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The Spread of the Modern Central Bank and Global Cooperation, 1919–1939

Barry Eichengreen & Andreas Kakridis (eds.)
Cambridge University Press, 2023 [Online ISBN: 9781009367578,]
Type: New Publications


Central banks were not always as ubiquitous as they are today. Their functions were circumscribed, their mandates ambiguous, and their allegiances once divided. The interwar period saw the establishment of twenty-eight new central banks - most in what are now called emerging markets and developing economies. The Spread of the Modern Central Bank and Global Cooperation: 1919-1939 provides a new account of their experience, explaining how these new institutions were established and how doctrinal knowledge was transferred. Combining synthetic analysis with national case studies, this book shows how institutional design and monetary practice were shaped by international organizations and leading central banks, which attached conditions to stabilization loans and dispatched “money doctors.” It highlights how many of these arrangements fell through when central bank independence and the gold standard collapsed.