Author : John Fforde
Publisher : Cambridge University Press
Page : 894 pages
File Size : 38,2 MB
Release : 1992
Category : Business & Economics
ISBN : 9780521391399
In this 1992 book, the official history of the Bank of England was continued into the late wartime and early postwar periods. The author's position as a central banker by trade and a former Executive Director of the Bank put him in an ideal position to carry out this analysis.
Author : William A. Allen
Publisher : Cambridge University Press
Page : 277 pages
File Size : 23,61 MB
Release : 2019-01-03
Category : Business & Economics
ISBN : 1108584306
The Bank of England and the Government Debt recounts the surprising history of the Bank of England's activities in the government securities market in the mid-twentieth century. The Bank's governor, Montagu Norman, had a decisive influence on government debt management policy until he retired in 1944, and established an auxiliary market in government securities outside the Stock Exchange during the Second World War. From the early 1950s, the Bank, concerned about inadequate market liquidity, became an increasingly active market-maker in government securities, rescuing the commercial market-makers in the Stock Exchange several times. The Bank's market-making activities often conflicted with its monetary policy objectives, and in 1971, it curtailed them substantially, while avoiding the damaging effects on liquidity in the government securities market that it had feared. Drawing heavily on archival research, William A. Allen sheds light on little-known aspects of central banking and monetary policy.
Author : G. C. Peden
Publisher : OUP Oxford
Page : 596 pages
File Size : 44,37 MB
Release : 2000-03-02
Category : History
ISBN : 0191542660
This authoritative history of the Treasury provides a new perspective on public policy-making in the twentieth century as it explores the role and functions of the Chancellor of the Exchequer and the consequent implications for the changing role of the Treasury. As the central department in British government, the Treasury plays a key role in decisions on public expenditure, and on raising taxes and loans. Professor Peden traces the development of the Treasury's responsibility for managing the national economy and looks at how it became increasingly involved in international relations from the time of the First World War. In further examining the relations between ministers and their official advisers, this history explores the growing influence of economists in Whitehall.
Author : Forrest Capie
Publisher : Cambridge University Press
Page : pages
File Size : 39,68 MB
Release : 2010-07-20
Category : Business & Economics
ISBN : 1139490125
This history of the Bank of England takes its story from the 1950s to the end of the 1970s. This period probably saw the peak of the Bank's influence and prestige, as it dominated the financial landscape. One of the Bank's central functions was to manage the exchange rate. It was also responsible for administering all the controls that made up monetary policy. In the first part of the period, the Bank did all this with a remarkable degree of freedom. But economic policy was a failure, and sluggish output, banking instability and rampant inflation characterised the 1970s. The pegged exchange rate was discontinued, and the Bank's freedom of movement was severely constrained, as new approaches to policy were devised and implemented. The Bank lost much of its freedom of movement but also took on more formal supervision.
Author : Brian Harrison
Publisher : OUP Oxford
Page : 688 pages
File Size : 19,42 MB
Release : 2009-03-26
Category : History
ISBN : 0191606782
In this, the first of two self-standing volumes bringing The New Oxford History of England up to the present, Brian Harrison begins in 1951 with much of the empire intact and with Britain enjoying high prestige in Europe. The United Kingdom could still then claim to be a great power, whose welfare state exemplified compromise between Soviet planning and the USA’s free market. When the volume ends in 1970, no such claims carried conviction. The empire had gone, central planning was in trouble, and even the British political system had become controversial. In an unusually wide-ranging, yet impressively detailed volume, Harrison approaches the period from unfamiliar directions. He explains how British politicians in the 1950s and 1960s responded to this transition by pursuing successive roles for Britain: worldwide as champion of freedom, and in Europe as exemplar of parliamentary government, the multi-racial society, and economic planning. His main focus, though, rests not on the politicians but on the decisions the British people made largely for themselves: on their environment, social structure and attitudes, race relations, family patterns, economic framework, and cultural opportunities. By 1970 the consumer society had supplanted postwar austerity, the socialist vision was fading, and 'the sixties' (the theme of his penultimate chapter) had introduced new and even exotic themes and values. Having lost an empire, Britain was still resourcefully seeking a role: it had yet to find it.
Author : Douglas J. Forsyth
Publisher : Berghahn Books
Page : 320 pages
File Size : 25,41 MB
Release : 1997-03-01
Category : Political Science
ISBN : 1789204003
During the 1930s and 1940s, and again in the 1970s and 1980s, most European nations, indeed most industrial nations, undertook major changes in macroeconomic policy orientation and financial regulation. The contributors to this volume, historians, political scientists, and economists, identify the forces which drove these major policy shifts, and explore their implications for other areas of economic and social policy.
