By Daniela Gabor (auth.)
This publication explores the explanations and results of the increase of neoliberalism in jap Europe within the aftermath of the cave in of the Soviet Union. It offers a political economic climate research of the function of principal banks, and identifies them as a key actor within the creation and dissemination of the neoliberal monetary policies.
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Extra resources for Central Banking and Financialization: A Romanian Account of how Eastern Europe became Subprime
In fact, institutional innovations at different stages in the development of the banking sector endogenized the supply of money (Chick 1986, 2005). The systemic implications of the trust-based nature of money required central banks to act as lender of last resort to maintain confidence. Financial innovation, either through increasingly liquid interbank 40 Central Banking and Financialization markets or liability management practices, rendered attempts to specify any particular money target irrelevant as the attributes of money (particularly liquidity) were extended to new types of assets (Goodhart 1994).
The criteria used to construct the case against an interest-rate policy produced an account of “good” monetary policy: first and foremost “to prevent itself from being a major source of economic disturbance” (Friedman 1968: 13). This offers a clear articulation of the neoliberal program for institutional change of the central bank: an autonomy from political pressures that allows it to pursue the only objective relevant to optimal market functioning – preventing inflation from disturbing price signals.
While Wicksell effectively sanctioned policy interventions to accelerate the adjustment, his account retained the quantity-theory concerns with inflation, a theoretical conceptualization which would later provide the cornerstone for New Keynesian monetary theories. Given the uncertainties surrounding the exact level of the natural rate, he advised a simple policy rule-immediate interest-rate adjustments in response to inflationary pressures: So long as the prices remain unaltered the banks’ rate of interest is to remain unaltered.
Central Banking and Financialization: A Romanian Account of how Eastern Europe became Subprime by Daniela Gabor (auth.)