Effectiveness of central banks and their role in the global financial crisis case of selected economies viii sterilization the method by which a central bank prevents balance of payments surpluses or deficits from affecting the domestic money supply source the oxford dictionary for business world. Central banks play a crucial role in ensuring economic and financial stability they conduct monetary policy to achieve low and stable inflation in the wake of the global financial crisis central banks have expanded their toolkits to deal with risks to financial stability and to manage volatile . This study examines the role and performance of central banks in low income countries that have faced a range of domestic and external fragilities aggravated by the global financial crisis that started in the us and other advanced economies. Get this from a library effectiveness of central banks and their role in the global financial crisis author unknown. The current crisis will have far reaching consequences for the role and responsibilities of central banks they will need to pay greater and more symmetric attention to financial considerations in framing their monetary policy they will also need to play an important role in any macroprudential policy framework that is set up even when they are not responsible for detailed implementation
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