Conclusion: Toward Effective Central Banking

Anand Chandavarkar

Chapter 14 in Central Banking in Developing Countries, 1996, pp 236-240 from Palgrave Macmillan

Abstract: Abstract It is not mere happenstance that the pronouncements of two luminaries among central bank governors, from the industrial and developing world respectively, and separated by over four decades, should emphasize the simultaneity and harmonization of different elements of national economic policies — a stance uncannily echoed by an economics Nobel laureate three decades later. This is a recognition and a much-needed reminder that macroeconomic management is a seamless web whose intertwined threads comprise not only monetary, fiscal and exchange rate policies but also incomes, prices and supply-side policies. It also serves to highlight the real challenge facing central banks: how effectively can they contribute to the implementation and harmonization of macroeconomic objectives and policies through monetary and exchange rate policies aimed at protecting the internal and external value of the currency and help generate the maximum policy synergies?

Keywords: Monetary Policy; Central Bank; Fiscal Policy; Exchange Rate Regime; Exchange Rate Policy (search for similar items in EconPapers)
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37150-7_14

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DOI: 10.1057/9780230371507_14

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