The Central Bank of Cyprus

Kate Phylaktis

Chapter 4 in The Banking System of Cyprus, 1995, pp 53-75 from Palgrave Macmillan

Abstract: Abstract Many reasons have been put forward why governments establish a central bank. Vera Smith, writing in 1936, argues in her study of the UK and Europe, that in every case central banks were imposed by revenue-or power-hungry governments. Others defend the establishment of a central bank on the basis of the need to exercise discretionary monetary management. As Richard Sayers (1957) wrote: The essence of central banking is discretionary control of the monetary system… A central bank is necessary only when the community decides that a discretionary element is desirable. The central banker is the man who exercises this discretion.1

Keywords: Interest Rate; Monetary Policy; Central Bank; Commercial Bank; Money Supply (search for similar items in EconPapers)
Date: 1995
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DOI: 10.1007/978-1-349-12868-6_4

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