Central Banking in the 21st Century
As is the case with most inventions, the modern-day configuration of the banking system would certainly not be recognised by the 17th century pioneers of central banking. Also, the complexity of today’s global financial architecture would definitely have been outside the realm of their collective imagination. Yet, the fundamental concept of sound or debased money has hardly changed. Therefore, Plus ça change, plus c’est la même chose, to borrow the epigram attributed to Frenchman Jean-Baptiste Alphonse Karr. That is, The more things change, the more they stay the same.
KeywordsForeign Direct Investment Monetary Policy Central Bank Banking Sector Capital Flow
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