On Monetary Authority
On Monetary Authority
Explores the relationship between processes of democratization and the establishment and/or reinforcement of trustworthy and credible systems of monetary authority, with particular emphasis on central banks. The theoretical issues it considers include the ‘delicate balance’ between monetary authority and democratic legitimacy, the underlying rationale for central bank independence, and the scope and limits of ‘consent’ in monetary affairs. But this chapter is equally concerned with the feedback from experience to theory, focusing in particular on the way that unanticipated financial crises may inflict heavy redistributive costs on society, and may even weaken the legitimacy of fledgling democratic institutions.
Keywords: central banks, consent, financial crises, legitimacy, monetary authority
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