Title: Central Banks and Monetary Policies
Subtitle: A Comparative Study within the G-20
Subject Classification:  Economics and Finance, Politics and Government  
BIC Classification: KC, JP
BISAC Classification: BUS004000, BUS045000, POL024000
Binding: Hardback, eBook
Publication date: 13 May 2024
ISBN (Hardback): 978-1-80441-662-4
ISBN (eBook): 978-1-80441-663-1

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Description

This book provides a uniquely comprehensive and detailed analysis of central banks within the G-20. It discusses their policies and functions in detail.

Central banks use monetary policy to manage economic fluctuations and achieve price stability. Monetary policy is the control of the quantity of money available in an economy and the channels by which new money is supplied. Monetary policy is implemented either (i) through interest rate policy, whereby the central bank influences financial conditions by setting, or closely controlling, a short-term rate and by steering expectations about the interest rate forward, or (ii) through balance sheet policy, whereby the central bank influences financial conditions beyond the short-term rate by adjusting its balance sheet. Inflation targeting has emerged as the leading framework for monetary policy.

Since the 1990s, the role of the interest rate has increased, and many countries are using inflation targeting to achieve the aims of their monetary policy. Central banks around the globe, and within the G-20, have introduced explicit inflation targets. Though a central bank cannot directly control inflation, or the factors that determine inflation, it does have the tools needed to directly affect a group of nominal variables, that in turn have an impact on the determinants of inflation.

Moreover, most major central banks have adopted unconventional monetary policies to stabilize financial conditions, boost economic activity, and maintain price stability. Last but not least, financial and monetary policies have become increasingly international, involving trade-offs between domestic and foreign interests. The response to cross-border financial crises requires the close cooperation of multiple jurisdictions.

The book is a key reference text for researchers, teachers and students in banking, economic policy, and government worldwide.

Biography

Author(s):  Dr. Felix Lessambo is an Associate Adjunct Professor at Fordham University, New York, USA.

Reviews

"Lessambo provides a vivid and concise analysis of major Central Banks and the monetary policies each and follows. He paves the way toward a global and dynamic interaction among Central banks as never endeavor before.This is a landmark work on Central Banks, shedding light on the technicalities of monetary policies and the need of the global coordination among policymakers."
- Claude Lomama Lomboto