Central Banks and the Public Sector Balance Sheet

Ian Ball, Willem Buiter, John Crompton, Dag Detter and Jacob Soll

Chapter 7 in Public Net Worth, 2024, pp 89-96 from Springer

Abstract: Abstract There are several reasons why central banks are important to our discussion of the Public Sector Balance Sheet They are beneficially owned by the state. Their monopoly of the issuance of legal tender central bank money makes them the natural lender of last resort and market maker of last resort. Since the Global Financial Crisis and the Covid-19 crisis the size of their balance sheets has increased significantly. Excessive recourse to central bank financing always is a tempting alternative for fiscally weak governments.

Date: 2024
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DOI: 10.1007/978-3-031-44343-5_7

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