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

This book's combination of synthetic chapters on global experience and national case-studies provides new analysis of the spread of central banking beyond the European and North American 'core.' It highlights the role of 'money doctors' and the impact of the Great Depression of the 1930s.

Central banks were not always as ubiquitous as they are today. Their functions were circumscribed, their mandates ambiguous, and their allegiances once divided. The inter-war period saw the establishment of twenty-eight new central banks – most in what are now called emerging markets and developing economies. The Emergence of the Modern Central Bank and Global Cooperation 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.