By Akhand Akhtar Hossain
This well timed booklet studies the fashionable literature on inflation and financial coverage, and highlights modern matters within the layout and behavior of financial coverage for cost balance in constructing Asia. Akhand Akhtar Hossain surveys the evolution of primary banking and offers an creation to the constitution, functionality and governance of principal banks in chosen international locations within the Asia-Pacific. the writer additionally examines the most important theories, types and methods to inflation and financial coverage and evaluates financial coverage regimes in chosen international locations within the Asia-Pacific in an ancient context. This eloquent and understandable publication will end up to be valuable to undergraduate scholars on financial concept and coverage, in addition to banking and fiscal classes. Researchers exploring financial coverage options, ideas and case reports will warmly welcome this e-book, as will policymakers who've an curiosity in macroeconomics, financial and fiscal regulations.
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Extra resources for Central Banking and Monetary Policy in the Asia-Pacific
The original impetus for the establishment in Europe of the first central banks came from two sources. First, under the pressure of financing war, the governments realised that, in exchange for their support for specific private banks, they could obtain favourable financial assistance and advantages from these banks. Such favouritism (supported by legislation) led to the transformation of a private bank into a central bank. The Bank of England and a specially established bank such as the Prussian State Bank are two prime examples (Goodhart, 1988; 1992; Santoni, 1984; Swinburne and Castello-Branco, 1991).
The Committee meets weekly to report to the Chief Executive on the progress of major tasks being undertaken by various departments of the HKMA and to advise him/her on policy matters relating to operations of the HKMA. The HKMA is responsible for maintaining monetary and banking stability in Hong Kong. Its main functions are: 1. 2. 3. 4. keeping the Hong Kong dollar stable; managing the Exchange Fund (Hong Kong’s official foreign reserves) in a sound and effective way; promoting the safety of Hong Kong’s banking system; and developing Hong Kong’s financial structure to enable money to flow smoothly, freely and without obstruction.
In such a monetary system, there is no need for a central bank (Selgin, 1988; Selgin and White, 1987). The Hayekian view on the money supply and/or the competitive private banking led to an ongoing debate over this issue. Smith (1936), using the position of Bagehot (1873) that competitive commercial banking (with each bank holding its own reserves of gold) was a ‘natural system’, preferred in theory ‘free banking’ (that is, banking freed from the interference of a central bank). She opined that the mere existence of a central bank (even if it follows certain rules of conduct) represents a standing temptation for the monetary 21 22 Central banking and monetary policy in the Asia-Pacific authorities to change the rules of the game and to debauch the currency.