Central Banking in Modern Democracies: Private vs. Public Control

IF 0.7 Q3 ECONOMICS
Panagiotis Kotsios
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Abstract

Central banks are among the most powerful institutions in the world: they are granted a legal monopoly in the issuance of money, set interest rates, monitor the banking sector and generally control a country’s money supply and monetary policy. Their decisions and actions affect directly or indirectly almost every economic activity on the planet. However, most of these institutions decide and act independently from government, they are managed by appointed rather than democratically-elected officials and these officials usually come from the private banking sector. These facts generate questions about the functionality of the system and its efficiency in managing global finance. The goal of this research is to investigate the status of central bank management and ownership across the world today, and examine both philosophically and ethically the arguments for and against central bank independence in modern democracies. The analysis concludes that modern democracies should reassess the structure of central banking and address methods and practices that could possibly jeopardize economic development and the effective functioning of democracy in the long run.
现代民主国家的中央银行:私人控制与公共控制
中央银行是世界上最强大的机构之一:它们被授予货币发行的法律垄断权,制定利率,监督银行业,并总体控制一个国家的货币供应和货币政策。他们的决定和行动直接或间接影响着地球上几乎每一项经济活动。然而,这些机构大多独立于政府决定和行动,由任命而非民选官员管理,这些官员通常来自私营银行部门。这些事实使人们对该系统的功能及其在管理全球金融方面的效率产生了疑问。这项研究的目的是调查当今世界央行管理和所有权的现状,并从哲学和伦理角度审视现代民主国家中支持和反对央行独立的论点。分析得出的结论是,现代民主国家应该重新评估中央银行的结构,并解决从长远来看可能危及经济发展和民主有效运作的方法和做法。
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来源期刊
CiteScore
1.10
自引率
0.00%
发文量
10
审稿时长
26 weeks
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