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Making a modern central bank : the Bank of England 1979-2003 / Harold James.
Lippincott Library HG2994 .J296 2020
Available
- Format:
- Book
- Author/Creator:
- James, Harold, 1956- author.
- Series:
- Studies in macroeconomic history
- Language:
- English
- Subjects (All):
- Bank of England.
- Banks and banking, Central--Great Britain--History.
- Banks and banking, Central.
- Finance--Great Britain.
- Finance.
- History.
- Great Britain.
- Globalization--Economic aspects.
- Globalization.
- Bank of England--History.
- Genre:
- History.
- Physical Description:
- xxiii, 543 pages : illustrations ; 24 cm.
- Place of Publication:
- Cambridge, United Kingdom ; New York, NY : Cambridge University Press, 2020.
- Summary:
- "Making a Modern Central Bank examines a revolution in monetary and economic policy. This authoritative guide explores how the Bank of England shifted its traditional mechanisms to accommodate a newly internationalized financial and economic system. The Bank's transformation into a modern inflation-targeting independent central bank allowed it to focus on a precisely defined task of monetary management, ensuring price stability. The reframing of the task of central banks, however, left them increasingly vulnerable to financial crisis. James vividly outlines and discusses significant historical developments in UK monetary policy, and his knowledge of modern European history adds rich context to archival research on the Bank of England's internal documents. A worthy continuation of the previous official histories of the Bank of England, this book also reckons with contemporary issues, shedding light on the origins of growing backlash against globalization and the European Union"-- Provided by publisher.
- Contents:
- Machine generated contents note: 1. Introductory
- Money and Banks
- Statutes and Purpose
- The Governance of the Bank of England
- 2. Foreign Fetters
- Humiliation
- The Abolition of Exchange Control
- 3. The Performance of the UK Economy
- 4. The Inexplicable in Pursuit of the Uncontrollable: Monetary Strategy
- Responding to Inflation
- The International Sources of Monetarism
- British Monetarism
- The Medium-Term Financial Strategy
- The Treasury and the Bank
- 5. `A Good Deal of Advice': The Battle over Policy Control
- The Exchange Rate
- The Prime Minister's Seminars: The Bank against the Foreigners
- The Appreciation of Sterling and the Questioning of Targets
- Economists and the Bank of England
- The 1981 Budget and a New Approach to Interest Rates
- The Operation of Monetary Policy
- The Bank's Income
- The Exchange Rate Again
- Uncertainty about Monetary Aggregates
- The Falling Exchange Rate
- Overfunding
- Flexible Interpretation
- Leigh-Pemberton as Governor
- The Beginnings of a U-Turn
- 6. The Long Shadow of the Deutschemark: The Exchange Rate Alternative
- The European Background
- The Plaza Moment
- The Louvre and Exchange Rates
- Inflation Worries
- The Political Row over Exchange Rates and Intervention
- Ending the Cap
- Judging Monetary Policy
- 7. Hong Kong: Bank Crises and Currency Crises
- 8. Shaved Eyebrows: Banking and Financial Supervision
- Eyebrows
- International Lending and the Latin American Debt Crisis
- Preparations for Big Bang
- Johnson Matthey Bankers
- A Succession of Small Scandals
- Stability Issues
- Internationalization
- 9. Tunnelling Deep: The Bank and the Management of British Industry
- A History with Industry
- 3i
- Industrial Finance Unit
- Portals
- The Channel Tunnel
- The Bank and Industry
- 10. Great Leap in the Dark: The Bank, the Delors Committee and the Euro
- 11. The Spine Theory and Its Collapse: The ERM and the 1990s Recession
- The Debate about the ERM
- Recession
- Membership of the ERM
- European Interest Rates and Recession
- Instability in the EMS
- The Discussion of Realignment
- Black Wednesday or White Wednesday
- Cost of ERM
- The Longer-Term Legacy
- 12. `You Can't Be In and Out at the Same Time': The Legacy of Delors
- 13. Horses for Courses: The Drive for Independence
- Independence
- Two or Three Purposes
- The End of the ERM and the Search for a New Paradigm
- Rethinking the Bank: Personalities and Design
- A New Governor and an Organizational Revolution
- Inflation Targeting
- Monetary Policy and Debt Management
- Ken and Eddie
- 14. Failure of Internal Communication: The Development of Banking Supervision in the 1990s
- BCCI
- The Small Banks
- Midland
- Barings
- The Plumbing of Finance
- Assessing Financial Surveillance
- 15. The New Bank: A University of Threadneedle Street?
- Independence at Last
- Gold
- Financial Stability
- The Governance of the Bank
- The Financial Stability Committee
- The MPC
- The Performance of the MPC
- 16. Epilogue.
- Notes:
- Includes bibliographical references and index.
- Local Notes:
- Acquired for the Penn Libraries with assistance from the John Lammey Stewart Memorial Library Fund.
- Other Format:
- Online version: James, Harold, 1956- Making a modern central bank
- ISBN:
- 9781108835015
- 1108835015
- 9781108799492
- 1108799493
- OCLC:
- 1149231303
- Publisher Number:
- 99988025333
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