Banche Centrali: funzioni monetarie e funzioni di vigilanza bancaria / Central banks: monetary and supervisory functions

Giovanni Battista Pittaluga ()
Additional contact information
Giovanni Battista Pittaluga: Università di Genova; Facoltà di Scienze Politiche; Dipartimento di Scienze Economiche e Finanziarie, Postal: Via Balbi 5 - 16126 Genova, Italy, http://www.unige.it/

Economia Internazionale / International Economics, 2008, vol. 61, issue 2-3, 459-480

Abstract: The paper attempts to explain the reasons why in recent years, in many industrialized countries, national central banks have lost their supervisory and regulatory powers. This process can be attributed to three factors in particular. The first of these is connected to the reduced importance for commercial banks of central bank funding following the development of wide and deep monetary markets. In this situation, central banks have little need to know the credit worthiness of their systems’ banks. The second factor stems from the need to maintain central banks’ anti-inflation credibility at appropriately high levels. Finally, the third factor is linked to the financial and banking policies adopted by many countries during the era of globalisation. The paper concludes that leaving supervisory functions with central banks, i.e. with institutions closely connected to commercial banks, may hold back the development of new markets and new players.

Keywords: Central Bank; Supervisory Functions; Independence; Monetary Functions (search for similar items in EconPapers)
JEL-codes: E50 E58 (search for similar items in EconPapers)
Date: 2008
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.iei1946.it/RePEc/ccg/PITTALUGA%20459_480.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:ecoint:0034

Access Statistics for this article

Economia Internazionale / International Economics is currently edited by Giovanni Battista Pittaluga

More articles in Economia Internazionale / International Economics from Camera di Commercio Industria Artigianato Agricoltura di Genova Via Garibaldi 4, 16124 Genova, Italy. Contact information at EDIRC.
Bibliographic data for series maintained by Angela Procopio ().