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. The second paper, by Stanley Fischer, explores the major policy dilemmas now facing central bankers. Important contributions by six leading central bankers from around the world, and the related Per Jacobsen lecture by Alexander Lamfalussy, are also included in the volume.
This volume contains two major papers prepared for the Bank of England's Tercentenary Symposium in June 1994. The first, by Forrest Capie, Charles Goo...
In Japan, as in other parts of the world, banking plays an essential role in economic development. Studying key industries such as banking provides an important tool for genuinely understanding a country. This book gives that understanding of Japan for the first time in English. It thoroughly documents Japanese banking during a crucial one-hundred years--from the opening of her borders to the world in 1859 through two world wars--from which the Japanese economy finally emerged as one of the most powerful global forces.
In Japan, as in other parts of the world, banking plays an essential role in economic development. Studying key industries such as banking provides an...
Today, most scholars agree that mismanaged monetary policy contributed to the length and severity of the Great Depression. There is little agreement, however, about the causes of the Federal Reserve's mistakes. Some argue that leadership and other organizational changes prior to the depression caused a distinct change in policy strategy that lessened the Fed's responsiveness to economic conditions, while others contend that there was no change in the Fed's behavior, and that errors during the depression are traceable to previous policies. This book examines the policy strategy developed by...
Today, most scholars agree that mismanaged monetary policy contributed to the length and severity of the Great Depression. There is little agreement, ...
This book presents a history of Western monetary systems and explains why the system 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...
This book presents a history of Western monetary systems and explains why the system was preferred to a gold standard before 1800. Professor Redish ar...
This history focuses on the credit generating function of American banks. It demonstrates that banks aggressively promoted economic development rather than passively following its course. Using previously unexploited data, Professor Bodenhorn shows that banks helped to advance the development of industrialization. Additionally, he shows that banks formed long-distance relationships that promoted geographic capital mobility, thereby assuring that short-term capital was directed in socially desirable directions. He then traces those institutional and legal developments that allowed for this...
This history focuses on the credit generating function of American banks. It demonstrates that banks aggressively promoted economic development rather...
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 behavior 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.
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...
Central banks in Great Britain and the United States arose early in the financial revolution. The Bank of England was created in 1694 while the first Banks of the United States appeared in 1791-1811 and 1816-36, and were followed by the Idependent Treasury, 1846-1914. These institutions, together with the Suffolk Bank and the New York Clearing House, exercised important central banking function before the creation of the Federal Reserve System in 1913. Significant monetary changes in the lives of these British and American institutions are examined within a framework that deals with the...
Central banks in Great Britain and the United States arose early in the financial revolution. The Bank of England was created in 1694 while the first ...
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. The second paper, by Stanley Fischer, explores the major policy dilemmas now facing central bankers. Important contributions by six leading central bankers from around the world, and the related Per Jacobsen lecture by Alexander Lamfalussy, are also included in the volume.
This volume contains two major papers prepared for the Bank of England's Tercentenary Symposium in June 1994. The first, by Forrest Capie, Charles Goo...
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. As with Monetary Economics in the 1980s (0-333-46220-3), the essays by extremely eminent contributors are wide-ranging in both subject and approach but all develop topics considered by Henry Thornton over a century ago and link historical perspectives to contemporary debates about financial institutions and monetary economics.
This volume is the second collection of the series of lectures, held annually at City University, London, in honour of Henry Thornton, the renowned 19...
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...
The recession which many countries experienced in the early 1990s had certain unusual aspects. Most notably, and common to all countries, was the beha...
