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Full-Text Articles in Law
The Role Of Central Banks In Global Austerity, Timothy A. Canova
The Role Of Central Banks In Global Austerity, Timothy A. Canova
Indiana Journal of Global Legal Studies
The literature on austerity, by scholars and policymakers alike, has largely downplayed the important role of central banks in designing and implementing global austerity both before and since the 2008 financial crisis. This article considers how and why the world's leading central banks display an inherent bias toward austerity. As central banks have become increasingly influenced and even captured by large private banks and financial institutions, they have pursued policy agendas that favor those same private interests. The structure of the U.S. Federal Reserve suggests a central bank that has been captured by design and is rife with inherent conflicts …
The Federal Reserve As Last Resort, Colleen Baker
The Federal Reserve As Last Resort, Colleen Baker
University of Michigan Journal of Law Reform
The Federal Reserve, the central bank of the United States, is one of the most important and powerful institutions in the world. Surprisingly, legal scholarship hardly pays any attention to the Federal Reserve or to the law structuring and governing its legal authority. This is especially curious given the amount of legal scholarship focused on administrative agencies that do not have anywhere near as critical a domestic and international role as that of the Federal Reserve. At the core of what the Federal Reserve does and should do is to conduct monetary policy so as to safeguard pricing, including that …
Europe: A Single Currency And A Single Central Bank?, Hugo J. Hahn
Europe: A Single Currency And A Single Central Bank?, Hugo J. Hahn
Michigan Journal of International Law
This article follows the address delivered by the author in French at the Founding Assembly of the European Society for Banking and Financial Law in Paris on Nov. 5, 1988.