The law of central bank reserve creation
This article explores legal and constitutional dimensions of central banks’ powers to create money, ‘central bank reserves’, through monetary policy operations. Despite the prominence of monetary authority since the Financial Crisis, the law supporting the creation of central bank reserves is very o...
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ftsingaporemuniv:oai:ink.library.smu.edu.sg:sol_research-5971 2023-05-15T17:32:21+02:00 The law of central bank reserve creation BATEMAN, Will ALLEN, J.G. 2022-03-01T08:00:00Z application/pdf https://ink.library.smu.edu.sg/sol_research/4013 https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=5971&context=sol_research eng eng Institutional Knowledge at Singapore Management University https://ink.library.smu.edu.sg/sol_research/4013 https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=5971&context=sol_research http://creativecommons.org/licenses/by-nc-nd/4.0/ CC-BY-NC-ND Research Collection Yong Pung How School Of Law Banking and Finance Law text 2022 ftsingaporemuniv 2022-12-13T18:35:30Z This article explores legal and constitutional dimensions of central banks’ powers to create money, ‘central bank reserves’, through monetary policy operations. Despite the prominence of monetary authority since the Financial Crisis, the law supporting the creation of central bank reserves is very obscure, as is the role of law in structuring constitutional authority over money. We de-mystify those important matters in three steps. First, we explain, for a legal audience, the role of central bank reserves in the financial system and broader economy. Secondly, we analyse the legal basis for the creation of central bank reserves in three prominent ‘North Atlantic’ monetary jurisdictions: the US Dollar, Euro and Sterling systems. Thirdly, we show how the legal structure of central banking intermediates the constitutional state's authority over money through parts of the financial system, focusing on high-profile policy proposals, including ‘QE for the people’, and the creation of central bank digital currencies. Text North Atlantic Institutional Knowledge (InK) at Singapore Management University |
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Open Polar |
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Institutional Knowledge (InK) at Singapore Management University |
op_collection_id |
ftsingaporemuniv |
language |
English |
topic |
Banking and Finance Law |
spellingShingle |
Banking and Finance Law BATEMAN, Will ALLEN, J.G. The law of central bank reserve creation |
topic_facet |
Banking and Finance Law |
description |
This article explores legal and constitutional dimensions of central banks’ powers to create money, ‘central bank reserves’, through monetary policy operations. Despite the prominence of monetary authority since the Financial Crisis, the law supporting the creation of central bank reserves is very obscure, as is the role of law in structuring constitutional authority over money. We de-mystify those important matters in three steps. First, we explain, for a legal audience, the role of central bank reserves in the financial system and broader economy. Secondly, we analyse the legal basis for the creation of central bank reserves in three prominent ‘North Atlantic’ monetary jurisdictions: the US Dollar, Euro and Sterling systems. Thirdly, we show how the legal structure of central banking intermediates the constitutional state's authority over money through parts of the financial system, focusing on high-profile policy proposals, including ‘QE for the people’, and the creation of central bank digital currencies. |
format |
Text |
author |
BATEMAN, Will ALLEN, J.G. |
author_facet |
BATEMAN, Will ALLEN, J.G. |
author_sort |
BATEMAN, Will |
title |
The law of central bank reserve creation |
title_short |
The law of central bank reserve creation |
title_full |
The law of central bank reserve creation |
title_fullStr |
The law of central bank reserve creation |
title_full_unstemmed |
The law of central bank reserve creation |
title_sort |
law of central bank reserve creation |
publisher |
Institutional Knowledge at Singapore Management University |
publishDate |
2022 |
url |
https://ink.library.smu.edu.sg/sol_research/4013 https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=5971&context=sol_research |
genre |
North Atlantic |
genre_facet |
North Atlantic |
op_source |
Research Collection Yong Pung How School Of Law |
op_relation |
https://ink.library.smu.edu.sg/sol_research/4013 https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=5971&context=sol_research |
op_rights |
http://creativecommons.org/licenses/by-nc-nd/4.0/ |
op_rightsnorm |
CC-BY-NC-ND |
_version_ |
1766130433479671808 |