Project description
A historical look at central bank independence
Most central banks across advanced economies can conduct monetary policy independently from interference by fiscal and political authorities. Following the financial crisis, however, central banks in many countries were also tasked with formulating measures of ‘unconventional’ monetary policy. The EU-funded EUROCBH project will focus on the central banks in France and Italy from the 19th century to World War II. Specifically, it will investigate the role of the central bank in fostering long-term investment and absorbing economic (and financial) shock in Italy and France. The project will consider the long-term and targeted lending as well as massive purchase of government bonds as ‘unconventional’ measures of the central bank. Researchers will also compare the central banking experimentations of these two countries.
Objective
"Will central bank independence continue? In economic literature, there is a large consensus that the optimal statute for a central bank should be founded on the principles of independence and price stability. Over the past 30 years, most central banks across the advanced economies have been given the ability to conduct monetary policy independently from interference by fiscal and political authorities. In the post financial crisis era, however, central banks in many countries have been entrusted with the formulation of measures of ‘unconventional’ monetary policy going beyond their traditional mandates. Historical evidence reminds us that for many decades and especially after crises central banks have been heavily involved in industrial finance and the holding of government debt, but in ways that are often ignored. This was at least the case in France and Italy.
The aim of EUROCBH (Europe and Its Central Banks: Lessons from History) is to place the question of the independence of the central bank in a historical perspective, shedding light on the evolution of the Bank of France and the Bank of Italy from the late 19th century to WWII.
The activity of EUROCBH will be organized around four main research questions:
1) What was the role of the the central bank in fostering long-term investment and absorbing economic (and financial) shock in Italy and France?
I will look at long term and targeted lending, and massive purchase of government bonds as ""unconventional” measure of the central bank.
This is the main question to which the others are all connected.
2) What were the similarities and the differences between the central banking experimentations of these two countries?
3) What we can learn from the comparison?
Overall the project will lead to a better knowledge of central banking in the past, which is also expected to help understanding the re-opened debate surrounding the legitimacy, and the precise scope of central bank independence after the crisis."
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
You need to log in or register to use this function
We are sorry... an unexpected error occurred during execution.
You need to be authenticated. Your session might have expired.
Thank you for your feedback. You will soon receive an email to confirm the submission. If you have selected to be notified about the reporting status, you will also be contacted when the reporting status will change.
Keywords
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Project’s keywords as indicated by the project coordinator. Not to be confused with the EuroSciVoc taxonomy (Fields of science)
Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
-
H2020-EU.1.3. - EXCELLENT SCIENCE - Marie Skłodowska-Curie Actions
MAIN PROGRAMME
See all projects funded under this programme -
H2020-EU.1.3.2. - Nurturing excellence by means of cross-border and cross-sector mobility
See all projects funded under this programme
Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
MSCA-IF - Marie Skłodowska-Curie Individual Fellowships (IF)
See all projects funded under this funding scheme
Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) H2020-MSCA-IF-2019
See all projects funded under this callCoordinator
Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
75014 Paris
France
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.