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List of contents
- Introduction and Overview
- 1: Current views on the nature and origins of central banks
- 2: Issuing financial money of ultimate quality
- 3: Lending to, and relation with, the government
- 4: Lending to private borrowers and other private assets
- 5: Lender of last resort
- 6: Early central banks' economics and balance sheets
- 7: Rehabilitation
- Annex: Catalogue of early central banks
About the author
Ulrich Bindseil studied Economics in Saarbrücken and finished his doctorate there in 1994. After spending two years in the economics department of Deutsche Bundesbank and two years at the European Monetary Institute, he joined the ECB right in 1998 where he was responsible for their liquidity analysis and management. From 2003 he was subsequently deputy head and head of the ECB's Risk Management Division. In 2009 he became Deputy Director General for the ECB's market operations and in 2012 Director General. He is honorary professor at the Technical University Berlin.
Summary
Central banking has a long and colourful history from which important lessons can be drawn. This book reviews the policy objectives and financial operations of 25 central banks established before 1800 to show that many of today's central banking controversies date as far back as this time.
Additional text
People interested in the drama of modern central banking may be surprised to learn that most of the script was written before 1800. This book offers a comprehensive collection of the life histories of early central banks, with storylines that are always informative even if they rarely feature happy endings. The relevance of these narratives is illuminated by a novel conceptual framework that connects the hard lessons of history to the challenges faced by present-day central banks.
