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RBA Glossary definition for central bank

central bank – A non-commercial bank, which may or may not be independent of government, which has some or all of the following functions: conduct monetary policy; oversee the stability of the financial system; issue currency notes; act as banker to the government; supervise financial institutions and regulate payments systems.

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Proposals for Government Note Issue and the Development of a Central Bank

31 Dec 2001 RDP 2001-07
Bryan Fitz-Gibbon and Marianne Gizycki
Proposals for Government Note Issue and the Development of a Central Bank. ... The Act to establish the Commonwealth Bank, passed in 1911, was a compromise between those pressing for a central bank to smooth the operation of a system of private banks and
https://www.rba.gov.au/publications/rdp/2001/2001-07/proposals-for-government-note-issue-and-the-development-of-a-central-bank.html

A History of Last-resort Lending and Other Support for Troubled Financial Institutions in Australia

1 Oct 2001 RDP 2001-07
Bryan Fitz-Gibbon and Marianne Gizycki
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/2001/2001-07.html

A History of Last-Resort Lending and Other Support for Troubled Financial Institutions in Australia

1 Oct 2001 RDP 2001-07
Bryan Fitz-Gibbon and Marianne Gizycki
Any remaining errors are our own. The views expressed are those of the authors and should not be attributed to the Reserve Bank of Australia. ... Reserve Bank of Australia, 2001–2024. All rights reserved. The Reserve Bank of Australia acknowledges the
https://www.rba.gov.au/publications/rdp/2001/2001-07/

Introduction

31 Dec 2001 RDP 2001-07
Bryan Fitz-Gibbon and Marianne Gizycki
The twentieth century saw just three Australian banks suspend payment. Direct loans from the central bank have only been provided twice: once as a last-resort loan and once to smooth ... In addition, indirect last-resort lending, where the central bank
https://www.rba.gov.au/publications/rdp/2001/2001-07/introduction.html

The 1930s Depression

31 Dec 2001 RDP 2001-07
Bryan Fitz-Gibbon and Marianne Gizycki
Although the tendency of recently established central banks is to extend the types of security eligible as the basis of central bank assistance, it is clear that it is customary for ... The Royal Commission also recommended that the Commonwealth Bank be
https://www.rba.gov.au/publications/rdp/2001/2001-07/1930s-depression.html

The Post-war Period

31 Dec 2001 RDP 2001-07
Bryan Fitz-Gibbon and Marianne Gizycki
Several banks had virtually abandoned liquidity management and relied on the central bank for their day-to-day cash needs. ... This left the central bank to focus on cyclical and last-resort liquidity.
https://www.rba.gov.au/publications/rdp/2001/2001-07/post-war-period.html

References

31 Dec 2001 RDP 2001-07
Bryan Fitz-Gibbon and Marianne Gizycki
Coombs H (1931), The Development of the Commonwealth Bank as a Central Bank, Master of Arts thesis, University of Western Australia. ... Giblin L (1951), The Growth of a Central Bank, the Development of the Commonwealth Bank of Australia 1924–1945,
https://www.rba.gov.au/publications/rdp/2001/2001-07/references.html

Conclusion

31 Dec 2001 RDP 2001-07
Bryan Fitz-Gibbon and Marianne Gizycki
Some, such as Mishkin (1998), posit that central banks should adopt a rules-based approach to combat moral hazard. ... During the twentieth century, the central bank has preferred to make the provision of last-resort support contingent on conditions in
https://www.rba.gov.au/publications/rdp/2001/2001-07/conclusion.html

The 1970s

31 Dec 2001 RDP 2001-07
Bryan Fitz-Gibbon and Marianne Gizycki
Following a boom in lending by banks and non-bank financial institutions, the Reserve Bank tightened monetary policy in 1973. ... At the height of the squeeze, borrowings from the central bank peaked at $353 million (more than 3 per cent of bank deposits)
https://www.rba.gov.au/publications/rdp/2001/2001-07/1970s.html

The Deregulated Era

31 Dec 2001 RDP 2001-07
Bryan Fitz-Gibbon and Marianne Gizycki
the function of a central bank to ensure a sufficient availability of liquidity to preclude a financial crisis stemming from a loss of confidence in the capacity of viable financial institutions ... The report argued that provision of liquidity support
https://www.rba.gov.au/publications/rdp/2001/2001-07/deregulated-era.html