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Modern Central Banking: Pressures for Change
Author(s) -
Hawtrey KM
Publication year - 1997
Publication title -
australian journal of public administration
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.524
H-Index - 41
eISSN - 1467-8500
pISSN - 0313-6647
DOI - 10.1111/j.1467-8500.1997.tb01242.x
Subject(s) - deregulation , independence (probability theory) , globalization , financial system , business , government (linguistics) , central bank , regulator , economic policy , monetary policy , monetary reform , market economy , economics , international economics , economic system , monetary economics , linguistics , statistics , philosophy , mathematics , biochemistry , chemistry , gene
The role of the central bank as an instrument of government economic supervision has entered a period of flux, owing to the combined forces of financial deregulation, technological advance, monetary innovation and banking globalisation. This paper discusses, with special reference to Australia, pressing areas for potential reform in the role of the central bank including greater independence, international coordination, splitting of core functions, and the creation of a ‘super‐regulator’.