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Essay / Research Paper Abstract
A 3 page paper discussing the declining influence of central banks in the global economy dependent more on the movement of exchange rates than on actions arising from monetary policy. The paper uses an older (1997) article for comparison and assesses the statement in a 2004 context. It appears that the observations of the author of the primary article (Posen, 2004) are correct and that central banks – at least in developed nations – are facing a future of far less influence than in the past. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSbankArtRev.rtf
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Unformatted sample text from the term paper:
In "The Fourth Generation of Central Banking," published in 2004 in Euromoney, author Adam Posen reviews broad sections of economic history since 1970 that have both affected and been affected
by central bank activity. Posens (2004) argument is that central bankers have managed well in the past, so well in fact that they may have managed themselves if not
into oblivion, then at least into a place of far less relevance and influence than in the past. Influence of Globalization Several years
ago, Britains The Economist published a review of the increase of movement of capital throughout the world. In that article, the author argued that those concerned with loss of
control need not be concerned at all. "Financial markets are said to be more volatile as money moves across borders with a mere computer keystroke" (Capital goes global, 1997;
p. 87). In reality, central banks are able to maintain control much in the same ways in the past. The author states, ...the measure of a countrys
net inflow or outflow of capital is its current account. If the capital market were truly global, some countries with high investment needs might be expected to have very large
current-account deficits, and countries with large savings would be expected to have large surpluses. This has not occurred (Capital goes global, 1997; p. 87).
On the other hand, as globalization progresses, central banks have less freedom of action than in earlier years when nations were less dependent on each other. Japans continued
depressing influence in the ending months of the Asian currency crisis led developed nations around the world to pressure regulators to materially change Japans monetary policy and the function and
...