History Of Central Banking
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...way they impact on the environment in which they operate due to the high level of influence that central banks have demonstrated directly and indirectly on general national and international policy making (Siklos, 2002). They are institutions that have both economic and social importance. However, the current role of the central bank was not the original role but one that has evolved over a number of centuries. It could be argued that if central banks did not exist then other institutions or control mechanisms would have been created to undertake the tasks fulfilled by central banks, which may have been public or private (Jordan, 2001).
Goals of central banks are broad ranging but tend to focus on price stability, often this was provided through a commodity standard, such as the Gold Standard. Today there is a greater role as the supervisory...
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