Introduction

Since their establishment, central banks have been the key organizations in the political economy of states. The onset of the global financial crisis since 2008 has solidified the essential role central banks play. The unconventional measures of advanced industrialized states have occupied the debates within the news and academic research. In comparison, the crucial role central banks play in emerging economies has received much less attention in the academic literature. This volume aims to bring the emerging economies back to the debates on central banking. This introductory chapter sets the stage for our book by briefly examining the central banking paradigms that have shaped the history of central banking, the previous studies on the political economy of central banking in emerging economies, and the critical debates on central banking in the academic literature.