The Spread of the Modern Central Bank and Global Cooperation
1919–1939

Provides new analysis of the spread of central banking beyond Western Europe and North America in the 1920s and 1930s.

Barry Eichengreen (Edited by), Andreas Kakridis (Edited by)

9781009367554, Cambridge University Press

Paperback / softback, published 16 November 2023

350 pages
23 x 15 x 2.5 cm, 0.674 kg

'Central banks in the 21st century have their work cut out for them as they cope with the classic exogenous shocks of disease, war, and famine within the global economy. The historians gathered by Barry Eichengreen and Andreas Kakridis in this volume make us hope that central bankers can learn from history, especially their own history, to cope with their challenges today.' Larry Neal, Emeritus Professor of Economics, University of Illinois

Central banks were not always as ubiquitous as they are today. Their functions were circumscribed, their mandates ambiguous, and their allegiances once divided. The inter-war period saw the establishment of twenty-eight new central banks – most in what are now called emerging markets and developing economies. The Emergence of the Modern Central Bank and Global Cooperation provides a new account of their experience, explaining how these new institutions were established and how doctrinal knowledge was transferred. Combining synthetic analysis with national case studies, this book shows how institutional design and monetary practice were shaped by international organizations and leading central banks, which attached conditions to stabilization loans and dispatched 'money doctors.' It highlights how many of these arrangements fell through when central bank independence and the gold standard collapsed.

Part I. General: 1. Interwar central banks: a tour d' horizon Barry Eichengreen and Andreas Kakridis
2. The ideology of central banking in the interwar years and beyond Harold James
3. Habit not heredity: central banks and global order Patricia Clavin
4. Institutionalizing central bank cooperation: the Norman Schacht vision and early experience of the bank for international settlements, 1929–33 Piet Clement
Part II. Specific: 5. Central bank policy under foreign control: the Austrian national bank in the 1920s Hans Kernbauer
6. Sneaking nationalization: Hungary and the liberal monetary order, 1924–1931 György Péteri
7. The bank of Poland and monetary policy in the interwar years Cecylia Leszczyńska
8. From banking office to national bank: the establishment of the national bank of Czechoslovakia, 1919–1926 Jakub Kunert
9. 'Nobody's child': the bank of Greece in the interwar years Andreas Kakridis
10. The Bulgarian national bank, 1926–1935: revamping the institution, addressing the depression Roumen Avramov
11. Macroeconomic policies and the new central bank in Turkey, 1929–1939 Şevket Pamuk
12. Latin American experiments in central banking at the onset of the great depression Juan Flores Zendejas and Gianandrea Nodari
13. Central banks in the British dominions in the interwar period John Singleton
14. Central banking and colonial control: India, 1914–1939 G. Balachandran.

Subject Areas: Macroeconomics [KCB]