The Bank of England and the Government Debt: Operations in the Gilt-Edged Market, 1928-1972

ISBN-13: 9781108469524 / Angielski / Miękka / 2019 / 276 str.

William a. Allen

Opis

This book offers a specialized and revealing study of the Bank of England's gilt-edged market operations during the mid-twentieth century.

Recenzje

'This is a fascinating book for those with an interest in what now comes across as the often bizarre history of pre-Big Bang financial markets.' John Shepperd, Society of Professional Economists

Spis treści

1. 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.