 |  Money and Capital Markets: Financial Institutions and Instruments in a Global Marketplace, 8/e Peter Rose,
Texas A & M University
The Roles and Services of the Federal Reserve and Other Central Banks Around the World
Chapter Objectives
| You will explore the many different roles played and the functions performed by
central banks around the world. |
| | | | You will see how and why the Federal Reserve System came to be established as
the U.S. central bank. |
| | | | You will examine how the Federal Reserve System is organized to carry out the
many tasks it must perform, not only domestically but also as part of the global
financial system. |
| | | | You will discover how important central bank independence from the dictates of
governments is in designing and carrying out an effective central banking
(monetary) policy. |
| | | | You will understand the concept of legal reserves and how actions taken by the
U.S. central bank, the Federal Reserve System, influence the level and growth of
legal reserves. |
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2003 McGraw-Hill Higher Education