Evolution of Central Banking: Theory and History

Stefano Ugolini is Assistant Professor of Economics at the University of Toulouse.

• 1. Introduction.- 2. The Payments System.- 3. Lending of Last Resort and Supervision.- Issuing Money.- 5. Monetary Policy.- 6. Conclusions

“I would … recommend this book as a central reference to evolutionary economists (and evolutionary institutionalists, by extension) to make more thoughts on and build analytical models of central banking functions from an evolutionary point of view.” (Burak Erkut, Journal of Evolutionary Economics, July 4, 2020)“The approach taken is a fresh one and will be useful, especially to scholars who are interested in specific areas where central banks have played an important role in economic development over time.” (Pierre Siklos, EH Net, eh.net, November, 2019)“The Evolution of Central Banking is an outstanding volume representing both a high-quality research study in history of economics and an incredibly useful, clear and informative book of monetary political economy that can be illuminating for any person interested in how money and its institutions actually work. … The text is well written and widely accessible to both researchers and students.” (Stefano Solari, History of Economic Thought and Policy, Issue 2, 2018)​