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  • 2 - The Ideology of Central Banking in the Interwar Years and Beyond

  • from Part I - General
  • Edited by Barry Eichengreen, University of California, Berkeley, Andreas Kakridis, Bank of Greece and Panteion University, Athens
  • Book:
    The Spread of the Modern Central Bank and Global Cooperation
    Published online:
    02 November 2023
    Print publication:
    16 November 2023, pp 40-56

  • Summary

    This chapter asks how a new generation of central banks in the interwar period changed their function, away from state financing and financial stability provision, and toward stabilizing prices and avoiding fiscal and financial dominance. The new concept of a central bank as an institutional constraint, imposed from the outside, and movement from a “can do” to a “can’t do” institution, ultimately ended in failure. It made for bad policy and poor outcomes, specifically contributing failure to stem contagion in the 1931 financial crisis. After 1945 a new reinvention of central banking involved the elaboration of a social consensus that bought back ele-ments of the “can do” environment.