Part OneAn Introduction to Central Banking
Part I provides background on central banking.
Chapter 1 briefly reviews the evolution of central banking since its start about 400 years ago and how different functions of central banks came about.
Chapter 2 provides background on the international monetary system. Central banking has had an international dimension since the start, and to understand central banking it is very important to know the international monetary system that central banks operate in.
Chapter 3 reviews the functions of modern central banks. Although specifics do differ among central banks, there are commonalities as well as differences among modern central bank functions.
Chapter 4 reviews modern central bank mandates, that is, their key objectives. Again, there are commonalities and differences across central banks. Three key mandates are discussed: monetary stability, financial stability, and (particularly in the case of the United States) full employment.
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