A evolução dos bancos centrais e seus desafios no contexto da globalização financeira

Abstract

This article analyses, adopting a Post Keynesian approach, the historical evolution of central banks, and discusses the theoretical foundations that make necessary the existence of central banks and banking regulations. The paper attempts to demonstrate that central banks are products of capitalism’s historical and institutional development rather than a State “invention”, and that its’ functions have appeared and developed in an interconnected way. The article also intends to examine the contradictions between two important central bank functions ^__ monetary control and lending of last resort ^__  and the challenges central banks are currently facing.