- Copyright Page
- Central Banking’s Long March over the Decades
- Monetary Policy Committees and Voting Behavior
- Peaks and Troughs: Economics and Political Economy of Central Bank Independence Cycles
- The Governance of Central Banks: With Some Examples and Some Implications for All
- Can the Central Bank Alleviate Fiscal Burdens?
- The Impact of the Global Financial Crisis on Central Banking
- Strategies for Conducting Monetary Policy: A Critical Appraisal
- Central Bank Communication: How to Manage Expectations?
- Central Bank Communications: A Case Study
- Transparency of Monetary Policy in the Postcrisis World: Nergiz Dincer, Barry Eichengreen, and Petra Geraats
- Real Estate, Construction, Money, Credit, and Finance
- Inside the Bank Box: Evidence on Interest-Rate Pass-Through and Monetary Policy Transmission
- Term Premium Variability and Monetary Policy
- Open Market Operations
- Central Banking and Prudential Regulation: How the Wheel Turns
- Central Banks’ New Macroprudential Consensus
- Central Banks and the New Regulatory Regime for Banks
- Macroprudential Regulation of Banks and Financial Institutions
- Central Banking and Crisis Management from the Perspective of Austrian Business Cycle Theory
- The Changing Role of the Central Bank in Crisis Avoidance and Management
- Managing Macrofinancial Crises: The Role of the Central Bank
- Macromodeling, Default, and Money
- Model Uncertainty in Macroeconomics: On the Implications of Financial Frictions
- What Has Publishing Inflation Forecasts Accomplished? Central Banks and Their Competitors
Abstract and Keywords
Governance is a topic whose discussion has been confined to private-sector organizations. To an extent, this is not surprising, for the greater part of the public sector in most countries does not take the form of a corporation. But some parts do. The Bank of England is a prominent, but certainly not the only, example. This chapter maintains that corporate governance is perhaps better not viewed as a separated subject embracing matters not just economic but also ethical, but rather as a subdivision of an analytical framework that certainly dates back to Adam Smith. This chapter shows how that framework can both embrace corporate governance and be extended to public- as well as private-sector organizations. The chapter argues that the study of the governance of central banks is certainly illuminating and may be useful for the conduct of policy.
Forrest Capie is Professor Emeritus of Economic History at the Cass Business School, City, University of London.
Geoffrey Wood is Dean and Professor of International Business at the University of Essex Business School
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