【文章內(nèi)容簡介】 of issue or as national such banks of issue acquired other functions, duties and powers, the term “central bank” came to be generally used and to have a more or less standardized are three basic functions for the central , the responsibility of a central bank is the formulation and execution of monetary policy, with the twin goals of promotion of price stability at home and stimulation of genuine growth of goals are still the core of central bank important responsibility of the central bank is the supervision of participation in supervision, to a certain degree, of the member banks and financial sound banking and financial structure is crucial to an effective monetary in the health and soundness of the banking and financial system will facilitate the mobilization of social savings which, in turn, will be used in productive investment, thus promoting economic third major function of the central bank is the supervision of the clearing reliable clearing mechanism which can settle interbank transaction with high efficiency is crucial to a welloperated financial speaking, the greater the independence of the central bank, the less likely it will bee the target of shortterm political central bank under direct regular government control seems inevitable to carry out a relaxed credit policy, especially at a time of approaching is even worse, it directly provides capital to cover the government39。s these policies may be a remedy to the critical situation of some shortterm problems, they will in the end produce an upward swing and lead to an inevitable tightening of credit in the is also conducive to the central bank in its execution of the supervisory responsibility and makes it possible for the central bank to resist the pressure for relaxing or tightening regulation standard, depending on inwhich direction the political wind 39。s Federal Reserve Board and the Bank of Japan(BOJ)are the most two important central banks in the world, steering the monetary policies of a pair of economies which together account for more than half of the industrial world39。s is better equipped to do the job? And which, in fact, is doing it better?The answer to both questions should be the meddling is a notorious enemy of sound money, and the Fed, in theory, is freer from that than is the Fed is one of the world39。s most independent central the Group of Seven, it is usually ranked second only to the is run by a board of seven governors, appointed by the American chairman, also picked by the president, has a fouryear renewable other six have14year terms, one of them retiring every two a governor retires early, his successor takes over what is left of his a new occupant of theWhite House cannotinstantly stack the Fed board with his own board sets the Fed39。s discount the Fed39。s real policymaking body is the Federal Open Market Committee(FOMC).Through openmarket operations, it fixes the federalfunds rate(the rate at which banks lend to one another)and decides monetarygrowth FOMC consists of the seven board members, each with one vote, plus the12 presidents of the district Federal Reserve banks, only five of whom can vote at any one president of the Federal Reserve Bank of New York has a permanent vote, the remaining four votes are shared among the other presidents in rotation, for oneyear 12 are not chosen by the president, but by private citizens on the boards of their banks, subject to the approval of the Fed appearance, the Bank of Japan is less operates under the BOJ Law of 1942, which placed it firmly under government control and gave the minister of finance the right to overrule BOJ 1949 amendment, however, set up a Policy Board as the top decisionmaking has seven have voting rights: the governor(appointed by the cabinet for a fiveyear term)and one representative apiece of Japan39。s “city” banks, regional banks, industry and agriculture(all appointed for fouryear terms).The two nonvotes e from the Ministry of Finance and the Economic Planning board sets the discount openmarket operations to steer moneymarket rate are decided by an Executive Committee, equivalent to the consists of the governor, the deputy governor and seven BOJ executive directors, appointed by the minister of , on the face of the law, it is unclear who really holds the monetary , the Policy Board takes the the finance minister can overrule relationship between the bank and the ministry is therefore often Fed, it thus seems, has all the has no government officials on its board, and members of that board have, at least in theory, much longer terms of all the members of its key policymaking body, the FOMC, are even appoi