The law of central bank reserve creation

This article explores legal and constitutional dimensions of central banks’ powers to create money, ‘central bank reserves’, through monetary policy operations. Despite the prominence of monetary authority since the Financial Crisis, the law supporting the creation of central bank reserves is very o...

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Main Authors: BATEMAN, Will, ALLEN, J.G.
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2022
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Online Access:https://ink.library.smu.edu.sg/sol_research/4013
https://ink.library.smu.edu.sg/context/sol_research/article/5971/viewcontent/Modern_Law_Review___2021___Bateman___The_Law_of_Central_Bank_Reserve_Creation.pdf
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spelling sg-smu-ink.sol_research-59712022-12-12T04:15:22Z The law of central bank reserve creation BATEMAN, Will ALLEN, J.G. This article explores legal and constitutional dimensions of central banks’ powers to create money, ‘central bank reserves’, through monetary policy operations. Despite the prominence of monetary authority since the Financial Crisis, the law supporting the creation of central bank reserves is very obscure, as is the role of law in structuring constitutional authority over money. We de-mystify those important matters in three steps. First, we explain, for a legal audience, the role of central bank reserves in the financial system and broader economy. Secondly, we analyse the legal basis for the creation of central bank reserves in three prominent ‘North Atlantic’ monetary jurisdictions: the US Dollar, Euro and Sterling systems. Thirdly, we show how the legal structure of central banking intermediates the constitutional state's authority over money through parts of the financial system, focusing on high-profile policy proposals, including ‘QE for the people’, and the creation of central bank digital currencies. 2022-03-01T08:00:00Z text application/pdf https://ink.library.smu.edu.sg/sol_research/4013 info:doi/10.1111/1468-2230.12688 https://ink.library.smu.edu.sg/context/sol_research/article/5971/viewcontent/Modern_Law_Review___2021___Bateman___The_Law_of_Central_Bank_Reserve_Creation.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection Yong Pung How School Of Law eng Institutional Knowledge at Singapore Management University Banking and Finance Law
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic Banking and Finance Law
spellingShingle Banking and Finance Law
BATEMAN, Will
ALLEN, J.G.
The law of central bank reserve creation
description This article explores legal and constitutional dimensions of central banks’ powers to create money, ‘central bank reserves’, through monetary policy operations. Despite the prominence of monetary authority since the Financial Crisis, the law supporting the creation of central bank reserves is very obscure, as is the role of law in structuring constitutional authority over money. We de-mystify those important matters in three steps. First, we explain, for a legal audience, the role of central bank reserves in the financial system and broader economy. Secondly, we analyse the legal basis for the creation of central bank reserves in three prominent ‘North Atlantic’ monetary jurisdictions: the US Dollar, Euro and Sterling systems. Thirdly, we show how the legal structure of central banking intermediates the constitutional state's authority over money through parts of the financial system, focusing on high-profile policy proposals, including ‘QE for the people’, and the creation of central bank digital currencies.
format text
author BATEMAN, Will
ALLEN, J.G.
author_facet BATEMAN, Will
ALLEN, J.G.
author_sort BATEMAN, Will
title The law of central bank reserve creation
title_short The law of central bank reserve creation
title_full The law of central bank reserve creation
title_fullStr The law of central bank reserve creation
title_full_unstemmed The law of central bank reserve creation
title_sort law of central bank reserve creation
publisher Institutional Knowledge at Singapore Management University
publishDate 2022
url https://ink.library.smu.edu.sg/sol_research/4013
https://ink.library.smu.edu.sg/context/sol_research/article/5971/viewcontent/Modern_Law_Review___2021___Bateman___The_Law_of_Central_Bank_Reserve_Creation.pdf
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