Abstract
There was a quiet revolution in central banking during the era of liberalization, which led to the delegation of power to a class of technocrat-guardians who were carefully buffered from direct political control. The credibility of this new central banking regime has been damaged by its failure to anticipate the financial crisis and the quickness with which the technocrats' views about the appropriate role of central banks was abandoned during the crisis itself. Central banking is only one of several areas in which the financial crisis has raised doubts about reforms that empowered technocrats and imposed disciplines on democratic institutions.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
