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Chapter 7 Central Banking Chapter 7 Central Banking Among the most important players in financial markets throughout the world are central banks. The central bank is the financial institution designed to regulate and control the money supply of a nation, with the goal of fostering economic growth without inflation. 1. The Rise of the Central Bank The oldest central bank in the world is the Bank of Sweden, which was opened in 1668 with help from Dutch businessmen. This was followed in 1694 by the Bank of England, created by Scottish businessman William Paterson in the City of London at the request of the English government to help pay for a war. The US Federal Reserve was created by the U.S. Congress through the passing of the Glass-Owen Bill, signed by President Woodrow Wilson on December 23, 1913. The Peoples Bank of China was established on December 1, 1948, and in September 1983, the State Council decided to endow it with the power of a central bank. It is generally agreed upon that the concept of the modern central bank did not appear until the 20th century as problems developed in the commercial banking system. Thus, the central banks modern function emerged in response to an already present commercial banking structure. Between 1870 and 1914, when world currencies were pegged to the gold standard, maintaining price stability was a lot easier because the amount of gold available was limited. Consequently, monetary expansion could not occur simply from a political decision to print more money, so inflation was easier to control. The central bank at that time was primarily responsible for maintaining the convertibility of gold into currency; it issued notes based on a countrys reserves of gold. During the unsettling times of the Great Depression and the aftermath of WWII, most governments favored a return to a central bank dependent on the political decision making process. This view emerged mostly from the need to
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