Dow S (2020) Money Finance And The Role Of The State. In: Dunn B (ed.) A Research Agenda for Critical Political Economy. Elgar Research Agendas. Cheltenham: Edward Elgar, pp. 47-60. https://www.e-elgar.com/shop/gbp/a-research-agenda-for-critical-political-economy-9781789903065.html
The purpose of this chapter is to reflect on issues of monetary, financial, economic and social stability and the role of the state. The discussion is informed by the experience of the recent crisis and ensuing debates over how to make the system more robust. In particular we consider the role of the state in supporting banking, and proposals for a central bank monopoly of money, including proposals for central bank digital currencies. We then consider issues surrounding the form and function of monetary policy; the independence of central banks; the role of regulation in promoting financial stability against a background of financial innovation; and finally the role of central banks in promoting social stability, including addressing climate change.
money; central banking; financial stability