Ethics and Morals in Central Banking: Do They Exist, Do They Matter?

Otmar Issing

Chapter 9 in Inside the Bundesbank, 1998, pp 120-138 from Palgrave Macmillan

Abstract: Abstract Money and interest rates have always been discussed in an ethical and moral context. For a long time charging interest was considered disreputable, and at times liable to hard secular and ecclesiastical punishment. The second Lateran Council, for example, decided in 1139: Furthermore, we condemn that practice accounted despicable and blameworthy by divine and human laws, denounced by Scripture in the Old and New Testaments, namely, the ferocious greed of usurers; and we sever them from every comfort of the church, forbidding any archbishop or bishop, or an abbot of any order whatever or anyone in clerical orders, to dare to receive usurers, unless they do so with extreme caution; but let them be held infamous throughout their whole lives and, unless they repent, be deprived of a Christian burial.2

Keywords: Monetary Policy; Central Bank; Public Choice; Money Stock; Central Bank Independence (search for similar items in EconPapers)
Date: 1998
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

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:pal:palchp:978-1-349-26476-6_9

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349264766

DOI: 10.1007/978-1-349-26476-6_9

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().