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1、ThispageintentionallyleftblankTheChangingFaceofCentralBankingCentralbankshaveemergedasthekeyplayerinnationalandinter-nationalfinancialpolicymaking.ThisbookexplorestheirevolutionsinceWorldWarIIin20industrialcountries.Thestudyconsidersthemixofeconomic,political,andinstitutionalforcesthathaveaffectedc
2、entralbankbehavioranditsrelationshipwithgovernment.Theanalysisreconcilesvastlydifferentviewsabouttheroleofcentralbanksinthemakingofeconomicpolicies.Onefindingisthatmone-tarypolicyisanevolutionaryprocess.Theemphasisonclarityofobjectives,transparencyofthedecision-makingprocess,andaclearunderstandingo
3、ftheaccountabilityofthecentralbankcannotbeunderstoodinisolationfromtheprevious50yearsofpolicymaking.Thechangingfaceofcentralbanking,bornoutoftheturbulenceofthefirsthalfofthelastcentury,nurturedbyevolutionandrevolutioninpolicies,definesthehistoryofkeyfinancialeventsinthesecondhalfofthetwentiethcentury
4、.PierreL.SiklosisProfessorofEconomicsatWilfridLaurierUni-versity,Waterloo,Ontario,Canada,andAssociateDirectorofitsViessmannCentrefortheStudyofModernEurope.Heistheauthorofseveralbooks,includingtheleadingtextbookinCanadaonmoneyandbankingandanotherontheHungarianhyperinflationof1945–6.ProfessorSiklosha
5、sservedasavisitingprofessoratOxfordUniversityandtheUniversityofCalifornia,SanDiego,andasanErskineFellowattheUniversityofCanterbury,Christchurch,NewZealand.Hehasalsopublishednumerousarticlesineminenteconomicsjournals.In2000–1hewasWilfridLaurierUniversity’sUniversityResearchProfessor.StudiesinMacroe
6、conomicHistoryserieseditor:MichaelD.Bordo,RutgersUniversityeditors:ForrestCapie,CityUniversityBusinessSchool,U.K.BarryEichengreen,UniversityofCalifornia,BerkeleyNickCrafts,LondonSchoolofEconomicsAngelaRedish,UniversityofBritishColumbiaThetitlesinthisseriesinvestigatethemesofinteresttoeconomistsand
7、economichistoriansintherapidlydevelopingfieldofmacroeconomichistory.Thefourareascoveredincludetheapplicationofmonetaryandfinancetheory,inter-nationaleconomics,andquantitativemethodstohistoricalproblems;thehis-toric
