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2022 | OriginalPaper | Chapter

1. Introduction

Author : Raluca Iacob

Published in: Blind Spots in the Spotlight

Publisher: Springer International Publishing

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Abstract

This book examines the changes in the communication of the National Bank of Romania (NBR) during the 2008 crisis. To x-ray these changes, we looked at the perspective of the representatives of the central bank, of the specialized public, of the general public, and of the media on how the NBR communicated publicly during the Great Recession.

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next chapter Public Communication of Central Banks: Theoretical Perspectives

Against the background of financial globalization, governments have created a number of institutional and cooperation mechanisms, known as International Financial Architecture (IFA). According to Bourne (2016), IFA opened the era of “radical transparency” in which the central bank also has an important word to say, “a state’s most influential storyteller” (Bourne, 2016, p. 35).

“Radical uncertainty refers to uncertainty so profound that it is impossible to represent the future in terms of a knowable and exhaustive list of outcomes to which we can attach probabilities” (King, 2016, p. 9).

“Financial stability can be defined as a condition in which the financial system—which comprises financial intermediaries, markets, and market infrastructures—is capable of withstanding shocks and the unravelling of financial imbalances. This mitigates the prospect of disruptions in the financial intermediation process that are severe enough to adversely impact real economic activity” (European Central Bank, 2020).

Bourne, C. (2016). Trust, power and public relations in financial markets. Taylor & Francis.CrossRef

Capie, F., Fischer, S., Goodhart, C., & Schnadt, N. (2019). Viitorul băncilor centrale. SIMPOZIONUL TRICENTENARULUI BĂNCII ANGLIEI. Curtea Veche.

Ciocca, P. (2016). Stabilising capitalism. A greater role for central banks. Palgrave Macmillan.

Dumiter, F. C. (2014). Central Bank independence, transparency and accountability indexes: A survey. Timisoara Journal of Economics and Business, 7(1), 35–54. Retrieved from https://ideas.repec.org/a/wun/timjeb/tjebv07y2014i01a02.htmlCrossRef

Égert, B. (2006). Central bank interventions, communication and interest rate policy in emerging European economies. CESifo Working Paper, No. 1869. Center for Economic Studies and ifo Institute (CESifo). Retrieved from https://www.econstor.eu/bitstream/10419/25914/1/528735578.PDF

El-Erian, M. A. (2016). The only game in town: Central banks, instability, and avoiding the next collapse. Random House.

Entman, R. M. (2003). Cascading activation: Contesting the White House’s frame after 9/11. Political Communication, 20(4), 415–432. https://doi.org/10.1080/10584600390244176CrossRef

European Central Bank. (2020). What is the quiet period? Retrieved from https://www.ecb.europa.eu/ecb/educational/explainers/tell-me/html/what-is-the_quiet_period.en.html

Greenspan, A. (2007). The age of turbulence: Adventures in a new world. Penguin Press.

Haldane, A. (2016). The great divide. Speech at the New City Agenda Annual dinner. Retrieved from https://www.bankofengland.co.uk/speech/2016/the-great-divide

Haldane, A. (2018). Folk Wisdom. Speech at the100th Anniversary of the Bank of Estonia. Retrieved from https://www.bankofengland.co.uk/-/media/boe/files/speech/2018/folk-wisdom-speech-by-andy-haldane.pdf?la=enșihash=DA3CC381EAC763701787B79E68013BE7BB2D2C52

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Title: Introduction
Author: Raluca Iacob
Publisher: Springer International Publishing
Book: Blind Spots in the Spotlight
Print ISBN: 978-3-031-04066-5

Electronic ISBN: 978-3-031-04067-2

Copyright Year: 2022
DOI: https://doi.org/10.1007/978-3-031-04067-2_1