You may have to Search all our reviewed books and magazines, click the sign up button below to create a free account.
Anthony Hotson reassesses the development of London's money and credit markets since the great currency crisis of 1695.
Central banks are supposed to stabilize markets, yet decades of mounting central bank power have seen wave after wave of financial crisis. Leon Wansleben offers novel explanations for the rise of central banks and the problematic implications of their finance-dependent policies.
"The financial collapse of 2007-8 has questioned our assumptions about the underlying basis for stability in the financial system, and Anthony Hotson here offers an important reassessment of the development of London's money and credit markets since the great currency crisis of 1695. He shows how this period has seen a series of intermittent financial crises interspersed with successive attempts to find ways and means of stabilizing the system. He emphasises, in particular, the importance of various principles of sound banking practice, developed in the late nineteenth century, that helped to stabilize London's money and credit markets. He shows how these principles informed a range of market practices that limited aggressive forms of funding, and discouraged speculative lending. A tendency to downplay the importance of these regulatory practices encouraged a degree of complacency about their removal, with consequences right through to the present day"--
Argues that risk culture is driven by institutional forces - not "bad apples," as prevailing opinion holds.
This book exposes, for the first time in modern scholarship, the role that the rise of the Carry Trade played in British financial crises between 1825 and 1866, how in reaction the Bank of England improved its management of monetary policy after 1866 and how those lessons have been forgotten since the 1970s. Britain is one of the few major capitalist economies in the world to have avoided policy-induced systemic financial crises for more than 100 years of its history—between 1866 and 1973. Beforehand, it suffered a series of serious banking panics, in 1825, 1837, 1847, 1857-58 and 1866. Since the 1970s banking instability has returned again, with the global financial crisis of 2007-09 hitt...
Shows how the politics of banking crises has been transformed by the growing 'great expectations' among middle class voters that governments should protect their wealth.
This authoritative guide to the transformation of the Bank of England into a modern inflation-targeting independent central bank examines a revolution in monetary and economic policy and the modernization of British institutions in the late twentieth century.
Before the US Federal Reserve and the Bank of England, the Bank of Amsterdam ('Bank') was a dominant central bank with a global impact on money and credit. How a Ledger Became a Central Bank draws on extensive archival data and rich secondary literature, to offer a new and detailed portrait of this historically significant institution. It describes how the Bank struggled to manage its money before hitting a modern solution: fiat money in combination with a repurchase facility and discretionary open market operations. It describes techniques the Bank used to monitor and stabilize money stock, and how foreign sovereigns could exploit the liquidity of the Bank for state finance. Closing with a discussion of commonalities of the Bank of Amsterdam with later central banks, including the Federal Reserve, this book has generated a great deal of excitement among scholars of central banking and the role of money in the macroeconomy.
"After the Great Depression John Maynard Keynes led the way in building a new macroeconomic framework to deal with that unprecedented economic reality. Ten years after our own crisis, however, macroeconomics has not come to terms with how to grapple with the idea of financial crises in its models. In the stylized world of macroeconomic theory, crises are not an inherent or structural element. Gary Gorton and Guillermo Ordonez, who were prominent experts to first authoritatively respond to the financial crisis of 2008 have since been working to understand what needs to change in macroeconomic models to incorporate and address financial crises. In this book Gorton and Ordonez provide an author...
The selected correspondence of the great American abolitionist and reformer dating from the immediate post-Civil War years This third volume of Frederick Douglass's Correspondence Series exhibits Douglass at the peak of his political influence. It chronicles his struggle to persuade the nation to fulfill its promises to the former slaves and all African Americans in the tempestuous years of Reconstruction. Douglass's career changed dramatically with the end of the Civil War and the long-sought after emancipation of American slaves; the subsequent transformation in his public activities is reflected in his surviving correspondence. In these letters, from 1866 to 1880, Douglass continued to correspond with leading names in antislavery and other reform movements on both sides of the Atlantic, and political figures began to make up an even larger share of his correspondents. The Douglass Papers staff located 817 letters for this time period and selected 242, or just under 30 percent, of them for publication. The remaining 575 letters are summarized in the volume's calendar.