Jump to ContentJump to Main Navigation
Priests of ProsperityHow Central Bankers Transformed the Postcommunist World$
Users without a subscription are not able to see the full content.

Juliet Johnson

Print publication date: 2016

Print ISBN-13: 9781501700224

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9781501700224.001.0001

Show Summary Details

Paradise Lost

Paradise Lost

Chapter:
(p.226) 7 Paradise Lost
Source:
Priests of Prosperity
Author(s):

Juliet Johnson

Publisher:
Cornell University Press
DOI:10.7591/cornell/9781501700224.003.0007

This chapter views the entire transplantation experience through the lens of the global financial crisis, which fundamentally challenged the central banking model that the transnational community had just spent two decades intensively promoting to the postcommunist world. Leading central banks were forced to adopt unconventional monetary policies to address the challenges of the crisis and to rethink their basic mandates and operations. In addition to defending against inflation, central bankers were now to expand their monetary policy toolbox, engage in macroprudential regulation, and take a stronger role in micro-level financial sector regulation and supervision. These wider mandates, in turn, undermined the predominant rationale for central bank independence because they demanded increasing cooperation with other government agencies and more overtly engaged political questions of regulation and distribution.

Keywords:   transplantation, global financial crisis, central banking model, postcommunist world, monetary policies, macroprudential regulation, micro-level financial sector, central bank independence, financial sector regulation

Cornell Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.