The Central Bank Policy: Theory and Practice (Book Excerpt) - Bank Sentral Republik Indonesia
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02 Oktober 2020
The Central Bank Policy: Theory and Practice (Book Excerpt)
Book Excerpt. Reprinted from “The Central Bank Policy: Theory and Practice”, copyright ©2016 by Perry Warjiyo and Solikin M. Juhro, Bank Indonesia. Indonesian version published by Rajagrafindo (1st printing 2016; 2nd printing 2017). English version is 2018, Forthcoming.
Perry Warjiyo
Bank Indonesia
Solikin M. Juhro
Bank Indonesia - Bank Indonesia Institute
This book aims to analyse various policy theories and practices applied by central banks as well as the institutional arrangements underlying the principles of good governance in terms of policymaking. In other words, this book explores the synthesis between theories, practices and institutional arrangements that underlie central bank policy. The discussion focuses on philosophical conceptual theories and the policies themselves, supported by relevant quantitative analyses as required along with various issues and the latest problems as they emerge. This book aims to bridge central bank policy theories and practices at the intermediate and advanced levels, which, according to the authors, is currently lacking and, therefore, will provide an invaluable contribution to the world of knowledge.
The goal is to produce a reference book on central bank policy theories and practices in order to advance the understanding and insight of policymakers and practitioners, as a study resource for researchers and academic teaching materials for teachers and students. To that end, the material discussed and contained in this book represents a combination of three perspectives. Firstly, a philosophical review and quantitative analysis of the theories underlying central bank policymaking. Secondly, the policy practices employed by central banks in various jurisdictions, including Indonesia. And thirdly, a study on the influence and implications of central bank policies and regimes to economic, monetary and financial development in the countries concerned. The various empirical studies presented substantively explain and enrich the three dynamic perspectives.
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