Building Credible Central Banks: Policy Lessons For Emerging Economies (Palgrave Macmillan Studies in Banking and Financial Institutions)

A credible central bank can effectively lead the process of financial sector reform in a developing country. This book discusses central banking issues and offers a clear path to building credible central banks in emerging economies. Cover......Page 1 Contents......Page 8 Foreword......Page 10 Executive Summary......Page 14 Preface......Page 22 About the Author......Page 25 List of Abbreviations......Page 26 Introduction......Page 28 1 Is There an Ideal Set Up for a Central Bank?......Page 30 Historical perspective......Page 31 Central bank activities......Page 32 Freedom and authority to do what is right......Page 34 Openness......Page 36 Conclusion......Page 37 Central bank independence......Page 39 A history of central bank independence......Page 45 Central bank accountability......Page 71 Independence and accountability: unresolved issues......Page 83 Conclusion......Page 85 Setting the new monetary policy agenda......Page 87 Implementing the new monetary policy agenda......Page 89 Transition to a strong central bank......Page 92 Challenges to monetary policy......Page 96 Conclusion......Page 98 Preconditions for a successful central bank......Page 99 What does a central bank do?......Page 102 Rethinking what central banks do......Page 103 Conclusion......Page 115 5 A Strategic Vision for the Financial Sector......Page 116 The regulatory authorities......Page 119 The money market and its institutions......Page 131 The capital market......Page 133 Development finance institutions......Page 135 Other financial institutions and funds......Page 138 Conclusion......Page 140 6 A Strategic Agenda for the Currency......Page 141 Reforms agenda and expected outcomes......Page 142 The strategic agenda......Page 143 Another currency reform......Page 144 Framework for the conduct of monetary policy......Page 145 Conclusion......Page 146 7 Leadership in Managing Changes in Central Banks......Page 147 Importance of implementing changes in a central bank......Page 148 Characteristics of an effective leadership......Page 149 Effective leadership is a key to success in a central bank......Page 150 Balancing the internal and external environment......Page 153 Developing and sustaining a culture of change......Page 154 Conclusion......Page 157 Conclusion......Page 158 Appendix 1 Countries with deposit insurance......Page 161 Appendix 2 A tribute to the Deutsche Bundesbank......Page 163 Notes......Page 167 Bibliography......Page 171 C......Page 174 D......Page 175 F......Page 176 J......Page 177 O......Page 178 T......Page 179 Z......Page 180 Central Banks Operate Under Difficult Circumstances, Caught Between The Need To Deliver Price Stability And To Be Attentive To Government Demands. Some Central Banks Are Successful And Others Are Not. What Are The Factors Which Determine This Success, Or Lack Of It? Is There An Ideal Model Of Central Banking In A Democracy? What Can Be Done To Grow A Poorly Performing Central Bank Into A Powerful Institution That Delivers Results On Its Mandated Goals? What Can Realistically Be Done For An Emerging Democracy To Enjoy A Strong And Stable Currency? If The Existing Financial System Is Not Satisfactory, Which Institutions - Both Public And Private - Are Necessary And How Can They Be Set Up To Grow In A Sustainable Manner To Meet The Country's Development Challenges?--jacket. Is There An Ideal Set-up For A Central Bank?; Central Bank Independence And Accountability: A Trade Off; A Practical Perspective On The New Monetary Policy Agenda; Building A Credible Central Bank In An Emerging Democracy; Strategic Vision For The Financial Sector; A Strategic Agenda For The Currency; Leadership In Managing Changes In Central Banks; Is There An Ideal Set-up For A Central Bank?; Central Bank Independence And Accountability: A Trade Off; A Practical Perspective On The New Monetary Policy Agenda; Building A Credible Central Bank In An Emerging Democracy; Strategic Vision For The Financial Sector; A Strategic Agenda For The Currency; Leadership In Managing Changes In Central Banks. Noël K. Tshiani. Includes Bibliographical References (p. 142-144) And Index.