Conclusions

Stefano Ugolini

Chapter 6 in The Evolution of Central Banking: Theory and History, 2017, pp 263-271 from Palgrave Macmillan

Abstract: Abstract Central banking can be defined as an integrated set of public policies aimed at addressing the sources of market failures in the financial sector, esp.: a) network externalities in the payment infrastructure, b) information asymmetries in financial intermediation, c) search frictions hindering the convergence towards a cashless economy, and d) financial frictions hindering monetary stability. Central banks have always derived their legitimation from their “public utility” character: as financial activities complexify, the demand for intervention should increase accordingly. Because strong economies of scope appear to derive from a joint provision of the four central banking functions, central banks may be expected to play an increasingly important role in the future.

Date: 2017
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DOI: 10.1057/978-1-137-48525-0_6

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