Making a Modern Central Bank

The Bank of England 1979-2003

AvHarold James

Inbunden, Engelska, 2020

Del i serien Studies in Macroeconomic History

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Beskrivning

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.

Produktinformation

Utgivningsdatum:2020-09-17
Mått:160 x 235 x 38 mm
Vikt:950 g
Format:Inbunden
Språk:Engelska
Serie:Studies in Macroeconomic History
Antal sidor:568
Förlag:Cambridge University Press
ISBN:9781108835015

Utforska kategorier

Finansiering inom Ekonomi och Ledarskap

Mer om författaren

Harold James is Professor of History and International Affairs and Claude and Lore Kelly Professor of European Studies at Princeton University.

Recensioner i media

'In 1979, as Harold James remarks, 'there was no way of really knowing what the Bank of England was supposed to do'. But by 2003, the Bank seemed remade as a Modern Central Bank, with one core objective – to hit the inflation target defined by statute. In this insightful and lucidly written book, James explains the complex interplay of economic, financial and intellectual developments which led from the confused opacity of the 1970s to the apparent clarity of the early 2000s. And in a brilliant epilogue, he explores how confidence in the new philosophy melted in the face of the 2007-08 financial crisis. Anyone seeking to understand the still unresolved challenge of delivering monetary and financial stability in a modern economy should read this book.' Lord Adair Turner, former Chair of UK Financial Services Authority

Innehållsförteckning

1. Introductory; 2. Foreign Fetters; 3. The Performance of the UK Economy; 4. The Inexplicable in Pursuit of the Uncontrollable: Monetary Strategy; 5. “A Good Deal of Bad Advice”: The Battle over Policy Control; 6. The Long Shadow of the Deutschemark: The Exchange Rate Alternative; 7. Hong Kong: Bank Crises and Currency Crises; 8. Shaved Eyebrows: Banking and Financial Supervision; 9. Tunneling Deep: The Bank and the Management of British 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; 12. “You can't be in and out at the same time:” The Legacy of Delors; 13. Horses for Courses: The Drive for Independence; 14. Failure of Internal Communication: The Development of Banking Supervision in the 1990s; 15. The New Bank: A University of Threadneedle Street?; 16. Epilogue; Appendix 1. Biographies; Appendix 2. The History of Monetary Aggregates