Central banks were not always as ubiquitous as they are today. Their
functions were circumscribed, their mandates ambiguous, and their
allegiances once divided. The inter-war period saw the establishment of
twenty-eight new central banks - most in what are now called emerging
markets and developing economies. The Emergence of the Modern Central
Bank and Global Cooperation provides a new account of their experience,
explaining how these new institutions were established and how doctrinal
knowledge was transferred. Combining synthetic analysis with national
case studies, this book shows how institutional design and monetary
practice were shaped by international organizations and leading central
banks, which attached conditions to stabilization loans and dispatched
'money doctors.' It highlights how many of these arrangements fell
through when central bank independence and the gold standard collapsed.