Book description
The Evolution of Central Banks employs a wide range of historical evidence and reassesses current monetary analysis to argue that the development of non-profit-maximizing and noncompetitive central banks to supervise and regulate the commercial banking system fulfils a necessary and natural function. Goodhart surveys the case for free banking, examines…
Why read it?
1 author picked The Evolution of Central Banks as one of their favorite books. Why do they recommend it?
Goodhart, a former head economist of the Bank of England, builds upon Bagehot to describe how modern central banks evolved to insure the private bank system.
Goodhart argues that regulations over private banks were unnecessary and that the shadow bank system (that had evolved since the Vietnam War era inflation drove banks away from the Federal Deposit Insurance Corporation in the US) would never go bankrupt. He argues that the investment banks always had sufficient reserves, so that increased regulation was undesirable.
The Crash of 2008 proved Goodhart wrong. Yet ironically, it is the exact same set of arguments that…
From Max's list on Walter Bagehot’s challenge.
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