This new book , by drawing on a range of experiences from central banks around the world, aims to fill this gap by providing a guide to the management challenges at both a strategic and day-to-day level and how in practice central bankers have changed their organisations. Expert authors draw out the lessons from central banks that have successfully reformed their management styles, cultures and processes to achieve focus and generate value.
Chapters focus on the re-evaluation of functions, the value and demands of transparency, the role of the board, strategic planning, performance measurement and reward, IT, activity-based costing and zero-based budgeting, outsourcing, rightsizing and restructuring, risk management, reporting results, data collection, managing the monetary-policy making process and delivering currency services.
Authors include senior current and former central bankers from the European Central Bank, Bank of England, Sveriges Riksbank, Bank of Canada, Reserve Bank of New Zealand, Deutsche Bundesbank, Central Bank of Brazil, Norges Bank, South African Reserve Bank and the Central Bank of Sri Lanka.
This book is published at a momentous time for the profession of central banking. The financial crisis that began in 2007 had, by the time of writing, become acknowledged as the biggest economic upheaval in living memory.
As countries slip into recession, record government deficits, state ownership and close-to-zero interest rates were fast becoming common place, at least in the developed world. Central Banks faced unprecedented policy and operational challenges
This book considers how central banks as institutions can organize themselves and marshal their resources to best meet the challenges of this crisis
Drawing on experiences from central banks around the world this book aims to provide a window into management at both a strategic and day-to-day level and show how central bankers can and have changed their organisations
- Publish date
- 16 Nov 2009
- 170mm x 245mm
Table of contents
List of abbreviations xvii
About the authors xix
I GOVERNANCE & OBJECTIVES
1. Managing central banks for tomorrow – practical challenges
2. Re-evaluating functions: what should a central bank do?
3. What is the role of the board in a central bank?
4. Effective reporting: a management commentary for central banks
5. “For Sweden – with the times”
6. A survey of central bank management practices
Malan Rietveld and John Mendzela
II KEY TOOLS & METHODS
7. A zero-based approach to reviewing outputs and resources
8. Towards new ways of working, organising and resourcing
9. Strategic management: a tool for change
François Van Zyl
10. Performance measurement and management: Canada’s portfolio approach
Keltie Donohue and Janet Cosier
11. A framework for IT governance
12. Activity-based cost system: a case study
III DELIVERING VALUE
13. What is the role of central banks in currency supply?
14. Organising economists in a central bank
15. The management of data collection
16. Rightsizing: the case of Sri Lanka
17. Ten theses on operational risk
18. Crisis communication
19. Outsourcing IT at Norges Bank
20. Restructuring: the Deutsche Bundesbank experience
Appendix 1 Draft management commentary
Appendix 2 Survey questionnaire