Forrest Capie - Böcker

This collection of essays by the eminent financial and monetary historians Forrest Capie and Geoffrey Wood examines and offers explanations of the parts played by money and the banking system in the British economy over the last two centuries. Structured in three chronological parts, it covers: the period of the classical gold standard from 1870 until the First World War, and the associated key issues of the time; the troublesome interwar years, when there was a breakdown in the international economy, the Second World War and immediate post-War years; and the international dimensions of the post-War period up to the present day. It deals with financial crises, periods of stability, and Britain in the international system, and covers topics such as debt management, money and the exchange rate, interest rates and velocity, as well as central bank independence, monetary unions, price controls and the role of the IMF.Combining empirical research and economic theory, this timely publication is essential reading for all scholars of financial, monetary, and economic history.

In this historical survey spanning 120 years, the authors attempt to find out if there is any truth in the allegation that Britain's economic decline has been exacerbated by the failings of the banking system.

CONTENTS: Introduction; Increasing Protection in the 1920s; The Great Depression: The United States & Britain Adopt Protection; Responses by Other Countries; The Impact of International Trade; Summary.

Free capital movements played an important part in the economic integration and globalisation of the nineteenth century. By the end of the century capital flows were on a remarkable scale. The modern use of capital controls dates back to the 1930s. Professor Capie analyses historical experience with capital controls, in Britain and elsewhere, and reviews the theory. He concludes that such controls are damaging and that there is no case for reviving them, as some economists have suggested and as anti-globalisers would wish. Capital mobility improves the worldwide allocation of resources, channelling resources to their most productive uses. Controls on capital movements result in dead weight losses and bureaucratic costs. They are difficult to remove and they damage the credibility of the government's commitment to a market economy.

This volume is the second collection of the series of lectures, held annually at City University, London, in honour of Henry Thornton, the renowned 19th Century monetary economist.

The recession which many countries experienced in the early 1990s had certain unusual aspects. Most notably, and common to all countries, was the behaviour of asset prices relative to the general price level. In consequence, reasons were sought to explain the special characteristics of the recession and as a result of the behaviour of asset prices attention turned to 'Debt-Deflation Theories' associated in different forms with Keynes and Irving Fisher. The contributors to this volume discuss the significance of debt deflation. Their striking common feature is that, on the evidence presented here, the behaviour of asset prices should not be of great concern to policy makers, or to those attempting to understand economic behaviour. However, residual doubts remain over the Japanese case.

The set reproduces a cross section of the most important books on money from the 1920s and 1930s, the formative decades in the development of monetary theory. UK and US authors are included.

This set draws together rare material from 1870-1930 and ranges from monetary economics to straight banking theory. English banking theory changed little after a learning process in the first half of the nineteenth century. Some of the banks grew to be the biggest in the world and a banking system evolved that was probably the most stable in the world.This collection demonstrates the establishment of English banking, activities covered and problems encountered by banks, and how they played a major role in the economy during the last century.

The Economic and Monetary Union (EMU) in which some members of the European Union have joined, has prompted much discussion of monetary union. Most of this discussion has focused on the immediate issues, such as prospects for the Euro and the possibility of expanding the Euro-zone. This book stands back and considers the relevant theory or what lessons might be drawn from other unions that have been formed in the past as well as looking at EMU directly.

Depression and Protectionism considers the case of the oldest advocate of free trade and its greatest exponent, Britain, and examines the developments that led to the reversal of that policy in the 1930s. It also discusses the consequences of the protectionst policy for the domestic economy.* Discusses the most important debate in international economics* Using an explicit economic framework, the book examines the economic origins of the industrial tariff in Britain.

The capacity of national central banks to 'step in' and bail out an economy is one which has proved to be vitally important over the years. This collection from Wood and Capie brings together important literature for the first time in book form.

This book is the culmination of a major research programme on the monetary history of the United Kingdom.This volume contains monetary series ranging from detailed balance sheet material to monetary aggregates such as M3 and are in monthly, quarterly and annual form. The data are drawn mostly from primary sources in the early part of the period and from more accessible published sources for more recent years. Critiques of existing series are given and assessments of the value of different sources are provided. The user should be able to build his/her own series from the basic constituents given here.This sources and assessment of data should be an essential reference to economic historians and applied economists with an interest and use to the students of money and banking and to monetary economists of other countries. This classic book was first published in 1985.

The capacity of national central banks to 'step in' and bail out an economy is one which has proved to be vitally important over the years. This collection from Wood and Capie brings together important literature for the first time in book form.

