wd (1989) and Goodhart (1985) agree that no overriding need exists to stabilize currency values or assure the convertibility of bank issues through central bank (governmental) intervention.
Goodhart (1985) has little to say on the role assigned to central banking in some countries (Canada is a good example) of promoting macroeconomic objectives related to growth and stability. Dowd (1989), in contrast, accepts Milton Friedman's contention that the role of central banking exacerbates macroeconomic problems, as opposed to assuring macroeconomic stability and growth. Consequently, Dowd (1989) argues strongly for the dissolution of central banks. While Dowd (1989) accepts the Frie
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