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date: 24 May 2018

Abstract and Keywords

This article examines issues related to central banking. It explores the evolution of central bank attributes as a bankers' bank, relating them with the centralization of payments. It outlines how central banks have been committed to different monetary regimes from the gold standard to the present inflation targeting. It also points out the monetary doctrines underlying the different practices to deliver the nominal anchor that preserves trust in money. Finally, the article raises some prospective issues that may require further evolution of central banks in the twenty-first century.

Keywords: central banks, monetary policy, centralization of payments, bankers' bank

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