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The Law of Central Bank Reserve Creation
Modern Law Review ( IF 1.540 ) Pub Date : 2021-10-18 , DOI: 10.1111/1468-2230.12688
Will Bateman 1 , Jason Allen 2
Affiliation  

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.

中文翻译:

中央银行储备创造法

本文探讨了中央银行通过货币政策操作创造货币(“中央银行储备”)权力的法律和宪法层面。尽管自金融危机以来货币权威的重要性,支持建立中央银行准备金的法律非常模糊,法律在构建宪法对货币的权威方面的作用也是如此。我们通过三个步骤来揭开这些重要问题的神秘面纱。首先,我们向法律受众解释中央银行准备金在金融体系和更广泛的经济中的作用。其次,我们分析了在三个著名的“北大西洋”货币管辖区建立中央银行储备的法律基础:美元、欧元和英镑体系。第三,我们展示了中央银行的法律结构如何成为宪政国家的中介。
更新日期:2021-10-18
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