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Studies in Macroeconomic History Ser.: Bank of England and the Government Debt : Operations in the Gilt-Edged Market, 1928-1972 by William A. Allen (2019, Hardcover)
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Drawing heavily on archival research, William A. Allen sheds light on little-known aspects of central banking and monetary policy. Drawing heavily on the archives and daily ledgers of the Bank of England, William A. Allen presents a specialized and revealing study of the practice and governance of British monetary policy.
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Product Identifiers
PublisherCambridge University Press
ISBN-10110849983X
ISBN-139781108499835
eBay Product ID (ePID)26038739333
Product Key Features
Number of Pages274 Pages
LanguageEnglish
Publication NameBank of England and the Government Debt : Operations in the Gilt-Edged Market, 1928-1972
Publication Year2019
SubjectBanks & Banking, Public Finance, Economics / Macroeconomics, Money & Monetary Policy
TypeTextbook
AuthorWilliam A. Allen
Subject AreaBusiness & Economics
SeriesStudies in Macroeconomic History Ser.
FormatHardcover
Dimensions
Item Height0.7 in
Item Weight18.4 Oz
Item Length9.3 in
Item Width6.2 in
Additional Product Features
Intended AudienceScholarly & Professional
LCCN2018-039870
TitleLeadingThe
Dewey Edition23
ReviewsAdvance praise: 'This is the fascinating story of how the Bank of England deployed its huge powers in the gilt-edged market for nearly half a century. If you want to know why Parliamentary scrutiny of the Bank of England matters today, this book provides some instructive history. If you want to know what was really going on in monetary policy and government debt management before, during and after the war, it is an essential read.' Andrew Tyrie, former Chair of the Parliamentary Commission on Banking Standards and of the Treasury Select Committee
IllustratedYes
Dewey Decimal332.1109420904
Table Of Content1. Introduction; 2. Price and quantity discovery, market making and liquidity in the gilt market; 3. Government securities and the structure of the Stock Exchange; 4. Government debt management before 1928; 5. The gilt market and the Issue Department 1928-39; 6. Government debt management and the gilt market in the Second World War; 7. Post-War: 1945-51; 8. The gilt market from the reactivation of monetary policy until 1960; 9. Gilt market liquidity in the 1960s; 10. The high tide of intervention: 1960-66; 11. The conflict with monetary policy recognised and addressed: 1967-70; 12. Competition and credit control, 1970-72; 13. The Bank of England's contribution to market liquidity; 14. Governance in practice; 15. Conclusions; 16. Epilogue: bearing the cost of providing liquidity.
SynopsisThis book analyzes the operations of the Bank of England in the gilt-edged market during the mid-twentieth century. Drawing heavily on the archives and daily ledgers of the Bank of England, William A. Allen presents a specialized and revealing study of the practice and governance of British monetary policy., 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.
LC Classification NumberHG2994.A525 2019
