Charles Albert Eric Goodhart

A Study of the Working of Reuters 2000-2 Electronic Foreign Exchange Trading System

One Day in June, 1993

Why Do We Need a Central Bank?

Professor of Banking and Finance Charles Goodhart

As economic advisor to the Bank of England for many years, C. A. E. Goodhart is uniquely positioned to assess the role of the central bank in the modern financial system. This book brings together twenty-one of his previously published articles dealing with the changing functions of central banks over time, recent efforts to maintain price stability, and debates over specific financial regulation proposals in the UK. Although the current day-to-day operations of central banks are subject to continuous comment and frequent criticism, their structural role within the economic system as a whole has generally been accepted without much question, despite several attempts by economists in recent decades to challenge the value of the institution. C. A. E. Goodhart brings his knowledge of both the theoretical arguments and the actual working of central banks to bear in these essays. Part I looks at the general purposes and functions of central banks within the financial system and their evolution over time. Part II concentrates on the current objectives and operations of central banks, and the maintenance of price stability in particular. Part III analyzes the broader issues of financial regulation.

The Central Bank and the Financial System

Seven financial economists explore the links between financial development and growth. The text seeks to answer the question of the role of finance in promoting sustainable growth and in the reduction of poverty, for example via micro-financial institutions.

Explaining the Links

Financial Development and Economic Growth

A study of the role of money and the nature of markets in the modern, rapidly changing banking community. The text examines interest rates and financial regulations, the history and objectives of monetary policies and the effects of monetary changes on employment and inflation.

Charles Albert Eric Goodhart

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