek
PART I GUARDIANS OF MONETARY STABILITY: CENTRAL BANK CONSERVATISM, POLITICAL CYCLES, AND INSTITUTIONAL INDEPENDENCE
1 Central banks and political cycles 11
Hugo Oriola
2 The quantity theory of money in central banking, 1870–2020 37
Alexander Jung
3 Trends in central bank independence: a de jure perspective 59
Davide Romelli
PART II TRUST BUILDERS: CENTRAL BANK CREDIBILITY, COMMUNICATION, AND STRATEGIC RESERVES
4 Can the conservative central banker be a woman? 93
Cristina Bodea and Andrew Kerner
5 Do Europeans like their central bank conservative? Evidence from the communication about the 2022 hikes 112
Maqsood Aslam, Etienne Farvaque, Kokouvi Kada-Sedode and Piotr Stanek
6 Gold renaissance among central banks: can gold reserves reduce sovereign credit risk? 128
Joanna Bogołębska, Ewa Feder-Sempach, Ewa Stawasz-Grabowska and Bojan Pejović
PART III NAVIGATORS OF CHANGE: MANEUVERING BETWEEN POLITICAL INFLUENCE AND FISCAL DOMINANCE IN TRANSITION AND DEVELOPING COUNTRIES
7 Central bank independence, inflation, and growth in Africa 154
Christine O. Strong
8 Does central bank independence protect against fiscal dominance? 182
Marek A. Dąbrowski
9 How to save central banks’ independence from the unconservative governor: the alarming case of the National Bank of Poland 204
Andrzej Wojtyna
PART IV INNOVATIVE REFORMERS: REDEFINING MONETARY POLICY AND CHALLENGING CONVENTIONAL PARADIGMS
10 Unconventional monetary policies and the conservative central banker principle: two interpretations 227
Jakub Janus and Krystian Mucha
11 Paradigm shift after the inflation shock? 246
Jérôme Creel, François Geerolf, Sandrine Levasseur, Xavier Ragot and Francesco Saraceno
12 Toward a progressive central banker 264
Louis-Philippe Rochon and Guillaume Vallet
| Erscheint lt. Verlag | 28.1.2026 |
|---|---|
| Verlagsort | Cheltenham |
| Sprache | englisch |
| Maße | 156 x 234 mm |
| Themenwelt | Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung |
| Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre | |
| Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft | |
| Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie | |
| ISBN-10 | 1-0353-3756-8 / 1035337568 |
| ISBN-13 | 978-1-0353-3756-9 / 9781035337569 |
| Zustand | Neuware |
| Informationen gemäß Produktsicherheitsverordnung (GPSR) | |
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