Central banks and competition authorities: institutional comparisons and new concerns
The establishment of independent authorities for monetary policy and for competition policy was part of the institutional consensus of the Great Moderation. The paper contrasts how policy has operated in the two spheres, especially as regards the role of law. It then discusses the application of com...
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Basel
Bank for International Settlements, Monetary and Economic Department
2010
|
| Schriftenreihe: | BIS working papers
331 |
| Links: | http://www.bis.org/publ/work331.pdf |
| Zusammenfassung: | The establishment of independent authorities for monetary policy and for competition policy was part of the institutional consensus of the Great Moderation. The paper contrasts how policy has operated in the two spheres, especially as regards the role of law. It then discusses the application of competition policy to banks before and during the crisis, and relationships between competition and financial stability. Finally, the paper considers whether the financial crisis - which has led, at least temporarily, to unorthodox and less independent monetary and competition policies - has undermined the long-term case for independence. The conclusion is that it has not. While regulation of the financial system clearly requires fundamental reform, sound money and markets free from threats to competition remain fundamental to long-run prosperity; those ends are best pursued by focused and independent monetary and competition policies |
Internformat
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| 520 | |a The establishment of independent authorities for monetary policy and for competition policy was part of the institutional consensus of the Great Moderation. The paper contrasts how policy has operated in the two spheres, especially as regards the role of law. It then discusses the application of competition policy to banks before and during the crisis, and relationships between competition and financial stability. Finally, the paper considers whether the financial crisis - which has led, at least temporarily, to unorthodox and less independent monetary and competition policies - has undermined the long-term case for independence. The conclusion is that it has not. While regulation of the financial system clearly requires fundamental reform, sound money and markets free from threats to competition remain fundamental to long-run prosperity; those ends are best pursued by focused and independent monetary and competition policies | ||
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| illustrated | Not Illustrated |
| indexdate | 2024-12-20T16:14:28Z |
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| spelling | Vickers, John 1958- Verfasser (DE-588)132623552 aut Central banks and competition authorities institutional comparisons and new concerns John Vickers Basel Bank for International Settlements, Monetary and Economic Department 2010 txt rdacontent n rdamedia nc rdacarrier BIS working papers 331 The establishment of independent authorities for monetary policy and for competition policy was part of the institutional consensus of the Great Moderation. The paper contrasts how policy has operated in the two spheres, especially as regards the role of law. It then discusses the application of competition policy to banks before and during the crisis, and relationships between competition and financial stability. Finally, the paper considers whether the financial crisis - which has led, at least temporarily, to unorthodox and less independent monetary and competition policies - has undermined the long-term case for independence. The conclusion is that it has not. While regulation of the financial system clearly requires fundamental reform, sound money and markets free from threats to competition remain fundamental to long-run prosperity; those ends are best pursued by focused and independent monetary and competition policies BIS working papers 331 (DE-604)BV005629122 331 http://www.bis.org/publ/work331.pdf Volltext |
| spellingShingle | Vickers, John 1958- Central banks and competition authorities institutional comparisons and new concerns BIS working papers |
| title | Central banks and competition authorities institutional comparisons and new concerns |
| title_auth | Central banks and competition authorities institutional comparisons and new concerns |
| title_exact_search | Central banks and competition authorities institutional comparisons and new concerns |
| title_full | Central banks and competition authorities institutional comparisons and new concerns John Vickers |
| title_fullStr | Central banks and competition authorities institutional comparisons and new concerns John Vickers |
| title_full_unstemmed | Central banks and competition authorities institutional comparisons and new concerns John Vickers |
| title_short | Central banks and competition authorities |
| title_sort | central banks and competition authorities institutional comparisons and new concerns |
| title_sub | institutional comparisons and new concerns |
| url | http://www.bis.org/publ/work331.pdf |
| volume_link | (DE-604)BV005629122 |
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