Research Handbook on Central Banking
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Research Handbook on Central Banking

Edited by Peter Conti-Brown and Rosa M. Lastra

Central banks occupy a unique space in their national governments and in the global economy. The study of central banking however, has too often been dominated by an abstract theoretical approach that fails to grasp central banks’ institutional nuances. This comprehensive and insightful Handbook, takes a wider angle on central banks and central banking, focusing on the institutions of central banking. By 'institutions', Peter Conti-Brown and Rosa Lastra refer to the laws, traditions, norms, and rules used to structure central bank organisations. The Research Handbook on Central Banking’s institutional approach is one of the most interdisciplinary efforts to consider its topic, and includes chapters from leading and rising central bankers, economists, lawyers, legal scholars, political scientists, historians, and others.
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Chapter 12: The Reichsbank and the Bundesbank: the legacy of the German tradition of central banking

Harold James

Abstract

The chapter examines the changing experiences of German central banking with respect to political independence, and to issues such as lender of last resort actions with regard to the domestic banking system as well as to price stability. It also examines the role of foreign central bank models—of the 1844 British Bank Act on the creation of the first German central bank, or British and American central banking on the refounding of the Reichsbank after the interwar hyperinflation, and the Allied influence on the creation of the Bank Deutscher Länder (the predecessor of the Bundesbank). In addition, there is a discussion of how German central banking history and experiences influenced European thinking and helped to shape European Monetary Union.

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