This updated edition explores the viewpoint of emerging economies and virtually no important aspect of central banking is left out of this complete reference. Noting that the global economic and financial crisis that emerged in 2007 and 2008 remains unresolved on a sustainable basis, this work...

The economic crisis that began in 2007 and still lingers has invited comparison with the Great Depression of the 1930s. It has also generated renewed interest in Milton Friedman and Anna Schwartz's explanation of the latter as mainly the consequence of the Fed's failure as a lender of last...