The Great Depression had a devastating effect on much of the world’s developed economies. (For example, at its nadir, around one-quarter of the US workforce was unemployed. And, in Britain, exports virtually halved by 1933 as international trade collapsed.) The political and cultural consequences of the Great Depression were equally far-reaching.The ongoing search fully to comprehend the worldwide economic collapse in the 1930s remains a dizzying intellectual challenge (‘the Holy Grail of macroeconomics’ according to Ben Bernanke). Moreover, the current global economic and financial tumult has prompted many economists—as well as scholars from related disciplines—to explore the Great Depression anew in the hope of gaining knowledge on how best to survive the latest desperately serious and sustained global economic slump.As research in and around the Great Depression flourishes as never before this new addition to Routledge’s Critical Concepts in Economics series meets the need for an authoritative reference work to make sense of the subject’s vast literature and the continuing explosion in scholarly output. Edited by two leading scholars in the field, this new Routledge Major Work is a five-volume collection of classic and cutting-edge contributions.With a comprehensive introduction, newly written by the editors, which places the collected material in its historical and intellectual context, The Great Depression is an essential work of reference and is destined to be valued as a vital research tool.

Monetary policy is still one of the most contested areas of modern economics, and since the original publication of Policy Makers on Policy much has changed. This new edition collects contributions from leading policy makers and practitioners to reflect on the aims and objectives of monetary policy and on what it can achieve, combining the old chapters from Gordon Brown, Tony Blair, Kenneth Clarke, Geoffrey Howe, Nigel Lawson, and others, with new perspectives from Mervyn King, Jean-Claude Trichet, Ernst Welteke, Otmar Issing, and Alastair Darling. A new far-reaching introduction from the editors Forrest Capie and Geoffrey Wood puts these important contributions to the discussion of economic policy in the new context. They look at what lessons can be learnt from the earlier discussions, what anticipations of present difficulties can be found in them and what, in other words, the comparatively recent past teaches us about how to deal with the turbulent present.The second edition of Policy Makers on Policy brings together otherwise inaccessible commentaries and reflections on policy by those involved in making it, along with a commentary on and context for their remarks. Thus the book will be of great interest and use to students of economics and politics, and indeed anyone with an interest in current economic developments and their roots in the past.

Depression and Protectionism considers the case of the oldest advocate of free trade and its greatest exponent, Britain, and examines the developments that led to the reversal of that policy in the 1930s. It also discusses the consequences of the protectionst policy for the domestic economy.* Discusses the most important debate in international economics* Using an explicit economic framework, the book examines the economic origins of the industrial tariff in Britain.

This book is the culmination of a major research programme on the monetary history of the United Kingdom.This volume contains monetary series ranging from detailed balance sheet material to monetary aggregates such as M3 and are in monthly, quarterly and annual form. The data are drawn mostly from primary sources in the early part of the period and from more accessible published sources for more recent years. Critiques of existing series are given and assessments of the value of different sources are provided. The user should be able to build his/her own series from the basic constituents given here.This sources and assessment of data should be an essential reference to economic historians and applied economists with an interest and use to the students of money and banking and to monetary economists of other countries. This classic book was first published in 1985.

First published in 1985. This book is the first of two volumes and is the culmination of a major research programme on the monetary history of the United Kingdom. This volume contains monetary series ranging from detailed balance sheet material to monetary aggregates such as M3 and are in monthly, quarterly and annual form. The data are drawn mostly from primary sources in the early part of the period and from more accessible published sources for more recent years. Critiques of existing series are given and assessments of the value of different sources are provided. The user should be able to build his/her own series from the basic constituents given here. This source and assessment of data should be an essential reference to economic historians and applied economists with an interest in the British economy over the last one hundred years. But it will also be of interest and use to the students of money and banking and to monetary economists of other countries.

Competition among central banks in a monetary union is thought to result in an over issue problem, which has its roots in the view that moneys produced by competitive central banks are perfect substitutes for each other. In the conventional set-up over issue can be overcome by granting a central bank exclusive rights to conduct monetary policy. In this book Mark Toma explores the workings of the early Federal Reserve System as a basis for challenging the conventional wisdom. He is able to show that competition among reserve banks in the 1920s did not result in an issue of Fed money. Rather the main effect of competitive structure was to cause reserve banks to make substantial interest payments to the private banking system in place of transfers to the US government. The book emphasizes the evolution of the Federal Reserve from a competitive to a monopolistic structure.

How did the Japanese achieve their unrivalled position in world banking? This book, first published in 1995, provides a full account in English of the banking industry in Japan for the century following the opening of the country to the outside world in 1859. Professor Tamaki begins by considering the period of experimentation during the Meiji Restoration which resulted in the adoption of the Gold Standard in 1891. He then offers a detailed examination of the highly profitable years up to the end of the First World War and of the subsequent crisis which was hastened by the earthquake that devastated Tokyo and Yokohama in 1923 and sealed by the financial collapse of 1927. New light is thrown on the extraordinary role played by the banking industry during the period of military expansionism which culminated with defeat in the Second World War. The book ends with an assessment of the post-war financial system which developed out of the Macarthur directives and the subsequent American 'democratisation' programme.

This book contains a collection of Michael D. Bordo's essays, written singly and with colleagues, on the classical gold standard and related regimes based directly or indirectly on gold convertibility. The gold standard (and its variants) was the basis for both international and domestic monetary arrangements from the third quarter of the nineteenth century until 1971 when President Nixon closed the US gold window, effectively ending the Bretton Woods International Monetary System. Although the gold standard and its variants are now history, it still has great appeal for policymakers and scholars. Several desirable features of the gold standard have resources for the ongoing issue of international monetary reform. They include its record as a stable nominal anchor; its automaticity; and its role as a credible commitment mechanism. The essays in this collection are organized around several themes: gold and the international monetary system; the commodity theory of money; the gold standard as a rule; variants of the gold standard including the interwar gold standard and the Bretton Woods International Monetary System.

