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 17: International aspects of central banking: diplomacy and coordination

Robert B Kahn and Ellen E Meade

Abstract

This chapter discusses the evolution of central bank interactions since the early 1970s. Today, central banks have more forums in which they interact without finance ministries than they did in earlier times; interactions have shifted away from managing exchange rates and toward monitoring and regulating the international financial system, global financial institutions, and cross-border capital flows. At the same time, the rise in statutory independence has given central banks more authority to shape the response to events, and the rise of new powers and their integration in markets has resulted in the broadening out of the prominent coordinative groupings to include countries outside the historically traditional major powers. Our main conclusion is that the relationship-building that is inherent in multilateral interaction has provided a springboard for coordination in times of stress or crisis. Crises matter—they can be turning points in terms of the actions taken and the countries included in the dialogue.

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