Making a Modern Central Bank: The Bank of England 1979–2003

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Cambridge University Press, Sep 17, 2020 - Business & Economics - 350 pages
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.
 

Contents

Introductory
1
Foreign Fetters
32
The Performance of the UK Economy
43
The Battle over Policy Control
78
The Exchange Rate
147
Bank Crises and Currency Crises
189
Banking and Financial Supervision
202
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
Bibliography
526
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About the author (2020)

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

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