Central Banks as Sources of Financial Instability
By George Selgin
The present financial crisis shows how central banks can fuel the financial booms that make severe busts possible. Unfortunately, theoretical discussions of central banking badly neglect its role in fostering financial instability, in part because they ignore its history and political origins.
Download Acrobat PDF file of article (12pp., 580 K)
By George Selgin
The present financial crisis shows how central banks can fuel the financial booms that make severe busts possible. Unfortunately, theoretical discussions of central banking badly neglect its role in fostering financial instability, in part because they ignore its history and political origins.
Download Acrobat PDF file of article (12pp., 580 K)
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