Making a Modern Central Bank: The Bank of England 1979–2003Making 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. |
Contents
Introductory | 1 |
Central PressStringerHulton ArchiveGetty Images | 20 |
Foreign Fetters | 32 |
The Performance of the UK Economy | 43 |
The Battle over Policy Control | 78 |
1 | 138 |
The Exchange Rate | 147 |
5 | 165 |
The Bank and the Management | 241 |
The Bank the Delors Committee | 255 |
The | 267 |
The Drive for Independence | 318 |
A University of Threadneedle Street? | 409 |
Epilogue | 453 |
The History of Monetary Aggregates | 467 |
| 526 | |
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Common terms and phrases
Alan Budd approach argued Bank of England Bank’s bankers Banking Supervision BCCI BEQB bills British Bundesbank cent central bank chairman Chancellor Charles Goodhart clear Committee credibility crisis currency debate debt decision Delors Deputy Governor Director discount houses discussion dollar economic economists Eddie George effect European exchange control exchange rate February Federal Reserve Figure financial stability fiscal foreign exchange German gilts Goodhart Gordon Brown HM Treasury Hong Kong HSBC inflation target institutions interest rates intervention issue January July June Labour Lawson Leigh-Pemberton lending London looked major Margaret Thatcher McMahon meeting Mervyn King Middleton monetary base monetary growth monetary policy monetary targets monetary union money supply move Nigel Lawson noted November October officials operations Pöhl political pressure Prime Minister problem reduce response Richardson risk Robin Leigh-Pemberton role sector September sterling Terry Burns thought Treasury