Author : G. C. Peden
Publisher : Records of Social and Economic
Page : 404 pages
File Size : 22,40 MB
Release : 2004-12-16
Category : Biography & Autobiography
ISBN : 9780197263228
These documents, published here for the first time, present the Treasury's counter-arguments during the period when Keynes was developing the ideas that led to the Keynesian revolution in economic policy. Keynes spent much effort trying to persuade the Treasury to adopt policies designed to raise employment and stabilise prices, and to create an international monetary system that would favour these objectives. His arguments are set out fully in the Royal Economic Society's 30-volume set of The Collected Writings of John Maynard Keynes. In contrast, the views of his Treasury critics have hitherto been much less accessible. Economists and historians have tended to assume that Keynes was right and the Treasury was wrong; this volume shows that the Treasury anticipated the political problems that would be encountered in putting Keynes's ideas into practice. Much of what Keynes published was deliberately polemical: he believed that words should be 'a little wild', for they were 'the assault of thought on the unthinking'. Treasury officials were by no means as unthinking as Keynes tended to portray them, and they had a coherent and intellectually respectable understanding of public finance. Ministers in the inter-war period and early in the Second World War were sensitive to the use that political opponents might make of Keynes's arguments; officials had to provide counter-arguments, and in doing so they revealed much about their views on economics and public finance. Once Keynes became an adviser to the Chancellor of the Exchequer in 1940, the debate became internal to the Treasury, but officials continued to subject Keynes's ideas to critical analysis. The documents in this volume show Treasury responses to Keynes on a range of issues crucial to understanding the period and the context of the Keynesian revolution in public policy. The topics covered include: the return to the gold standard; the use of public expenditure to cure unemployment in the inter-war period; how to avoid inflation in the war; planning for the post-war international economy; and the 1944 white paper on employment policy. This edition is an essential tool for the study of a formative period of British history and a great intellectual debate.
Author : Einar Lie
Publisher : Oxford University Press, USA
Page : 337 pages
File Size : 38,98 MB
Release : 2020-04-23
Category : Business & Economics
ISBN : 0198860013
Norges Bank has been an integrated part of Norwegian economic development from the complicated birth of the new nation-state after the Napoleonic wars to the present nouveau-richness of the Norwegian oil economy. This book traces its 200-year history, focusing on its relations with political institutions that have shaped and reshaped the bank's role since its establishment in 1816. In the first fragile years of the new nation, Norges Bank took centre stage in the discussion on how to reconstruct a collapsed monetary system, and how trust and resources should support the core financial function of the State apparatus. The financial and political role of the bank came to the fore from the late 1800s and peaked during the turbulent interwar years of the 1920s, after which the bank became the foremost defender of the monetary order and the gold standard, in bitter conflict with the emerging Labour Party. The blow that the Second World War delivered to central bank independence left the bank firmly subordinated to the Ministry of Finance. Not until 1986 was larger autonomy in monetary policy granted, and since then the bank's weight and responsibilities have continued to expand with its position as manager of the Norwegian oil fund. The bank's role has been largely defined by perceptions of what kind of financial services Norway needed, how economic policy was coordinated, and how discretionary power was distributed between the elected bodies, the executive branch, and underlying institutions with a defined mandate. The central aim of this book is to trace and explain these changes over the past two centuries.
Author : Catherine Ruth Schenk
Publisher : Psychology Press
Page : 180 pages
File Size : 36,74 MB
Release : 1994
Category : Business & Economics
ISBN : 041509772X
To complement current work on the British domestic economy in the post-war period it is necessary to examine external economic policy. Whilst considerable work has been done on Britain's relations with Europe and with America, the complexities of the sterling area have remained obscure. This volume makes a significant contribution to unravelling the strands of British external economic policy in the post-war period.
Author : Anthony C. Hotson
Publisher : Cambridge University Press
Page : 309 pages
File Size : 46,92 MB
Release : 2017-06-15
Category : Business & Economics
ISBN : 1108191207
The financial collapse of 2007–8 has questioned our assumptions about the underlying basis for stability in the financial system, and Anthony Hotson here offers an important reassessment of the development of London's money and credit markets since the great currency crisis of 1695. He shows how this period has seen a series of intermittent financial crises interspersed with successive attempts to find ways and means of stabilizing the system. He emphasises, in particular, the importance of various principles of sound banking practice, developed in the late nineteenth century, that helped to stabilize London's money and credit markets. He shows how these principles informed a range of market practices that limited aggressive forms of funding, and discouraged speculative lending. A tendency to downplay the importance of these regulatory practices encouraged a degree of complacency about their removal, with consequences right through to the present day.
