Abstract

Central banks are institutions endowed with policy-making and regulation functions, but structured as for-profit companies both on a financial and, often, a legal point of view. This unusual institutional framework is emphasized by the presence of private shareholders in the capital of some of the most relevant central banks of the world. The aim of this study is to investigate the role of capital in central banks and the impact that the relationship with public and private stakeholders has on the financial structure and the net income appropriation schemes of these institutions.