This book, first published in 2000, presents a history of Western monetary systems and explains why bimetallism was preferred to a gold standard before 1800. Professor Redish argues that the technological ability to issue fiduciary monies, and a commitment mechanism to prevent opportunistic governments changing the ratio between the currency and a unit of gold, were (frequently overlooked) prerequisites for the emergence of the Classical gold standard. The simplicity of the gold standard, a monetary system where there is a fixed ratio between a weight of gold and a unit of currency, makes it an obvious focus for discussion of commodity money systems, and for contrasting with today's fiat money regimes.

Austria played a prominent role in the worldwide events of 1931 as the largest bank in Central and Eastern Europe, the Viennese Credit-Anstalt, collapsed and led Europe into a financial panic that spread to other parts of the world. The events in Austria were pivotal to the economic developments of the 1930s, yet the literature about them has been sparse. In this book, Schubert analyses the crisis using theories of financial crises, identifies the causes of the crisis, examines the market's efficiency in predicting events, analyses how the crisis was transmitted to the real sector, and studies the behaviour of the Austrian as well as international authorities as lenders of last resort. His main conclusion is that even decades after the crisis, many of its lessons are still valid. Managerial and regulatory deficiencies led to the collapse of the bank; the subsequent currency crisis was not an irrational and unexplainable panic by a confused public, but rather a rational response to inconsistencies in policy; and the reactions of the largely unprepared authorities - in Austria as well as abroad - did not help to resolve the crisis quickly.

This important contribution to comparative economic history examines different countries' experiences with different monetary regimes, laying particular emphasis on how the regimes fared when placed under stress such as wars or other changes in the economic environment. Covering the experience of ten countries over the period 1700-1990, the contributors employ the latest techniques of economic analysis in their studies. Several papers are concerned with the transformation from bimetallism to gold monometallism in the nineteenth century and the determinants of monetary regimes transformation in the core countries of Britain, France and the United States. Others focus on the successful and unsuccessful gold standard experiences of Canada, Australia, and Spain, while yet others examine the experience of wartime and postwar stabilizations surrounding the two World Wars and the Napoleonic War.

Central banks have emerged as the key players in national and international policy making. This book explores their evolution since World War II in 20 industrial countries. The study considers the mix of economic, political and institutional forces that have affected central bank behaviour and its relationship with government. The analysis reconciles vastly different views about the role of central banks in the making of economic policies. One finding is that monetary policy is an evolutionary process.

This volume contains two major papers prepared for the Bank of England's Tercentenary Symposium in June 1994. The first, by Forrest Capie, Charles Goodhart and Norbert Schnadt, provides an authoritative account of the evolution of central banking. It traces the development of both the monetary and financial stability concerns of central banks, and includes individual sections on the evolution and constitutional positions of 31 central banks from around the world. The second paper, by Stanley Fischer, explores the major policy dilemmas now facing central bankers: the extent to which there is a short-term trade-off between inflation and growth; the choice of inflation targets; and the choice of operating procedures. Important contributions by leading central bankers from around the world, and the related Per Jacobsen lecture by Alexander Lamfalussy, are also included in the volume.

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.

Austria played a prominent role in the worldwide events of 1931 as the largest bank in Central and Eastern Europe, the Viennese Credit-Anstalt, collapsed and led Europe into a financial panic that spread to other parts of the world. The events in Austria were pivotal to the economic developments of the 1930s, yet the literature about them has been sparse. In this book, Schubert analyses the crisis using theories of financial crises, identifies the causes of the crisis, examines the market's efficiency in predicting events, analyses how the crisis was transmitted to the real sector, and studies the behaviour of the Austrian as well as international authorities as lenders of last resort. His main conclusion is that even decades after the crisis, many of its lessons are still valid. Managerial and regulatory deficiencies led to the collapse of the bank; the subsequent currency crisis was not an irrational and unexplainable panic by a confused public, but rather a rational response to inconsistencies in policy; and the reactions of the largely unprepared authorities - in Austria as well as abroad - did not help to resolve the crisis quickly.

This important contribution to comparative economic history examines different countries' experiences with different monetary regimes, laying particular emphasis on how the regimes fared when placed under stress such as wars or other changes in the economic environment. Covering the experience of ten countries over the period 1700-1990, the contributors employ the latest techniques of economic analysis in their studies. Several papers are concerned with the transformation from bimetallism to gold monometallism in the nineteenth century and the determinants of monetary regimes transformation in the core countries of Britain, France and the United States. Others focus on the successful and unsuccessful gold standard experiences of Canada, Australia, and Spain, while yet others examine the experience of wartime and postwar stabilizations surrounding the two World Wars and the Napoleonic War.