Stabilising Capitalism A Greater Role for Central Banks

The role of central banks as a hinge on which the financial system rests has returned to the top of the political agenda in recent years. The global financial crisis has resulted in many changes for central banks, including renewed power in financial supe

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Elisa Menicucci FAIR VALUE ACCOUNTING Key Issues arising from the Financial Crisis Anna Omarini RETAIL BANKING Business Transformation and Competitive Strategies for the Future Yomi Makanjuola BANKING REFORM IN NIGERIA FOLLOWING THE 2009 FINANCIAL CRISIS Ted Lindblom, Stefan Sjogren and Magnus Willeson (editors) GOVERNANCE, REGULATION AND BANK STABILITY Financial Systems, Markets and Institutional Changes Gianluca Mattarocci ANOMALIES IN THE EUROPEAN REITS MARKET Evidence from Calendar Effects Joseph Falzon (editor) BANK PERFORMANCE, RISK AND SECURITIZATION Bank Stability, Sovreign Debt and Derivatives Josanco Floreani and Maurizio Polato THE ECONOMICS OF THE GLOBAL STOCK EXCHANGE INDUSTRY Rym Ayadi and Sami Mouley MONETARY POLICIES, BANKING SYSTEMS, REGULATION AND GROWTH IN THE SOUTHERN MEDITERRANEAN

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Stabilising Capitalism A Greater Role for Central Banks Pierluigi Ciocca Accademia Nazionale dei Lincei, Italy

© Pierluigi Ciocca 2015 Softcover reprint of the hardcover 1st edition 2015 978-1-137-55550-2 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2015 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978-1-349-57314-1 ISBN 978-1-137-55551-9 (eBook) DOI 10.1057/9781137555519 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manu